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BOX 31) Tj ET Q q 0 0 0 rg BT 197.79 356.88 Td (1) Tj ET Q q 0 0 0 rg BT 202.24 356.88 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.10 346.88 Td (GRAND CA) Tj ET Q q 0 0 0 rg BT 188.79 346.88 Td (YMAN) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.75 336.88 Td (CA) Tj ET Q q 0 0 0 rg BT 146.28 336.88 Td (YMAN ISLANDS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 376.88 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 366.88 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 356.88 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 346.88 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.30 336.88 Td (KY1-1205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.65 322.77 Td (\(Address of principal executive offices\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 322.77 Td (\(Zip code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.75 293.70 Td (\(345\) 943-4573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.10 281.70 Td (\(Registrant) Tj ET Q q 0 0 0 rg BT 247.31 281.70 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 325.22 281.70 Td (, including area code\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.15 251.70 Td (Not ) Tj ET Q q 0 0 0 rg BT 291.65 251.70 Td (Applicable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.10 239.70 Td (\(Former name, former address and former fiscal year) Tj ET Q q 0 0 0 rg BT 353.83 239.70 Td (, if changed since last report\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 221.70 Td (Indicate by check mark whether the registrant: \(1\) has filed all reports required to be filed by Section 13 or 15\(d\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.70 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 209.70 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.70 Td (file such reports\), and \(2\) has been subjectto such filing requirements for the past 90 days.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.35 137.70 Td (Y) Tj ET Q q 0 0 0 rg BT 281.57 137.70 Td (es ) Tj ET Q /GS0 gs q 10.60 0 0 10.09 292.40 135.54 cm /I6 Do Q /GS0 gs q 10.00 0 0 10.09 303.00 135.54 cm /I7 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 137.70 Td (No ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 327.72 135.54 cm /I8 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 125.70 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 284.73 125.70 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 360.38 125.70 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 441.03 125.70 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 535.00 125.70 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.70 Td (smaller reporting company) Tj ET Q q 0 0 0 rg BT 157.09 113.70 Td (. See the definitions of "lar) Tj ET Q q 0 0 0 rg BT 264.30 113.70 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 339.95 113.70 Td (,""accelerated filer) Tj ET Q q 0 0 0 rg BT 416.83 113.70 Td (," and "smaller reporting company" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.70 Td (in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 174.41 101.70 Td (Act. \(Check one\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.40 89.70 Td (Lar) Tj ET Q q 0 0 0 rg BT 224.10 89.70 Td (ge accelerated filer ) Tj ET Q /GS0 gs q 10.60 0 0 10.09 302.65 87.54 cm /I9 Do Q /GS0 gs q 10.00 0 0 10.09 313.25 87.54 cm /I10 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.25 89.70 Td (Accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 392.64 87.54 cm /I11 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.40 77.70 Td (Non-accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 175.56 75.54 cm /I12 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.47 77.70 Td ( \(Do not check if a smaller reporting company\) Smaller reporting company ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 514.65 75.54 cm /I13 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 59.70 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 505.96 59.70 Td (Act\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.35 47.70 Td (Y) Tj ET Q q 0 0 0 rg BT 281.57 47.70 Td (es ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 292.40 45.54 cm /I14 Do Q /GS0 gs q 10.00 0 0 10.09 301.31 45.54 cm /I15 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.31 47.70 Td (No ) Tj ET Q /GS0 gs q 10.60 0 0 10.09 326.03 45.54 cm /I16 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 719.37 Td (Class A Ordinary Shares, $0.10 par value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 719.37 Td (31,287,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.20 705.37 Td (Class B Ordinary Shares, $0.10 par value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 705.37 Td (6,254,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.80 691.37 Td (\(Class\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.05 691.37 Td (Outstanding as of May 1, 2015) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 742.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 742.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 742.25 Td (TD.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 718.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 718.25 Td ( CONTENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 706.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 668.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 668.75 404.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 668.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.75 42.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 633.75 404.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 633.75 66.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.75 42.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 585.75 404.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 585.75 66.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 547.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 547.75 404.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 547.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 519.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 519.75 404.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 519.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 492.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 492.75 404.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 492.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 464.75 404.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 464.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 436.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 436.75 404.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 436.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 408.75 404.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 408.75 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 681.75 m 562.5 681.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 686.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 686.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.70 686.43 Td (Page) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 670.91259765625 m 232.658203125 670.91259765625 l s q 0 0 1 rg BT 53.00 672.48 Td (P) Tj ET Q q 0 0 1 rg BT 58.37 672.48 Td (AR) Tj ET Q q 0 0 1 rg BT 72.46 672.48 Td (T) Tj ET Q q 0 0 1 rg BT 78.95 672.48 Td ( I FINANCIAL) Tj ET Q q 0 0 1 rg BT 156.46 672.48 Td ( INFORMA) Tj ET Q q 0 0 1 rg BT 207.10 672.48 Td (TION) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 659.32 Td (Item 1.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 657.9833984375 m 178.59375 657.9833984375 l s q 0 0 1 rg BT 95.00 659.32 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 638.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 638.42 Td (Condensed Consolidated Balance Sheets as of March 31, 2015 \(unaudited\) and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 624.32 Td (Condensed Consolidated Statements of Income for the three months ended March 31, 2015 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 614.32 Td (2014 \(unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 590.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 600.32 Td (Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 590.32 Td (2015 and 2014 \(unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 566.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 576.32 Td (Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 566.32 Td (and 2014 \(unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 552.32 Td (Notes to the Condensed Consolidated Financial Statements \(unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.32 Td (Item 2.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 536.9833984375 m 452.314453125 536.9833984375 l s q 0 0 1 rg BT 95.00 538.32 Td (Management's Discussion and ) Tj ET Q q 0 0 1 rg BT 218.17 538.32 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 524.32 Td (Item 3.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 522.9833984375 m 334.3896484375 522.9833984375 l s q 0 0 1 rg BT 95.00 524.32 Td (Quantitative and Qualitative Disclosures about Market Risk) 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 334.39 524.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 510.32 Td (Item 4.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 508.9833984375 m 193.3154296875 508.9833984375 l s q 0 0 1 rg BT 95.00 510.32 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 193.32 510.32 Td () Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 494.91259765625 m 216.5498046875 494.91259765625 l s q 0 0 1 rg BT 53.00 496.48 Td (P) Tj ET Q q 0 0 1 rg BT 58.37 496.48 Td (AR) Tj ET Q q 0 0 1 rg BT 72.46 496.48 Td (T) Tj ET Q q 0 0 1 rg BT 78.95 496.48 Td ( II OTHER INFORMA) Tj ET Q q 0 0 1 rg BT 190.99 496.48 Td (TION) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 53.00 483.32 Td (Item 1.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 481.9833984375 m 169.140625 481.9833984375 l s q 0 0 1 rg BT 95.00 483.32 Td (Legal Proceedings) 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 169.14 483.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.32 Td (Item 1A.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 467.9833984375 m 145.2783203125 467.9833984375 l s q 0 0 1 rg BT 95.00 469.32 Td (Risk Factors) 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 145.28 469.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 455.32 Td (Item 2.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 453.9833984375 m 336.6015625 453.9833984375 l s q 0 0 1 rg BT 95.00 455.32 Td (Unregistered Sales of Equity Securities and Use of Proceeds) 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 336.60 455.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.32 Td (Item 3.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 439.9833984375 m 224.140625 439.9833984375 l s q 0 0 1 rg BT 95.00 441.32 Td (Defaults Upon Senior Securities) 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 224.14 441.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.32 Td (Item 4.) 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.32 Td (Equity securities, trading, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 584.32 Td (1,245,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 584.32 Td (1,266,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.32 Td (Other investments, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 570.32 Td (159,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 570.32 Td (115,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.32 Td (Total investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 556.32 Td (1,452,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 556.32 Td (1,430,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 542.32 Td (11,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 542.32 Td (12,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 528.32 Td (Restricted cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 528.32 Td (1,524,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 528.32 Td (1,296,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.32 Td (Financial contracts receivable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 514.32 Td (41,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 514.32 Td (47,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 500.32 Td (Reinsurance balances receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 500.32 Td (137,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 500.32 Td (151,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.32 Td (Loss and loss adjustment expenses recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 486.32 Td (2,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 486.32 Td (11,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.32 Td (Deferred acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 472.32 Td (42,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 472.32 Td (34,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.32 Td (Unearned premiums ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 458.32 Td (3,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 458.32 Td (4,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.32 Td (Notes receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 444.32 Td (30,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 444.32 Td (1,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.32 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 430.32 Td (6,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 430.32 Td (5,478) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 416.43 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 416.32 Td (3,253,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 416.32 Td (2,995,292) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 402.43 Td (Liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 402.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 388.43 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 388.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 374.32 Td (Securities sold, not yet purchased, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 374.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 374.32 Td (1,327,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 374.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 374.32 Td (1,090,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.32 Td (Financial contracts payable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 360.32 Td (40,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 360.32 Td (44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 346.32 Td (Due to prime brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 346.32 Td (255,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 346.32 Td (211,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 332.32 Td (Loss and loss adjustment expense reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 332.32 Td (260,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 332.32 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.32 Td (Unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 318.32 Td (160,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 318.32 Td (128,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.32 Td (Reinsurance balances payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 304.32 Td (11,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 304.32 Td (40,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 290.32 Td (Funds withheld) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 290.32 Td (6,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 290.32 Td (6,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.32 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 276.32 Td (19,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 276.32 Td (14,949) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 262.43 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 262.32 Td (2,082,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 262.32 Td (1,801,251) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 248.43 Td (Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 248.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 234.32 Td (Preferred share capital \(par value $0.10; authorized, 50,000,000; none issued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 234.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 219.42 Td (Ordinary share capital \(Class A: par value $0.10; authorized, 100,000,000; issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 209.42 Td (and outstanding, 31,266,732 \(2014: 31,129,648\): Class B: par value $0.10;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 199.42 Td (authorized, 25,000,000; issued and outstanding, 6,254,895 \(2014: 6,254,895\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 199.42 Td (3,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 199.42 Td (3,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 185.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 185.32 Td (501,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 185.32 Td (500,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 171.32 Td (Retained earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 171.32 Td (636,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 171.32 Td (660,860) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 157.43 Td (Shareholders equity attributable to shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 157.32 Td (1,142,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 157.32 Td (1,165,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 143.32 Td (Non-controlling interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 143.32 Td (28,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 143.32 Td (28,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 129.43 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 129.32 Td (1,170,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 129.32 Td (1,194,041) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 115.43 Td (Total liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 115.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 115.32 Td (3,253,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 115.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 115.32 Td (2,995,292) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 87.25 Td () Tj ET Q q 0 0 0 rg BT 137.32 87.25 Td (The accompanying Notes to the Condensed Consolidated Financial Statements are an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.75 75.25 Td ( integral part of the Condensed Consolidated Financial Statements.) 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489.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 422.75 m 561.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 392.75 m 489.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 392.75 m 561.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 362.75 m 489.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 348.75 m 489.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 346.75 m 489.5 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 362.75 m 561.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 348.75 m 561.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 346.75 m 561.5 346.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.35 662.48 Td (Three months ended March 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 638.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 637.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 637.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 623.48 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 623.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 608.32 Td (Gross premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 608.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 608.32 Td (129,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 608.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 608.32 Td (118,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 593.32 Td (Gross premiums ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 593.37 Td (\(1,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 593.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 593.37 Td (\(5,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 593.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 578.32 Td (Net premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 578.32 Td (128,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 578.32 Td (112,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 563.32 Td (Change in net unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 563.37 Td (\(33,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 563.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 563.37 Td (\(1,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 563.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 548.32 Td (Net premiums earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 548.32 Td (94,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 548.32 Td (111,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 532.42 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 533.37 Td (\(24,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 533.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 533.37 Td (\(10,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 533.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 518.32 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 518.32 Td (1,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 518.32 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 503.32 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 503.32 Td (71,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 503.32 Td (101,721) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 488.48 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 488.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 473.32 Td (Loss and loss adjustment expenses incurred, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 473.32 Td (63,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 473.32 Td (67,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 458.32 Td (Acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 458.32 Td (26,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 458.32 Td (37,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 443.32 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 443.32 Td (6,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 443.32 Td (6,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 428.32 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 428.32 Td (96,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 428.32 Td (111,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 412.42 Td (Loss before income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 413.37 Td (\(24,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 413.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 413.37 Td (\(9,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 413.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 398.32 Td (Income tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 398.32 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 398.32 Td (560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 382.42 Td (Net loss including non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 383.37 Td (\(24,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 383.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 383.37 Td (\(9,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 383.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 367.42 Td (Loss attributable to non-controlling interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 367.42 Td (394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 367.42 Td (197) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 352.43 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 353.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 353.37 Td (\(24,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 353.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 353.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 353.37 Td (\(8,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 353.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 337.43 Td (Earnings \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 338.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 323.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 323.37 Td (\(0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 323.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 323.37 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 323.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 308.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 308.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 308.37 Td (\(0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 308.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 308.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 308.37 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 308.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 293.48 Td (Weighted average number of ordinary shares used in the determination of earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 283.48 Td (and loss per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 269.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 269.32 Td (37,173,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 269.32 Td (36,808,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 254.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 254.32 Td (37,173,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 254.32 Td (36,808,386) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 237.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.90 201.25 Td (The accompanying Notes to the Condensed Consolidated Financial Statements are an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.75 189.25 Td ( integral part of the Condensed Consolidated Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.25 Td () Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 742.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 742.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 742.25 Td (TD.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.95 730.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 252.06 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 286.61 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 293.09 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 358.01 730.25 Td ( SHAREHOLDERS) Tj ET Q q 0 0 0 rg BT 446.45 730.25 Td ( EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 718.25 Td (\(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.10 694.25 Td (For) Tj ET Q q 0 0 0 rg BT 207.47 694.25 Td ( the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.30 694.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.80 694.25 Td (thr) Tj ET Q q 0 0 0 rg BT 238.95 694.25 Td (ee months ended Mar) Tj ET Q q 0 0 0 rg BT 331.26 694.25 Td (ch 31, 2015 and 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.88 694.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.00 682.25 Td (\(expr) Tj ET Q q 0 0 0 rg BT 244.59 682.25 Td (essed in 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0.9333333333333333 1 rg /GS0 gs 264.50 475.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 475.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 475.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 475.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 475.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 475.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 475.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 475.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 475.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 443.75 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 443.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 443.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 443.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 443.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 443.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 443.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 403.75 159.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 403.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 403.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 403.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 403.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 403.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 403.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 403.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 403.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 403.75 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 403.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 403.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 353.75 159.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 353.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 353.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 353.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 353.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 353.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 353.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 353.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 353.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 353.75 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 353.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 353.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 313.75 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 313.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 313.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 313.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 313.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 313.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 313.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 313.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 313.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 313.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 313.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 313.75 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 605.75 m 260.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 605.75 m 316.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 605.75 m 372.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 605.75 m 442.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 605.75 m 505.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 605.75 m 561.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 605.75 m 260.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 605.75 m 316.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 605.75 m 372.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 605.75 m 442.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 605.75 m 505.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 605.75 m 561.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 475.75 m 260.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 461.75 m 260.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 459.75 m 260.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 475.75 m 316.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 461.75 m 316.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 459.75 m 316.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 475.75 m 372.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 461.75 m 372.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 459.75 m 372.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 475.75 m 442.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 461.75 m 442.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 459.75 m 442.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 475.75 m 505.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 461.75 m 505.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 459.75 m 505.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 475.75 m 561.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 461.75 m 561.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 459.75 m 561.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 313.75 m 260.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 299.75 m 260.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 297.75 m 260.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 313.75 m 316.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 299.75 m 316.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 297.75 m 316.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 313.75 m 372.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 299.75 m 372.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 297.75 m 372.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 313.75 m 442.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 299.75 m 442.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 297.75 m 442.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 313.75 m 505.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 299.75 m 505.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 297.75 m 505.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 313.75 m 561.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 299.75 m 561.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 297.75 m 561.5 297.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.70 630.43 Td (Ordinary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.40 620.43 Td (share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.55 610.43 Td (capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.20 630.43 Td (Additional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.70 620.43 Td (paid-in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.55 610.43 Td (capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.80 620.43 Td (Retained) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 610.43 Td (earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.35 650.43 Td (Shareholders') Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.65 640.43 Td (equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.40 630.43 Td (attributable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.80 620.43 Td (to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.55 610.43 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.90 650.43 Td (Non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.25 640.43 Td (controlling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.05 630.43 Td (interest in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.50 620.43 Td (joint) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.20 610.43 Td (venture) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.05 620.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 610.43 Td (equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 596.32 Td (Balance at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.00 595.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 595.42 Td (3,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 595.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.10 595.42 Td (496,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 595.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.10 595.42 Td (551,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 595.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 595.42 Td (1,051,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 595.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 595.42 Td (34,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 595.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 595.42 Td (1,086,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 581.32 Td (Issue of Class A ordinary shares, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 571.32 Td (of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 570.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 570.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 570.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 570.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 570.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 570.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 556.32 Td (Share-based compensation expense,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 546.32 Td (net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 545.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 545.42 Td (952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 545.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 545.42 Td (952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 545.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 545.42 Td (952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 531.32 Td (Non-controlling interest withdrawal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 521.32 Td (from joint venture, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 520.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 520.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 520.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 520.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 520.47 Td (\(5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 520.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 520.47 Td (\(5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 520.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 506.32 Td (Loss attributable to non-controlling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 496.32 Td (interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 495.47 Td (\(197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 495.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 495.47 Td (\(197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 495.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 481.32 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 480.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 480.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.80 480.47 Td (\(8,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 480.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 480.47 Td (\(8,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 480.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 480.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 480.47 Td (\(8,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 480.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 466.32 Td (Balance at March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 465.42 Td (3,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.10 465.42 Td (497,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.10 465.42 Td (542,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 465.42 Td (1,043,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 465.42 Td (29,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 465.42 Td (1,073,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 434.32 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 433.42 Td (3,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.10 433.42 Td (500,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.10 433.42 Td (660,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 433.42 Td (1,165,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 433.42 Td (28,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 433.42 Td (1,194,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 419.32 Td (Issue of Class A ordinary shares, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 409.32 Td (of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 408.42 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 408.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 408.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 408.42 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 408.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 408.42 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 394.32 Td (Share-based compensation expense,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 384.32 Td (net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 383.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 383.42 Td (1,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 383.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 383.42 Td (1,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 383.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 383.42 Td (1,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 369.32 Td (Non-controlling interest withdrawal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 359.32 Td (from joint venture, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 344.32 Td (Loss attributable to non-controlling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 334.32 Td 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10.00 Tf ET q 0 0 0 rg BT 491.65 318.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 318.47 Td (\(24,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 318.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 304.32 Td (Balance at March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 303.42 Td (3,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.10 303.42 Td (501,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.10 303.42 Td (636,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 303.42 Td (1,142,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 303.42 Td (28,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 303.42 Td (1,170,648) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.90 263.25 Td (The accompanying Notes to the Condensed Consolidated Financial Statements are an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.75 251.25 Td ( integral part of the Condensed Consolidated Financial Statements.) 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ET q 0 0 0 rg BT 549.80 632.37 Td (\(8,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 632.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 620.32 Td (Adjustments to reconcile net income to net cash provided by\(used in\)operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 620.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 620.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 606.32 Td (Net change in unrealized gains and losses on investments and financial contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 606.32 Td (29,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 606.32 Td (91,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 592.37 Td (Net realized gainson investments and financial contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 592.37 Td (\(25,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 592.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 592.37 Td (\(86,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 592.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 579.42 Td (Foreign exchange\(gains\) losseson investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 580.32 Td (7,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 580.32 Td (7,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 565.37 Td (Income \(loss\) attributable to non-controlling interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 565.37 Td (\(394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 565.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.30 565.37 Td (\(197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 565.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 553.37 Td (Share-based compensation expense, net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 553.37 Td (1,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.65 553.37 Td (968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 541.37 Td (Depreciation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 541.37 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.65 541.37 Td (114) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.00 529.48 Td (Net change in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 517.37 Td (Reinsurance balances receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 517.37 Td (13,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 517.37 Td (\(18,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 517.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 505.37 Td (Loss and loss adjustment expenses recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 505.37 Td (8,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.65 505.37 Td (637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 493.37 Td (Deferred acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 493.37 Td (\(8,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 493.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 493.37 Td (\(1,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 493.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 481.37 Td (Unearned premiums ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 481.37 Td (357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 481.37 Td (\(2,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 481.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 469.37 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 469.37 Td (\(651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 469.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 469.37 Td (\(1,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 469.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 457.37 Td (Loss and loss adjustment expense reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 457.37 Td (\(3,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 457.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.30 457.37 Td (\(882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 457.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 445.37 Td (Unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 445.37 Td (32,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 445.37 Td (4,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 433.37 Td (Reinsurance balances payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 433.37 Td (\(28,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 433.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 433.37 Td (4,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 421.37 Td (Funds withheld) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 421.37 Td (212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.30 421.37 Td (\(322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 421.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 409.37 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 409.37 Td (4,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.65 409.37 Td (741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 397.37 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 397.37 Td (7,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 397.37 Td (\(10,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 397.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.00 385.48 Td (Investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 373.37 Td (Purchases of investments, trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 373.37 Td (\(251,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 373.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 373.37 Td (\(275,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 373.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 361.37 Td (Sales of investments, trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 361.37 Td (252,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 361.37 Td (367,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 349.37 Td (Purchases of financial contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 349.37 Td (\(3,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 349.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 349.37 Td (\(7,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 349.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 337.37 Td (Dispositions of financial contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 337.37 Td (8,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 337.37 Td (18,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 325.37 Td (Securities sold, not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 325.37 Td (391,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 325.37 Td (249,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 313.37 Td (Dispositions of securities sold, not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 313.37 Td (\(182,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 313.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 313.37 Td (\(413,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 313.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 301.37 Td (Change in due to prime brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 301.37 Td (44,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 301.37 Td (\(28,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 301.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 289.37 Td (Change in restricted cash and cash equivalents, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 289.37 Td (\(239,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 289.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 289.37 Td (105,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 277.37 Td (Change innotes receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 277.37 Td (\(28,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 277.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.65 277.37 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 265.37 Td (Non-controlling interest withdrawal from joint venture, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 265.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 265.37 Td (\(5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 265.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 253.37 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 253.37 Td (\(8,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 253.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 253.37 Td (10,850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.00 241.48 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 241.37 Td (\(564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 241.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.65 241.37 Td (561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 229.37 Td (Cash and cash equivalents at beginning of the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 229.37 Td (12,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 229.37 Td (3,722) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.00 217.48 Td (Cash and cash equivalents at end of the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 217.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 217.37 Td (11,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 217.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 217.37 Td (4,283) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 34.00 205.48 Td (Supplementary information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 193.37 Td (Interest paid in cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 193.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 193.37 Td (3,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 193.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 193.37 Td (3,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 181.37 Td (Interest received in cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 181.37 Td (782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.65 181.37 Td (165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 34.00 169.37 Td (Income tax paid in cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 169.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.65 169.37 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.90 143.25 Td (The accompanying Notes to the Condensed Consolidated Financial Statements are an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.75 131.25 Td ( integral part of the Condensed Consolidated Financial Statements.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 742.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 742.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 742.25 Td (TD.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.45 730.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 168.67 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 175.16 730.25 Td (O ) Tj ET Q q 0 0 0 rg BT 185.26 730.25 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 333.99 730.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 413.17 730.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 427.16 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 433.64 730.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 718.25 Td (\(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 706.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.90 694.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 291.60 694.25 Td (ch 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.10 694.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 682.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 670.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 658.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 658.25 Td (ORGANIZA) Tj ET Q q 0 0 0 rg BT 119.26 658.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 146.77 658.25 Td (AND BASIS OF) Tj ET Q q 0 0 0 rg BT 215.86 658.25 Td ( PRESENT) Tj ET Q q 0 0 0 rg BT 263.74 658.25 Td (A) Tj ET Q q 0 0 0 rg BT 270.22 658.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.78 658.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.25 Td (Greenlight Capital Re, Ltd. \("GLRE"\) was incorporated as an exempted company under the Companies Law of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Cayman Islands on July 13, 2004. GLRE) Tj ET Q q 0 0 0 rg BT 217.21 622.25 Td (s principal wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 362.37 622.25 Td (, Greenlight Reinsurance, Ltd. \("Greenlight Re"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (provides global specialty property and casualty reinsurance. Greenlight Re has a Class D insurer license issued in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (with the terms of ) Tj ET Q q 0 0 0 rg BT 120.36 598.25 Td (The Insurance Law) Tj ET Q q 0 0 0 rg BT 196.89 598.25 Td (, 2010 and underlying regulations thereto \(the "Law"\) and is subject to regulation by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Cayman Islands Monetary ) Tj ET Q q 0 0 0 rg BT 157.48 586.25 Td (Authority \("CIMA"\), in terms of the Law) Tj ET Q q 0 0 0 rg BT 322.47 586.25 Td (. Greenlight Re commenced underwriting in ) Tj ET Q q 0 0 0 rg BT 501.03 586.25 Td (April 2006. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 574.25 Td (fective May 30, 2007, GLRE completed an initial public of) Tj ET Q q 0 0 0 rg BT 295.96 574.25 Td (fering of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.17 574.25 Td (1) Tj ET Q q 0 0 0 rg BT 337.80 574.25 Td (1,787,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 574.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 403.92 574.25 Td (A) Tj ET Q q 0 0 0 rg BT 410.59 574.25 Td ( ordinary shares at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.67 574.25 Td ($19.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.17 574.25 Td ( per share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Concurrently) Tj ET Q q 0 0 0 rg BT 102.11 562.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.11 562.25 Td (2,631,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.11 562.25 Td ( Class B ordinary shares of GLRE were sold at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.08 562.25 Td ($19.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.58 562.25 Td ( per share ina private placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 550.25 Td (fering.During 2008, ) Tj ET Q q 0 0 0 rg BT 142.68 550.25 Td (V) Tj ET Q q 0 0 0 rg BT 148.79 550.25 Td (erdant Holding Company) Tj ET Q q 0 0 0 rg BT 249.79 550.25 Td (, Ltd. \("V) Tj ET Q q 0 0 0 rg BT 287.20 550.25 Td (erdant"\), a wholly owned subsidiary of GLRE, was incorporated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (the state of Delaware. During 2010, GLRE established Greenlight Reinsurance Ireland, Ltd. \("GRIL"\), a wholly-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (reinsurance subsidiary based in Dublin, Ireland. GRIL) Tj ET Q q 0 0 0 rg BT 266.79 526.25 Td ( is authorized as a non-life reinsurance undertaking in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (the provisions of the European Communities \(Reinsurance\) Regulations 2006 \("Irish Regulations"\). GRIL) Tj ET Q q 0 0 0 rg BT 474.38 514.25 Td ( provides multi-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (property and casualtyreinsurance capacity to the Europeanbroker market and provides GLRE withan additional platform to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (serve clients located inEurope and North ) Tj ET Q q 0 0 0 rg BT 217.45 490.25 Td (America.) Tj ET Q q 0 0 0 rg BT 258.82 490.25 Td (As used herein, the "Company" refers collectively to GLRE and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (consolidated subsidiaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 454.25 Td (The Class ) Tj ET Q q 0 0 0 rg BT 118.67 454.25 Td (A) Tj ET Q q 0 0 0 rg BT 125.33 454.25 Td ( ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol "GLRE".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 430.25 Td (These unaudited condensed consolidated financial statements are prepared in conformity with accounting principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 218.55 418.25 Td (America \("U.S. GAAP"\) and in accordance with the instructions to Form 10-Q and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Article 10 of Regulation S-X. ) Tj ET Q q 0 0 0 rg BT 170.54 406.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 219.87 406.25 Td (, they do not include all of the information and footnotes required by U.S. GAAP) Tj ET Q q 0 0 0 rg BT 544.17 406.25 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (complete consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 226.70 394.25 Td (These unaudited condensed consolidated financial statements should be read in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (conjunction with the Company) Tj ET Q q 0 0 0 rg BT 176.37 382.25 Td (s audited consolidated financial statements for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.89 382.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.48 382.25 Td (. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (opinion of management, these unaudited condensed consolidated financial statements reflect all of the normal recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (adjustments considered necessary for a fair presentation of the Company) Tj ET Q q 0 0 0 rg BT 343.52 358.25 Td (s financial position and results of operations as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (dates and for the periods presented. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.25 Td (The results for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 322.25 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.94 322.25 Td ( are not necessarily indicative of the results expected for the full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (calendar year) Tj ET Q q 0 0 0 rg BT 103.02 310.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Reclassifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 269.25 Td (Certain prior period balances have been reclassified to conform to the current period presentation. Prior to January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (2015, non-investment related foreign exchange gains and losses were recorded under general and administrative expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (the condensed consolidated statements of income. Ef) Tj ET Q q 0 0 0 rg BT 261.70 245.25 Td (fective from January 1, 2015, the presentation has been modified and any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.25 Td (non-investment related foreign exchange gains or losses are now recorded under Other income \(expense\) net in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.25 Td (condensed consolidated statements of income. ) Tj ET Q q 0 0 0 rg BT 237.17 221.25 Td (As a result, foreign exchange loss of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.46 221.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.36 221.25 Td (that was previously reported in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (general and administrative expenses for the three months ended March 31, 2014 was reclassified as Other income \(expense\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (net to conform to the current year presentation. ) Tj ET Q q 0 0 0 rg BT 245.02 197.25 Td (The reclassifications resulted in no changes to net income or retained earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (for any of the periods presented.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 144.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 144.25 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 131.50 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.45 144.25 Td (ACCOUNTING POLICIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.19 144.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 96.25 Td (The preparation of consolidated financial statements in conformity with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 413.77 96.25 Td ( requires management to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.25 Td (estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 183.68 84.25 Td (fect the reported amounts of assets and liabilities and disclosure of contingent assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (liabilities at the date of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.85 72.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.10 72.25 Td ( financial statements and the reported amounts of income and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (during the period. ) Tj ET Q q 0 0 0 rg BT 123.32 60.25 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 216.73 60.25 Td (fer from these estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td () Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Restricted Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (The Company is required to maintain certain cash in segregated accounts with prime brokers and derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 111.46 706.25 Td (The amount of restricted cash held by prime brokers is primarily used to support the liability created from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (securities sold, not yet purchased, and to collateralize the letters of credit issued under certain letter of credit facilities \(see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 682.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 682.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.27 682.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.27 682.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 113.42 682.25 Td (The amount of cash encumbered varies depending on the market value of the securities sold, not yet purchased, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (and letters of credit issued.In addition, derivative counterparties require cash collateral to support the current value of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (amounts that may be due to the counterparty based on the value of the underlying financial instrument.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Deferr) Tj ET Q q 0 0 0 rg BT 78.13 634.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.07 634.25 Td (Acquisition Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.25 Td (Policy acquisition costs, such as commission and brokerage costs, relate directly to, and vary with, the writing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (reinsurance contracts. ) Tj ET Q q 0 0 0 rg BT 139.13 598.25 Td (Acquisition costs relating solely to bound contracts are deferred subject to ultimate recoverability and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (amortized over the related contract term. ) Tj ET Q q 0 0 0 rg BT 215.01 586.25 Td (The Companyevaluates the recoverability of deferred acquisition costs by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (and expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. ) Tj ET Q q 0 0 0 rg BT 535.42 562.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (March 31, 2015 and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.62 550.25 Td (, the deferred acquisition costs were considered fully recoverable and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.23 550.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.23 550.25 Td ( premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (deficiency loss was recorded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.25 Td (Acquisition costs also include profit commissions which are expensed when incurred. Profit commissions are calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (and accrued based on the expected loss experience for contracts and recorded when the current loss estimate indicates that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (profit commission is probable under the contract terms. ) Tj ET Q q 0 0 0 rg BT 273.56 490.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 490.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.60 490.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.60 490.25 Td ($1) Tj ET Q q 0 0 0 rg BT 376.23 490.25 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.12 490.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 490.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.54 490.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.81 490.25 Td ($1) Tj ET Q q 0 0 0 rg BT 519.44 490.25 Td (1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 478.25 Td (\) of profit commission reserves wereincluded in reinsurance balances payable on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.82 478.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.07 478.25 Td ( balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.44 466.25 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.96 466.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.96 466.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.85 466.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.68 466.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.68 466.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.96 466.25 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.85 466.25 Td (\) of net profit commission expensewas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (included in acquisition costs on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.31 454.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.56 454.25 Td ( statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Loss and Loss ) Tj ET Q q 0 0 0 rg BT 111.98 430.25 Td (Adjustment Expense Reserves and Recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 406.25 Td (The Company establishes reserves for contracts based on estimates of the ultimate cost of all losses including losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (incurred but not reported \("IBNR"\). ) Tj ET Q q 0 0 0 rg BT 195.72 394.25 Td (These estimated ultimate reserves are based on the Company) Tj ET Q q 0 0 0 rg BT 442.30 394.25 Td (s own actuarial estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (derived from reports received from ceding companies, industry data and historical experience. ) Tj ET Q q 0 0 0 rg BT 429.12 382.25 Td (These estimates are reviewed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (the Company periodically on a contract by contract basis and adjusted as necessary) Tj ET Q q 0 0 0 rg BT 382.02 370.25 Td (. Since reserves are estimates, the final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (settlement of losses may vary from the reserves established and any adjustments to the estimates, which may be material, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (recorded in the period they are determined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.25 Td (Loss and loss adjustment expenses recoverable include the amounts due from retrocessionaires for unpaid loss and loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (adjustment expenses on retrocession agreements. Ceded losses incurred but not reported are estimated based on the Company) Tj ET Q q 0 0 0 rg BT 555.13 310.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (actuarial estimates. ) Tj ET Q q 0 0 0 rg BT 128.95 298.25 Td (These estimates are reviewed periodically and adjusted when deemed necessary) Tj ET Q q 0 0 0 rg BT 447.89 298.25 Td (. ) Tj ET Q q 0 0 0 rg BT 452.71 298.25 Td (The Company may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (able to ultimately recover the loss and loss adjustment expense recoverable amounts due to the retrocessionaires) Tj ET Q q 0 0 0 rg BT 501.05 286.25 Td ( inability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (pay) Tj ET Q q 0 0 0 rg BT 63.79 274.25 Td (. ) Tj ET Q q 0 0 0 rg BT 68.61 274.25 Td (The Company regularly evaluates the financial condition of its retrocessionaires and records provisions for uncollectible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (reinsurance expenses recoverable when recovery is no longer probable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Notes Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 214.25 Td (Notes receivable include promissory notes receivable from third party entities. ) Tj ET Q q 0 0 0 rg BT 393.10 214.25 Td (These notes are recorded at cost along ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (with accrued interest, if any) Tj ET Q q 0 0 0 rg BT 160.69 202.25 Td (, which approximates the fair value. Interest income and realized gains or losses on sale of notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (receivable are included under net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.24 190.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.49 190.25 Td ( statements of income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 166.25 Td (The Company regularly reviews all notes receivable individually for impairment and records valuation allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (provisions for uncollectible and non-performing notes. ) Tj ET Q q 0 0 0 rg BT 271.16 154.25 Td (The Company places notes on non-accrual status when the recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (value of the note is not considered impaired but there is uncertainty as to the collection of interest based on the terms of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (note. ) Tj ET Q q 0 0 0 rg BT 72.04 130.25 Td (The Company resumes accrual of interest on a note when none of the principal or interest remains past due, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (Company expects to collect the remaining contractualprincipal and interest.Interest collected on notes that are placed on non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (accrual status is treated on a cash-basis and recorded as interest income when collected, provided that the recorded value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (note is deemed to be fully collectible. ) Tj ET Q q 0 0 0 rg BT 202.55 94.25 Td (Where doubt exists as to the collectability of the remaining recorded value of the notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (placed on non-accrual status, any payments received are applied to reduce the recorded value of the notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 58.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 58.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.10 58.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.10 58.25 Td ($25.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.99 58.25 Td ( of notes receivable \(net of any valuation allowance\)were onnon-accrual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (status\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.61 46.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.19 46.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.47 46.25 Td ($0.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.36 46.25 Td (\) and any payments received are applied to reduce the recorded value of the notes. ) Tj ET Q q 0 0 0 rg BT 542.14 46.25 Td (The ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (increase in notes receivable during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.04 742.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.45 742.10 Td (, related to a settlement agreement entered into with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (a ceding insurer during the first quarter of 2015 whereby certain amounts, previously classified under reinsurance balances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (receivable, were converted into a ten-year note receivable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 694.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.10 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.54 694.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.12 694.10 Td ( there was no accrued interest included in the notes receivable balance. Based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (on management) Tj ET Q q 0 0 0 rg BT 116.37 682.10 Td (s assessment, the recorded values of the notes receivable, net of any valuation allowance, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.12 682.10 Td (March 31, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.52 670.10 Td (, were expected to be fully collectible.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Deposit ) Tj ET Q q 0 0 0 rg BT 84.17 646.10 Td (Assets and Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (In accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 201.97 622.10 Td (, deposit accounting is used in the event that a reinsurance contract does not transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 610.10 Td (ficient insurance risk, or a contract provides retroactive reinsurance. ) Tj ET Q q 0 0 0 rg BT 336.09 610.10 Td (Any losses on such contracts are char) Tj ET Q q 0 0 0 rg BT 485.86 610.10 Td (ged to earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (immediately) Tj ET Q q 0 0 0 rg BT 99.34 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 103.78 598.10 Td (Any gains relating to such contracts are deferred and amortized over the estimated remaining settlement period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (All such deferred gains are included in reinsurance balances payable in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.54 586.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.79 586.10 Td ( balance sheets. ) Tj ET Q q 0 0 0 rg BT 511.21 586.10 Td (Amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (gains are recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.79 574.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.04 574.10 Td ( statementsof income as other income. ) Tj ET Q q 0 0 0 rg BT 403.77 574.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.27 574.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.87 574.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.31 574.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 562.10 Td (, there were no material deposit assets or deposit liabilities and no material gains or losses on deposit accounted contracts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (Investmentsin Securities and Investments in Securities Sold, Not Y) Tj ET Q q 0 0 0 rg BT 342.71 514.10 Td (et Pur) Tj ET Q q 0 0 0 rg BT 367.05 514.10 Td (chased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.71 490.10 Td (s investments in debt instruments and equity securities that are classified as "trading securities" are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (carried at fair value. ) Tj ET Q q 0 0 0 rg BT 132.82 478.10 Td (The fair values of the listed equity investments are derived based on quoted prices \(unadjusted\) in active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (markets for identical assets \(Level1 inputs\). ) Tj ET Q q 0 0 0 rg BT 229.77 466.10 Td (The fair values of listed equities that have restrictions on sale or transfer which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (expire within one year) Tj ET Q q 0 0 0 rg BT 139.29 454.10 Td (, are determined by adjusting the observed market price of the equity using a liquidity discount based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (observable market inputs. ) Tj ET Q q 0 0 0 rg BT 155.35 442.10 Td (The fair values of debt instruments are derived based on inputs that are observable, either directly or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 87.67 430.10 Td (, such as market maker or broker quotes reflecting recent transactions \(Level2 inputs\), and are generally derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (based on the average of multiple market maker or broker quotes which are considered to be binding. ) Tj ET Q q 0 0 0 rg BT 453.57 418.10 Td (Where quotes are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (available, debt instruments are valued using cash flow models using assumptions and estimates that may be subjective and non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (observable \(Level 3 inputs\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 370.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.71 370.10 Td (s "other investments" may include investments in private and unlisted equity securities, limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (partnerships and commodities, which are all carried at fair value. ) Tj ET Q q 0 0 0 rg BT 311.94 358.10 Td (The fair values of commodities are determined based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (quoted prices in active markets for identical assets \(Level 1\). ) Tj ET Q q 0 0 0 rg BT 295.56 346.10 Td (The Company maximizes the use of observable direct or indirect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (inputs \(Level2 inputs\) when deriving the fair values for "other investments". For limited partnerships and private and unlisted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (equity securities, where observable inputs are not available, the fair values are derived based on unobservable inputs \(Level3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (inputs\) such as management) Tj ET Q q 0 0 0 rg BT 165.81 310.10 Td (s assumptions developed from available information using the services of the investment advisor) Tj ET Q q 0 0 0 rg BT 552.54 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (including the most recent net asset values obtained from the managers of those underlying investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 274.10 Td (For securities classified as "trading securities" and "other investments", any realized and unrealized gains or losses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (determined on the basis of the specific identification method \(by reference to cost or amortized cost, as appropriate\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (included in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.96 250.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.21 250.10 Td ( statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 226.10 Td (Dividend income and expense are recorded on the ex-dividend date. ) Tj ET Q q 0 0 0 rg BT 351.43 226.10 Td (The ex-dividend date is the date as of when the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (underlying security must have been traded to be eligible for the dividend declared. Interest income and interest expense are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (recorded on an accrual basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td () Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Derivative Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (U.S. GAAP) Tj ET Q q 0 0 0 rg BT 124.14 718.25 Td ( requires that an entity recognize all derivatives in the balance sheet at fair value. It also requires that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (unrealized gains and losses resulting from changes in fair value be included in income or comprehensive income, depending on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (whether the instrument qualifies as a hedge transaction, and if so, the type of hedge transaction. ) Tj ET Q q 0 0 0 rg BT 434.42 694.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 494.13 694.25 Td (s derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (financial instrument assets are included in financial contracts receivable. Derivative financial instrument liabilities are generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (included in financial contracts payable. ) Tj ET Q q 0 0 0 rg BT 209.20 670.25 Td (The Company's derivatives do not qualify as hedges for financial reporting purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (and are recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.12 658.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.37 658.25 Td ( balance sheets on a gross basis and not of) Tj ET Q q 0 0 0 rg BT 407.75 658.25 Td (fset against any collateral pledged or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (received.Pursuant to the International Swaps and Derivatives ) Tj ET Q q 0 0 0 rg BT 298.54 646.25 Td (Association \("ISDA"\) master agreements, securities lending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (agreements and other agreements, the Company and its counterparties typically have the ability to net certain payments owed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (each other in specified circumstances.In addition, in the event a party to one of the ISDA) Tj ET Q q 0 0 0 rg BT 407.66 622.25 Td ( master agreements, securities lending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (agreements or other agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (has the right to set of) Tj ET Q q 0 0 0 rg BT 133.97 598.25 Td (f against payments owed to the defaulting party or collateral held by the non-defaulting party) Tj ET Q q 0 0 0 rg BT 505.42 598.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 574.25 Td (Financial Contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 550.25 Td (The Company enters into financial contracts with counterparties as part of its investment strategy) Tj ET Q q 0 0 0 rg BT 465.40 550.25 Td (. Financial contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (which include total return swaps, credit default swaps \("CDS"\), futures, options, currency forwards and other derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (instruments are recorded at their fair value with any unrealized gains and losses included in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.25 514.25 Td ( statements of income. Financial contracts receivable represents derivative contracts whereby) Tj ET Q q 0 0 0 rg BT 517.50 514.25 Td (, based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (upon the contract's current fair value, the Company will be entitled to receive payments upon settlement of the contract. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Financial contracts payable represents derivative contracts whereby) Tj ET Q q 0 0 0 rg BT 319.79 490.25 Td (, based upon each contract's current fair value, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (will be obligated to make payments upon settlement of the contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 466.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 454.25 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 454.25 Td (otal return swap agreements, included on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.02 454.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.27 454.25 Td ( balance sheets as financial contracts receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (and financial contracts payable, are derivative financial instruments whereby the Company is either entitled to receive or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (obligated to pay the product of a notional amount multiplied by the movement in an underlying security) Tj ET Q q 0 0 0 rg BT 464.81 430.25 Td (, which the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (may not own, over a specified time frame. In addition, the Company may also be obligated to pay or receive other payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (based on interest rates, dividend payments and receipts, or foreign exchange movements during a specified period. ) Tj ET Q q 0 0 0 rg BT 510.50 406.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Company measures its rights or obligations to the counterparty based on the fair value movements of the underlying security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (together with any other payments due. ) Tj ET Q q 0 0 0 rg BT 205.61 382.25 Td (These contracts are carried at fair value, based on observable inputs \(Level2 inputs\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (with the resultant unrealized gains and losses reflected in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.51 370.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.75 370.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (statements of income. ) Tj ET Q q 0 0 0 rg BT 139.42 358.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 189.33 358.25 Td (, any changes in the value of amounts received or paid on swap contracts are reported as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (gain or loss in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.64 346.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.88 346.25 Td ( statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.25 Td (Financial contracts may also include exchange traded futures or options contracts that are based on the movement of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (particular index, equity security) Tj ET Q q 0 0 0 rg BT 176.53 310.25 Td (, commodity) Tj ET Q q 0 0 0 rg BT 226.43 310.25 Td (, currencyor interest rate. ) Tj ET Q q 0 0 0 rg BT 331.47 310.25 Td (Where such contracts are traded in an active market, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 298.25 Td (s obligations or rights on these contracts are recorded at fair value based on the observable quoted prices of the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (or similar financial contracts in an active market \(Level 1\) or on broker quotes which reflect market information based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (actual transactions \(Level 2\). ) Tj ET Q q 0 0 0 rg BT 168.01 274.25 Td (Amounts invested in exchange traded options and over the counter \("OTC"\) options are recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (either as an asset or liability at inception. Subsequent to initial recognition, unexpired exchange traded option contracts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (recorded at fair value based on quoted prices in active markets \(Level1\). For OTC options or exchange traded options where a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (quoted price in an active market is not available, fair values are derived based upon observable inputs \(Level2\) such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (multiple quotes from brokers and market makers, which are considered to be binding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 202.25 Td (The Company may purchase and sell CDS for strategic investment purposes. ) Tj ET Q q 0 0 0 rg BT 386.38 202.25 Td (A) Tj ET Q q 0 0 0 rg BT 393.05 202.25 Td ( CDS is a derivative instrument that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (provides protection against an investment loss due to specified credit or default events of a reference entity) Tj ET Q q 0 0 0 rg BT 476.98 190.25 Td (. ) Tj ET Q q 0 0 0 rg BT 481.80 190.25 Td (The seller of a CDS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (guarantees to pay the buyer a specified amount if the reference entity defaults on its obligations or fails to perform. ) Tj ET Q q 0 0 0 rg BT 512.16 178.25 Td (The buyer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (of a CDS pays a premium over time to the seller in exchange for obtaining this protection.) Tj ET Q q 0 0 0 rg BT 412.69 166.25 Td (A) Tj ET Q q 0 0 0 rg BT 419.36 166.25 Td ( CDS trading in an active market is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (valued at fair value based on broker or market maker quotes for identical instruments in an active market \(Level 2\)or based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (the current credit spreads on identical contracts \(Level 2\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 118.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.28 118.25 Td (, from time time, purchases industry loss warranty contracts \("IL) Tj ET Q q 0 0 0 rg BT 391.28 118.25 Td (W"\) to manage its exposure to weather ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (related events. ) Tj ET Q q 0 0 0 rg BT 109.70 106.25 Td (An IL) Tj ET Q q 0 0 0 rg BT 133.12 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 142.37 106.25 Td ( is designated as a weather derivative swap and included in financial contracts receivable. ) Tj ET Q q 0 0 0 rg BT 502.88 106.25 Td (The carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (amount of an IL) Tj ET Q q 0 0 0 rg BT 113.96 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 123.22 94.25 Td ( is the unamortized portion of the premium paid for an IL) Tj ET Q q 0 0 0 rg BT 352.13 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.65 94.25 Td (. ) Tj ET Q q 0 0 0 rg BT 365.10 94.25 Td (An estimate of fair value is not practicable since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (IL) Tj ET Q q 0 0 0 rg BT 58.70 82.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.95 82.25 Td ( contracts are generally not exchange traded, and the time and cost involved in creating a valuation model to estimate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (fair value would be excessive relative to the size and duration of the IL) Tj ET Q q 0 0 0 rg BT 333.32 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 342.57 70.25 Td ( contract. ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Compr) Tj ET Q q 0 0 0 rg BT 80.37 742.25 Td (ehensive Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (The Company has no other comprehensive income or loss, other than the net income or loss disclosed in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.90 718.25 Td (condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.54 706.25 Td ( statements of income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Earnings \(Loss\) Per) Tj ET Q q 0 0 0 rg BT 134.82 682.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 157.70 682.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.25 Td (Basic earnings per share are based on the weighted average number of common shares and participating securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (outstanding during the period.Diluted earnings per share includes the dilutive ef) Tj ET Q q 0 0 0 rg BT 371.96 646.25 Td (fect of restricted stock units \("RSU"\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (additional potential common shares issuable when stock options are exercised and are determined using the treasury stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 84.81 622.25 Td (The Company treats its unvested restricted stock as participating securities in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 510.26 622.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (whichrequires that unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (whetherpaid or unpaid \(referred to as "participating securities"\), be included in the number of shares outstanding for both basic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (and diluted earnings per share calculations.In the event of a net loss, all RSUs, stock options outstanding and all participating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (securities are excluded from the calculation of both basic and diluted loss per share since their inclusion would be anti-dilutive.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 510.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 510.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 510.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 480.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 480.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 480.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 450.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 450.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 450.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 525.75 m 497.5 525.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 525.75 m 501.5 525.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 525.75 m 561.5 525.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 510.75 m 497.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 510.75 m 561.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 510.75 m 497.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 465.75 m 497.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 451.75 m 497.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 449.75 m 497.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 465.75 m 561.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 451.75 m 561.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 449.75 m 561.5 449.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 530.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 540.43 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.40 530.43 Td (March 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 515.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 515.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.00 515.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.00 515.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 500.42 Td (Weighted average shares outstanding - basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.60 500.42 Td (37,173,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 500.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.60 500.42 Td (36,808,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 485.42 Td (Effect of dilutive service provider share-based awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 470.42 Td (Effect of dilutive employee and director share-based awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 455.42 Td (Weighted average shares outstanding - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 455.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.60 455.42 Td (37,173,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 455.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.60 455.42 Td (36,808,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 440.42 Td (Anti-dilutive stock options outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 440.42 Td (71,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 440.42 Td (40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 425.42 Td (Participating securitiesexcluded from calculation of loss per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 425.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 425.42 Td (322,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 425.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 425.42 Td (384,323) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 397.25 Td (axation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 373.25 Td (Under current Cayman Islands law) Tj ET Q q 0 0 0 rg BT 218.75 373.25 Td (, no corporate entity) Tj ET Q q 0 0 0 rg BT 298.63 373.25 Td (, including GLRE and Greenlight Re, is obligated to pay taxes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (the Cayman Islands on either income or capital gains. ) Tj ET Q q 0 0 0 rg BT 266.98 361.25 Td (The Company has an undertaking from the Governor) Tj ET Q q 0 0 0 rg BT 479.22 361.25 Td (-in-Cabinet of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (Cayman Islands, pursuant tothe provisions of the ) Tj ET Q q 0 0 0 rg BT 250.63 349.25 Td (T) Tj ET Q q 0 0 0 rg BT 256.04 349.25 Td (ax Concessions Law) Tj ET Q q 0 0 0 rg BT 337.59 349.25 Td (, as amended, that, in the event that the Cayman Islands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (inheritance tax, such tax willnot be applicable to GLRE, Greenlight Re nor their respective operations, or to the Class ) Tj ET Q q 0 0 0 rg BT 524.59 325.25 Td (A) Tj ET Q q 0 0 0 rg BT 531.26 325.25 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (Class B ordinary shares or related obligations, until February 1, 2025.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 289.25 Td (V) Tj ET Q q 0 0 0 rg BT 86.11 289.25 Td (erdant is incorporated in Delawareand therefore is subject to taxes in accordance with the U.S. federal rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (regulations prescribed by the U.S. Internal Revenue Service \("IRS"\). ) Tj ET Q q 0 0 0 rg BT 327.35 277.25 Td (V) Tj ET Q q 0 0 0 rg BT 333.46 277.25 Td (erdant) Tj ET Q q 0 0 0 rg BT 361.23 277.25 Td (s taxable income is generally expected to be taxed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.97 265.25 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.30 265.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 241.25 Td (GRIL) Tj ET Q q 0 0 0 rg BT 104.46 241.25 Td ( is incorporated in Ireland and therefore is subject to the Irish corporation tax rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.22 241.25 Td (12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.05 241.25 Td ( on its trading income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 229.25 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.27 229.25 Td ( on its non-trading income, if any) Tj ET Q q 0 0 0 rg BT 218.20 229.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 205.25 Td (Any deferred tax asset is evaluated for recovery and avaluationallowance is recorded when it is more likely than not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (that the deferred tax assetwill not be realized in the future.) Tj ET Q q 0 0 0 rg BT 287.78 193.25 Td (The Company has not taken any income tax positions that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (subject to significant uncertainty or that are reasonably likely to have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 466.44 181.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (Recently ) Tj ET Q q 0 0 0 rg BT 89.16 157.25 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 127.78 157.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 189.54 157.25 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 145.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 145.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 133.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 97.25 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 97.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.50 97.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 135.62 97.25 Td ( INSTRUMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.47 97.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 73.25 Td (In the normal course of its business, the Company purchases and sells various financial instruments, which include listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.25 Td (and unlisted equities, corporate and sovereign debt, commodities, futures, put and call options, currency forwards, other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.25 Td (derivativesand similar instruments sold, not yet purchased.) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.50 730.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 83.40 730.10 Td (alue Hierarchy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 706.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.21 706.10 Td (s financial instruments are carried at fair value, and the net unrealized gains or losses are included in net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (investment income \(loss\) in the condensed consolidated statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 682.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 Td (The following table presents the Company) Tj ET Q q 0 0 0 rg BT 249.52 670.10 Td (s investments, categorized by the level of the fair value hierarchy as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.41 670.10 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 658.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 563.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 563.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 563.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 563.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 563.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 563.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 533.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 533.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 533.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 533.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 533.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 533.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 503.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 503.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 503.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 503.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 503.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 503.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 473.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 473.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 473.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 473.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 473.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 473.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 443.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 443.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 443.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 443.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 443.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 443.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 413.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 413.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 413.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 413.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 413.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 413.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 413.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 413.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 413.60 71.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 254 632.6 m 331 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331 632.6 m 335 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335 632.6 m 409 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409 632.6 m 413 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413 632.6 m 487 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487 632.6 m 491 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491 632.6 m 562 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 578.6 m 249 578.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 254 578.6 m 331 578.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335 578.6 m 409 578.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413 578.6 m 487 578.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491 578.6 m 562 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254 488.6 m 331 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254 474.6 m 331 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254 472.6 m 331 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 488.6 m 409 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 474.6 m 409 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 472.6 m 409 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 488.6 m 487 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 474.6 m 487 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 472.6 m 487 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 488.6 m 562 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 474.6 m 562 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 472.6 m 562 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254 413.6 m 331 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254 399.6 m 331 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254 397.6 m 331 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 413.6 m 409 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 399.6 m 409 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 397.6 m 409 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 413.6 m 487 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 399.6 m 487 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 397.6 m 487 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 413.6 m 562 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 399.6 m 562 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 397.6 m 562 397.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 637.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.30 637.28 Td (Fair value measurements as of March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 603.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 593.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 583.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.70 603.28 Td (Quoted prices in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.75 593.28 Td (active markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.25 583.28 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.40 623.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.20 613.28 Td (other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.40 603.28 Td (observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.15 593.28 Td (inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.75 583.28 Td (\(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.40 613.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.85 603.28 Td (unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 593.28 Td (inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.75 583.28 Td (\(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.05 583.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 568.27 Td (Assets:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.30 568.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 553.27 Td (Debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 553.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 553.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 553.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 553.27 Td (25,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 553.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 553.27 Td (22,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.50 553.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 553.27 Td (47,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 538.27 Td (Listed equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 538.27 Td (1,237,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 538.27 Td (7,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 538.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 538.27 Td (1,245,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 523.27 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 523.27 Td (139,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 523.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 523.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 523.27 Td (139,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 508.27 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 508.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 508.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 508.27 Td (19,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 508.27 Td (19,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 493.27 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 493.27 Td (1,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 493.27 Td (38,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 493.27 Td (1,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 493.27 Td (41,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 478.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 478.27 Td (1,378,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 478.27 Td (71,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 478.27 Td (43,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.50 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 478.27 Td (1,494,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 463.27 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 463.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 463.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 463.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.50 463.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 448.27 Td (Listed equity securities, sold not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 448.32 Td (\(1,052,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 448.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 448.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 448.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 448.32 Td (\(1,052,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 448.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 433.27 Td (Debt instruments, sold not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 433.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.30 433.32 Td (\(275,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 433.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 433.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 433.32 Td (\(275,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 433.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 418.27 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.30 418.32 Td (\(1,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 418.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.30 418.32 Td (\(38,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 418.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 418.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 418.32 Td (\(40,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 418.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 403.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 403.32 Td (\(1,053,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 403.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.30 403.32 Td (\(314,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 403.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 403.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.50 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 403.32 Td (\(1,367,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 403.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 375.10 Td (The following table presents the Company) Tj ET Q q 0 0 0 rg BT 249.52 375.10 Td (s investments, categorized by the level of the fair value hierarchy as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 363.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 263.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 263.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 263.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 263.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 263.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 263.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 233.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 233.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 233.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 233.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 233.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 233.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 203.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 203.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 203.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 203.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 203.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 203.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 203.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 203.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 203.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 173.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 173.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 173.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 173.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 173.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 173.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 143.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 143.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 143.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 143.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 143.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 143.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 143.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 143.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 143.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 113.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 113.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 113.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 113.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 113.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 113.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255 337.6 m 332 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332 337.6 m 336 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336 337.6 m 410 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410 337.6 m 414 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414 337.6 m 488 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488 337.6 m 492 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 337.6 m 562 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 278.6 m 250 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255 278.6 m 332 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336 278.6 m 410 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414 278.6 m 488 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 278.6 m 562 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 188.60000000000002 m 332 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 174.60000000000002 m 332 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 172.60000000000002 m 332 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 188.60000000000002 m 410 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 174.60000000000002 m 410 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 172.60000000000002 m 410 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 188.60000000000002 m 488 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 174.60000000000002 m 488 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 172.60000000000002 m 488 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 188.60000000000002 m 562 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 174.60000000000002 m 562 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 172.60000000000002 m 562 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 113.60000000000002 m 332 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 99.60000000000002 m 332 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 97.60000000000002 m 332 97.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 113.60000000000002 m 410 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 99.60000000000002 m 410 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 97.60000000000002 m 410 97.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 113.60000000000002 m 488 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 99.60000000000002 m 488 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 97.60000000000002 m 488 97.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 113.60000000000002 m 562 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 99.60000000000002 m 562 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 97.60000000000002 m 562 97.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 342.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.60 342.28 Td (Fair value measurements as of December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 303.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 293.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 283.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.70 303.28 Td (Quoted prices in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.75 293.28 Td (active markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.25 283.28 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.40 323.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.20 313.28 Td (other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.40 303.28 Td (observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 293.28 Td (inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.75 283.28 Td (\(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.40 313.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.85 303.28 Td (unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.15 293.28 Td (inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.75 283.28 Td (\(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.55 283.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 268.27 Td (Assets:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.80 268.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 253.27 Td (Debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 253.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 253.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 253.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 253.27 Td (26,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 253.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 253.27 Td (22,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 253.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 253.27 Td (49,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 238.27 Td (Listed equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 238.27 Td (1,259,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 238.27 Td (6,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 238.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 238.27 Td (1,266,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 223.27 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 223.27 Td (96,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 223.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 223.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 223.27 Td (96,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 208.27 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 208.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 208.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 208.27 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 208.27 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 193.27 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 193.27 Td (2,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 193.27 Td (44,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 193.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 193.27 Td (47,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 178.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 178.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 178.27 Td (1,358,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 178.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 178.27 Td (78,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 178.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 178.27 Td (40,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 178.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 178.27 Td (1,478,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 163.27 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 163.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 163.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 163.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 163.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 148.27 Td (Listed equity securities, sold not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 148.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 148.32 Td (\(834,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 148.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 148.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 148.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 148.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 148.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 148.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 148.32 Td (\(834,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 148.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 133.27 Td (Debt instruments, sold not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 133.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.30 133.32 Td (\(256,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 133.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 133.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 133.32 Td (\(256,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 133.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 118.27 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 118.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.30 118.32 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 118.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 118.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 118.32 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 118.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 103.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 103.32 Td (\(834,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 103.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.30 103.32 Td (\(301,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 103.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 103.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 103.32 Td (\(1,135,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 103.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td () Tj ET Q q 0 0 0 rg BT 51.82 87.10 Td (The following table presents the reconciliation of the balances for all investments measured at fair value using significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (unobservable inputs \(Level3\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.56 75.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.97 75.10 Td (:) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 640.50 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 640.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 640.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 640.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 640.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 640.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 640.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 640.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 640.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 610.50 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 610.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 610.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 610.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 610.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 610.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 610.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 610.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 610.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 580.50 251.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 580.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 580.50 61.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 580.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 580.50 61.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 580.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 580.50 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 580.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 580.50 61.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 540.50 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 540.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 540.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 540.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 540.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 540.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 540.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 540.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 540.50 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 307 670.5 m 368 670.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372 670.5 m 433 670.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437 670.5 m 494 670.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 670.5 m 559 670.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437 525.5 m 494 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 525.5 m 368 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 511.5 m 368 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 509.5 m 368 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 525.5 m 433 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 511.5 m 433 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 509.5 m 433 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 511.5 m 494 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 509.5 m 494 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 525.5 m 559 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 511.5 m 559 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 509.5 m 559 509.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.40 739.18 Td ( Fair Value Measurements Using Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.90 729.18 Td (Unobservable Inputs \(Level 3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 675.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.70 685.18 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.40 675.18 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.85 705.18 Td (Private and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 695.18 Td (unlisted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 685.18 Td (equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 675.18 Td (securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.95 695.18 Td (Financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.25 685.18 Td (contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.40 675.18 Td (receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.90 675.18 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 660.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.05 660.18 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 645.17 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 645.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 645.17 Td (22,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 645.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 645.17 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 645.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 645.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 645.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 645.17 Td (40,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 630.17 Td (Purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 630.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 630.17 Td (866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 630.17 Td (2,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 630.17 Td (3,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 615.17 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 615.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 615.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 615.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 615.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 600.17 Td (Issuances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 600.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 600.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 600.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 600.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 585.17 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 585.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 585.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 585.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 585.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 570.17 Td (Total realized and unrealized gains \(losses\) and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 560.17 Td (included in earnings, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 560.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 560.17 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 560.22 Td (\(577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 560.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 560.22 Td (\(395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 560.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 545.17 Td (Transfers intoLevel3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 530.17 Td (Transfers out ofLevel3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 530.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 530.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 530.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 530.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 515.17 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 515.17 Td (22,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 515.17 Td (19,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 515.17 Td (1,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 515.17 Td (43,789) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 487.00 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.24 487.00 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.24 487.00 Td ( transfers between Level 1, Level 2 or Level 3 during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.43 487.00 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.84 487.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 463.00 Td (The following table presents the reconciliation of the balances for all investments measured at fair value using significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.00 Td (unobservable inputs \(Level3\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.56 451.00 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.97 451.00 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 342.50 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 342.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 342.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 342.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 342.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 342.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 342.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 312.50 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 312.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 312.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 312.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 312.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 312.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 312.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 282.50 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 282.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 282.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 282.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 282.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 282.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 282.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 252.50 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 252.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 252.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 252.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 252.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 252.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 252.50 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368 416.5 m 430 416.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430 416.5 m 434 416.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434 416.5 m 496 416.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496 416.5 m 500 416.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500 416.5 m 562 416.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368 372.5 m 430 372.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434 372.5 m 496 372.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500 372.5 m 562 372.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368 372.5 m 430 372.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434 372.5 m 496 372.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500 372.5 m 562 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 237.5 m 430 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 223.5 m 430 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 221.5 m 430 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 237.5 m 496 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 223.5 m 496 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 221.5 m 496 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 237.5 m 562 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 223.5 m 562 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 221.5 m 562 221.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.70 431.18 Td ( Fair Value Measurements Using) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.60 421.18 Td (Significant Unobservable Inputs \(Level 3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.50 377.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.20 387.18 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.90 377.18 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.35 407.18 Td (Private and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.50 397.18 Td (unlisted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 387.18 Td (equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.50 377.18 Td (securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.55 377.18 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.50 362.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.05 362.18 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 347.17 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.50 347.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 347.17 Td (527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.50 347.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 347.17 Td (46,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 347.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 347.17 Td (46,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 332.17 Td (Purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 332.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 332.17 Td (937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 332.17 Td (937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 317.17 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 317.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 317.22 Td (\(1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 317.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 317.22 Td (\(1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 317.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 302.17 Td (Issuances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 302.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 302.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 302.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 287.17 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 287.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 287.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 287.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 272.17 Td (Total realized and unrealized gains included in earnings, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 272.17 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 272.17 Td (511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 272.17 Td (588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 257.17 Td (Transfers intoLevel3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 257.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 257.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 257.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 242.17 Td (Transfers out ofLevel3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 242.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 242.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 242.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 227.17 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.50 227.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 227.17 Td (604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.50 227.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 227.17 Td (45,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 227.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 227.17 Td (46,419) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 199.00 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.05 199.00 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.46 199.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 199.00 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.35 199.00 Td ( of securities at fair value based on the date of transfer) Tj ET Q q 0 0 0 rg BT 541.80 199.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.00 Td (were transferred from Level 2 to Level 1 as the lock-up period restrictions on those securities expired. ) Tj ET Q q 0 0 0 rg BT 459.73 187.00 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.47 187.00 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.47 187.00 Td ( other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.00 Td (transfers between Level 1, Level 2 or Level 3 during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.19 175.00 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.60 175.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 151.00 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 151.00 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 151.00 Td (, included in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.98 151.00 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.23 151.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.00 Td (statements of income were net realized gains relating to Level 3 securities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.55 139.00 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 139.00 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.93 139.00 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.34 139.00 Td (: net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.00 Td (realized gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.08 127.00 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.97 127.00 Td (\). In addition, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.78 127.00 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.19 127.00 Td (, amortization expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.76 127.00 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.66 127.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 115.00 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.24 115.00 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.52 115.00 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.07 115.00 Td (\) relating to financial contracts receivable valued using unobservable inputs, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.00 Td (included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.43 103.00 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.68 103.00 Td ( statements of income as other income \(expense\), net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 79.00 Td (For Level 3 classified securities still held as of the reporting date, the change in net unrealized gains for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.75 79.00 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.00 Td (ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 67.00 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.81 67.00 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.70 67.00 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.53 67.00 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.94 67.00 Td (: net unrealized gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.51 67.00 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.40 67.00 Td (\), were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.00 Td (included in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.46 55.00 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.71 55.00 Td ( statements of income. ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 742.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 730.25 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 718.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 706.25 Td (Debt instruments, trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 694.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 682.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 682.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 682.25 Td (, the following investments were included in debt instruments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 622.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 622.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 622.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 622.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 622.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 622.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 592.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 592.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 592.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 592.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 592.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 592.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 562.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 562.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 562.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 562.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 562.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 562.75 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206 637.75 m 292 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 637.75 m 382 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 637.75 m 472 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476 637.75 m 562 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 562.75 m 292 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 548.75 m 292 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 546.75 m 292 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 562.75 m 382 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 548.75 m 382 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 546.75 m 382 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 562.75 m 472 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 548.75 m 472 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 546.75 m 472 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 562.75 m 562 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 548.75 m 562 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 546.75 m 562 546.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.35 662.43 Td (Cost/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.55 652.43 Td (amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.90 642.43 Td (cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.25 652.43 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.10 642.43 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.25 652.43 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.30 642.43 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.40 652.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.85 642.43 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 627.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.30 627.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 612.42 Td (Corporate debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.50 612.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 612.42 Td (23,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 612.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 612.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 612.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 612.47 Td (\(1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 612.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.50 612.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 612.42 Td (22,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 597.42 Td (Corporate debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 597.42 Td (2,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 597.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 597.47 Td (\(1,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 597.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 597.42 Td (1,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 582.42 Td (Municipal debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 582.42 Td (2,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 582.42 Td (287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 582.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 582.42 Td (2,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 567.42 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 567.42 Td (21,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 567.42 Td (763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 567.47 Td (\(1,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 567.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 567.42 Td (21,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 552.42 Td (Total debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.50 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 552.42 Td (50,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 552.42 Td (1,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 552.47 Td (\(3,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 552.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.50 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 552.42 Td (47,338) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 524.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 524.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 524.25 Td (, the following investments were included in debt instruments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 464.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 464.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 464.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 464.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 464.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 464.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 434.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 434.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 434.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 434.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 434.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 434.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 404.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 404.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 404.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 404.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 404.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 404.75 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 207 479.75 m 293 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297 479.75 m 383 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387 479.75 m 473 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477 479.75 m 563 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 404.75 m 293 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 390.75 m 293 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 388.75 m 293 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 404.75 m 383 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 390.75 m 383 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 388.75 m 383 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 404.75 m 473 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 390.75 m 473 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 388.75 m 473 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 404.75 m 563 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 390.75 m 563 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 388.75 m 563 388.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.35 504.43 Td (Cost/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.55 494.43 Td (amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.90 484.43 Td (cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.25 494.43 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.10 484.43 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.25 494.43 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.30 484.43 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.40 494.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.85 484.43 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 469.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 469.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 454.42 Td (Corporate debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 454.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 454.42 Td (23,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.50 454.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 454.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.50 454.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 454.47 Td (\(1,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 454.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 454.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 454.42 Td (22,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 439.42 Td (Corporate debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 439.42 Td (5,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 439.42 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 439.47 Td (\(1,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 439.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 439.42 Td (4,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.42 Td (Municipal debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 424.42 Td (1,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 424.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 424.47 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 424.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 424.42 Td (1,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 409.42 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 409.42 Td (21,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 409.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 409.47 Td (\(1,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 409.42 Td (20,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 394.42 Td (Total debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 394.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 394.42 Td (53,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.50 394.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 394.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.50 394.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 394.47 Td (\(3,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 394.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 394.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 394.42 Td (49,212) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 366.25 Td (The maturity distribution for debt instruments held at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.02 366.25 Td (March 31, 2015 and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.64 366.25 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 291.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 291.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 291.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 291.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 291.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 291.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 291.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 291.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 291.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 261.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 261.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 261.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 261.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 261.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 261.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 261.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 261.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 261.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 231.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 231.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 231.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 231.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 231.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 231.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 231.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 231.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 231.75 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271 340.75 m 341 340.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341 340.75 m 346 340.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346 340.75 m 416 340.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420 340.75 m 490 340.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494 340.75 m 563 340.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271 306.75 m 341 306.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346 306.75 m 416 306.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420 306.75 m 490 306.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494 306.75 m 563 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 231.75 m 341 231.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 217.75 m 341 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 215.75 m 341 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 231.75 m 416 231.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 217.75 m 416 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 215.75 m 416 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 231.75 m 490 231.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 217.75 m 490 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 215.75 m 490 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 231.75 m 563 231.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 217.75 m 563 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 215.75 m 563 215.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.90 345.43 Td (March 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 345.43 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 311.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.35 331.43 Td (Cost/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.55 321.43 Td (amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.90 311.43 Td (cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.40 321.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.85 311.43 Td (value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.35 331.43 Td (Cost/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.55 321.43 Td (amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.90 311.43 Td (cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.90 321.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.35 311.43 Td (value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.30 296.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 281.42 Td (Within one year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 281.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 281.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 281.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 281.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.50 281.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 281.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 281.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 281.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 266.42 Td (From one to five years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 266.42 Td (21,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 266.42 Td (22,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 266.42 Td (21,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 266.42 Td (21,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 251.42 Td (From five to ten years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 251.42 Td (2,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 251.42 Td (1,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 251.42 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 251.42 Td (1,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 236.42 Td (More than ten years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 236.42 Td (25,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 236.42 Td (23,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 236.42 Td (28,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 236.42 Td (26,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 221.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 221.42 Td (50,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 221.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 221.42 Td (47,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.50 221.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 221.42 Td (53,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 221.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 221.42 Td (49,212) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 193.25 Td (Equity securities, trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 169.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 169.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 169.25 Td (, the following long positions were included in equity securities, trading:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 119.75 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.00 119.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 119.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 119.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 119.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 119.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 119.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 119.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 119.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.00 89.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 89.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 89.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 89.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 89.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 89.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 89.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 89.75 93.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 178 134.75 m 271 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275 134.75 m 368 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372 134.75 m 465 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470 134.75 m 563 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 89.75 m 271 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 75.75 m 271 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 73.75 m 271 73.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 89.75 m 368 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 75.75 m 368 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 73.75 m 368 73.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 89.75 m 465 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 75.75 m 465 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 73.75 m 465 73.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 89.75 m 563 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 75.75 m 563 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 73.75 m 563 73.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.25 139.43 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.75 149.43 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.85 139.43 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.75 149.43 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.05 139.43 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.90 149.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.60 139.43 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 124.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.80 124.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 109.42 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 109.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 109.42 Td (1,091,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 109.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 109.42 Td (224,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 109.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 109.47 Td (\(89,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 109.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.50 109.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 109.42 Td (1,226,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 94.42 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.65 94.42 Td (42,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 94.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 94.47 Td (\(22,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 94.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 94.42 Td (19,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 79.42 Td (Total equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 79.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 79.42 Td (1,133,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 79.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 79.42 Td (224,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 79.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 79.47 Td (\(111,928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 79.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.50 79.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 79.42 Td (1,245,720) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 742.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 742.10 Td (, the following long positions were included in equity securities, trading:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 692.60 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.00 692.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 692.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 692.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 692.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 692.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 662.60 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.00 662.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 662.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 662.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 662.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 662.60 93.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 178 707.6 m 271 707.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275 707.6 m 368 707.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372 707.6 m 465 707.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469 707.6 m 562 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 662.6 m 271 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 648.6 m 271 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 646.6 m 271 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 662.6 m 368 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 648.6 m 368 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 646.6 m 368 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 662.6 m 465 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 648.6 m 465 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 646.6 m 465 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 662.6 m 562 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 648.6 m 562 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 646.6 m 562 646.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.25 712.28 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.75 722.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.85 712.28 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.75 722.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.05 712.28 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.90 722.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.60 712.28 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 697.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.30 697.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 682.27 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 682.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 682.27 Td (1,079,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 682.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 682.27 Td (247,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 682.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 682.32 Td (\(80,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 682.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 682.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 682.27 Td (1,246,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 667.27 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.65 667.27 Td (42,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 667.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 667.32 Td (\(22,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 667.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 667.27 Td (19,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 652.27 Td (Total equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 652.27 Td (1,122,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 652.27 Td (247,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 652.32 Td (\(103,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 652.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 652.27 Td (1,266,175) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 624.10 Td (Other Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 600.10 Td ("Other investments" include commodities and private and unlisted equity securities. ) Tj ET Q q 0 0 0 rg BT 414.31 600.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.76 600.10 Td (March 31, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 588.10 Td (, commodities were comprised of gold bullion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 564.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 564.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 564.10 Td (, the following securities were included in other investments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 515.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 515.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 515.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 515.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 515.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 515.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 485.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 485.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 485.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 485.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 485.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 485.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 485.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 485.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 485.60 83.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219 529.6 m 302 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306 529.6 m 389 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 529.6 m 476 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480 529.6 m 563 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 485.6 m 302 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 471.6 m 302 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 469.6 m 302 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 485.6 m 389 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 471.6 m 389 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 469.6 m 389 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 485.6 m 476 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 471.6 m 476 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 469.6 m 476 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 485.6 m 563 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 471.6 m 563 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 469.6 m 563 469.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.25 534.28 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.75 544.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.85 534.28 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.75 544.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.05 534.28 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.90 544.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 534.28 Td (value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 520.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.30 520.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 505.27 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 505.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 505.27 Td (139,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 505.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 505.27 Td (708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 505.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 505.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 505.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 505.27 Td (139,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 490.27 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 490.27 Td (18,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 490.27 Td (3,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 490.32 Td (\(1,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 490.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 490.27 Td (19,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 475.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 475.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 475.27 Td (157,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 475.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 475.27 Td (4,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 475.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 475.32 Td (\(1,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 475.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 475.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 475.27 Td (159,604) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 447.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 447.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 447.10 Td (, the following securities were included in other investments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 398.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 398.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 398.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 398.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 398.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 398.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 398.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 398.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 398.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 368.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 368.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 368.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 368.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 368.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 368.60 83.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219 412.6 m 302 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306 412.6 m 389 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 412.6 m 476 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480 412.6 m 563 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 368.6 m 302 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 354.6 m 302 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 352.6 m 302 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 368.6 m 389 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 354.6 m 389 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 352.6 m 389 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 368.6 m 476 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 354.6 m 476 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 352.6 m 476 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 368.6 m 563 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 354.6 m 563 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 352.6 m 563 352.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.25 417.28 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.75 427.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.85 417.28 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.75 427.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.05 417.28 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.90 427.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 417.28 Td (value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 403.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.30 403.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.27 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 388.27 Td (95,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 388.27 Td (1,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 388.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 388.27 Td (96,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 373.27 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 373.27 Td (17,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 373.27 Td (3,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 373.32 Td (\(1,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 373.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 373.27 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 358.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 358.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 358.27 Td (113,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 358.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 358.27 Td (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 358.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 358.32 Td (\(1,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 358.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 358.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 358.27 Td (115,591) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 330.10 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 330.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.54 330.10 Td (, included in private and unlisted equity securities are investments in private equity funds with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.86 318.10 Td ($13.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.75 318.10 Td (\(December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.17 318.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.17 318.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.45 318.10 Td ($12.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.34 318.10 Td (\) determined based onunadjusted net assetvaluesreported bythe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 Td (managers of these securities. Some of these values were reported fromperiods priorto ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 306.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.59 306.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.41 306.10 Td (The private equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.10 Td (funds have varying lock-up periods and as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.23 294.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.83 294.10 Td (, all of the funds had redemption restrictions, and therefore have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (been categorized within Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 283.46 282.10 Td (.) Tj ET Q q 0 0 0 rg BT 288.28 282.10 Td (The redemption restrictions have been in place since inception of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (the investments and are not expected to lapse in the near future. ) Tj ET Q q 0 0 0 rg BT 305.80 270.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.24 270.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.84 270.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.88 270.10 Td ($8.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.77 270.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (\(December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.41 258.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.41 258.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.69 258.10 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.58 258.10 Td (\) of unfunded commitments relating to private equity funds whose fair values are determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (based on unadjusted net asset values reported by the managers of these securities. ) Tj ET Q q 0 0 0 rg BT 378.10 246.10 Td (These commitments are included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (amounts presented in theschedule of commitments and contingencies in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.59 234.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.59 234.10 Td ( of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.96 234.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.21 234.10 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (statements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 198.10 Td (Investments in Securities Sold, Not Y) Tj ET Q q 0 0 0 rg BT 222.79 198.10 Td (et Pur) Tj ET Q q 0 0 0 rg BT 247.13 198.10 Td (chased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.90 198.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 174.10 Td (Securities sold, not yet purchased are securities that the Company has sold, but does not own, in anticipation of a decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (in the market value of the security) Tj ET Q q 0 0 0 rg BT 185.47 162.10 Td (. ) Tj ET Q q 0 0 0 rg BT 190.29 162.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 250.00 162.10 Td (s risk is that the value of the security will increase rather than decline. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 103.85 150.10 Td (, the settlement amount of the liability for securities sold, not yet purchased may exceed the amount recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (the consolidated balance sheet as the Company is obligated to purchase the securities sold, not yet purchased in the market at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (prevailing prices to settle its obligations. ) Tj ET Q q 0 0 0 rg BT 214.01 126.10 Td (T) Tj ET Q q 0 0 0 rg BT 219.42 126.10 Td (o establish a position in security sold, not yet purchased, the Company needs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (borrow the security for delivery to the buyer) Tj ET Q q 0 0 0 rg BT 226.39 114.10 Td (. On each day the transaction is open, the liability for the obligation to replace the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (borrowed security is marked-to-market and an unrealized gain or loss is recorded. ) Tj ET Q q 0 0 0 rg BT 378.55 102.10 Td (At the time the transaction is closed, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (Company realizes a gain or loss equal to the dif) Tj ET Q q 0 0 0 rg BT 239.54 90.10 Td (ference between the price at which the security was sold and the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (replacing the borrowed security) Tj ET Q q 0 0 0 rg BT 175.75 78.10 Td (. ) Tj ET Q q 0 0 0 rg BT 180.56 78.10 Td (While the transaction is open, the Company will also incur an expense for any dividends or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (interest which will be paid to the lender of the securities.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 730.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 730.10 Td (, the following securities were included ininvestments in securities sold, not yet purchased:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 677.60 236.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 677.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 677.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 677.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 677.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 677.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 677.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 677.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 677.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 644.60 236.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 644.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 644.60 64.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 644.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 644.60 64.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 644.60 6.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 644.60 64.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 644.60 6.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 644.60 64.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 610.60 236.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 610.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 610.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 610.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 610.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 610.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 610.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 610.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 610.60 64.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290 695.6 m 354 695.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358 695.6 m 422 695.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428 695.6 m 492 695.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 695.6 m 562 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 610.6 m 354 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 595.6 m 354 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 593.6 m 354 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 610.6 m 422 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 595.6 m 422 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 593.6 m 422 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 610.6 m 492 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 595.6 m 492 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 593.6 m 492 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 610.6 m 562 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 595.6 m 562 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 593.6 m 562 593.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.40 700.28 Td (Proceeds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.25 710.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.35 700.28 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.25 710.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.55 700.28 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.50 700.28 Td (Fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.50 682.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.30 682.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 666.27 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.80 666.32 Td (\(1,006,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 666.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 666.27 Td (86,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 666.32 Td (\(116,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 666.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 666.32 Td (\(1,036,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 666.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 649.27 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.30 649.32 Td (\(12,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 649.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 649.32 Td (\(3,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 649.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 649.32 Td (\(15,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 649.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 632.27 Td (Corporate debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.30 632.32 Td (\(7,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 632.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 632.27 Td (1,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 632.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 632.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 632.32 Td (\(5,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 632.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 615.27 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 615.32 Td (\(293,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 615.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 615.27 Td (23,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 615.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 615.32 Td (\(269,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 615.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.50 599.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.80 599.32 Td (\(1,319,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 599.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 599.27 Td (111,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 599.32 Td (\(119,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 599.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 599.32 Td (\(1,327,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 599.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 571.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 571.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 571.10 Td (, the following securities were included ininvestments in securities sold, not yet purchased:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 523.60 237.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 523.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 523.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 523.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 523.60 63.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 523.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 523.60 69.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 523.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 523.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 491.60 237.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 491.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 491.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 491.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 491.60 63.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 491.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 491.60 69.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 491.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 491.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 459.60 237.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 459.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 459.60 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 459.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 459.60 63.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 459.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 459.60 69.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 459.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 459.60 64.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291 537.6 m 355 537.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359 537.6 m 422 537.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426 537.6 m 495 537.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499 537.6 m 563 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 459.6 m 355 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 444.6 m 355 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 442.6 m 355 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 459.6 m 422 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 444.6 m 422 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 442.6 m 422 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 459.6 m 495 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 444.6 m 495 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 442.6 m 495 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 459.6 m 563 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 444.6 m 563 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 442.6 m 563 442.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.40 542.28 Td (Proceeds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.75 551.33 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.85 541.33 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.75 551.33 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.05 541.33 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 542.28 Td (Fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.00 528.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.30 528.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 512.27 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 512.32 Td (\(813,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 512.27 Td (91,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 512.32 Td (\(101,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.50 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 512.32 Td (\(823,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 496.27 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 496.32 Td (\(9,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 496.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 496.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 496.32 Td (\(1,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 496.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 496.32 Td (\(10,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 496.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 480.27 Td (Corporate debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 480.32 Td (\(7,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 480.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 480.27 Td (1,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 480.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 480.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 480.32 Td (\(6,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 480.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 464.27 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 464.32 Td (\(246,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 464.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 464.27 Td (6,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 464.32 Td (\(10,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 464.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 464.32 Td (\(250,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 464.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.00 448.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 448.32 Td (\(1,076,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 448.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 448.27 Td (99,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 448.32 Td (\(113,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 448.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 448.32 Td (\(1,090,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 448.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 420.10 Td (Financial Contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 396.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 396.10 Td (March 31, 2015 and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.56 396.10 Td (, the Company had entered into total return swaps, CDS, options, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (warrants, rights, futures, forwards and interest rate options contracts with various financial institutions to meet certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (investment objectives. Under the terms of each of these financial contracts, the Company is either entitled to receive or is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (obligated to make payments which are based on the product of a formula contained within each contract that includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (change in the fair value of the underlying or reference security) Tj ET Q q 0 0 0 rg BT 298.73 348.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 324.10 Td (In addition, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.82 324.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.42 324.10 Td (, the Company had entered into an IL) Tj ET Q q 0 0 0 rg BT 347.08 324.10 Td (W) Tj ET Q q 0 0 0 rg BT 356.33 324.10 Td ( contract with certain third-parties in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (purchase protection against worldwide wind and earthquake exposures from January 2015 to December 2015. In return for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (fixed payment, the Company is entitled to receive a floating payment in the event of losses incurred by the insurance industry) Tj ET Q q 0 0 0 rg BT 551.21 300.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (as a whole, exceeding a specified threshold. ) Tj ET Q q 0 0 0 rg BT 227.31 288.10 Td (The maximum total recovery to the Company under the IL) Tj ET Q q 0 0 0 rg BT 461.22 288.10 Td (W) Tj ET Q q 0 0 0 rg BT 470.48 288.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 288.10 Td ($12.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.04 288.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (Through March 31, 2015, the Company was not aware of any industry loss event occurring that would have triggered a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (recovery under the IL) Tj ET Q q 0 0 0 rg BT 135.66 264.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.18 264.10 Td (.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 742.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 742.10 Td (, the fair values of financial contracts outstanding were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 647.60 212.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 647.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 647.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 647.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 617.60 212.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 617.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 617.60 107.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 617.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 617.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 617.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 617.60 105.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 577.60 212.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 577.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 577.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 577.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 547.60 212.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 547.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 547.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 547.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 517.60 212.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 517.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 517.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 517.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 487.60 212.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 487.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 487.60 107.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 487.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 487.60 77.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 487.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 487.60 105.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50 677.6 m 262 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266 677.6 m 373 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 677.6 m 454 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 677.6 m 563 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 562.6 m 563 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 548.6 m 563 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 546.6 m 563 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 463.6 m 563 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 449.6 m 563 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 447.6 m 563 447.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.10 682.28 Td (Financial Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.95 692.28 Td (Listing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.85 682.28 Td (curr) Tj ET Q q 0 0 0 rg BT 313.55 682.28 Td (ency ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 335.48 686.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 712.28 Td (Notional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 702.28 Td (amount of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 692.28 Td (underlying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.40 682.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.45 712.28 Td (Fair value of net assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 702.28 Td (\(obligations\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.85 692.28 Td (on financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.25 682.28 Td (contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.50 667.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.50 667.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 667.28 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 652.28 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.50 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 637.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.70 637.27 Td (KRW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 637.27 Td (15,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 637.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 637.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 622.27 Td (Put options \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 622.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 622.27 Td (235,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 622.27 Td (14,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 597.27 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.20 607.27 Td (EUR/GBP/HKD/MXN/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 597.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 597.27 Td (56,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 597.27 Td (23,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 582.27 Td (Warrants and rights on listed equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 582.27 Td (EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 582.27 Td (2,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 582.27 Td (1,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 567.27 Td (Weather derivative swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 567.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 567.27 Td (12,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 567.27 Td (1,763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 552.28 Td (Total financial contracts receivable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 552.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 552.27 Td (41,482) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 537.28 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 537.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 537.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 522.27 Td (Credit default swaps, purchased corporate debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 522.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 522.27 Td (221,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 522.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 522.32 Td (\(806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 522.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 507.27 Td (Credit default swaps, purchased sovereign debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 507.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 507.27 Td (251,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 507.32 Td (\(1,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 507.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 492.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 492.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 492.27 Td (77,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 492.32 Td (\(1,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 492.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 468.27 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.25 478.17 Td (EUR/GBP/HKD/INR/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.05 468.17 Td (RON/USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 468.27 Td (109,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 468.32 Td (\(36,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 468.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 453.28 Td (Total financial contracts payable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 453.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 453.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 453.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 453.32 Td (\(40,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 453.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 437.10 Td (\(1\) USD = US Dollar; EUR = Euro; GBP) Tj ET Q q 0 0 0 rg BT 228.35 437.10 Td ( = British Pound; HKD = Hong Kong Dollar; KR) Tj ET Q q 0 0 0 rg BT 425.47 437.10 Td (W) Tj ET Q q 0 0 0 rg BT 434.73 437.10 Td ( = Korean ) Tj ET Q q 0 0 0 rg BT 477.12 437.10 Td (W) Tj ET Q q 0 0 0 rg BT 485.75 437.10 Td (on; MXN = ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 425.10 Td (Mexican Peso; RON = Romanian New Leu; INR = Indian Rupee. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 407.70 Td (\(2\) Includes options on the Japanese ) Tj ET Q q 0 0 0 rg BT 210.37 407.70 Td (Y) Tj ET Q q 0 0 0 rg BT 216.59 407.70 Td (en and the Chinese ) Tj ET Q q 0 0 0 rg BT 294.53 407.70 Td (Y) Tj ET Q q 0 0 0 rg BT 300.64 407.70 Td (uan, denominated in U.S. dollars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 371.70 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 371.70 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 371.70 Td (, the fair values of financial contracts outstanding were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 287.20 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 287.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 287.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 287.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 287.20 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 287.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 287.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 257.20 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 257.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 257.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 257.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 257.20 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 257.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 257.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 227.20 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 227.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 227.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 227.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 227.20 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 227.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 227.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 197.20 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 197.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 197.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 197.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 197.20 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 197.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 197.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 167.20 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 167.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 167.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 167.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 167.20 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 167.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 167.20 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 137.20 214.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 137.20 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 137.20 105.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 137.20 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 137.20 77.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 137.20 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 137.20 105.00 -22.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 317.20000000000005 m 263 317.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267 317.20000000000005 m 372 317.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376 317.20000000000005 m 453 317.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457 317.20000000000005 m 562 317.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 227.20000000000005 m 562 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 213.20000000000005 m 562 213.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 211.20000000000005 m 562 211.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 115.20000000000005 m 562 115.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 101.20000000000005 m 562 101.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 99.20000000000005 m 562 99.20000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.10 321.88 Td (Financial Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.95 331.88 Td (Listing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.85 321.88 Td (curr) Tj ET Q q 0 0 0 rg BT 313.55 321.88 Td (ency ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 335.48 326.41 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.65 351.88 Td (Notional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 341.88 Td (amount of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 331.88 Td (underlying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.40 321.88 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.45 351.88 Td (Fair value of net assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 341.88 Td (\(obligations\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.85 331.88 Td (on financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.25 321.88 Td (contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.50 306.88 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 306.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 306.88 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 291.88 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 291.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 291.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 291.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 276.87 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 276.87 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 276.87 Td (13,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 276.87 Td (3,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 261.87 Td (Put options \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 261.87 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 261.87 Td (299,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 261.87 Td (22,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 246.87 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.25 246.87 Td (EUR/GBP/HKD/USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 246.87 Td (43,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 246.87 Td (18,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 231.87 Td (Warrants and rights on listed equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 231.87 Td (EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 231.87 Td (8,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 231.87 Td (2,463) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 216.88 Td (Total financial contracts receivable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 216.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 216.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 216.87 Td (47,171) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 201.88 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 201.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 201.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 186.87 Td (Credit default swaps, purchased corporate debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 186.87 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 186.87 Td (221,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 186.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 186.92 Td (\(1,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 186.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 171.87 Td (Credit default swaps, purchased sovereign debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 171.87 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 171.87 Td (251,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 171.92 Td (\(1,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 171.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 156.87 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.70 156.87 Td (KRW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 156.87 Td (20,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 156.92 Td (\(512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 156.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 141.87 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.95 141.87 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 141.87 Td (33,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 141.92 Td (\(867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 141.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 119.87 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.25 127.77 Td (EUR/GBP/HKD/INR/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.05 117.82 Td (RON/USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 119.87 Td (122,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 119.92 Td (\(40,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 119.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 104.88 Td (Total financial contracts payable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 104.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 104.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 104.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 104.92 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 104.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 88.70 Td (\(1\) USD = US Dollar; EUR = Euro; GBP) Tj ET Q q 0 0 0 rg BT 228.35 88.70 Td ( = British Pound; HKD = Hong Kong Dollar; KR) Tj ET Q q 0 0 0 rg BT 425.47 88.70 Td (W) Tj ET Q q 0 0 0 rg BT 434.73 88.70 Td ( = Korean ) Tj ET Q q 0 0 0 rg BT 477.12 88.70 Td (W) Tj ET Q q 0 0 0 rg BT 485.75 88.70 Td (on; RON = ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 76.70 Td (Romanian New Leu; INR = Indian Rupee. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 59.30 Td (\(2\) Includes options on the Japanese ) Tj ET Q q 0 0 0 rg BT 210.37 59.30 Td (Y) Tj ET Q q 0 0 0 rg BT 216.59 59.30 Td (en and the Chinese ) Tj ET Q q 0 0 0 rg BT 294.53 59.30 Td (Y) Tj ET Q q 0 0 0 rg BT 300.64 59.30 Td (uan, denominated in U.S. dollars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 47.30 Td ( ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (Options are derivative financial instruments that give the buyer) Tj ET Q q 0 0 0 rg BT 328.80 730.10 Td (, in exchange for a premium payment, the right, but not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (the obligation, to either purchase from \(call option\) or sell to \(put option\) the writer) Tj ET Q q 0 0 0 rg BT 382.62 718.10 Td (, a specified underlying security at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (specified price on or before a specified date. ) Tj ET Q q 0 0 0 rg BT 228.95 706.10 Td (The Company enters into option contracts to meet certain investment objectives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (For exchange traded option contracts, the exchange acts as the counterparty to specific transactions and therefore bears the risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (of delivery to and from counterparties of specific positions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.05 658.10 Td (three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.89 658.10 Td (, the Company reported gains and losses on derivatives as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 543.60 253.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 543.60 134.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 543.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 543.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 513.60 253.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 513.60 134.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 513.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 513.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 483.60 253.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 483.60 134.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 483.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 483.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 453.60 253.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 453.60 134.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 453.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 453.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 423.60 253.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 423.60 134.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 423.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 423.60 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 601.6 m 302 601.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306 601.6 m 440 601.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 601.6 m 501 601.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501 601.6 m 505 601.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 601.6 m 562 601.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 444 573.6 m 501 573.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 501 573.6 m 505 573.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 505 573.6 m 562 573.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 558.6 m 501 558.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 558.6 m 562 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 423.6 m 501 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 409.6 m 501 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 407.6 m 501 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 423.6 m 562 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 409.6 m 562 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 407.6 m 562 407.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 606.28 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.30 626.28 Td (Location of gains and losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 616.28 Td (on derivatives recognized in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.20 606.28 Td (income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.45 616.28 Td (Gain \(loss\) on derivatives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.60 606.28 Td (recognized in income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 588.28 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.90 578.28 Td (March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 563.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 563.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.00 563.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 563.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 548.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 548.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 548.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 533.27 Td (Credit default swaps, purchased corporate debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 533.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 533.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.80 533.32 Td (\(55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 533.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 533.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 533.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 518.27 Td (Credit default swaps, purchased sovereign debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 518.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.80 518.32 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 518.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 518.32 Td (\(206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 518.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 503.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 503.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 503.27 Td (136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 503.32 Td (\(503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 503.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 488.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 488.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 488.32 Td (\(2,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 488.32 Td (\(4,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 473.27 Td (Interest rate options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 473.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 473.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 473.32 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 458.27 Td (Options, warrants, and rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 458.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 458.32 Td (\(2,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 458.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 458.32 Td (\(9,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 458.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 443.27 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 443.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 443.27 Td (4,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 443.27 Td (6,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 428.27 Td (Weather derivative swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 428.27 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 428.32 Td (\(577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 428.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 428.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 413.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 413.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 413.32 Td (\(855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 413.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 413.32 Td (\(8,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 413.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 385.10 Td (The Company generally does not enter into derivatives for risk management or hedging purposes. ) Tj ET Q q 0 0 0 rg BT 469.83 385.10 Td (The volume of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (derivative activities varies from period to period depending on potential investment opportunities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 349.10 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 349.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 313.40 349.10 Td (s volume of derivative activities \(based on notional amounts\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 260.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 260.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 260.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 260.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 260.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 230.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 230.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 230.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 230.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 230.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 200.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 200.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 200.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 200.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 200.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408 299.6 m 483 299.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 299.6 m 487 299.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487 299.6 m 562 299.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 275.6 m 404 275.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408 275.6 m 483 275.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487 275.6 m 562 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 185.60000000000002 m 483 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 171.60000000000002 m 483 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 169.60000000000002 m 483 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 185.60000000000002 m 562 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 171.60000000000002 m 562 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 169.60000000000002 m 562 169.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.00 304.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.85 304.28 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 280.28 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.35 280.28 Td ( Entered) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.10 280.28 Td (Exited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 265.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.30 265.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 250.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 250.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 250.27 Td (4,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 235.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 235.27 Td (84,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 235.27 Td (56,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 220.27 Td (Options, warrants and rights \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 220.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 220.27 Td (69,777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 205.27 Td (Total return swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 205.27 Td (14,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 205.27 Td (39,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 190.27 Td (Weather derivative swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 190.27 Td (2,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 190.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 175.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 175.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 175.27 Td (102,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 175.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 175.27 Td (170,998) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 159.10 Td (\(1\) Exited amount excludes options which expired or were exercised during the period.) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (For the three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 742.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 313.40 742.10 Td (s volume of derivative activities \(based on notional amounts\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 654.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 654.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 654.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 654.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 654.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 624.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 624.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 624.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 594.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 594.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 594.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408 693.6 m 483 693.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 693.6 m 487 693.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487 693.6 m 562 693.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 669.6 m 404 669.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408 669.6 m 483 669.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487 669.6 m 562 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 594.6 m 483 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 580.6 m 483 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 578.6 m 483 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 594.6 m 562 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 580.6 m 562 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 578.6 m 562 578.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.00 698.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.85 698.28 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 674.28 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.35 674.28 Td ( Entered) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.10 674.28 Td (Exited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 659.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.30 659.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 644.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 644.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 644.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 644.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 644.27 Td (63,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 629.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 629.27 Td (35,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 629.27 Td (114,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 615.17 Td (Options, warrants and rights \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 614.27 Td (402,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 614.27 Td (59,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 599.27 Td (Total return swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 599.27 Td (44,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 599.27 Td (29,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 584.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 584.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 584.27 Td (482,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 584.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 584.27 Td (266,446) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 568.10 Td (\(1\) Exited amount excludes options which expired or were exercised during the period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 544.10 Td (The Company does not of) Tj ET Q q 0 0 0 rg BT 180.19 544.10 Td (fset its derivative instruments and presents all amounts in the condensed consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (sheets on a gross basis. ) Tj ET Q q 0 0 0 rg BT 144.31 532.10 Td (The Company has pledged cash collateral to derivative counterparties to support the current value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (amounts due to the counterparties based on the value of the underlying security) Tj ET Q q 0 0 0 rg BT 365.98 520.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 496.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 496.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.54 496.10 Td (, the gross and net amounts of derivative instruments and the cash collateral applicable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (derivative instruments were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 345.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 345.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 345.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 345.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 345.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 345.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 345.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 427.6 m 189.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 427.6 m 248.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 427.6 m 295.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 427.6 m 362.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 427.6 m 425.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 427.6 m 429.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 427.6 m 488.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 427.6 m 552.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 363.6 m 189.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 363.6 m 248.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 363.6 m 295.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 363.6 m 362.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 363.6 m 425.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 363.6 m 488.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 363.6 m 552.5 363.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.40 432.28 Td (March 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 432.28 Td (\(i\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.35 432.28 Td (\(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 432.28 Td (\(iii\) = \(i\) - \(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.75 452.28 Td (\(iv\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.85 442.28 Td (Gross amounts not offset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 432.28 Td (in the balance sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.20 442.28 Td (\(v\) = \(iii\) +) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.75 432.28 Td (\(iv\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.75 368.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.05 408.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.70 398.28 Td (amounts of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 388.28 Td (recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.25 378.28 Td (assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.70 368.28 Td (\(liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.05 418.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 408.28 Td (amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.40 398.28 Td (offset in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.80 388.28 Td (the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.10 378.28 Td (balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.65 368.28 Td (sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.40 418.28 Td (Net amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.85 408.28 Td (of assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.70 398.28 Td (\(liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.30 388.28 Td (presented in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.15 378.28 Td (the balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 368.28 Td (sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.45 398.28 Td (Financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.90 388.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 378.28 Td (available) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.25 368.28 Td (for offset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 398.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 388.28 Td (collateral) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.45 378.28 Td (\(received\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.80 368.28 Td (pledged) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.85 388.28 Td (Net amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.30 378.28 Td (of asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.25 368.28 Td (\(liability\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.30 350.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 335.27 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.15 335.27 Td (41,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 335.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 335.27 Td (41,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 335.32 Td (\(21,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 335.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 335.32 Td (\(10,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 335.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 335.27 Td (9,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 320.27 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.80 320.27 Td (\(40,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 320.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 320.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.80 320.32 Td (\(40,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 320.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 320.27 Td (21,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 320.27 Td (19,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 320.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 292.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 292.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 292.10 Td (, the gross and net amounts of derivative instruments and the cash collateral applicable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (derivative instruments were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 56.50 145.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 145.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 145.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 145.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 145.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 145.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 145.60 59.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 56.5 223.60000000000002 m 185.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 223.60000000000002 m 245.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 223.60000000000002 m 298.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 223.60000000000002 m 365.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 223.60000000000002 m 428.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 223.60000000000002 m 432.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 223.60000000000002 m 491.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 223.60000000000002 m 554.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 56.5 159.60000000000002 m 185.5 159.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 159.60000000000002 m 245.5 159.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 159.60000000000002 m 298.5 159.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 159.60000000000002 m 365.5 159.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 159.60000000000002 m 428.5 159.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 159.60000000000002 m 491.5 159.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 159.60000000000002 m 554.5 159.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.15 228.28 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.25 228.28 Td (\(i\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.35 228.28 Td (\(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.65 228.28 Td (\(iii\) = \(i\) - \(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.75 248.28 Td (\(iv\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.85 238.28 Td (Gross amounts not offset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 228.28 Td (in the balance sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.70 238.28 Td (\(v\) = \(iii\) +) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.25 228.28 Td (\(iv\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.75 164.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.55 204.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.20 194.28 Td (amounts of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.00 184.28 Td (recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.75 174.28 Td (assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.20 164.28 Td (\(liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.05 214.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 204.28 Td (amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.40 194.28 Td (offset in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.80 184.28 Td (the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.10 174.28 Td (balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.65 164.28 Td (sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.40 214.28 Td (Net amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.85 204.28 Td (of assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.70 194.28 Td (\(liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.30 184.28 Td (presented in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.15 174.28 Td (the balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 164.28 Td (sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.45 194.28 Td (Financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.90 184.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.30 174.28 Td (available) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.25 164.28 Td (for offset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 194.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.50 184.28 Td (collateral) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.45 174.28 Td (\(received\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.80 164.28 Td (pledged) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 184.28 Td (Net amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.80 174.28 Td (of asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.75 164.28 Td (\(liability\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.30 150.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 135.27 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.15 135.27 Td (47,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 135.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 135.27 Td (47,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 135.32 Td (\(24,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 135.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 135.32 Td (\(9,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 135.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 135.27 Td (13,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 120.27 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.80 120.27 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 120.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 120.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.80 120.32 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 120.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 120.27 Td (24,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 120.27 Td (20,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 120.27 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 742.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.50 742.25 Td (DUE ) Tj ET Q q 0 0 0 rg BT 100.93 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 107.42 742.25 Td (O PRIME BROKERS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.43 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.44 718.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.04 718.25 Td (, the amount due to prime brokers is comprised of mar) Tj ET Q q 0 0 0 rg BT 382.31 718.25 Td (gin-borrowing from prime brokers relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (to investments purchased on mar) Tj ET Q q 0 0 0 rg BT 181.46 706.25 Td (gin, as well as the mar) Tj ET Q q 0 0 0 rg BT 270.69 706.25 Td (gin-borrowing for providing collateral to support some of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 694.25 Td (s outstanding letters of credit \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.79 694.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.79 694.25 Td (\). Under term mar) Tj ET Q q 0 0 0 rg BT 327.80 694.25 Td (gin agreements and certain letter of credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (agreements, the Company pledges certain investment securities to borrow cash from the prime brokers. ) Tj ET Q q 0 0 0 rg BT 465.25 682.25 Td (The borrowed cash is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (placed in a custodial account in the name of the Company and this custodial account provides collateral for any letters of credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (issued. Since there is no legal right of of) Tj ET Q q 0 0 0 rg BT 211.17 658.25 Td (fset, the Company) Tj ET Q q 0 0 0 rg BT 286.99 658.25 Td (s liability for the cash borrowed from the prime brokers is included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (on the condensed consolidated balance sheets as due to prime brokers while the cash held in the custodial account is included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (on the condensed consolidated balance sheets as restricted cash and cash equivalents.) Tj ET Q q 0 0 0 rg BT 392.93 634.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.43 634.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.03 634.25 Td (, the amounts due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (prime brokers included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.25 622.25 Td ($134.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.14 622.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.97 622.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.55 622.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.83 622.25 Td ($135.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.72 622.25 Td (\) of cash borrowed under the term mar) Tj ET Q q 0 0 0 rg BT 506.65 622.25 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (agreements to provide collateral for letters of credit facilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.11 610.25 Td ($120.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 610.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.83 610.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.42 610.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.69 610.25 Td ($76.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.58 610.25 Td (\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (borrowing relating to investment purchases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 574.25 Td (Greenlight Re's investment guidelines, among other stipulations in the guidelines, allow for up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.18 574.25 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.51 574.25 Td ( \(GRIL: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 574.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.28 574.25 Td (\) net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 562.25 Td (gin leverage for extended periods of time and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.52 562.25 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.85 562.25 Td ( \(GRIL: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.29 562.25 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.62 562.25 Td (\) net mar) Tj ET Q q 0 0 0 rg BT 379.53 562.25 Td (gin leverage for periods of less than 30 days. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 526.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.50 526.25 Td (RETROCESSION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.97 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.28 502.25 Td (, from time to time, purchases retrocessional coverage for one or more of the following reasons: to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (manageitsoverall exposure, to reduceits net liability on individual risks, to obtain additional underwriting capacity and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (balance its underwriting portfolio. ) Tj ET Q q 0 0 0 rg BT 188.58 478.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 238.48 478.25 Td (, retrocession can be used as a mechanism to share the risks and rewards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (business written and therefore can be used as a tool to align the Company'sinterests with those of itscounterparties. ) Tj ET Q q 0 0 0 rg BT 516.23 466.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Company currently has coverages that provide for recovery of a portion of loss and loss expenses incurred on certain contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Loss and loss adjustment expense recoverable from the retrocessionaires are recorded as assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 418.25 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 418.25 Td (, loss and loss adjustment expenses incurred of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.21 418.25 Td ($63.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.10 418.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.93 418.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.93 418.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.21 418.25 Td ($67.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 406.25 Td (\)reported on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.75 406.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 406.25 Td ( statements of incomeare net of loss and loss expenses recovered and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (recoverable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.96 394.25 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.85 394.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.68 394.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.68 394.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.96 394.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.85 394.25 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 370.25 Td (Retrocession contracts do not relieve the Company from its obligations to the insureds. Failure of retrocessionaires to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (honor their obligations could result in losses to the Company) Tj ET Q q 0 0 0 rg BT 292.93 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 297.38 358.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.88 358.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.48 358.25 Td (, the Company had losses receivable and loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (reserves recoverable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.22 346.25 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.11 346.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.94 346.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.53 346.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 346.25 Td ($18.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.70 346.25 Td (\) from unrated retrocessionaires. During the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (months ended March 31, 2015, the Company reached a settlement to commute a retrocession contract with one of the unrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (retrocessionaires which resulted in a decrease in the losses recoverable from unrated retrocessionaires.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 298.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 298.25 Td (March 31, 2015 and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.12 298.25 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.12 298.25 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.01 298.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.45 298.25 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.34 298.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 426.00 298.25 Td (, of losses recoverable from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (unrated retrocessionaires were secured by cash collateral held by the Company) Tj ET Q q 0 0 0 rg BT 364.78 286.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 79.32 262.25 Td (The Company regularly evaluates the financial condition of all its retrocessionaires to assess the ability of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (retrocessionaires to honor their obligations. ) Tj ET Q q 0 0 0 rg BT 225.52 250.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.02 250.25 Td (March 31, 2015 and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.64 250.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.64 250.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.64 250.25 Td ( provision for uncollectible losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (recoverable was considered necessary) Tj ET Q q 0 0 0 rg BT 201.22 238.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 202.25 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 202.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 202.25 Td (SHARE-BASED COMPENSA) Tj ET Q q 0 0 0 rg BT 210.11 202.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.67 202.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.25 Td (The Company has a stock incentive plan for directors, employees and consultants which is administered by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Compensation Committee of the Board of Directors. ) Tj ET Q q 0 0 0 rg BT 262.55 166.25 Td (The Company's shares authorized for issuance include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.34 166.25 Td (3,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.34 166.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 154.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.91 154.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.19 154.25 Td (3,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.19 154.25 Td (\) Class ) Tj ET Q q 0 0 0 rg BT 206.64 154.25 Td (A) Tj ET Q q 0 0 0 rg BT 213.31 154.25 Td ( ordinary shares relating to the Company) Tj ET Q q 0 0 0 rg BT 379.38 154.25 Td (s stock incentive plan for eligible employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (directors and consultants. ) Tj ET Q q 0 0 0 rg BT 153.87 142.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.31 142.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.91 142.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.91 142.25 Td (718,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.41 142.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.24 142.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.82 142.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 142.25 Td (803,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.60 142.25 Td (\) Class ) Tj ET Q q 0 0 0 rg BT 431.05 142.25 Td (A) Tj ET Q q 0 0 0 rg BT 437.72 142.25 Td ( ordinary shares remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (available for future issuance under the Company's stock incentive plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (Employee and Dir) Tj ET Q q 0 0 0 rg BT 127.60 106.25 Td (ector) Tj ET Q q 0 0 0 rg BT 149.06 106.25 Td ( Restricted Shar) Tj ET Q q 0 0 0 rg BT 218.31 106.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 82.25 Td (As part of its stock incentive plan, the Company issues restricted shares for which the fair value is equal to the price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 70.25 Td (s Class ) Tj ET Q q 0 0 0 rg BT 136.39 70.25 Td (A) Tj ET Q q 0 0 0 rg BT 143.06 70.25 Td ( ordinary shares on the grant date. Compensation based on the grant date fair market value of the shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (is expensed on a straight line basis over the vesting period.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.52 742.10 Td (78,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.02 742.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.85 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.85 742.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.13 742.10 Td (1) Tj ET Q q 0 0 0 rg BT 320.75 742.10 Td (19,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.25 742.10 Td (\) restricted Class ) Tj ET Q q 0 0 0 rg BT 417.41 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 424.08 742.10 Td ( ordinary shares were issued to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (employees pursuant to the Company) Tj ET Q q 0 0 0 rg BT 198.86 730.10 Td (s stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 290.05 730.10 Td (These shares contain certain restrictions relating to, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (things, vesting, forfeiture in the event of termination of employment and transferability) Tj ET Q q 0 0 0 rg BT 397.87 718.10 Td (. Each of these restricted shares will clif) Tj ET Q q 0 0 0 rg BT 557.62 718.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (vest after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.42 706.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.01 706.10 Td ( from the date of issuance, subject to the grantee) Tj ET Q q 0 0 0 rg BT 329.05 706.10 Td (s continued service with the Company) Tj ET Q q 0 0 0 rg BT 481.42 706.10 Td (. During the vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (period, the holder of the restricted shares retains voting rights and is entitled to any dividends declared by the Company) Tj ET Q q 0 0 0 rg BT 527.56 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (The restricted share award activity during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.09 670.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.50 670.10 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 615.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 615.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 615.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 585.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 585.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 585.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 554.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 554.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 554.60 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 615.6 m 433.5 615.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 615.6 m 495.5 615.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 615.6 m 561.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 554.6 m 433.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 540.6 m 433.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 538.6 m 433.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 554.6 m 495.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 540.6 m 495.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 538.6 m 495.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 554.6 m 561.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 540.6 m 561.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 538.6 m 561.5 538.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 620.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.85 650.28 Td (Number of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.90 640.28 Td (non-vested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 630.28 Td (restricted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.20 620.28 Td (shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.70 650.28 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.05 640.28 Td (average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.90 630.28 Td (grant date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 620.28 Td (fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 605.27 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 605.27 Td (330,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 605.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 605.27 Td (27.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 590.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 590.27 Td (78,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 590.27 Td (32.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 575.27 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 575.32 Td (\(85,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 575.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 575.27 Td (24.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 559.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 544.27 Td (Balance at March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 544.27 Td (322,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 544.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 544.27 Td (29.88) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (Employee and Dir) Tj ET Q q 0 0 0 rg BT 127.60 516.10 Td (ector) Tj ET Q q 0 0 0 rg BT 149.06 516.10 Td ( Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 492.10 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 492.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.52 492.10 Td (90,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.02 492.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.85 492.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.85 492.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.13 492.10 Td (72,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.63 492.10 Td (\) stock options were exercised by directors and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (employees resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.04 480.10 Td (58,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.54 480.10 Td ( \(2014: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.65 480.10 Td (47,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 480.10 Td (\) Class ) Tj ET Q q 0 0 0 rg BT 258.59 480.10 Td (A) Tj ET Q q 0 0 0 rg BT 265.26 480.10 Td ( ordinary shares issued, net of shares surrendered as a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (cashless exercise of stock options. ) Tj ET Q q 0 0 0 rg BT 189.23 468.10 Td (When stock options are granted, the Company reduces the corresponding number from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (shares authorized for issuance as part of the Company) Tj ET Q q 0 0 0 rg BT 268.82 456.10 Td (s stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 360.00 456.10 Td (The intrinsic value of options exercised during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 444.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.96 444.10 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.85 444.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.68 444.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.68 444.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.96 444.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 444.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 415.10 Td (Employee and director stock option activity during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.05 415.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.46 415.10 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 360.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 360.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 360.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 360.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 330.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 330.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 330.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 330.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 300.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 300.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 300.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 300.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 300.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 300.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 300.60 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 360.6 m 368.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 360.6 m 429.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 360.6 m 495.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 360.6 m 561.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 360.6 m 368.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 360.6 m 429.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 360.6 m 495.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 360.6 m 561.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 285.6 m 368.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 271.6 m 368.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 269.6 m 368.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 285.6 m 429.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 271.6 m 429.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 269.6 m 429.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 285.6 m 495.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 271.6 m 495.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 269.6 m 495.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 285.6 m 561.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 271.6 m 561.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 269.6 m 561.5 269.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.35 375.28 Td (Number of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 365.28 Td (options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.70 395.28 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.05 385.28 Td (average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.90 375.28 Td (exercise) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.90 365.28 Td (price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.70 395.28 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.05 385.28 Td (average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 375.28 Td (grant date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.40 365.28 Td (fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 350.27 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.60 350.27 Td (1,116,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 350.27 Td (17.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 350.27 Td (7.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 335.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 335.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 335.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 335.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 320.27 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 320.32 Td (\(90,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 320.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 320.27 Td (11.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 320.27 Td (5.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 305.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 305.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 305.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 305.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 290.27 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 290.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 290.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 290.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 275.27 Td (Balance at March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.60 275.27 Td (1,026,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 275.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 275.27 Td (18.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 275.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 275.27 Td (7.92) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 247.10 Td (Employee Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 223.10 Td (The Company issues RSUs to certain employees as part of the stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 413.13 223.10 Td (The grant date fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (RSUs is equal to the price of the Company) Tj ET Q q 0 0 0 rg BT 223.86 211.10 Td (s Class ) Tj ET Q q 0 0 0 rg BT 253.87 211.10 Td (A) Tj ET Q q 0 0 0 rg BT 260.54 211.10 Td ( ordinary shares on the grant date. Compensation cost based on the grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (date fair market value of the RSUs is expensed on a straight line basis over the vesting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 175.10 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 175.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.52 175.10 Td (6,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.02 175.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.85 175.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.85 175.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.13 175.10 Td (9,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.63 175.10 Td (\) RSUs were issued to employees pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 163.10 Td (s stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 182.85 163.10 Td (These shares contain certain restrictions relating to, among other things, vesting, forfeiture in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (the event of termination of employment and transferability) Tj ET Q q 0 0 0 rg BT 284.00 151.10 Td (. Each of these RSUs will clif) Tj ET Q q 0 0 0 rg BT 402.41 151.10 Td (f vest after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.66 151.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.25 151.10 Td ( from the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (issuance, subject to the grantee) Tj ET Q q 0 0 0 rg BT 176.90 139.10 Td (s continued service with the Company) Tj ET Q q 0 0 0 rg BT 329.27 139.10 Td (. On the vesting date, the Company converts each RSU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (into one Class ) Tj ET Q q 0 0 0 rg BT 108.61 127.10 Td (A) Tj ET Q q 0 0 0 rg BT 115.28 127.10 Td ( ordinary share and issues new Class ) Tj ET Q q 0 0 0 rg BT 263.87 127.10 Td (A) Tj ET Q q 0 0 0 rg BT 270.54 127.10 Td ( ordinary shares from the shares authorized for issuance as part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 115.10 Td (s stock incentive plan. ) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td ( Employee RSU activity during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.31 742.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.72 742.10 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 682.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 682.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 682.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 682.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 682.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 652.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 652.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 652.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 621.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 621.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 621.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 621.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 621.60 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 682.6 m 495.5 682.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 682.6 m 561.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 621.6 m 495.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 607.6 m 495.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 605.6 m 495.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 621.6 m 561.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 607.6 m 561.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 605.6 m 561.5 605.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 687.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.85 707.28 Td (Number of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.90 697.28 Td (non-vested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.05 687.28 Td (RSUs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.70 717.28 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.05 707.28 Td (average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.90 697.28 Td (grant date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 687.28 Td (fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 672.27 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 672.27 Td (15,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 672.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 672.27 Td (29.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 657.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 657.27 Td (6,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 657.27 Td (32.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 642.27 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 642.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 642.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 626.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 626.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 626.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 611.27 Td (Balance at March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 611.27 Td (22,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 611.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 611.27 Td (30.48) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 583.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 583.10 Td (three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.96 583.10 Td (, the general and administrative expenses included stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (compensation expense \(net of forfeitures\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.93 571.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.82 571.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.26 571.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 571.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 399.81 571.10 Td (, for the expensing of the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (stock options, restricted stocks and RSUs granted to employees and directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 523.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 523.10 Td (RELA) Tj ET Q q 0 0 0 rg BT 99.54 523.10 Td (TED P) Tj ET Q q 0 0 0 rg BT 127.97 523.10 Td (AR) Tj ET Q q 0 0 0 rg BT 142.06 523.10 Td (TY) Tj ET Q q 0 0 0 rg BT 155.58 523.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.90 523.10 Td (TRANSACTIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.36 523.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.72 499.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.56 499.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 157.04 499.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 475.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 86.26 475.10 Td (fective January 1, 2014, the Company and its reinsurance subsidiaries wereparty to a joint venture agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 74.17 463.10 Td (Advisors, LP) Tj ET Q q 0 0 0 rg BT 126.58 463.10 Td ( \("DME ) Tj ET Q q 0 0 0 rg BT 160.66 463.10 Td (Advisors"\) under which the Company) Tj ET Q q 0 0 0 rg BT 311.85 463.10 Td (, its reinsurance subsidiariesand DME ) Tj ET Q q 0 0 0 rg BT 468.21 463.10 Td (Advisors LLC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (\("DME"\) are participants of a joint venture for the purpose of managing certain jointly held assets \(the "venture agreement"\). In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (addition, the Company) Tj ET Q q 0 0 0 rg BT 140.73 439.10 Td (, its reinsurance subsidiaries and DME have entered into a separate investment advisory agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 74.17 427.10 Td (Advisors \(the "advisory agreement"\). DME and DME ) Tj ET Q q 0 0 0 rg BT 291.73 427.10 Td (Advisors are related to the Company and each is an af) Tj ET Q q 0 0 0 rg BT 507.59 427.10 Td (filiate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (David Einhorn, Chairman of the Company) Tj ET Q q 0 0 0 rg BT 223.30 415.10 Td (s Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 391.10 Td (Pursuant to the venture agreement, performance allocation equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.01 391.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.34 391.10 Td ( of the net investment income of the Company) Tj ET Q q 0 0 0 rg BT 554.63 391.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (share of the account managed by DME ) Tj ET Q q 0 0 0 rg BT 208.00 379.10 Td (Advisors is allocated, subject to a loss carry forward provision, to DME) Tj ET Q q 0 0 0 rg BT 498.22 379.10 Td (s account. ) Tj ET Q q 0 0 0 rg BT 540.53 379.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (loss carryforward provision allows DME to earn a reduced performance allocation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.71 367.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.04 367.10 Td ( on net investment income in any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (year subsequent to the year in which the investment account incurs a loss, until all the losses are recouped and an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.93 343.10 Td (150%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.26 343.10 Td ( of the aggregateinvestment loss is earned. DME is not entitled to earn a performance allocation in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (year in which the investment portfolio incurs a loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.96 331.10 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.47 331.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.47 331.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.47 331.10 Td ( performance allocation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 319.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.33 319.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.61 319.10 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.17 319.10 Td (\) was recorded due to gross investment loss reported during the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 295.10 Td (Pursuant to the advisory agreement, a monthly management fee, equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.08 295.10 Td (0.125%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.91 295.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.74 295.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.57 295.10 Td ( on an annual basis\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 283.10 Td (s investment account managed by DME ) Tj ET Q q 0 0 0 rg BT 253.30 283.10 Td (Advisors, is paid to DME ) Tj ET Q q 0 0 0 rg BT 357.74 283.10 Td (Advisors. Included in the net investment income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (\(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.60 271.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.01 271.10 Td ( were management fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.45 271.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.35 271.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.18 271.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.18 271.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.45 271.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.35 271.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 492.50 271.10 Td (The management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (fees have been fully paid as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.12 259.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 259.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 235.10 Td (Pursuant to the venture and advisory agreements, the Company has agreed to indemnify DME and DME ) Tj ET Q q 0 0 0 rg BT 497.18 235.10 Td (Advisors for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (any expense, loss, liability) Tj ET Q q 0 0 0 rg BT 155.17 223.10 Td (, or damage arising out of any claim asserted or threatened in connection with DME ) Tj ET Q q 0 0 0 rg BT 492.84 223.10 Td (Advisors serving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (as the Company) Tj ET Q q 0 0 0 rg BT 117.21 211.10 Td (s investment advisor) Tj ET Q q 0 0 0 rg BT 198.87 211.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.69 211.10 Td (The Company will reimburse DME and DME ) Tj ET Q q 0 0 0 rg BT 389.50 211.10 Td (Advisors for reasonable costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (expenses of investigating and/or defending such claims provided such claims were not caused due to gross negligence, breach ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (of contract or misrepresentation by DME or DME ) Tj ET Q q 0 0 0 rg BT 252.17 187.10 Td (Advisors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.29 187.10 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 187.10 Td (, there were no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (indemnification payments made by the Company) Tj ET Q q 0 0 0 rg BT 246.25 175.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 151.10 Td (David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners Inc \("GRBK"\), a publicly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (traded company) Tj ET Q q 0 0 0 rg BT 113.49 139.10 Td (. During the year end December 31, 2014, the Company) Tj ET Q q 0 0 0 rg BT 337.22 139.10 Td (, along with certain af) Tj ET Q q 0 0 0 rg BT 424.51 139.10 Td (filiates of DME ) Tj ET Q q 0 0 0 rg BT 489.22 139.10 Td (Advisors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (provided debt financing to GRBK and acquired equity shares of GRBK. ) Tj ET Q q 0 0 0 rg BT 340.50 127.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.94 127.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.54 127.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.54 127.10 Td ($21.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.43 127.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.26 127.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 115.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.28 115.10 Td ($21.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.17 115.10 Td (\) of the GRBK debt and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.49 115.10 Td ($18.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.38 115.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.21 115.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.79 115.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.07 115.10 Td ($18.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.96 115.10 Td (\) of GRBK listed equities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (included on the balance sheet as "debt instruments, trading, at fair value" and "equity securities, trading, at fair value") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.62 103.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.12 103.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 91.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 91.10 Td (The debt matures on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.90 91.10 Td (October 27, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.61 91.10 Td (, and carries an annual interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.03 91.10 Td (9.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.86 91.10 Td ( until October 27, 2015, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (10.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 79.10 Td ( thereafter) Tj ET Q q 0 0 0 rg BT 116.08 79.10 Td (. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.63 79.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.04 79.10 Td (, the Company's investment income included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.08 79.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.97 79.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (interest relating to this debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td () Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Service ) Tj ET Q q 0 0 0 rg BT 83.04 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 99.52 742.25 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (The Company has entered into a service agreement with DME ) Tj ET Q q 0 0 0 rg BT 328.59 718.25 Td (Advisors, pursuant to which DME ) Tj ET Q q 0 0 0 rg BT 468.03 718.25 Td (Advisors provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (investor relations services to the Company for compensation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.77 706.25 Td (five thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.93 706.25 Td ( dollars per month \(plus expenses\). ) Tj ET Q q 0 0 0 rg BT 502.22 706.25 Td (The agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (is automatically renewedannually until terminated by either the Company or DME ) Tj ET Q q 0 0 0 rg BT 384.36 694.25 Td (Advisors for any reason with 30 days prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (written notice tothe other party) Tj ET Q q 0 0 0 rg BT 175.70 682.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 646.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 646.25 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 154.45 646.25 Td (AND CONTINGENCIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.63 646.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Letters of Cr) Tj ET Q q 0 0 0 rg BT 105.35 622.25 Td (edit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 598.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.10 598.25 Td (, the Company had the followingletter of credit facilities, which automatically reneweach year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (unless terminated by either partyin accordance with the required notice period:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 538.75 203.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 538.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 538.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 538.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 538.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 538.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 538.75 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 509.75 203.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 509.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 509.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 509.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 509.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 509.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 509.75 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 481.75 203.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 481.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 481.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 481.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 481.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 481.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 481.75 144.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 256 552.75 m 334 552.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338 552.75 m 414 552.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 552.75 m 562 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 481.75 m 334 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 468.75 m 334 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 466.75 m 334 466.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.35 557.43 Td (Facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.00 566.48 Td (Termination) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.50 556.48 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.50 566.48 Td (Notice period required for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 556.48 Td (termination) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 543.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.30 543.43 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.50 543.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.50 543.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 529.32 Td (Bank of America, N.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 529.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 529.32 Td (200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 529.32 Td (July 20, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 529.32 Td (90 days prior to termination date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 514.42 Td (Butterfield Bank \(Cayman\) Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 514.42 Td (60,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 514.42 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 514.42 Td (90 days prior to termination date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 500.32 Td (Citibank Europe plc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 500.32 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 500.32 Td (October 11, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 500.32 Td (120 days prior to termination date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 486.32 Td (JP Morgan Chase Bank N.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 486.32 Td (100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 486.32 Td (January 27, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 486.32 Td (120 days prior to termination date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 472.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 472.32 Td (760,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 472.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 472.32 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 444.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.44 444.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.04 444.25 Td (, an aggregate amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.67 444.25 Td ($281.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.56 444.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.39 444.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.97 444.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.25 444.25 Td ($273.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.14 444.25 Td (\) in letters of credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (were issued under the above facilities. Under the facilities, the Company provides collateral that may consist of equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (securities, restricted cash, and cash and cash equivalents. ) Tj ET Q q 0 0 0 rg BT 279.64 420.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.08 420.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.68 420.25 Td (, total equity securities, restricted cash, and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (and cash equivalents with a fair value in the aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.19 408.25 Td ($316.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.08 408.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.91 408.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.49 408.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.77 408.25 Td ($302.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.66 408.25 Td (\) were pledged as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (collateral against the letters of credit issued \(also see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.91 396.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.91 396.25 Td (\). Each of the facilities contain customary events of default and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (restrictive covenants, includingbut not limited to, limitations on liens on collateral, transactions with af) Tj ET Q q 0 0 0 rg BT 463.90 384.25 Td (filiates, mer) Tj ET Q q 0 0 0 rg BT 511.47 384.25 Td (gers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements, and restricts issuance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (any debt without the consent of the letter of credit provider) Tj ET Q q 0 0 0 rg BT 285.48 360.25 Td (. ) Tj ET Q q 0 0 0 rg BT 289.93 360.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 339.83 360.25 Td (, if an event of default exists, as defined in the letter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (credit facilities, Greenlight Re will be prohibited from paying dividends to its parent company) Tj ET Q q 0 0 0 rg BT 425.92 348.25 Td (. ) Tj ET Q q 0 0 0 rg BT 430.74 348.25 Td (The Company was in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (compliance with all the covenants of each of these facilities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.68 336.25 Td (March 31, 2015 and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 336.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 312.25 Td (Operating Lease Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 288.25 Td (Greenlight Re has entered into lease agreements for of) Tj ET Q q 0 0 0 rg BT 294.51 288.25 Td (fice space in the Cayman Islands. Under the terms of the lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (agreements, Greenlight Re is committed to annual rent payments ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.13 276.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.03 276.25 Td ( at inception to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.23 276.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.12 276.25 Td ( at lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (termination. ) Tj ET Q q 0 0 0 rg BT 100.92 264.25 Td (The leases expire on June 30, 2018 and Greenlight Re has the option to renew the leases for a further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.18 264.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.72 264.25 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (term. Included in the schedule below are the minimum lease payment obligations relating tothese leases as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.81 252.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.41 252.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 228.25 Td (GRIL) Tj ET Q q 0 0 0 rg BT 99.96 228.25 Td ( has entered into a lease agreement for of) Tj ET Q q 0 0 0 rg BT 264.14 228.25 Td (fice space in Dublin, Ireland. Under the terms of this lease agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (GRIL) Tj ET Q q 0 0 0 rg BT 72.96 216.25 Td ( is committed to average annual rent payments denominated in Euros approximating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.87 216.25 Td (0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.76 216.25 Td ( until May 2016 \(net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td (rent inducements\), which shall be adjusted to the prevailing market rates for each of three subsequent five-year terms. GRIL) Tj ET Q q 0 0 0 rg BT 546.67 204.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (has the option to terminate the lease agreement in 2016 and 2021. Included in the schedule below are the net minimum lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.25 Td (payment obligations relating to this lease as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.29 180.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.89 180.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 156.25 Td (The total rent expense related to leased of) Tj ET Q q 0 0 0 rg BT 243.69 156.25 Td (fice space for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.76 156.25 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.17 156.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.72 156.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.61 156.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.44 156.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.44 156.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 144.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (Specialist Service ) Tj ET Q q 0 0 0 rg BT 126.10 120.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 142.58 120.25 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 96.25 Td (The Company has entered into a service agreement with a specialist service provider for the provision of administration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.25 Td (and support in developing and maintaining business relationships, reviewing and recommending programs and managing risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (relating to certain specialty lines of business. ) Tj ET Q q 0 0 0 rg BT 231.99 72.25 Td (The specialist service provider does not have any authority to bind the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (to any reinsurance contracts. Under the terms of the agreement, the Company has committed to quarterly payments to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td (specialist service provider) Tj ET Q q 0 0 0 rg BT 153.85 48.25 Td (. If the agreement is terminated, the Company is obligated to make minimum payments for twelve ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (months starting on September 1 of the year in which the agreement is terminated,to ensurecontracts to which theCompany is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (boundare adequately administered by the specialistservice provider) Tj ET Q q 0 0 0 rg BT 323.24 730.10 Td (. Included in the schedule below are the minimum payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (obligations relating tothe agreement as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.78 718.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.38 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Private Equity and Limited Partnerships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (From time to time, the Company makes investments in private equity vehicles. ) Tj ET Q q 0 0 0 rg BT 394.17 670.10 Td (As part of the Company's participation in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (such private equity investments, the Company may make funding commitments. ) Tj ET Q q 0 0 0 rg BT 373.83 658.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.28 658.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.88 658.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (commitments to invest an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.03 646.10 Td ($8.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.92 646.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.75 646.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.34 646.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.62 646.10 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.51 646.10 Td (\) in private equityinvestments. Included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the schedule below are the minimum payment obligations relating tothese investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.13 634.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.73 634.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Schedule of Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (The following is a schedule of future minimum payments required under the above commitments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 545.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 545.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 545.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 545.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 545.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 545.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 545.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 545.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 515.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 515.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 515.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 515.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 515.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 515.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 515.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 515.60 48.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 233 560.6 m 276 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 560.6 m 320 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 324 560.6 m 364 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368 560.6 m 408 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412 560.6 m 452 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456 560.6 m 510 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 514 560.6 m 562 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 500.6 m 276 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 486.6 m 276 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 484.6 m 276 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 500.6 m 320 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 486.6 m 320 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 484.6 m 320 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 500.6 m 364 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 486.6 m 364 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 484.6 m 364 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 500.6 m 408 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 486.6 m 408 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 484.6 m 408 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 500.6 m 452 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 486.6 m 452 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 484.6 m 452 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 500.6 m 510 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 486.6 m 510 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 484.6 m 510 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 500.6 m 562 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 486.6 m 562 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 484.6 m 562 484.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 565.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.00 565.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.50 565.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.50 565.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.50 565.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 565.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.60 565.28 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.55 565.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 550.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.80 550.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 535.27 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 535.27 Td (349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 535.27 Td (466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 535.27 Td (466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.50 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 535.27 Td (233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 535.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.50 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 535.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.50 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 535.27 Td (1,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 520.27 Td (Specialist service agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 520.27 Td (525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 520.27 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 520.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 520.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 520.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 520.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 520.27 Td (825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 505.27 Td (Private equity and limited partnerships \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.60 505.27 Td (7,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 505.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 505.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 505.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 505.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 505.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 505.27 Td (7,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 490.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.60 490.27 Td (8,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 490.27 Td (766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 490.27 Td (466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.50 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 490.27 Td (233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 490.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.50 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 490.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.50 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.60 490.27 Td (10,310) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 474.10 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 79.66 478.63 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.16 474.10 Td (Given the nature of these investments, the Company is unable to determine with any degree of accuracy when these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 462.10 Td (commitments will be called. ) Tj ET Q q 0 0 0 rg BT 183.63 462.10 Td (Therefore, for purposes of the above table, the Company has assumed that all commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 450.10 Td (with no fixed payment scheduleswill be called during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.91 450.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 450.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 402.10 Td (From time to time, in the normal course of business, the Company may be involved in formal and informal dispute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (resolution procedures, which may include arbitration or litigation, the outcomes of which determine the rights and obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (under the Company's reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company may resist attempts by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (others to collect funds or enforce alleged rights. ) Tj ET Q q 0 0 0 rg BT 243.36 354.10 Td (While the final outcome of legal disputes cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 546.22 354.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (the Company does not believe that any existing dispute, when finally resolved, will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 489.97 342.10 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (Company's business, financial condition or operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td () Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 742.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 742.25 Td (SEGMENT) Tj ET Q q 0 0 0 rg BT 121.83 742.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 158.98 742.25 Td (TING) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.54 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 718.25 Td (The Company manages its business on the basis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.31 718.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.74 718.25 Td ( operating segment, Property & Casualty Reinsurance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 694.25 Td (The following tables provide a breakdown of the Company's gross premiums written by line of business and by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (geographic area of risks insured for the periods indicated:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.70 658.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 221.74 658.25 Td (oss Pr) Tj ET Q q 0 0 0 rg BT 247.39 658.25 Td (emiums ) Tj ET Q q 0 0 0 rg BT 283.03 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 292.85 658.25 Td (ritten by Line of Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.76 658.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 592.75 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.75 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.75 592.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 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1 rg /GS0 gs 466.75 382.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.75 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.75 382.75 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 352.75 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.75 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.75 352.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.75 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.75 352.75 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.75 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 352.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.75 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.75 352.75 44.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 620.75 m 414.75 620.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.75 620.75 m 418.75 620.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 620.75 m 462.75 620.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 620.75 m 513.75 620.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 620.75 m 517.75 620.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 620.75 m 561.75 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 517.75 m 414.75 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 502.75 m 414.75 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 517.75 m 462.75 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 502.75 m 462.75 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 517.75 m 513.75 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 502.75 m 513.75 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 517.75 m 561.75 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 502.75 m 561.75 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 427.75 m 414.75 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 412.75 m 414.75 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 427.75 m 462.75 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 412.75 m 462.75 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 427.75 m 513.75 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 412.75 m 513.75 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 427.75 m 561.75 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 412.75 m 561.75 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 352.75 m 414.75 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 337.75 m 414.75 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 352.75 m 462.75 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 337.75 m 462.75 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 352.75 m 513.75 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 337.75 m 513.75 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 352.75 m 561.75 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 337.75 m 561.75 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 323.75 m 414.75 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 321.75 m 414.75 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 323.75 m 462.75 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 321.75 m 462.75 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 323.75 m 513.75 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 321.75 m 513.75 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 323.75 m 561.75 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 321.75 m 561.75 321.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.75 638.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 638.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 638.43 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.75 624.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.75 624.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.75 611.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 611.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.05 611.43 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 597.43 Td (Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 597.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 597.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 582.42 Td (Aviation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.25 582.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.90 582.42 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 582.42 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.90 582.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.25 582.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.90 582.42 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 582.42 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 582.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 567.42 Td (Commercial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 567.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.40 567.42 Td (6,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 567.42 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 567.42 Td (6,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 567.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 567.42 Td (5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 552.42 Td (Energy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.40 552.42 Td (1,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 552.42 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 552.42 Td (2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 552.42 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 537.42 Td (Motor physical damage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.40 537.42 Td (7,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 537.42 Td (5.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 537.42 Td (7,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 537.42 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 522.42 Td (Personal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 522.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 522.42 Td (22,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 522.42 Td (17.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.35 522.42 Td (38,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 522.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 522.42 Td (32.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 507.42 Td (Total Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 507.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 507.42 Td (37,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 507.42 Td (29.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.35 507.42 Td (53,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 507.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 507.42 Td (45.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 492.43 Td (Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 492.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.25 492.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.25 492.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 492.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 477.42 Td (General liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 477.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.40 477.42 Td (6,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 477.42 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 477.42 Td (1,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 477.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 477.42 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 462.42 Td (Marine liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 462.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.40 462.42 Td (3,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 462.42 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 462.42 Td (3,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 462.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 462.42 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 447.42 Td (Motor liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 447.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 447.42 Td (43,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 447.42 Td (33.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.35 447.42 Td (38,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 447.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 447.42 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 432.42 Td (Professional liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 432.42 Td (15,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 432.42 Td (11.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.90 432.42 Td (312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 432.42 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 417.42 Td (Total Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 417.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 417.42 Td (68,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 417.42 Td (52.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.35 417.42 Td (43,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 417.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 417.42 Td (36.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 402.43 Td (Specialty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 402.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.25 402.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.25 402.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 402.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 387.42 Td (Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 387.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.40 387.42 Td (1,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 387.42 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 387.42 Td (1,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 387.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 387.42 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 372.42 Td (Health) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 372.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 372.42 Td (20,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 372.42 Td (15.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.35 372.42 Td (20,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 372.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 372.42 Td (17.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 357.42 Td (Workers compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 357.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.90 357.42 Td (729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 357.42 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.90 357.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 357.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 357.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 342.42 Td (Total Specialty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 342.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 342.42 Td (22,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 342.42 Td (17.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.35 342.42 Td (21,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 342.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 342.42 Td (18.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.75 327.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 327.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.25 327.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.35 327.42 Td (129,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.35 327.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.90 327.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.25 327.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.35 327.42 Td (118,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 327.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.35 327.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 327.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.85 290.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 183.89 290.25 Td (oss Pr) Tj ET Q q 0 0 0 rg BT 209.54 290.25 Td (emiums ) Tj ET Q q 0 0 0 rg BT 245.18 290.25 Td (W) Tj ET Q q 0 0 0 rg BT 255.00 290.25 Td (ritten by Geographic ) Tj ET Q q 0 0 0 rg BT 346.39 290.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 357.87 290.25 Td (ea of Risks Insur) Tj ET Q q 0 0 0 rg BT 429.64 290.25 Td (ed) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 235.75 308.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.75 235.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 235.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 235.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.75 235.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.75 235.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.75 235.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.75 235.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.75 235.75 48.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 203.75 308.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.75 203.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 203.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 203.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.75 203.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.75 203.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.75 203.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.75 203.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.75 203.75 48.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 171.75 308.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.75 171.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 171.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 171.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.75 171.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.75 171.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.75 171.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.75 171.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.75 171.75 48.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 250.75 m 407.75 250.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 250.75 m 411.75 250.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 250.75 m 458.75 250.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 250.75 m 509.75 250.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.75 250.75 m 513.75 250.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 250.75 m 561.75 250.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 171.75 m 407.75 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 156.75 m 407.75 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 154.75 m 407.75 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 171.75 m 458.75 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 156.75 m 458.75 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 154.75 m 458.75 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 171.75 m 509.75 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 156.75 m 509.75 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 154.75 m 509.75 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 171.75 m 561.75 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 156.75 m 561.75 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 154.75 m 561.75 154.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.25 269.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.10 269.43 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 255.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.75 255.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.25 240.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.55 240.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 224.42 Td (U.S. and Caribbean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.25 224.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.35 224.42 Td (94,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.40 224.42 Td (72.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 224.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.25 224.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.35 224.42 Td (104,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 224.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 224.42 Td (87.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 224.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 208.42 Td (Worldwide \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.35 208.42 Td (33,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.40 208.42 Td (25.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.35 208.42 Td (14,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 208.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 208.42 Td (11.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 192.42 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.40 192.42 Td (1,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.40 192.42 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.90 192.42 Td (312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 192.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 192.42 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 176.42 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 176.42 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.90 176.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.90 176.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 176.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.25 160.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.35 160.42 Td (129,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.35 160.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 160.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.25 160.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.35 160.42 Td (118,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.35 160.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 160.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 132.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 132.25 Td ("W) Tj ET Q q 0 0 0 rg BT 98.22 132.25 Td (orldwide" is comprised of contracts that reinsure risks in more than one geographic area and do not specifically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 120.25 Td (exclude the U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td () Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 2.MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 240.01 742.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 263.63 742.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 291.04 742.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 329.30 742.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 387.92 742.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 451.26 742.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 507.85 742.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 536.10 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.26 730.25 Td (TIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 706.25 Td (Refer) Tj ET Q q 0 0 0 rg BT 107.28 706.25 Td (ences to "we,""us,""our) Tj ET Q q 0 0 0 rg BT 206.05 706.25 Td (,""our company) Tj ET Q q 0 0 0 rg BT 271.39 706.25 Td (," or "the Company" r) Tj ET Q q 0 0 0 rg BT 361.94 706.25 Td (efer to Gr) Tj ET Q q 0 0 0 rg BT 401.01 706.25 Td (eenlight Capital Re, Ltd. \("GLRE"\) and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (its wholly-owned subsidiaries, Gr) Tj ET Q q 0 0 0 rg BT 184.63 694.25 Td (eenlight Reinsurance, Ltd, \("Gr) Tj ET Q q 0 0 0 rg BT 310.94 694.25 Td (eenlight Re"\), Gr) Tj ET Q q 0 0 0 rg BT 379.47 694.25 Td (eenlight Reinsurance Ir) Tj ET Q q 0 0 0 rg BT 473.52 694.25 Td (eland, Ltd. \("GRIL"\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (and V) Tj ET Q q 0 0 0 rg BT 72.50 682.25 Td (er) Tj ET Q q 0 0 0 rg BT 80.46 682.25 Td (dant Holding Company) Tj ET Q q 0 0 0 rg BT 173.79 682.25 Td (, Ltd. \("V) Tj ET Q q 0 0 0 rg BT 209.66 682.25 Td (er) Tj ET Q q 0 0 0 rg BT 217.62 682.25 Td (dant"\),unless the context dictates otherwise. Refer) Tj ET Q q 0 0 0 rg BT 420.29 682.25 Td (ences to our "Or) Tj ET Q q 0 0 0 rg BT 486.61 682.25 Td (dinary Shar) Tj ET Q q 0 0 0 rg BT 533.74 682.25 Td (es" ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (r) Tj ET Q q 0 0 0 rg BT 53.52 670.25 Td (efers collectively to our Class ) Tj ET Q q 0 0 0 rg BT 174.70 670.25 Td (A) Tj ET Q q 0 0 0 rg BT 180.63 670.25 Td ( Or) Tj ET Q q 0 0 0 rg BT 193.87 670.25 Td (dinary Shar) Tj ET Q q 0 0 0 rg BT 241.00 670.25 Td (es and Class B Or) Tj ET Q q 0 0 0 rg BT 313.41 670.25 Td (dinary Shar) Tj ET Q q 0 0 0 rg BT 360.54 670.25 Td (es.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (The following is a discussion and analysis of our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 634.25 Td (three months ended March 31, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 622.25 Td ( and financial condition as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.85 622.25 Td (March 31, 2015 and December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.47 622.25 Td (. ) Tj ET Q q 0 0 0 rg BT 355.29 622.25 Td (The following discussion should be read in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (conjunction with the audited consolidated financial statements and accompanying notes, which appear in our annual report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.34 598.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.92 598.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Special Note ) Tj ET Q q 0 0 0 rg BT 105.00 574.25 Td (About Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td (Certain statements in Management) Tj ET Q q 0 0 0 rg BT 227.90 550.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 297.07 550.25 Td (Analysis, other than purely historical information, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Litigation Reform ) Tj ET Q q 0 0 0 rg BT 124.43 514.25 Td (Act of 1995, Section 27A) Tj ET Q q 0 0 0 rg BT 226.37 514.25 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 295.80 514.25 Td (Act of 1933 and Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 522.96 514.25 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (1934, as amended \(the "Exchange ) Tj ET Q q 0 0 0 rg BT 187.92 502.25 Td (Act"\). ) Tj ET Q q 0 0 0 rg BT 214.59 502.25 Td (These forward-looking statements generally are identified by the words "believe," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td ("project," "predict," "expect," "anticipate," "estimate," "intend," "plan," "may) Tj ET Q q 0 0 0 rg BT 358.82 490.25 Td (," "should," "will," "would," "will be," "will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (assumptions that are subject to risks and uncertainties which may cause actual results to dif) Tj ET Q q 0 0 0 rg BT 414.72 466.25 Td (fer materially from the forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (looking statements. ) Tj ET Q q 0 0 0 rg BT 129.72 454.25 Td (A) Tj ET Q q 0 0 0 rg BT 136.39 454.25 Td ( detailed discussion of risks and uncertainties that could cause actual results and events to dif) Tj ET Q q 0 0 0 rg BT 508.05 454.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (materially from such forward-looking statements is included in the section entitled "Risk Factors" \(refer to Part I, Item 1A\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (contained in our annual report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.85 430.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.43 430.25 Td (. ) Tj ET Q q 0 0 0 rg BT 415.25 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 423.89 430.25 Td (e undertake no obligation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Readers are cautioned not to place undue reliance on the forward looking statements which speak only to the dates on which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (they were made.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 370.25 Td (e intend to communicate certain events that we believe may have a material adverse impact on ouroperations or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (financial position, including property and casualty catastrophic events and material losses in our investment portfolio, in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (timely manner through a public announcement. Other than as required by the Exchange ) Tj ET Q q 0 0 0 rg BT 402.11 346.25 Td (Act,we do not intend to make public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (announcements regarding reinsurance or investments events that we do not believe, based on management's estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (current information, will have a material adverse impact on ouroperations or financial position.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 274.25 Td (e are a Cayman Islands headquartered global specialty property and casualty reinsurer with a reinsurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (investment strategy that we believe dif) Tj ET Q q 0 0 0 rg BT 204.49 262.25 Td (ferentiates us from most of our competitors. Our goal is to build long-term shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (value byselectively of) Tj ET Q q 0 0 0 rg BT 140.06 250.25 Td (fering customized reinsurance solutions, in markets where capacity and alternatives are limited,which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (we believe will yield favorable long-term returns on equity) Tj ET Q q 0 0 0 rg BT 285.39 238.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 214.25 Td (e aim to complement our underwriting results with a non-traditional investment approach in order to achieve higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (rates of return over the long term than reinsurance companies that employ more traditional, fixed-income investment strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 190.25 Td (e manage our investment portfolio according to a value-oriented philosophy) Tj ET Q q 0 0 0 rg BT 362.07 190.25 Td (, in which we take long positions in perceived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (undervalued securities and short positions in perceived overvalued securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (Because we employ an opportunistic underwriting philosophy) Tj ET Q q 0 0 0 rg BT 333.64 154.25 Td (, period-to-period comparisons of our underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (results may not be meaningful. In addition, our historical investment results may not necessarily be indicative of future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (performance. Due to the nature of our reinsurance and investment strategies, our operating results will likely fluctuate from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (period to period.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 718.25 Td (e manage our business on the basis of one operating segment, property and casualty reinsurance, in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (the qualitative and quantitative criteria established by U.S. GAAP) Tj ET Q q 0 0 0 rg BT 312.71 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 317.53 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 326.57 706.25 Td (ithin the property and casualty reinsurance segment, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (analyze our underwriting operations using two categories:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 86.00 668.09 cm /I17 Do Q q 0 0 0 rg BT 122.00 670.25 Td (frequency ) Tj ET Q q 0 0 0 rg BT 164.48 670.25 Td (business; ) Tj ET Q q 0 0 0 rg BT 203.65 670.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 86.00 656.09 cm /I18 Do Q q 0 0 0 rg BT 122.00 658.25 Td (severity ) Tj ET Q q 0 0 0 rg BT 156.16 658.25 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (Frequency business is generally characterized as contracts containing a potentially lar) Tj ET Q q 0 0 0 rg BT 428.47 634.25 Td (ge number of small losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (emanating from multiple events. Clients generally buy this protection to increase their own underwriting capacity and typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (select a reinsurer basedupon the reinsurer) Tj ET Q q 0 0 0 rg BT 218.63 610.25 Td () Tj ET Q q 0 0 0 rg BT 221.41 610.25 Td (s financial strength, serviceand expertise. ) Tj ET Q q 0 0 0 rg BT 391.17 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 399.80 610.25 Td (e expect the results of frequency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (business to be less volatile than those of severity business from period to period due togreater predictability) Tj ET Q q 0 0 0 rg BT 481.75 598.25 Td (. ) Tj ET Q q 0 0 0 rg BT 486.57 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 495.21 598.25 Td (e also expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (that over time the profit mar) Tj ET Q q 0 0 0 rg BT 162.84 586.25 Td (gins and return on equity of our frequency business will be lower than those of our severity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td (Severity business is generally characterized as contracts with the potential for significant losses emanating from one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (event or multiple events. Clients generally buy this protection to remove volatility from their balance sheets, and accordingly) Tj ET Q q 0 0 0 rg BT 549.49 538.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (we expect the results of severity business to be volatile from period to period. However) Tj ET Q q 0 0 0 rg BT 399.22 526.25 Td (, over the long term, we also expect that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (our severity business will generate higher profit mar) Tj ET Q q 0 0 0 rg BT 258.93 514.25 Td (gins and return on equity than those of our frequency business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Outlook and ) Tj ET Q q 0 0 0 rg BT 105.95 478.25 Td (T) Tj ET Q q 0 0 0 rg BT 111.88 478.25 Td (r) Tj ET Q q 0 0 0 rg BT 116.14 478.25 Td (ends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 454.25 Td (e believe the reinsurance industry in general has been, and for the foreseeable future will remain, over) Tj ET Q q 0 0 0 rg BT 502.04 454.25 Td (-capitalized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (An influx of new capital, particularly for peak zone catastrophe risk, from alternative capital market participants such as hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (funds, pension funds and other fixed income bond managers has contributed to the over) Tj ET Q q 0 0 0 rg BT 400.27 430.25 Td (-capitalization. ) Tj ET Q q 0 0 0 rg BT 461.91 430.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 511.81 430.25 Td (, we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (that the global economic activity which has led to prolonged low interest rates, has weakened the overall demand for property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (and casualty insurance and, accordingly) Tj ET Q q 0 0 0 rg BT 209.01 406.25 Td (, reinsurance. However) Tj ET Q q 0 0 0 rg BT 303.84 406.25 Td (, the over) Tj ET Q q 0 0 0 rg BT 341.13 406.25 Td (-capitalization of the market is not uniform across all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (insurers and reinsurers and there are many insurers and reinsurers with lower financial security profiles, that have and will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (continue to suf) Tj ET Q q 0 0 0 rg BT 109.25 382.25 Td (fer disproportionately) Tj ET Q q 0 0 0 rg BT 195.52 382.25 Td (. ) Tj ET Q q 0 0 0 rg BT 200.34 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 208.98 382.25 Td (e believe the value proposition of our reinsurance of) Tj ET Q q 0 0 0 rg BT 417.61 382.25 Td (fering and our dif) Tj ET Q q 0 0 0 rg BT 487.69 382.25 Td (ferentiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (underwriting strategy) Tj ET Q q 0 0 0 rg BT 135.16 370.25 Td (, together with our A) Tj ET Q q 0 0 0 rg BT 222.64 370.25 Td ( \(Excellent\) rating by ) Tj ET Q q 0 0 0 rg BT 314.27 370.25 Td (A.M. Best, positions us well to compete for new business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 348.25 Td (One component of our underwriting strategy is to identify and partner with companies that have suf) Tj ET Q q 0 0 0 rg BT 484.33 348.25 Td (fered dislocation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 336.25 Td (, as the market suf) Tj ET Q q 0 0 0 rg BT 172.19 336.25 Td (fers, we believe we may have increased underwriting opportunities, which we will pursue if we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (believe pricing is economically rational. Conversely) Tj ET Q q 0 0 0 rg BT 258.17 324.25 Td (, if the reinsurance market continues to soften, we anticipate that we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (seek to maintain or even reduce premium writings rather than accept mispriced risk in order to conserve our capital for a more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (opportune environment. ) Tj ET Q q 0 0 0 rg BT 148.41 300.25 Td (W) Tj ET Q q 0 0 0 rg BT 157.05 300.25 Td (e believe that significant price increases could occur if financial and credit markets experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (adverse shocks that result in the loss of capital of insurers and reinsurers, or if there are major catastrophic events, especially in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (North ) Tj ET Q q 0 0 0 rg BT 75.28 276.25 Td (America. ) Tj ET Q q 0 0 0 rg BT 114.52 276.25 Td (The persistent low interest rate environment has reduced the earnings of many insurance and reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (companies with traditional fixed income investment strategies and we believe that the continuation of low interest rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (coupled with the reduction of prior years' reserve redundancies, could cause the industry to adopt overall higher pricing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 230.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 230.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 230.25 Td (, our reinsurance portfolio was principally concentrated in four areas: Florida homeowners; U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (employer health stop loss; catastrophe retrocession and non-standard private passenger automobile. ) Tj ET Q q 0 0 0 rg BT 449.70 218.25 Td (While each of these areas is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (competitive, we believe we are supporting programs with good risk adjusted returns. ) Tj ET Q q 0 0 0 rg BT 390.84 206.25 Td (W) Tj ET Q q 0 0 0 rg BT 399.48 206.25 Td (e believe that, in general, the Florida ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (homeowners, U.S. employer health stop loss and non-standard private passenger automobile sectors are stable and priced at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (profitable levels. However) Tj ET Q q 0 0 0 rg BT 155.95 182.25 Td (, we have observed significant flexible capital from non-traditional sources being deployed mainly in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (peak zone catastrophe excess of loss business, which has put downward pressure on rates. ) Tj ET Q q 0 0 0 rg BT 411.94 170.25 Td (W) Tj ET Q q 0 0 0 rg BT 420.58 170.25 Td (e renewed certain of our existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (catastrophe retrocession relationships at January 1, 2015 and also wrote some new catastrophe retrocession deals with new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (partners. ) Tj ET Q q 0 0 0 rg BT 87.03 146.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.66 146.25 Td (e have repositioned our catastrophe retrocession book of business from predominantly excess of loss contracts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (quota share contracts. ) Tj ET Q q 0 0 0 rg BT 139.23 134.25 Td (W) Tj ET Q q 0 0 0 rg BT 147.87 134.25 Td (e have found there to be less available capacity from alternative capital providers for quota share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (contracts in this area and as such terms and pricing are more favorable. ) Tj ET Q q 0 0 0 rg BT 336.00 122.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 385.90 122.25 Td (, we have recently secured new contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (with lar) Tj ET Q q 0 0 0 rg BT 80.64 110.25 Td (ger) Tj ET Q q 0 0 0 rg BT 93.01 110.25 Td (, syndicated reinsurance placements for general casualty and professional liability business which have a longer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (duration of claim payments than the business we have historically written. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 77.25 Td (While the competitive market conditions have made finding new business that meets our return hurdles challenging, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (we believe that we have a strong pipeline of attractive opportunities with counterparties that seek highly customized structures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.25 Td (terms and conditions, which aligns well with our underwriting strategy) Tj ET Q q 0 0 0 rg BT 332.63 53.25 Td (. Further) Tj ET Q q 0 0 0 rg BT 366.67 53.25 Td (, we intend to continue to monitor market ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (conditions and pursue multiple opportunities to best position ourselves to participate in future under) Tj ET Q q 0 0 0 rg BT 449.45 742.10 Td (-served or capacity-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (constrained markets as they arise and intend to of) Tj ET Q q 0 0 0 rg BT 247.53 730.10 Td (fer products that we believe will generate favorable returns on equity over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (long term. ) Tj ET Q q 0 0 0 rg BT 93.05 718.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 142.39 718.10 Td (, our underlying results and product line concentrations in any given period may vary) Tj ET Q q 0 0 0 rg BT 482.76 718.10 Td (, perhaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (significantly) Tj ET Q q 0 0 0 rg BT 99.34 706.10 Td (, and are not necessarily indicative of our future results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 682.10 Td (The reinsurance industry has recently experienced several announcements of mer) Tj ET Q q 0 0 0 rg BT 410.96 682.10 Td (gers and acquisitions between lar) Tj ET Q q 0 0 0 rg BT 543.51 682.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (reinsurance companies. ) Tj ET Q q 0 0 0 rg BT 148.67 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 157.30 670.10 Td (e believe there is likely to be further consolidation in the industry) Tj ET Q q 0 0 0 rg BT 417.97 670.10 Td (. However) Tj ET Q q 0 0 0 rg BT 459.22 670.10 Td (, this consolidation will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (not likely result in a significant reduction in total capital within the industry) Tj ET Q q 0 0 0 rg BT 352.07 658.10 Td (, but simply a concentration of capital in fewer) Tj ET Q q 0 0 0 rg BT 538.54 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 646.10 Td (ger participants. Due to the reduction in the number of competitors in the industry) Tj ET Q q 0 0 0 rg BT 387.41 646.10 Td (, we believe pricing may partially stabilize. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 634.10 Td (e also believe that while some business may be further restricted to only the lar) Tj ET Q q 0 0 0 rg BT 374.47 634.10 Td (gest reinsurance companies in the industry) Tj ET Q q 0 0 0 rg BT 544.05 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (recent consolidations may create opportunities for us as more capacity may become available to us and other reinsurers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Our investment portfolio had a net long exposure of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.23 598.10 Td (15.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.06 598.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.22 598.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.82 598.10 Td (. Our goal for 2015 continues to be to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (protect capital in an uncertain environment and to find investment opportunities on both our long and short portfolios that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (believe will generate positive returns. Equity market valuations are stretched while monetary policy remains very ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (accommodative globally) Tj ET Q q 0 0 0 rg BT 147.93 562.10 Td (. Given the current investment environment, we anticipate, for the foreseeable future, to continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (holding a combination of a significant position in gold, macro positions in the form of options on foreign exchange rates, short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (positions in sovereign debt and sovereign credit default swaps.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 502.10 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (Our condensed consolidated financial statements are prepared in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 460.59 478.10 Td (, which requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 271.70 466.10 Td (fect the reported and disclosed amounts of assets and liabilities and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (reported amounts of revenues and expenses during the reporting period. ) Tj ET Q q 0 0 0 rg BT 339.45 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 348.09 454.10 Td (e believe that the critical accounting policies set forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (in our annual report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.48 442.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.06 442.10 Td ( continue to describe the more significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (judgments and estimates used in the preparation of our condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 453.59 430.10 Td (These accounting policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (pertain to premium revenues and risk transfer) Tj ET Q q 0 0 0 rg BT 231.76 418.10 Td (, valuation of investments, loss and loss adjustment expense reserves, acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (costs, bonus accruals and share-based payments. If actual events dif) Tj ET Q q 0 0 0 rg BT 321.11 406.10 Td (fer significantly from the underlying judgments or estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (used by management in the application of these accounting policies, there could be a material ef) Tj ET Q q 0 0 0 rg BT 434.12 394.10 Td (fect on our results of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (and financial condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (Recently issued accounting standards and their impact to the Company) Tj ET Q q 0 0 0 rg BT 368.89 358.10 Td (, if any) Tj ET Q q 0 0 0 rg BT 396.29 358.10 Td (, are presented under "Recently ) Tj ET Q q 0 0 0 rg BT 523.65 358.10 Td (Adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Accounting Pronouncements" inNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.61 346.10 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.61 346.10 Td ( of the accompanying condensed consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Three months ended March 31, 2015 and 2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 242.79 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 257.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 257.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 257.10 Td (, we reported net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.10 257.10 Td ($24.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.99 257.10 Td (, compared to net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 257.10 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.70 257.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (reported for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.06 245.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.06 245.10 Td (. Our net investment loss for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 245.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.56 245.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.11 245.10 Td ($24.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.01 245.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (compared to a net investment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.13 233.10 Td ($10.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.02 233.10 Td ( reported for the same period in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.59 233.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.59 233.10 Td (. Our investment portfolio managed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 74.17 221.10 Td (Advisors, reported a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.93 221.10 Td (1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.76 221.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.14 221.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.54 221.10 Td (, compared to a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.58 221.10 Td (0.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.41 221.10 Td ( for the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 209.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 209.10 Td (. ) Tj ET Q q 0 0 0 rg BT 113.14 209.10 Td (The underwriting income before general and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.36 209.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.77 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 197.10 Td ($4.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 197.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.15 197.10 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.04 197.10 Td ( for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.79 197.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.79 197.10 Td (. ) Tj ET Q q 0 0 0 rg BT 340.61 197.10 Td (The decrease in underwriting income for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.81 197.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 185.10 Td ( was primarily due to a slight increase in the composite ratio for the period partially due to adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (loss development on some of our Florida homeowners' contracts and partially due to repositioning of our catastrophe retrocession ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (business from excess of loss contracts to quota share contracts. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.21 161.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.62 161.10 Td (, our composite ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 149.10 Td (95.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.88 149.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.08 149.10 Td (94.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.91 149.10 Td ( during the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.11 149.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.11 149.10 Td (. General and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.38 149.10 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 137.10 Td ( remained unchanged at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.33 137.10 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.22 137.10 Td ( compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.02 137.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.02 137.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 108.10 Td (Our primary financial goal is to increase the long-term value in fully diluted adjusted book value per share. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.31 108.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 96.10 Td (, the fully diluted adjusted book value per share decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.06 96.10 Td ($0.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.56 96.10 Td ( per share, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.26 96.10 Td (2.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.09 96.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.37 96.10 Td ($30.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.87 96.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (per share from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.81 84.10 Td ($30.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.31 84.10 Td ( per share at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.39 84.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.97 84.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.08 84.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.49 84.10 Td (, the basic adjusted book value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (per share decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.28 72.10 Td ($0.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.78 72.10 Td ( per share, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.48 72.10 Td (2.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.31 72.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.59 72.10 Td ($30.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.09 72.10 Td ( per share from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.39 72.10 Td ($31.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.89 72.10 Td ( per share at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.98 72.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.56 72.10 Td (. ) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (Basic adjusted book value per share is a non-GAAP) Tj ET Q q 0 0 0 rg BT 293.36 730.10 Td ( measure as it excludes the non-controlling interest in a joint venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (from total equity) Tj ET Q q 0 0 0 rg BT 116.56 718.10 Td (. In addition, fully diluted adjusted book value per share is also a non-GAAP) Tj ET Q q 0 0 0 rg BT 423.07 718.10 Td ( measure andrepresents basic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (adjusted book value per share combined with the impactfrom dilution ofall in-the-money stock options and RSUs issued and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (outstandingas of any period end.) Tj ET Q q 0 0 0 rg BT 185.07 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.71 694.10 Td (e believe that long-term growth infully diluted adjusted book value per share is the most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (relevant measure of our financial performance. In addition,fully diluted adjusted book value per share may be of benefit to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (investors, shareholders and other interested parties to form a basis of comparison with other companies within the property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (casualtyreinsuranceindustry) Tj ET Q q 0 0 0 rg BT 165.98 658.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (The following table presents areconciliation of the non-GAAP) Tj ET Q q 0 0 0 rg BT 337.78 634.10 Td ( basic adjusted and fully diluted adjusted book value per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (share to the most comparable GAAP) Tj ET Q q 0 0 0 rg BT 196.54 622.10 Td ( measure.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 536.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.75 536.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.75 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 536.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.75 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.75 536.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.75 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.75 536.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.75 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 536.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 506.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.75 506.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.75 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 506.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.75 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.75 506.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.75 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.75 506.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.75 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 506.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 467.60 195.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.75 467.60 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.75 467.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 467.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.75 467.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.75 467.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.75 467.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.75 467.60 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.75 467.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 467.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 412.60 195.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.75 412.60 62.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.75 412.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 412.60 68.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.75 412.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.75 412.60 67.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.75 412.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.75 412.60 54.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.75 412.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 412.60 59.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 352.60 195.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.75 352.60 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.75 352.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 352.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.75 352.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.75 352.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.75 352.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.75 352.60 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.75 352.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 352.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 312.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.75 312.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.75 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 312.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.75 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.75 312.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.75 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.75 312.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.75 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 312.60 59.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 244.75 581.6 m 306.75 581.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 581.6 m 378.75 581.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.75 581.6 m 449.75 581.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.75 581.6 m 507.75 581.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 581.6 m 570.75 581.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 244.75 566.6 m 306.75 566.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 306.75 566.6 m 310.75 566.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 310.75 566.6 m 378.75 566.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 378.75 566.6 m 382.75 566.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 382.75 566.6 m 449.75 566.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 449.75 566.6 m 453.75 566.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 453.75 566.6 m 507.75 566.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 507.75 566.6 m 511.75 566.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 511.75 566.6 m 570.75 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.75 506.6 m 306.75 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 506.6 m 378.75 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.75 506.6 m 449.75 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.75 506.6 m 507.75 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 506.6 m 570.75 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.75 467.6 m 306.75 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.75 442.6 m 306.75 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 467.6 m 378.75 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 442.6 m 378.75 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.75 467.6 m 449.75 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.75 442.6 m 449.75 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.75 467.6 m 507.75 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.75 442.6 m 507.75 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 467.6 m 570.75 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 442.6 m 570.75 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.75 352.6 m 306.75 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.75 327.6 m 306.75 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 352.6 m 378.75 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 327.6 m 378.75 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.75 352.6 m 449.75 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.75 327.6 m 449.75 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.75 352.6 m 507.75 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.75 327.6 m 507.75 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 352.6 m 570.75 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 327.6 m 570.75 327.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.40 596.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.25 586.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 596.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.25 586.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.25 596.28 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.75 586.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.45 596.28 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.25 586.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.90 596.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.75 586.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 571.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.50 571.28 Td (\($ in thousands, except per share and share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.25 551.28 Td (Basicadjusted and fully diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.25 541.28 Td (adjustedbook value per share numerator:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.25 541.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.25 541.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.25 541.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 526.27 Td (Total equity \(U.S. GAAP\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.25 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.90 526.27 Td (1,170,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.25 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 526.27 Td (1,194,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.25 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.90 526.27 Td (1,134,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.25 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.85 526.27 Td (1,185,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.25 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.85 526.27 Td (1,073,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 511.27 Td (Less: Non-controlling interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.05 511.27 Td (\(28,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.90 511.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.05 511.32 Td (\(28,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.90 511.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.05 511.32 Td (\(31,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.90 511.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.05 511.32 Td (\(31,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.90 511.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.05 511.27 Td (\(29,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.90 511.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 496.27 Td (Basicadjustedbook value per share numerator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.90 496.27 Td (1,142,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 496.27 Td (1,165,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.90 496.27 Td (1,103,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.85 496.27 Td (1,154,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.85 496.27 Td (1,043,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 482.17 Td (Add: Proceeds from in-the-money stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 472.17 Td (options issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.40 472.27 Td (16,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.40 472.27 Td (19,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.40 472.27 Td (20,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.40 472.27 Td (18,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.40 472.27 Td (20,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 457.27 Td (Fully diluted adjusted book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 447.27 Td (numerator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.25 447.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.90 447.27 Td (1,158,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.25 447.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 447.27 Td (1,184,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.25 447.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.90 447.27 Td (1,124,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.25 447.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.85 447.27 Td (1,172,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.25 447.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.85 447.27 Td (1,063,979) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.25 427.28 Td (Basic adjusted and fullydiluted adjusted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.25 417.28 Td (book value per share denominator:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.25 417.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 402.27 Td (Ordinary shares issued andoutstandingfor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 392.27 Td (basic adjusted book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 382.27 Td (denominator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.85 382.27 Td (37,521,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.90 382.27 Td (37,384,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.90 382.27 Td (37,333,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.85 382.27 Td (37,295,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.85 382.27 Td (37,213,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 367.27 Td (Add:In-the-money stock options and RSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 357.27 Td (issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.40 357.27 Td (976,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 357.27 Td (1,131,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.90 357.27 Td (1,217,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.85 357.27 Td (1,202,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.85 357.27 Td (1,326,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 342.27 Td (Fully diluted adjusted book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 332.27 Td (denominator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.85 332.27 Td (38,498,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.90 332.27 Td (38,516,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.90 332.27 Td (38,551,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.85 332.27 Td (38,497,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.85 332.27 Td (38,540,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 317.27 Td (Basic adjusted book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.25 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.40 317.27 Td (30.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.25 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.40 317.27 Td (31.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.25 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.40 317.27 Td (29.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.25 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 317.27 Td (30.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.25 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.40 317.27 Td (28.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 302.27 Td (Fully diluted adjusted book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.40 302.27 Td (30.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.40 302.27 Td (30.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.40 302.27 Td (29.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 302.27 Td (30.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.40 302.27 Td (27.61) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 99.24 274.10 Td (oss Pr) Tj ET Q q 0 0 0 rg BT 124.15 274.10 Td (emiums W) Tj ET Q q 0 0 0 rg BT 164.98 274.10 Td (ritten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (Details of gross premiums written are provided in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 195.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 195.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 195.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 195.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 195.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 195.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 195.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 195.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 165.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 165.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 165.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 165.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 165.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 165.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 165.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 165.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 209.60000000000002 m 394.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 209.60000000000002 m 398.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 209.60000000000002 m 453.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 209.60000000000002 m 512.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 209.60000000000002 m 516.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 209.60000000000002 m 571.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 195.60000000000002 m 394.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 195.60000000000002 m 398.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 195.60000000000002 m 453.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.25 195.60000000000002 m 457.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 195.60000000000002 m 512.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 195.60000000000002 m 516.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 195.60000000000002 m 571.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 165.60000000000002 m 394.25 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 151.60000000000002 m 394.25 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 149.60000000000002 m 394.25 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 165.60000000000002 m 453.25 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 151.60000000000002 m 453.25 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 149.60000000000002 m 453.25 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 165.60000000000002 m 512.25 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 151.60000000000002 m 512.25 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 149.60000000000002 m 512.25 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 165.60000000000002 m 571.25 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 151.60000000000002 m 571.25 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 149.60000000000002 m 571.25 149.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 229.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.10 229.28 Td (Three months ended March 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 214.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.75 214.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.75 214.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.55 200.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 185.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 185.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 185.27 Td (109,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 185.27 Td (84.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 185.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 185.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.90 185.27 Td (102,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.90 185.27 Td (85.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 185.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 170.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.90 170.27 Td (20,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 170.27 Td (15.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.90 170.27 Td (16,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.90 170.27 Td (14.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 155.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 155.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 155.27 Td (129,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 155.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 155.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 155.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.90 155.27 Td (118,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 155.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 155.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 127.10 Td (As a result of our opportunistic underwriting philosophy) Tj ET Q q 0 0 0 rg BT 311.16 127.10 Td (, our reported quarterly premiums written may be volatile. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 115.10 Td (, the composition of premiums written between frequency and severity business may vary from period to period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (depending on the specific market opportunities that we pursue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 79.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 79.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 79.10 Td (, our frequency gross premiums written increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.51 79.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.40 79.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.23 79.10 Td (7.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.06 79.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (compared to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 203.11 67.10 Td (The increase was primarily the result of new contracts entered into during 2015 and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (latter half of 2014. ) Tj ET Q q 0 0 0 rg BT 126.74 55.10 Td (The premiums written for professional liability and general liability lines increased $8.9 million and $5.3 ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (million, respectively) Tj ET Q q 0 0 0 rg BT 131.55 742.10 Td (, as a result of new quota share contracts. ) Tj ET Q q 0 0 0 rg BT 298.26 742.10 Td (The premiums written for motor liability increased by $5.2 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (as a result of a private passenger motor contract due to an increase in the volume of underlying policies written by the insured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 718.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.73 718.10 Td ( compared to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 395.84 718.10 Td (The increases were partially of) Tj ET Q q 0 0 0 rg BT 518.94 718.10 Td (fset by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (decrease in written premiums for personal lines due to some of our Florida homeowners' contracts renewed in the middle of 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (for a smaller share ceded to us, with the cedants retaining a lar) Tj ET Q q 0 0 0 rg BT 299.44 694.10 Td (ger share compared to the expiring contracts. ) Tj ET Q q 0 0 0 rg BT 481.60 694.10 Td (All other lines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (reported modest increases in premiums written for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.82 682.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.23 682.10 Td ( driven by new contracts entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (during 2015 and the latter half of 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 646.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 646.10 Td (, our severity gross premiums written increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.19 646.10 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.08 646.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.91 646.10 Td (21.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.74 646.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (compared to the same period in 2014, primarily due to new quota share severity contracts which accounted for a $5.3 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (increase in premiums written. ) Tj ET Q q 0 0 0 rg BT 171.17 622.10 Td (The increase was partially of) Tj ET Q q 0 0 0 rg BT 286.49 622.10 Td (fset by a net decrease in gross premiums written relating to property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (catastrophe retrocession contracts which expired and were not renewed during the first quarter of 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 95.63 586.10 Td (emiums Ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 562.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 562.10 Td (, premiums ceded were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.76 562.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 562.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.35 562.10 Td ($5.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.24 562.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.62 562.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 550.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.03 550.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.44 550.10 Td (, the decreases in ceded premiums compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (same period in 2014 was partially due to a retroceded contract for catastrophic risk protection that expired at the end of 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (was not renewed. However) Tj ET Q q 0 0 0 rg BT 158.45 526.10 Td (, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.77 526.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.18 526.10 Td ( we purchased an industry loss warranty \("IL) Tj ET Q q 0 0 0 rg BT 530.30 526.10 Td (W"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (derivative contract to reduce our net exposure to natural peril catastrophe events. ) Tj ET Q q 0 0 0 rg BT 375.52 514.10 Td (The IL) Tj ET Q q 0 0 0 rg BT 402.26 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 411.52 514.10 Td ( is recorded as a weather derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (swap and the cost of the IL) Tj ET Q q 0 0 0 rg BT 157.56 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.82 502.10 Td ( is amortized over the risk period and recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.91 502.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.16 502.10 Td ( statements of income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (as "Other income \(expense\), net".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (Net Pr) Tj ET Q q 0 0 0 rg BT 112.02 466.10 Td (emiums W) Tj ET Q q 0 0 0 rg BT 152.85 466.10 Td (ritten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (Details of net premiums written are provided in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 387.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 387.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 387.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 387.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 387.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 357.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 357.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 357.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 357.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 357.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 401.6 m 394.25 401.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 401.6 m 398.25 401.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 401.6 m 453.25 401.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 401.6 m 512.25 401.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 401.6 m 516.25 401.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 401.6 m 571.25 401.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 387.6 m 394.25 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 387.6 m 398.25 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 387.6 m 453.25 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.25 387.6 m 457.25 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 387.6 m 512.25 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 387.6 m 516.25 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 387.6 m 571.25 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 387.6 m 512.25 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 357.6 m 394.25 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 343.6 m 394.25 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 341.6 m 394.25 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 357.6 m 453.25 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 343.6 m 453.25 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 341.6 m 453.25 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 357.6 m 512.25 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 343.6 m 512.25 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 341.6 m 512.25 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 357.6 m 571.25 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 343.6 m 571.25 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 341.6 m 571.25 341.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 421.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.10 421.28 Td (Three months ended March 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 406.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.75 406.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.75 406.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.55 392.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 377.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 377.27 Td (107,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 377.27 Td (84.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 377.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.90 377.27 Td (99,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.90 377.27 Td (88.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 377.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 362.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.90 362.27 Td (20,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 362.27 Td (16.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.90 362.27 Td (13,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.90 362.27 Td (11.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 347.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 347.27 Td (128,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 347.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 347.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.90 347.27 Td (112,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 347.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 347.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 319.10 Td (The change in net premiums written is the net result of the changes in gross premiums written and premiums ceded as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (explained in the preceding paragraphs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 283.10 Td (Net Pr) Tj ET Q q 0 0 0 rg BT 114.52 283.10 Td (emiums Earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 259.10 Td (Net premiums earned reflect the pro-rata inclusion into income of net premiums written over the term of the reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (contracts. Details of net premiums earned are provided in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 192.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 192.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 192.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 192.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 192.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 162.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 162.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 162.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 162.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 162.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 206.60000000000002 m 394.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 206.60000000000002 m 398.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 206.60000000000002 m 453.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 206.60000000000002 m 512.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 206.60000000000002 m 516.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 206.60000000000002 m 571.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 192.60000000000002 m 394.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 192.60000000000002 m 398.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 192.60000000000002 m 453.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.25 192.60000000000002 m 457.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 192.60000000000002 m 512.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 192.60000000000002 m 516.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 192.60000000000002 m 571.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 192.60000000000002 m 512.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 162.60000000000002 m 394.25 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 148.60000000000002 m 394.25 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 146.60000000000002 m 394.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 162.60000000000002 m 453.25 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 148.60000000000002 m 453.25 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 146.60000000000002 m 453.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 162.60000000000002 m 512.25 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 148.60000000000002 m 512.25 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 146.60000000000002 m 512.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 162.60000000000002 m 571.25 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 148.60000000000002 m 571.25 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 146.60000000000002 m 571.25 146.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 226.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.10 226.28 Td (Three months ended March 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 211.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.75 211.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.75 211.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.55 197.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 182.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 182.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.90 182.27 Td (88,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 182.27 Td (92.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 182.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 182.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.90 182.27 Td (105,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.90 182.27 Td (94.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 182.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 167.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.90 167.27 Td (6,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.90 167.27 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.90 167.27 Td (6,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.90 167.27 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 152.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 152.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.90 152.27 Td (94,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 152.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 152.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 152.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.90 152.27 Td (111,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 152.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 152.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 124.10 Td (Premiums relating to quota share contracts and excess of loss contracts are earned over the contract period in proportion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (to the period of protection. Similarly) Tj ET Q q 0 0 0 rg BT 195.99 112.10 Td (, incoming unearned premiums are earned in proportion to the remaining period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (protection. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 76.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 76.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 76.10 Td (, the frequency premiums earned decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.76 76.10 Td ($17.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.66 76.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.49 76.10 Td (16.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.32 76.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (compared to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 203.11 64.10 Td (The decrease was primarily as a result of personal lines premiums earned decreasing by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td ($16.4 million due to the Florida homeowners' contracts renewed during the middle of 2014 at a reduced share ceded to us. ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 742.10 Td (, a private passenger motor contract terminated on a run-of) Tj ET Q q 0 0 0 rg BT 334.63 742.10 Td (f basis at the end of 2013 accounted for $7.8 million of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (decrease. ) Tj ET Q q 0 0 0 rg BT 89.23 730.10 Td (The decreases in frequency net premiums earned were partially of) Tj ET Q q 0 0 0 rg BT 353.10 730.10 Td (fset by increases in all other lines during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.21 730.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 694.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 694.10 Td (, the severity premiums earned increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.78 694.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.68 694.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.51 694.10 Td (6.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.34 694.10 Td (, compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 161.19 682.10 Td (The increase was a net impact of new and renewed severity contracts entered into during 2015 and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (latter half of 2014, partially of) Tj ET Q q 0 0 0 rg BT 170.89 670.10 Td (fset by severity contracts expired and not renewed during 2015. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Net Losses Incurr) Tj ET Q q 0 0 0 rg BT 156.74 646.10 Td (ed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (Net losses incurred include losses paid and changes in loss reserves, including reserves for IBNR, net of actual and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (estimated loss recoverables. Details of net losses incurred are provided in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 543.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 543.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 543.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 543.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 543.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 513.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 513.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 513.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 513.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 513.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 557.6 m 394.25 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 557.6 m 398.25 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 557.6 m 453.25 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 557.6 m 512.25 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 557.6 m 516.25 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 557.6 m 571.25 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 543.6 m 394.25 543.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 543.6 m 398.25 543.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 543.6 m 453.25 543.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.25 543.6 m 457.25 543.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 543.6 m 512.25 543.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 543.6 m 516.25 543.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 543.6 m 571.25 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 513.6 m 394.25 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 499.6 m 394.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 497.6 m 394.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 513.6 m 453.25 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 499.6 m 453.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 497.6 m 453.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 513.6 m 512.25 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 499.6 m 512.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 497.6 m 512.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 513.6 m 571.25 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 499.6 m 571.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 497.6 m 571.25 497.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 577.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.10 577.28 Td (Three months ended March 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 562.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.75 562.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.75 562.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.55 548.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 533.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 533.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.90 533.27 Td (61,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 533.27 Td (96.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 533.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 533.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.90 533.27 Td (66,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.90 533.27 Td (98.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 533.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 518.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.90 518.27 Td (2,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.90 518.27 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.90 518.27 Td (1,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.90 518.27 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 503.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.90 503.27 Td (63,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 503.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 503.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.90 503.27 Td (67,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 503.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 503.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 475.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 475.10 Td (e establish reserves for each contract based on estimates of the ultimate cost of all losses, including losses incurred but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (not reported. ) Tj ET Q q 0 0 0 rg BT 103.41 463.10 Td (These estimated ultimate reserves are based on reports received from ceding companies, industry data andhistorical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (experience as well as our own actuarial estimates. Quarterly) Tj ET Q q 0 0 0 rg BT 289.53 451.10 Td (, we review these estimates on a contract by contract basis and adjust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (them as we deemappropriate to reflect our best estimates based on updated information and our internal actuarial estimates. ) Tj ET Q q 0 0 0 rg BT 548.53 439.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.17 439.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (expect losses incurred on our severity business to be volatile depending on the frequency and magnitude of catastrophic events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (from year to year) Tj ET Q q 0 0 0 rg BT 118.58 415.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 391.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 391.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 391.10 Td (, the net losses incurred on frequency contracts decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.14 391.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.03 391.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (7.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.83 379.10 Td (, compared to the same period in 2014, primarily relating to a decrease in earned premiums compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 343.10 Td (Losses incurred as a percentage of premiums earned \(referred to as the loss ratio\) fluctuates based on the mix of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (business, and any favorable or adverse loss development on our lar) Tj ET Q q 0 0 0 rg BT 317.80 331.10 Td (ger contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.16 331.10 Td (For the three months ended March 31, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 319.10 Td (, the loss ratios for our frequency business were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.28 319.10 Td (69.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.11 319.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.55 319.10 Td (62.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.38 319.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 387.04 319.10 Td (. ) Tj ET Q q 0 0 0 rg BT 391.86 319.10 Td (The higher loss ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.72 319.10 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 307.10 Td ( related to our Florida homeowners' insurance contracts which reported unfavorable loss development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (primarily as a result of deterioration of sinkhole losses and higher than anticipated water damage claims from rainstorms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 283.10 Td (, the loss ratio on the motor line was also higher) Tj ET Q q 0 0 0 rg BT 291.41 283.10 Td (, primarily due to the current in-force private passenger motor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (contracts having a higher expected loss ratio compared to the prior year's in-force contracts. ) Tj ET Q q 0 0 0 rg BT 419.53 271.10 Td (The increases in the loss ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 259.10 Td ( were partially of) Tj ET Q q 0 0 0 rg BT 262.81 259.10 Td (fset by a lower loss ratio on the specialty health line due to no adverse losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (developing on the employers' medical stop-loss contracts compared to the same period in 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 223.10 Td (For the three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.96 223.10 Td (, the loss ratios for our severity business were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.92 223.10 Td (29.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.75 223.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.19 223.10 Td (18.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.02 223.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 211.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 211.10 Td (The increase in severity loss ratio was due to the change in mix of severity business compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 74.82 199.10 Td (The loss ratios for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.52 199.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.93 199.10 Td ( reflect the attritional losses on new severity quota share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (contracts written during 2015 and the latter part of 2014. By comparison, the 2014 severity loss ratio included proportionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (higher property catastrophe contracts which under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 300.40 175.10 Td ( have no losses recorded until a catastrophe event occurs. ) Tj ET Q q 0 0 0 rg BT 531.52 175.10 Td (W) Tj ET Q q 0 0 0 rg BT 540.16 175.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (expect our severity loss ratio to vary) Tj ET Q q 0 0 0 rg BT 194.86 163.10 Td (, sometimes significantly) Tj ET Q q 0 0 0 rg BT 294.48 163.10 Td (, based on the change in mix of business between catastrophe and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (non-catastrophe business.) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Losses incurred can be further broken down into losses paid \(recovered\) and changes in loss and loss adjustment expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reserves as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.25 663.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.25 663.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.25 663.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.25 663.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.25 663.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.25 663.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.25 663.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.25 663.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.25 663.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.25 663.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 663.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.25 663.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.25 625.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.25 625.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.25 625.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.25 625.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.25 625.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.25 625.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.25 625.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.25 625.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.25 625.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.25 625.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 625.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.25 625.60 49.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.25 692.6 m 291.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.25 692.6 m 297.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 692.6 m 346.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.25 692.6 m 352.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.25 692.6 m 401.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.25 692.6 m 456.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.25 692.6 m 462.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.25 692.6 m 511.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.25 692.6 m 517.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517.25 692.6 m 566.25 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.25 678.6 m 291.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.25 678.6 m 297.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 678.6 m 346.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.25 678.6 m 352.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.25 678.6 m 401.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.25 678.6 m 456.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.25 678.6 m 462.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.25 678.6 m 511.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.25 678.6 m 517.25 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517.25 678.6 m 566.25 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.25 625.6 m 291.25 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.25 612.6 m 291.25 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.25 610.6 m 291.25 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 625.6 m 346.25 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 612.6 m 346.25 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 610.6 m 346.25 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.25 625.6 m 401.25 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.25 612.6 m 401.25 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.25 610.6 m 401.25 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.25 625.6 m 456.25 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.25 612.6 m 456.25 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.25 610.6 m 456.25 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.25 625.6 m 511.25 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.25 612.6 m 511.25 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.25 610.6 m 511.25 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.25 625.6 m 566.25 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.25 612.6 m 566.25 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.25 610.6 m 566.25 610.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.75 710.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.10 710.28 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.25 696.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.25 696.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.75 683.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.80 683.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.60 683.28 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.75 683.28 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.80 683.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.60 683.28 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.75 683.28 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.75 668.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.55 668.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.75 654.17 Td (Losses paid \(recovered\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.75 654.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.90 654.17 Td (65,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.75 654.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.55 654.22 Td (\(9,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.40 654.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.75 654.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.90 654.17 Td (56,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 654.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.90 654.17 Td (68,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.75 654.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.05 654.22 Td (\(946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 654.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.75 654.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 654.17 Td (67,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.75 640.17 Td (Changein loss and loss adjustment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.75 630.17 Td (reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.55 630.27 Td (\(1,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.40 630.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.90 630.27 Td (8,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.90 630.27 Td (7,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.55 630.32 Td (\(1,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.40 630.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 630.27 Td (636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 630.32 Td (\(419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 630.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.75 616.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.75 616.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.90 616.17 Td (63,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.75 616.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.05 616.22 Td (\(245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.40 616.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.75 616.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.90 616.17 Td (63,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 616.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.90 616.17 Td (67,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.75 616.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.05 616.22 Td (\(310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 616.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.75 616.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 616.17 Td (67,363) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 588.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 588.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 588.10 Td (, our net losses incurred on prior period contracts increased by $2.6 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (primarily due to $2.8 million of adverse loss development relating to our Florida homeowners' insurance contracts as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (deterioration of sinkhole losses and higher than anticipated water damage claims from rainstorms during 2014. However) Tj ET Q q 0 0 0 rg BT 531.68 564.10 Td (, because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (these contracts included sliding scale ceding commission rates, the increase in loss reserves was of) Tj ET Q q 0 0 0 rg BT 444.42 552.10 Td (fset by a $1.1 million decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (in ceding commissions recorded as acquisition costs. ) Tj ET Q q 0 0 0 rg BT 263.67 540.10 Td (There were no other significant developments of prior period reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 528.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.73 528.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 504.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 504.10 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 504.10 Td (, our net losses incurred on prior period contracts decreased by $1.5 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (which primarily related to the following:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 86.00 465.94 cm /I19 Do Q q 0 0 0 rg BT 122.00 468.10 Td ($4.9 ) Tj ET Q q 0 0 0 rg BT 142.00 468.10 Td (million ) Tj ET Q q 0 0 0 rg BT 173.39 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.22 468.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 224.48 468.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 242.54 468.10 Td (development ) Tj ET Q q 0 0 0 rg BT 296.69 468.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 329.73 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.01 468.10 Td (non-standard ) Tj ET Q q 0 0 0 rg BT 394.71 468.10 Td (automobile ) Tj ET Q q 0 0 0 rg BT 442.21 468.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 481.10 468.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 520.81 468.10 Td (as ) Tj ET Q q 0 0 0 rg BT 531.64 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 538.58 468.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 456.10 Td (of better than expected loss development noted on all of our non-standard automobile contracts after a detailed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 444.10 Td (review of existing claims data received from the clients, audits of claim files and actuarial analysis based on all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 432.10 Td (available information. However) Tj ET Q q 0 0 0 rg BT 249.05 432.10 Td (, because these contracts included sliding scale ceding commission rates, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 420.10 Td (decrease in loss reserves was of) Tj ET Q q 0 0 0 rg BT 248.71 420.10 Td (fset by a $2.3 million increase in ceding commissions recorded as acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 408.10 Td (costs; and ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 86.00 381.94 cm /I20 Do Q q 0 0 0 rg BT 122.00 384.10 Td ($3.0 ) Tj ET Q q 0 0 0 rg BT 142.00 384.10 Td (million ) Tj ET Q q 0 0 0 rg BT 173.39 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.22 384.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 217.26 384.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 235.32 384.10 Td (development ) Tj ET Q q 0 0 0 rg BT 289.47 384.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 322.51 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.79 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.51 384.10 Td (employer ) Tj ET Q q 0 0 0 rg BT 387.77 384.10 Td (medical ) Tj ET Q q 0 0 0 rg BT 421.92 384.10 Td (stop-loss ) Tj ET Q q 0 0 0 rg BT 459.98 384.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 498.88 384.10 Td (Loss ) Tj ET Q q 0 0 0 rg BT 520.27 384.10 Td (reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 372.10 Td (were increased on these contracts after a detailed review of existing claims data received from the clients, audits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 360.10 Td (of claim files at the third party claims administrators and actuarial analysis based on all available information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 331.10 Td (There were no other significant developments of prior period reserves during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.44 331.10 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.85 331.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 302.10 Td (Acquisition Costs, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 278.10 Td (Acquisition costs represent the amortization of commission and brokerage expenses incurred on contracts written as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (as profit commissions and other underwriting expenses which are expensed when incurred. Deferred acquisition costs are limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (to the amount of commission and brokerage expenses that are expected to be recovered from future earned premiums and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (anticipated investment income. Details of acquisition costs are provided in the following table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 174.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 174.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 174.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 174.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 174.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 174.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 174.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 174.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 144.60 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.25 144.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 144.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.25 144.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.25 144.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.25 144.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 144.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.25 144.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 189.60000000000002 m 394.25 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 189.60000000000002 m 398.25 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 189.60000000000002 m 453.25 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 189.60000000000002 m 512.25 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 189.60000000000002 m 516.25 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 189.60000000000002 m 571.25 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 174.60000000000002 m 394.25 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 174.60000000000002 m 398.25 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 174.60000000000002 m 453.25 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.25 174.60000000000002 m 457.25 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 174.60000000000002 m 512.25 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 174.60000000000002 m 516.25 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 174.60000000000002 m 571.25 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 144.60000000000002 m 394.25 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 130.60000000000002 m 394.25 130.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 128.60000000000002 m 394.25 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 144.60000000000002 m 453.25 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 130.60000000000002 m 453.25 130.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.25 128.60000000000002 m 453.25 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 144.60000000000002 m 512.25 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 130.60000000000002 m 512.25 130.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 128.60000000000002 m 512.25 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 144.60000000000002 m 571.25 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 130.60000000000002 m 571.25 130.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.25 128.60000000000002 m 571.25 128.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 209.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.10 209.28 Td (Three months ended March 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 194.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.75 194.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.75 194.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.55 179.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 164.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 164.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.90 164.27 Td (25,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 164.27 Td (94.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 164.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 164.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.90 164.27 Td (36,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.90 164.27 Td (97.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 164.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 149.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.90 149.27 Td (1,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.90 149.27 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.90 149.27 Td (1,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.90 149.27 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 134.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 134.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.90 134.27 Td (26,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 134.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.40 134.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.75 134.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.90 134.27 Td (37,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 134.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 134.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 106.10 Td (e expectacquisition coststo be higher for frequency business than for severity business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.27 106.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.04 94.10 Td (, the acquisition cost ratios for frequency business were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.42 94.10 Td (28.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.25 94.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.69 94.10 Td (34.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.52 94.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 501.18 94.10 Td (, primarily due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (the private passenger motor contracts currently in-force having lower ceding commissions compared to the contracts in-force ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (during the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 179.15 70.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 229.05 70.10 Td (, the lower acquisition cost ratio was also attributed to the Florida homeowners' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (insurance contracts containing sliding scale ceding commissions which decreased during the three months ended March 31, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (as a result of adverse loss development on those contracts.) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (For the three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.96 730.10 Td (, the acquisition cost ratios for severity business were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.02 730.10 Td (20.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.85 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (16.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 718.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 128.49 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.31 718.10 Td (The higher acquisition cost ratio during the 2015 period was primarily due to higher commission rates on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (new severity quota share contracts entered into during 2015 and the latter half of 2014, compared to the predominantly excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (loss catastrophe contracts in force during the first quarter of 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Overall, our total acquisition cost ratios were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.72 670.10 Td (28.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.55 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.99 670.10 Td (33.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.82 670.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.20 670.10 Td (three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.05 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 658.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 138.59 634.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (Details of general and administrative expenses are provided in the following table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 533.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 533.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 503.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 503.60 81.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 548.6 m 487.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 548.6 m 572.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 533.6 m 487.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 533.6 m 491.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 533.6 m 572.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 503.6 m 487.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 489.6 m 487.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 487.6 m 487.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 503.6 m 572.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 489.6 m 572.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 487.6 m 572.5 487.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.35 568.28 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 553.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.50 553.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.80 538.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.27 Td (Internal expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 523.27 Td (4,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 523.27 Td (5,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.27 Td (Corporate expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 508.27 Td (1,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 508.27 Td (823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 493.27 Td (6,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 493.27 Td (6,200) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 465.10 Td (For the three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.96 465.10 Td (, general and administrative expenses included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.06 465.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.95 465.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 453.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 151.55 453.10 Td (, of expenses related to stock compensation granted to employees and directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 429.10 Td (Corporate expenses included those expenses directly related to being a publicly listed entity and certain non-core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (operating expenses. Prior to 2015, corporate expenses also included non-investment related foreign exchange gains and losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 405.10 Td (fective from January 1, 2015, the presentation was modified and any non-investment related foreign exchange gains and losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (are now presented on the condensed consolidated statements of income under the caption "Other income \(expenses\), net". ) Tj ET Q q 0 0 0 rg BT 539.39 393.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.22 381.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.11 381.10 Td ( of foreign exchange loss that was previously reported in corporate expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.22 381.10 Td (three months ended March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.00 369.10 Td (, has been reclassified to other income \(expense\), net, to conform to the current period presentation. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.08 369.10 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 357.10 Td (, a foreign exchange gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.09 357.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.98 357.10 Td ( was included in other income \(expense\), net.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 333.10 Td (Net Investment Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.50 321.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 309.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 309.10 Td ( summary of our net investment income \(loss\) is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 251.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 251.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 251.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.25 251.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 223.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 223.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 223.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.25 223.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 195.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 195.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 195.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.25 195.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 167.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 167.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 167.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.25 167.60 73.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.25 264.6 m 494.25 264.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 264.6 m 571.25 264.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.25 251.60000000000002 m 494.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 251.60000000000002 m 498.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 251.60000000000002 m 571.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.25 167.60000000000002 m 494.25 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.25 154.60000000000002 m 494.25 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.25 152.60000000000002 m 494.25 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 167.60000000000002 m 571.25 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 154.60000000000002 m 571.25 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 152.60000000000002 m 571.25 152.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 283.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.10 283.28 Td (Three months ended March 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 269.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.25 269.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.25 269.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.55 255.33 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 242.17 Td (Realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 242.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.90 242.17 Td (25,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.75 242.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 242.17 Td (86,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 228.17 Td (Change in unrealized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.55 228.22 Td (\(31,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 228.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.55 228.17 Td (\(91,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.40 228.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 214.17 Td (Investment related foreign exchange gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 214.22 Td (\(7,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 214.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.55 214.17 Td (\(7,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.40 214.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 200.17 Td (Interest and dividend income, net of withholding taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.90 200.17 Td (3,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 200.17 Td (16,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 186.17 Td (Interest, dividend and other expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 186.22 Td (\(8,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 186.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.55 186.17 Td (\(9,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.40 186.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 172.17 Td (Investment advisor compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 172.22 Td (\(5,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.55 172.17 Td (\(4,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.40 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 158.17 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.55 158.22 Td (\(24,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 158.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.75 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.55 158.17 Td (\(10,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.40 158.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 130.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 130.10 Td (, investment income, net of fees and expenses, resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.89 130.10 Td (loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.45 130.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.78 130.10 Td (1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.61 130.10 Td ( on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (our investments managed by DME ) Tj ET Q q 0 0 0 rg BT 191.37 118.10 Td (Advisors, compared to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.62 118.10 Td (loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.18 118.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.51 118.10 Td (0.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.34 118.10 Td ( reported for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.54 118.10 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.94 118.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Investment returns relating to our investment portfolio managed by DME ) Tj ET Q q 0 0 0 rg BT 345.49 106.10 Td (Advisors are calculated monthly and compounded to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (calculate the quarterly and annual returns. ) Tj ET Q q 0 0 0 rg BT 220.02 94.10 Td (The resulting actual investment income may vary depending on cash flows into or out ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (of the investment account. ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.32 742.10 Td (The investment loss was primarily driven by an increase in unrealized losses on the short portfolio which had a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (4.4% due to an increase in the market values of these securities. ) Tj ET Q q 0 0 0 rg BT 307.50 730.10 Td (The long portfolio gained 3.9% which of) Tj ET Q q 0 0 0 rg BT 470.90 730.10 Td (fset most of the losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (from the short portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 694.10 Td (e expect our investment income, including realized and unrealized gains \(or losses\), to fluctuate from period to period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Fluctuations in realized and unrealized gains \(or losses\) are a function of both the market performance of the securities held in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (investment portfolio, and the timing of additions to and dispositions of securities in our investment portfolio. Our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (advisor uses its discretion over when a gain \(or loss\) is realized on a particular investment. ) Tj ET Q q 0 0 0 rg BT 414.44 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 423.08 658.10 Td (e believe that net investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (income, which includes both realized and unrealized gains \(or losses\), is the best way to assess our investment performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (rather than analyzing the realized gains \(or losses\) and unrealized gains \(or losses\) separately) Tj ET Q q 0 0 0 rg BT 421.70 634.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 610.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 610.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 610.10 Td ( and 2014, the gross investment returns on our investment portfolio managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (by DME ) Tj ET Q q 0 0 0 rg BT 86.67 598.10 Td (Advisors \(excluding investment advisor performance allocation\) were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.08 598.10 Td (\(1.8\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.57 598.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.01 598.10 Td (\(0.7\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 598.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 496.16 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 500.98 598.10 Td (These were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (comprised of the following: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 546.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.25 546.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.25 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 546.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 516.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.25 516.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.25 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 516.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 486.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.25 486.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.25 486.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 486.60 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.25 546.6 m 482.25 546.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 546.6 m 571.25 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.25 486.6 m 482.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 486.6 m 571.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.25 471.6 m 482.25 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.25 456.6 m 482.25 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 471.6 m 571.25 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 456.6 m 571.25 456.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.10 566.28 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.25 551.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.25 551.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 536.27 Td (Long portfolio gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.55 536.27 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.40 536.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.55 536.27 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 536.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 521.27 Td (Short portfolio gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.20 521.27 Td (\(4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.05 521.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.20 521.27 Td (\(2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.05 521.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 506.27 Td (Macro gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.20 506.27 Td (\(0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.05 506.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.20 506.27 Td (\(1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.05 506.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 491.27 Td (Other income and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.20 491.27 Td (\(0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.05 491.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.20 491.27 Td (\(0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.05 491.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 476.27 Td (Gross investment return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.20 476.27 Td (\(1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.05 476.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.20 476.27 Td (\(0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.05 476.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 461.27 Td (Net investment return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.20 461.27 Td (\(1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.05 461.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.20 461.27 Td (\(0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.05 461.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 433.10 Td (For the three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 433.10 Td (, included in "other income and expenses" in the above table were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 433.10 Td ($5.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 421.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.72 421.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.72 421.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.00 421.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.89 421.10 Td (\) relating to management fees paid to DME ) Tj ET Q q 0 0 0 rg BT 334.39 421.10 Td (Advisors in accordance with the advisory agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 74.17 409.10 Td (Advisors. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.39 409.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.80 409.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.24 409.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.24 409.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.24 409.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.24 409.10 Td ( performance allocation compensation was recorded due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (to the negative investment returns for these periods \(see Item 1. Financial Statements, "Note 7. Related Party ) Tj ET Q q 0 0 0 rg BT 487.67 397.10 Td (T) Tj ET Q q 0 0 0 rg BT 493.43 397.10 Td (ransactions"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 373.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 110.17 373.10 Td (Advisors, and its af) Tj ET Q q 0 0 0 rg BT 187.76 373.10 Td (filiates manage and expect to manage other client accounts besides ours, some of which have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (investment objectives similar to ours. ) Tj ET Q q 0 0 0 rg BT 202.02 361.10 Td (T) Tj ET Q q 0 0 0 rg BT 207.43 361.10 Td (o comply with Regulation FD, our investment returns are posted on our website on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (monthly basis. ) Tj ET Q q 0 0 0 rg BT 110.28 349.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 160.19 349.10 Td (, our website \() Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 217.392578125 347.7669921875 m 301.71875 347.7669921875 l s q 0 0 0 rg BT 217.39 349.10 Td (www) Tj ET Q q 0 0 0 rg BT 238.41 349.10 Td (.greenlightre.ky) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.72 349.10 Td (\) provides the names of the lar) Tj ET Q q 0 0 0 rg BT 423.16 349.10 Td (gest disclosed long positions in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (investment portfolio asof the last business day of the month of the relevant posting, as well as information on our long and short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 94.44 325.10 Td (Although DME ) Tj ET Q q 0 0 0 rg BT 158.89 325.10 Td (Advisors discloses all investment positions to us, it may choose not to disclose certain positions to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (clients in order to protect its investment strategy) Tj ET Q q 0 0 0 rg BT 242.36 313.10 Td (.) Tj ET Q q 0 0 0 rg BT 247.18 313.10 Td (Therefore, we present on our website the lar) Tj ET Q q 0 0 0 rg BT 423.59 313.10 Td (gest long positions and exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (information as disclosed by DME ) Tj ET Q q 0 0 0 rg BT 186.93 301.10 Td (Advisors or its af) Tj ET Q q 0 0 0 rg BT 255.91 301.10 Td (filiates to their other clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 289.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.00 289.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 277.10 Td ( Income T) Tj ET Q q 0 0 0 rg BT 127.57 277.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 265.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 253.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 253.10 Td (e are not obligated to pay taxes in the Cayman Islands on either income or capital gains. ) Tj ET Q q 0 0 0 rg BT 448.79 253.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.43 253.10 Td (e have been granted an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (exemption by the Governor) Tj ET Q q 0 0 0 rg BT 160.05 241.10 Td (-In-Cabinet from any income taxes that may be imposed in the Cayman Islands for a period of 20 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (years, expiring on February 1, 2025.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 217.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 205.10 Td (GRIL) Tj ET Q q 0 0 0 rg BT 108.96 205.10 Td ( is incorporated in Ireland and, therefore, is subject to the Irish corporation tax. GRIL) Tj ET Q q 0 0 0 rg BT 449.87 205.10 Td ( is expected to be taxed at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (rate of 12.5% on its taxable trading income, and 25% on its non-trading income, if any) Tj ET Q q 0 0 0 rg BT 395.93 193.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 181.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 169.10 Td (V) Tj ET Q q 0 0 0 rg BT 92.11 169.10 Td (erdant is incorporated in Delawareand, therefore, is subject to taxes in accordance with the U.S. federal rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (regulations prescribed by the Internal Revenue Service. ) Tj ET Q q 0 0 0 rg BT 274.18 157.10 Td (V) Tj ET Q q 0 0 0 rg BT 280.29 157.10 Td (erdant) Tj ET Q q 0 0 0 rg BT 308.06 157.10 Td (s taxable income is expected to be taxed at a rate of 35%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 133.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 133.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 133.10 Td (, a deferred tax asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.27 133.10 Td ($0.03 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.16 133.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.99 133.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.58 133.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.86 133.10 Td ($0.03 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.75 133.10 Td (\) resulting solely from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (temporary dif) Tj ET Q q 0 0 0 rg BT 104.52 121.10 Td (ferences in recognition of expenses for tax purposes was included in other assets on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.36 121.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.61 121.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (balance sheets. ) Tj ET Q q 0 0 0 rg BT 111.92 109.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.36 109.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 109.10 Td (, an accrual for current taxes recoverable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.25 109.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.14 109.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.97 109.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.55 109.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.83 109.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.72 109.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (was recorded on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.74 97.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.99 97.10 Td ( balance sheets. Based on the timing of the reversal of the temporary dif) Tj ET Q q 0 0 0 rg BT 515.49 97.10 Td (ferences and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (likelihood of generating suf) Tj ET Q q 0 0 0 rg BT 160.63 85.10 Td (ficient taxable income to realize the future tax benefit, management believes it is more likely than not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (that the deferred tax asset will be fully realized in the future and therefore no valuation allowance has been recorded. ) Tj ET Q q 0 0 0 rg BT 519.34 73.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (Company has nottaken any tax positions that management believes are subject to uncertainty or that are reasonably likely to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (a material impact to the Company) Tj ET Q q 0 0 0 rg BT 185.14 49.10 Td (, GRIL) Tj ET Q q 0 0 0 rg BT 213.10 49.10 Td ( or) Tj ET Q q 0 0 0 rg BT 226.25 49.10 Td (V) Tj ET Q q 0 0 0 rg BT 232.36 49.10 Td (erdant.) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td ( Ratio ) Tj ET Q q 0 0 0 rg BT 117.48 718.10 Td (Analysis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (Due to the opportunistic and customized nature of our underwriting operations, we expect to report dif) Tj ET Q q 0 0 0 rg BT 495.70 694.10 Td (ferent loss and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (expense ratios in both our frequency and severity businesses from period to period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (The following table provides the ratios:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 592.60 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 592.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 592.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 592.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 592.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 592.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 592.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 592.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 592.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 592.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 592.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 592.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 564.60 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 564.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 564.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 564.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 564.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 564.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 564.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 536.60 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 536.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 536.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 536.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 536.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 536.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 536.60 61.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 633.6 m 236.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 633.6 m 240.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 633.6 m 301.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 633.6 m 305.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 633.6 m 366.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 633.6 m 435.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 633.6 m 496.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 633.6 m 500.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 633.6 m 561.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 633.6 m 236.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 620.6 m 236.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 620.6 m 240.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 633.6 m 301.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 620.6 m 301.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 620.6 m 305.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 620.6 m 366.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 633.6 m 431.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 620.6 m 431.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 633.6 m 435.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 633.6 m 496.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 620.6 m 496.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 633.6 m 500.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 633.6 m 561.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 620.6 m 561.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 620.6 m 236.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 606.6 m 236.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 606.6 m 301.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 606.6 m 366.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 620.6 m 431.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 606.6 m 431.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 620.6 m 435.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 620.6 m 496.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 606.6 m 496.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 620.6 m 500.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 620.6 m 561.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 606.6 m 561.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 564.6 m 236.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 564.6 m 301.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 564.6 m 366.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 564.6 m 431.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 564.6 m 496.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 564.6 m 561.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 522.6 m 366.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 509.6 m 366.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 507.6 m 366.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 522.6 m 561.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 509.6 m 561.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 507.6 m 561.5 507.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 638.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.85 638.28 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.85 638.28 Td (Three months ended March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 624.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.50 624.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.80 611.28 Td (Frequency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 611.28 Td (Severity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.55 611.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.80 611.28 Td (Frequency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 611.28 Td (Severity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.55 611.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.17 Td (Loss ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.15 583.17 Td (69.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.65 583.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 583.17 Td (29.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 583.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 583.17 Td (66.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 583.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 583.17 Td (62.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 583.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 583.17 Td (18.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 583.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 583.17 Td (60.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 583.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 569.17 Td (Acquisition cost ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.15 569.17 Td (28.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.65 569.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 569.17 Td (20.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 569.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 569.17 Td (28.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 569.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 569.17 Td (34.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 569.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 569.17 Td (16.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 569.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 569.17 Td (33.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 569.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 555.17 Td (Composite ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.15 555.17 Td (98.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.65 555.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 555.17 Td (50.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 555.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 555.17 Td (95.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 555.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 555.17 Td (97.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 555.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 555.17 Td (34.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 555.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 555.17 Td (94.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 555.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 541.17 Td (Internal expense ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 541.17 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 541.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 541.17 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 541.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.17 Td (Corporate expense ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 527.17 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 527.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 527.17 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 527.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 513.17 Td (Combined ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 513.17 Td (101.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 513.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 513.17 Td (99.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 513.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.32 485.10 Td (The loss ratio is calculated by dividing loss and loss adjustment expenses incurred by net premiums earned. ) Tj ET Q q 0 0 0 rg BT 525.82 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.46 485.10 Td (e expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (that the loss ratio will be volatile for our severity business and may exceed that of our frequency business in certain periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (Given that we opportunistically underwrite a concentrated portfolio across several lines of business that have varying expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (loss ratios, we can expect there to be significant annual variations in the loss ratios reported from our frequency business. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (addition, the loss ratios for both frequency and severity business can vary depending on the mix of the lines of business written.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 413.10 Td (The acquisition cost ratio is calculated by dividing acquisition costs by net premiums earned. ) Tj ET Q q 0 0 0 rg BT 460.45 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 469.09 413.10 Td (e expect that this ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (will generally be higher for our frequency business than for our severity business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 389.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 377.10 Td (The composite ratio is the ratio of underwriting losses incurred, loss adjustment expenses and acquisition costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (excluding general and administrative expenses, to net premiums earned. Similar to the loss ratio, we expect that this ratio will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (more volatile for our severity business depending on loss activity in any particular period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 341.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 329.10 Td (The internal expense ratio is the ratio of general and administrative expenses, excluding any corporate expenses, to net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (premiums earned.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 293.10 Td (The corporate expense ratio is the ratio of corporate expenses to net premiums earned. Corporate expenses include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (expenses relating to GLRE being a publicly listed entity and certain non-core operating expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 257.10 Td (The combined ratio is the sum of the composite ratio, the internal expense ratio and the corporate expense ratio. ) Tj ET Q q 0 0 0 rg BT 535.39 257.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (combined ratio measures the total profitability of our underwriting operations and does not take net investment income or loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (into account. Given the nature of our opportunistic underwriting strategy) Tj ET Q q 0 0 0 rg BT 340.39 233.10 Td (, we expect that our combined ratio may also be volatile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (from period to period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (Financial Condition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (Investments, Financial Contracts Receivable, Due to Prime Br) Tj ET Q q 0 0 0 rg BT 315.05 161.10 Td (okers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 137.10 Td (Our long investments and financial contracts receivable reported in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.01 137.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.25 137.10 Td ( balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 125.10 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.53 125.10 Td ($1,494.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.92 125.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.12 125.10 Td ($1,478.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.51 125.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.67 125.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.26 125.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.26 125.10 Td ( an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.45 125.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.78 125.10 Td ($16.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.67 125.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 113.10 Td (1.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.66 113.10 Td (, primarily due to the increase in our gold position which was partly of) Tj ET Q q 0 0 0 rg BT 363.64 113.10 Td (fset by a decrease in our equity-based long ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 102.22 101.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.67 101.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.26 101.10 Td (, our exposure to long investments decreased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.71 101.10 Td (103.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.54 101.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.75 101.10 Td (105.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.58 101.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 89.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.40 89.10 Td (This exposure analysis is conducted on a delta-adjusted basis and excludes macro positions which consist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (of CDS, interest rate swaps, sovereign debt,currencies, commodities and derivatives on any of these instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 65.10 Td () Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Financial contracts receivable as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.54 742.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.14 742.10 Td ( decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.06 742.10 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.95 742.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.78 742.10 Td (12.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.61 742.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.81 742.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td (, primarily due to some of the put options exited during the first quarter of 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (From time to time, we incur indebtedness to our prime brokers to implement our investment strategy in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (with our investment guidelines. ) Tj ET Q q 0 0 0 rg BT 178.04 694.10 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.49 694.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.08 694.10 Td (, we had borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 694.10 Td ($120.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.89 694.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.72 694.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.31 694.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.59 694.10 Td ($76.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.48 694.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (from our prime brokers in order to purchase investment securities and to provide collateral for unrealized losses on short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (positions. In accordance with Greenlight Re's investment guidelines, DME ) Tj ET Q q 0 0 0 rg BT 350.91 670.10 Td (Advisors is allowed to use up to 15% \(GRIL: 5%\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (net mar) Tj ET Q q 0 0 0 rg BT 80.08 658.10 Td (gin leverage for extended periods of time and up to 30% \(GRIL: 20%\) net mar) Tj ET Q q 0 0 0 rg BT 394.25 658.10 Td (gin leverage for periods of less than 30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.90 622.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.56 622.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.16 622.10 Td (, we had borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.08 622.10 Td ($134.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.97 622.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 622.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.39 622.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.66 622.10 Td ($135.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.56 622.10 Td (\) under term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 610.10 Td (gin agreements from prime brokers to provide collateral for some of our letters of credit outstanding whereby we pledge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (certain investment securities to borrow cash from the prime brokers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 574.10 Td (Our investment portfolio, including any derivatives, is valued at fair value and any unrealized gains or losses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (reflected in net investment income in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.78 562.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.03 562.10 Td ( statements of income. ) Tj ET Q q 0 0 0 rg BT 402.95 562.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.39 562.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.99 562.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.99 562.10 Td (85.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.82 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 550.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.91 550.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.19 550.10 Td (83.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.02 550.10 Td (\) of ourinvestment portfolio \(excluding restricted and unrestricted cash and cash equivalents\)was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (comprised of investments valued based on quoted prices in actively traded markets \(Level 1\),) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.27 538.10 Td (13.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 538.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.93 538.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.51 538.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (14.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 526.10 Td (\) wascomprised of securities valued based on observable inputs other than quoted prices \(Level 2\) and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.87 526.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.70 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 514.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.91 514.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.19 514.10 Td (1.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.02 514.10 Td (\) was comprised of securities valued based on non-observable inputs \(Level 3\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (In determining whether a market for a financial instrument is active or inactive, we obtain information from DME ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Advisors, based on feedback it receives from executing brokers, market makers, analysts and traders to assess the level of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (market activity and available liquidity for any given financial instrument. ) Tj ET Q q 0 0 0 rg BT 345.56 466.10 Td (Where a financial instrument is valued based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (broker quotes, DME ) Tj ET Q q 0 0 0 rg BT 133.88 454.10 Td (Advisors requests multiplequotes. ) Tj ET Q q 0 0 0 rg BT 274.52 454.10 Td (The ultimate value is based on an average of the quotes obtained. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Broker quoted prices are generally not adjusted in determining the ultimate values and are obtained with the expectation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (quotes being binding.) Tj ET Q q 0 0 0 rg BT 138.33 430.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.77 430.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.37 430.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.37 430.10 Td ($325.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.26 430.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.09 430.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.68 430.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.96 430.10 Td ($316.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.85 430.10 Td (\) of our investments \(longs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (shorts and derivatives\) were valued based on broker quotes, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.36 418.10 Td ($324.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.25 418.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.08 418.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.67 418.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.94 418.10 Td ($315.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 406.10 Td (\)were based on broker quotes that utilized observable market information and classified as Level 2 fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (measurements, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.14 394.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.03 394.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.86 394.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.45 394.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.72 394.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.62 394.10 Td (\) were based on broker quotes that utilized non-observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (inputs and classified as Level 3 fair value measurements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (Non-observable inputs used by our investment advisor include the use of investment manager statements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (management estimates based on third party appraisals of underlying assets for valuing private equity investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Restricted Cash and Cash Equivalents; Securities Sold, Not ) Tj ET Q q 0 0 0 rg BT 305.48 322.10 Td (Y) Tj ET Q q 0 0 0 rg BT 311.59 322.10 Td (et Pur) Tj ET Q q 0 0 0 rg BT 337.79 322.10 Td (chased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 298.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 298.10 Td (, our securities sold, not yet purchased were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.77 298.10 Td ($1,327.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.16 298.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.86 298.10 Td ($1,090.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.25 298.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 286.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.61 286.10 Td (21.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.44 286.10 Td (, consistent with the increase in our short exposure which increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.86 286.10 Td (88.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.69 286.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 274.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.30 274.10 Td (66.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.13 274.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.35 274.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.93 274.10 Td (. Unlike long investments, short sales theoretically involve unlimited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (loss potential since there is no limit as to how high the market price of a security may rise. ) Tj ET Q q 0 0 0 rg BT 413.62 262.10 Td (While it is not possible to list all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (the reasons why a loss on a short sale may occur) Tj ET Q q 0 0 0 rg BT 243.44 250.10 Td (, a loss on a short sale may be caused by one or more of the following factors:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 223.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 223.70 Td (Fluctuations in the share price due to an overall positive investment market;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 209.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 209.30 Td (Sudden unexpected changes in the underlying business model of the issuer;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 194.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 194.90 Td (Changes in laws and regulations relating to short sales;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 180.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 180.50 Td (Press releases and earnings guidance issued by the issuer;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 166.10 Td (A) Tj ET Q q 0 0 0 rg BT 110.67 166.10 Td ( mer) Tj ET Q q 0 0 0 rg BT 128.54 166.10 Td (ger or acquisition of the issuer at a price in excess of the current share price;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 151.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 151.70 Td (The shares of the issuer becoming dif) Tj ET Q q 0 0 0 rg BT 253.78 151.70 Td (ficult to borrow; or) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 137.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 137.30 Td (A) Tj ET Q q 0 0 0 rg BT 110.67 137.30 Td ( short squeeze.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 113.30 Td (Given the various scenarios under which a loss may occur on a short sale, it is not possible to quantify the risk and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.30 Td (uncertainty of loss relating to short sales. However) Tj ET Q q 0 0 0 rg BT 252.88 101.30 Td (, DME ) Tj ET Q q 0 0 0 rg BT 282.05 101.30 Td (Advisors typically performs a detailed analysis prior to entering into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.30 Td (a short sale. ) Tj ET Q q 0 0 0 rg BT 99.80 89.30 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 141.04 89.30 Td (, the investment is routinely monitored by DME ) Tj ET Q q 0 0 0 rg BT 335.18 89.30 Td (Advisors. ) Tj ET Q q 0 0 0 rg BT 375.74 89.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.19 89.30 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.78 89.30 Td (, Greenlight Re's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.30 Td (investment guidelines limit any single investment from constituting more than 20% of the portfolio \(10% for GRIL's portfolio\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.30 Td (at any given time, which limits the potential adverse impact on our results of operations and financial position from any one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.30 Td (position.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 730.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 730.10 Td (, the restricted cash included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.66 730.10 Td ($1,327.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.05 730.10 Td ( relating to collateral for securities sold, not yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (purchased, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.74 718.10 Td ($1,090.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.13 718.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.29 718.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.88 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (Overall, our restricted cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.79 694.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.54 694.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.54 694.10 Td ($228.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.43 694.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.26 694.10 Td (17.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.09 694.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.03 694.10 Td ($1,296.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.42 694.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.20 694.10 Td ($1,525.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.59 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 527.41 694.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (cash collateral held by derivative counterparties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.80 682.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.22 682.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.22 682.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.11 682.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.89 682.10 Td ($62.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.78 682.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.60 682.10 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 670.10 Td ( due to a net decrease in derivatives. ) Tj ET Q q 0 0 0 rg BT 260.48 670.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 310.39 670.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.05 670.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.64 670.10 Td (, included in restricted cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (equivalents was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.09 658.10 Td ($134.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.99 658.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.82 658.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.40 658.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.68 658.10 Td ($135.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.57 658.10 Td (\) of cash borrowed under term mar) Tj ET Q q 0 0 0 rg BT 462.78 658.10 Td (gin agreements from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (prime brokers to provide collateral for some of our letters of credit outstanding. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Loss and Loss ) Tj ET Q q 0 0 0 rg BT 111.98 622.10 Td (Adjustment Expense Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Reserves for loss and loss adjustment expenses were comprised of the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 533.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 533.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 533.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 533.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 533.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 533.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 503.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 503.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 503.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 503.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 503.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 503.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 572.6 m 270.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 572.6 m 274.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 572.6 m 335.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 572.6 m 339.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 572.6 m 400.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 572.6 m 454.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 572.6 m 458.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 572.6 m 508.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 572.6 m 512.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 572.6 m 562.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 572.6 m 270.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 548.6 m 270.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 572.6 m 274.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 572.6 m 335.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 548.6 m 335.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 572.6 m 339.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 572.6 m 400.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 548.6 m 400.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 572.6 m 454.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 548.6 m 454.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 572.6 m 458.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 572.6 m 508.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 548.6 m 508.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 572.6 m 512.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 572.6 m 562.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 548.6 m 562.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 533.6 m 270.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 533.6 m 274.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 533.6 m 335.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 533.6 m 339.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 533.6 m 400.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 533.6 m 404.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 533.6 m 454.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 533.6 m 458.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 533.6 m 508.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 533.6 m 512.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 533.6 m 562.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 503.6 m 270.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 489.6 m 270.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 487.6 m 270.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 503.6 m 335.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 489.6 m 335.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 487.6 m 335.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 503.6 m 400.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 489.6 m 400.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 487.6 m 400.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 503.6 m 454.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 489.6 m 454.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 487.6 m 454.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 503.6 m 508.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 489.6 m 508.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 487.6 m 508.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 503.6 m 562.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 489.6 m 562.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 487.6 m 562.5 487.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.90 577.28 Td (March 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 577.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.70 563.28 Td (Case) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.10 553.28 Td (Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.95 553.28 Td (IBNR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.55 553.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.70 563.28 Td (Case) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.10 553.28 Td (Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.45 553.28 Td (IBNR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.05 553.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.80 538.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 523.27 Td (95,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 523.27 Td (127,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 523.27 Td (222,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.10 523.27 Td (103,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 523.27 Td (124,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 523.27 Td (227,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 508.27 Td (12,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 508.27 Td (24,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 508.27 Td (37,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 508.27 Td (13,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 508.27 Td (23,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 508.27 Td (36,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.10 493.27 Td (108,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 493.27 Td (152,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 493.27 Td (260,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.10 493.27 Td (117,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 493.27 Td (147,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 493.27 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 465.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.55 465.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.96 465.10 Td (, the frequency loss reserves decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.88 465.10 Td ($4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.77 465.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.60 465.10 Td (2.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.43 465.10 Td (, due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (losses paid on existing contracts. ) Tj ET Q q 0 0 0 rg BT 183.69 453.10 Td (The severity loss reserves increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.96 453.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.85 453.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.68 453.10 Td (2.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.51 453.10 Td (, due to new severity quota share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (contracts written during 2015 and in the latter half of 2014. For most of our contracts written as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.46 441.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.06 441.10 Td (, our risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (exposure is limited by defined limits of liability) Tj ET Q q 0 0 0 rg BT 240.16 429.10 Td (. Once the loss limit for a contract has been reached, we have no further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (exposure to additional losses from that contract. However) Tj ET Q q 0 0 0 rg BT 280.64 417.10 Td (, certain contracts, particularly quota share contracts that relate to first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (dollar exposure, may not contain aggregate limits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 381.10 Td (Our severity business, and to a lesser extent our frequency business, include certain contracts that contain or may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (contain natural peril loss exposure. ) Tj ET Q q 0 0 0 rg BT 191.63 369.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.52 369.10 Td (April1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.13 369.10 Td (, our maximum aggregate loss exposure to any series of natural peril ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (events was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.10 357.10 Td ($213.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.99 357.10 Td (. For purposes of the preceding sentence, aggregate loss exposure is net of any retrocession ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (\(including any IL) Tj ET Q q 0 0 0 rg BT 119.24 345.10 Td (Ws\) and is equal to the dif) Tj ET Q q 0 0 0 rg BT 224.58 345.10 Td (ference between the aggregate limits available in the contracts that contain natural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (peril exposure minus reinstatement premiums, if any) Tj ET Q q 0 0 0 rg BT 260.13 333.10 Td (, for the same contracts. ) Tj ET Q q 0 0 0 rg BT 357.97 333.10 Td (W) Tj ET Q q 0 0 0 rg BT 366.61 333.10 Td (e categorize peak zones as: United States, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (Canada and the Caribbean; Europe; Japan; and the rest of the world. ) Tj ET Q q 0 0 0 rg BT 325.00 321.10 Td (The following table provides single event loss exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (and aggregate loss exposure information for the peak zones of our natural peril coverage as of the date of this filing:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 258.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 258.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 258.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 258.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 258.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 228.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 228.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 228.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 228.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 228.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 198.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 198.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 198.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 198.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 198.60 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 272.6 m 377 272.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 272.6 m 472 272.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476 272.6 m 562 272.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 258.6 m 472 258.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 258.6 m 476 258.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476 258.6 m 562 258.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 258.6 m 476 258.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476 258.6 m 562 258.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 277.28 Td (Zone) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.70 277.28 Td (Single Event Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 277.28 Td (Aggregate Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 263.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 248.27 Td (United States, Canada and the Caribbean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 248.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 248.27 Td (157,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.50 248.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 248.27 Td (213,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 233.27 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 233.27 Td (117,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 233.27 Td (121,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 218.27 Td (Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 218.27 Td (117,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 218.27 Td (121,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 203.27 Td (Rest of the world) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 203.27 Td (117,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 203.27 Td (121,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 188.27 Td (Maximum Aggregate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 188.27 Td (157,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 188.27 Td (213,453) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 160.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 72.88 160.10 Td (eholders) Tj ET Q q 0 0 0 rg BT 111.58 160.10 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 136.10 Td (otal equity reported on the balance sheet, which includes non-controlling interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.92 136.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.33 136.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.33 136.10 Td ($23.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.23 136.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td ($1,170.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.39 124.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.55 124.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.15 124.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.35 124.10 Td ($1,194.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.74 124.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.90 124.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.49 124.10 Td (. Retained earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.41 124.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.82 124.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (due to net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 112.10 Td ($24.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.72 112.10 Td ( reported for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.91 112.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.32 112.10 Td (, while the non-controlling interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.41 100.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.41 100.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.31 100.10 Td ( primarily due to investment loss attributable to DME's interest in the joint venture duringthe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.48 100.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 88.10 Td (. ) Tj ET Q q 0 0 0 rg BT 176.74 88.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.79 88.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.54 88.10 Td ( in additional paid-in capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.62 88.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.51 88.10 Td ( related to stock based compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 76.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.29 76.10 Td (.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 742.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.25 Td (Greenlight Capital Re is or) Tj ET Q q 0 0 0 rg BT 193.57 694.25 Td (ganized as a holding company with no operations of its own. ) Tj ET Q q 0 0 0 rg BT 438.53 694.25 Td (As a holding company) Tj ET Q q 0 0 0 rg BT 528.14 694.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Greenlight Capital Re has minimal continuing cash needs, most of which are related to the payment of administrative expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (All of our underwriting operations are conducted through our wholly-owned reinsurance subsidiaries, Greenlight Re and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (GRIL,which underwrite risks associated with our property and casualty reinsurance programs. ) Tj ET Q q 0 0 0 rg BT 431.93 658.25 Td (There arerestrictions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Greenlight Re) Tj ET Q q 0 0 0 rg BT 109.15 646.25 Td (s and GRIL) Tj ET Q q 0 0 0 rg BT 154.89 646.25 Td () Tj ET Q q 0 0 0 rg BT 157.67 646.25 Td (s ability to pay dividends which are described in more detail below) Tj ET Q q 0 0 0 rg BT 425.00 646.25 Td (. It is our current policy to retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (earnings to support the growth of our business. ) Tj ET Q q 0 0 0 rg BT 240.07 634.25 Td (W) Tj ET Q q 0 0 0 rg BT 248.71 634.25 Td (e currently do not expect to pay dividends on our ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 610.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 610.25 Td (, Greenlight Re and GRIL) Tj ET Q q 0 0 0 rg BT 277.81 610.25 Td ( were each rated "A) Tj ET Q q 0 0 0 rg BT 356.29 610.25 Td ( \(Excellent\)" with a stable outlook by ) Tj ET Q q 0 0 0 rg BT 507.84 610.25 Td (A.M. Best. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (The ratings reflect ) Tj ET Q q 0 0 0 rg BT 125.24 598.25 Td (A.M.Best) Tj ET Q q 0 0 0 rg BT 169.41 598.25 Td (s opinion of our reinsurance subsidiaries) Tj ET Q q 0 0 0 rg BT 333.91 598.25 Td ( financial strength, operating performance and ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (meet obligations and it is not an evaluation directed toward the protection of investors or a recommendation to buy) Tj ET Q q 0 0 0 rg BT 508.67 586.25 Td (, sell or hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (our Class) Tj ET Q q 0 0 0 rg BT 89.45 574.25 Td (A) Tj ET Q q 0 0 0 rg BT 96.12 574.25 Td ( ordinary shares. If ) Tj ET Q q 0 0 0 rg BT 173.59 574.25 Td (A.M. Best downgrades our ratings below "A- \(Excellent\)" or withdraws our rating, we could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (severely limited or prevented from writing any new reinsurance contracts, which would significantly and negatively af) Tj ET Q q 0 0 0 rg BT 524.11 562.25 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (business. Insurer financial strength ratings are based upon factors relevant to policyholders and are not directed toward the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (protection of investors. Our ) Tj ET Q q 0 0 0 rg BT 162.48 538.25 Td (A.M. Best ratings may be revised or revoked at the sole discretion of the rating agency) Tj ET Q q 0 0 0 rg BT 508.67 538.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Sour) Tj ET Q q 0 0 0 rg BT 70.38 514.25 Td (ces and Uses of Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td (Our sources of funds consist primarily of premium receipts \(net of brokerage and ceding commissions\), investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (income \(net of advisory compensation and investment expenses\), including realized gains, and other income. ) Tj ET Q q 0 0 0 rg BT 488.30 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 496.94 478.25 Td (e use cash from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (our operations to pay losses and loss adjustment expenses, profit commissions and general and administrative expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Substantially all of our funds, including shareholders) Tj ET Q q 0 0 0 rg BT 264.50 454.25 Td ( capital, net of funds required for cash liquidity purposes, are invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (byDME ) Tj ET Q q 0 0 0 rg BT 86.67 442.25 Td (Advisors in accordance with our investment guidelines. ) Tj ET Q q 0 0 0 rg BT 311.06 442.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.51 442.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.11 442.25 Td (, approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.37 442.25 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.70 442.25 Td ( \(December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 430.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.28 430.25 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.61 430.25 Td (\) of our long investments were comprised of publicly-traded equity securities and gold bullionwhich can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (readilyliquidated to meet current and future liabilities. ) Tj ET Q q 0 0 0 rg BT 270.76 418.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.21 418.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.80 418.25 Td (, the majority of our investments were valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (based on quoted prices in active markets for identical assets \(Level 1\). Given our value-oriented long and short investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 81.01 394.25 Td (, if markets are distressed we would expect the liability of the short portfolio to decline. ) Tj ET Q q 0 0 0 rg BT 433.13 394.25 Td (Any reduction in the liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (would cause our need for restricted cash to decrease and thereby free up cash to be used for any purpose. ) Tj ET Q q 0 0 0 rg BT 471.22 382.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 521.12 382.25 Td (, since the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (majority of our invested assets are liquid, even in distressed markets, we believe securities can be sold or covered to generate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (cash to pay claims. Since we classify our investments as "trading," we book all gains and losses \(including unrealized gains and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (losses\) on all our investments \(including derivatives\)as net investment income in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 346.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.35 346.25 Td ( statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (income for each reporting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 310.25 Td (three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.96 310.25 Td (, the net cash provided by \(used in\) operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.89 310.25 Td ($7.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 298.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 298.25 Td ($\(10.3\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.88 298.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 211.54 298.25 Td (. Included in the net cash used in operating activities were investment related expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (such as investment advisor compensation, and net interest and dividend expenses \(income\), of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.07 286.25 Td ($10.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.96 286.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.40 286.25 Td ($\(2.2\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.95 286.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 274.25 Td (three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.72 274.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 315.39 274.25 Td (. Excluding the investment related expenses from the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (cash used in our operating activities, results in net cash primarily provided by our underwriting activities which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.27 262.25 Td ($17.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 250.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 250.25 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.68 250.25 Td (, and net cash primarily used in our underwriting activities which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.00 250.25 Td ($12.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 238.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 238.25 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.68 238.25 Td (. Generally) Tj ET Q q 0 0 0 rg BT 298.45 238.25 Td (, in a given period if the premiums collected are suf) Tj ET Q q 0 0 0 rg BT 504.59 238.25 Td (ficient to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (cover claim payments, we would generate cash from our underwriting activities. Due to the inherent nature of our underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (portfolio, claims are often paid several months or even years after the premiums are collected. ) Tj ET Q q 0 0 0 rg BT 428.28 214.25 Td (The cash generated from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (underwriting activities, however) Tj ET Q q 0 0 0 rg BT 179.28 202.25 Td (, may be volatile from period to period depending on the underwriting opportunities available.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 178.25 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 178.25 Td (, our investing activities used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.94 178.25 Td ($8.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.83 178.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.66 178.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.66 178.25 Td (: provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.99 178.25 Td ($10.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.88 178.25 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (mainly due to the increase in notes receivable, partially of) Tj ET Q q 0 0 0 rg BT 281.40 166.25 Td (fset by an increase in funds borrowed from prime brokers. ) Tj ET Q q 0 0 0 rg BT 516.42 166.25 Td (There ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (werenocash flows related to financing activities during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.59 154.25 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 154.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.43 154.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.43 154.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 142.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 130.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 130.25 Td (, we believe we have suf) Tj ET Q q 0 0 0 rg BT 272.15 130.25 Td (ficient cash flow from operating and investing activities to meet our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (foreseeable liquidity requirements. ) Tj ET Q q 0 0 0 rg BT 191.44 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 200.07 118.25 Td (e expect that our operational needs for liquidity will be met by cash, funds generated from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (underwriting activities and investment income, including realized gains. ) Tj ET Q q 0 0 0 rg BT 340.48 106.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.92 106.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.52 106.25 Td (, we had noplans to issue debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (and expect to fund our operations for the next twelve months from operating cash flow) Tj ET Q q 0 0 0 rg BT 396.47 94.25 Td (.However) Tj ET Q q 0 0 0 rg BT 437.72 94.25 Td (, we cannot provide assurances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (that in the future we will not incur indebtedness to implement our business strategy) Tj ET Q q 0 0 0 rg BT 382.34 82.25 Td (, pay claims or make acquisitions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 70.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.25 Td (Although GLRE is not subject to any significant legal prohibitions on the payment of dividends, Greenlight Re and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (GRIL) Tj ET Q q 0 0 0 rg BT 72.96 46.25 Td ( are each subject to regulatory minimum capital requirements and regulatory constraints that af) Tj ET Q q 0 0 0 rg BT 452.36 46.25 Td (fect their ability to pay ) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (dividends to us. In addition, any dividend payment would have to be approved by the relevant regulatory authorities prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (payment. ) Tj ET Q q 0 0 0 rg BT 88.88 730.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.33 730.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.92 730.10 Td (, Greenlight Re and GRIL) Tj ET Q q 0 0 0 rg BT 280.69 730.10 Td ( both exceeded the regulatory minimum capital requirements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Letters of Cr) Tj ET Q q 0 0 0 rg BT 105.35 706.10 Td (edit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 682.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 682.10 Td (, neither Greenlight Re nor GRIL) Tj ET Q q 0 0 0 rg BT 306.97 682.10 Td ( waslicensed or admitted as a reinsurer in any jurisdiction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (other than the Cayman Islands and the European Economic ) Tj ET Q q 0 0 0 rg BT 289.10 670.10 Td (Area, respectively) Tj ET Q q 0 0 0 rg BT 361.19 670.10 Td (. Because many jurisdictions do not permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (domestic insurance companies to take credit on their statutory financial statements for loss recoveries or ceded unearned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (premiums unless appropriate measures are in place for reinsurance obtained from unlicensed or non-admitted insurers, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (anticipate that all of our U.S. clients and some of our non-U.S. clients will require us to provide collateral through funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (withheld, trust arrangements, letters of credit or a combination thereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 598.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 598.10 Td (, we had fourletter of credit facilities with an aggregate capacity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.58 598.10 Td ($760.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.48 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 586.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.91 586.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.19 586.10 Td ($760.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.08 586.10 Td (\) with various financial institutions. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.94 586.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.94 586.10 Td ( of the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 586.10 Td (condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.54 574.10 Td ( financial statements for details on each of these facilities. ) Tj ET Q q 0 0 0 rg BT 334.07 574.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.51 574.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.11 574.10 Td (, an aggregate amount of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.74 574.10 Td ($281.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 562.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.72 562.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.31 562.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.58 562.10 Td ($273.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.48 562.10 Td (\) in letters of credit was issued under these facilities. Under these facilities, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (provide collateral that may consist of equity securities or cash and cash equivalents. ) Tj ET Q q 0 0 0 rg BT 387.12 550.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 550.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.22 550.10 Td (, total equity securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (and cash and cash equivalents with a fair value in the aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.39 538.10 Td ($316.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.28 538.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.11 538.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.70 538.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.98 538.10 Td ($302.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.87 538.10 Td (\) were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (pledged as security against the letters of credit issued. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (Each of the facilities contain customary events of default and restrictive covenants, includingbut not limited to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (limitations on liens on collateral, transactions with af) Tj ET Q q 0 0 0 rg BT 261.99 490.10 Td (filiates, mer) Tj ET Q q 0 0 0 rg BT 309.57 490.10 Td (gers and sales of assets, as well as solvency and maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (of certain minimum pledged equity requirements, and restricts issuance of any debt without the consent of the letter of credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (provider) Tj ET Q q 0 0 0 rg BT 83.33 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 87.77 466.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 137.68 466.10 Td (, if an event of default exists, as defined in the letter of credit facilities, Greenlight Re would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (prohibited from paying dividends to its parent company) Tj ET Q q 0 0 0 rg BT 272.36 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 277.18 454.10 Td (The Company was in compliance with all the covenants of each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (these facilities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.64 442.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.23 442.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (Our capital structure currently consists entirely of equity issued in two separate classes of ordinary shares. ) Tj ET Q q 0 0 0 rg BT 512.64 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 521.27 394.10 Td (e expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (thatthe existing capital base and internally generated funds will be suf) Tj ET Q q 0 0 0 rg BT 331.67 382.10 Td (ficient to implement our business strategy for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (foreseeable future. Consequently) Tj ET Q q 0 0 0 rg BT 181.25 370.10 Td (, we do not presently anticipate that we will incur any material indebtedness in the ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (course of our business other than temporary borrowing directly related to the management of our investment portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 346.10 Td (, in order to provide us with flexibility and timely access to public capital markets should we require additional capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (for working capital, capital expenditures, acquisitions or other general corporate purposes, we have filed a Form S-3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (registration statement,which expires in June 2015 unless renewed.) Tj ET Q q 0 0 0 rg BT 319.47 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 328.11 322.10 Td (e did not make any significant commitments for capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (expenditures during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.92 310.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.33 310.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (Our Board of Directors has adopted a share repurchase plan authorizing the Company to repurchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.58 286.10 Td (2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.47 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 274.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 274.10 Td ( ordinary shares or securities convertible into Class ) Tj ET Q q 0 0 0 rg BT 286.90 274.10 Td (A) Tj ET Q q 0 0 0 rg BT 293.57 274.10 Td ( ordinary shares in the open market, through privately negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (transactions or Rule 10b5-1 stock trading plans. ) Tj ET Q q 0 0 0 rg BT 243.67 262.10 Td (The current share repurchase plan was renewed on ) Tj ET Q q 0 0 0 rg BT 448.02 262.10 Td (April 29, 2015 by the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (of Directors and expires on June 30, 2016. ) Tj ET Q q 0 0 0 rg BT 222.00 250.10 Td (The Company is not required to repurchase any of the Class ) Tj ET Q q 0 0 0 rg BT 463.89 250.10 Td (A) Tj ET Q q 0 0 0 rg BT 470.56 250.10 Td ( ordinary shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (the repurchase plan may be modified, suspended or terminated at the election of our Board of Directors at any time without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (prior notice. No Class ) Tj ET Q q 0 0 0 rg BT 139.71 226.10 Td (A) Tj ET Q q 0 0 0 rg BT 146.38 226.10 Td ( ordinary shares were repurchased by the Company during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.41 226.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.82 226.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 202.10 Td (April 28, 2010, our shareholders approved an amendment to our stock incentive plan to increase the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 190.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 190.10 Td ( ordinary shares available for issuance from 2.0 million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.39 190.10 Td (3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.28 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.73 190.10 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.17 190.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.77 190.10 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.19 190.10 Td (718,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.69 190.10 Td ( Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 178.10 Td ( ordinary shares available for future issuance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td () Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Contractual Obligations and Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The following table shows our aggregate contractual obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.59 718.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.19 718.25 Td ( by time period remaining:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 670.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 670.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 670.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 670.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 670.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 670.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 642.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 642.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 642.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 642.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 642.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 642.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 614.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 614.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 614.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 614.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 614.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 614.75 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 684.75 m 325.5 684.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 684.75 m 384.5 684.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 684.75 m 443.5 684.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 684.75 m 502.5 684.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 684.75 m 561.5 684.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 670.75 m 325.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 670.75 m 329.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 670.75 m 384.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 670.75 m 388.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 670.75 m 443.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 670.75 m 447.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 670.75 m 502.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 670.75 m 506.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 670.75 m 561.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 670.75 m 325.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 670.75 m 329.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 670.75 m 384.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 670.75 m 388.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 670.75 m 443.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 670.75 m 447.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 670.75 m 502.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 670.75 m 506.5 670.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 670.75 m 561.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 614.75 m 325.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 601.75 m 325.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 599.75 m 325.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 614.75 m 384.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 601.75 m 384.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 599.75 m 384.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 614.75 m 443.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 601.75 m 443.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 599.75 m 443.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 614.75 m 502.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 601.75 m 502.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 599.75 m 502.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 614.75 m 561.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 601.75 m 561.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 599.75 m 561.5 599.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.05 698.48 Td (Less than) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.15 688.48 Td (1 year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.20 689.43 Td (1-3 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.20 689.43 Td (3-5 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.95 698.48 Td (More than) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.10 688.48 Td (5 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.55 689.43 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 675.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.80 675.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 661.32 Td (Operating lease obligations \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 661.32 Td (466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 661.32 Td (932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 661.32 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 661.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 661.32 Td (1,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 647.32 Td (Specialist service agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 647.32 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 647.32 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 647.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 647.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 647.32 Td (825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 633.32 Td (Private equity and limited partnerships\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 633.32 Td (7,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 633.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 633.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 633.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 633.32 Td (7,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 619.32 Td (Loss and loss adjustment expense reserves \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 619.32 Td (143,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 619.32 Td (81,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 619.32 Td (21,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 619.32 Td (14,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 619.32 Td (260,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 605.32 Td (152,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 605.32 Td (82,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 605.32 Td (21,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 605.32 Td (14,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 605.32 Td (270,620) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 589.25 Td (\(1\)Reflects our contractual obligations pursuant to the lease agreements as described below) Tj ET Q q 0 0 0 rg BT 442.50 589.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 577.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 565.25 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 84.66 569.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.29 565.25 Td () Tj ET Q q 0 0 0 rg BT 88.23 565.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.68 565.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.28 565.25 Td (, we had made total commitments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.57 565.25 Td ($22.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.46 565.25 Td ( in private investments of which we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 553.25 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.83 553.25 Td ($14.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.72 553.25 Td (, and our remaining commitments to these investments total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.34 553.25 Td ($8.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.23 553.25 Td (. Given the nature of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 541.25 Td (private equity investments, we are unable to determine with any degree of accuracy as to when the commitments will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 529.25 Td (called. ) Tj ET Q q 0 0 0 rg BT 96.32 529.25 Td (As such, for the purposes of the above table, we have assumed that all commitments with no fixed payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 517.25 Td (schedule will be made within one year) Tj ET Q q 0 0 0 rg BT 221.29 517.25 Td (. Under our investment guidelines, in ef) Tj ET Q q 0 0 0 rg BT 379.96 517.25 Td (fect as of the date hereof, no more than 10% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 505.25 Td (of the assets in the investment portfolio may be held in private equity securities without specific approval from the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 493.25 Td (of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 481.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 469.25 Td (\(3\)Due to the nature of our reinsurance operations, the amount and timing of the cash flows associated with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 457.25 Td (reinsurance contractual liabilities will fluctuate, perhaps materially) Tj ET Q q 0 0 0 rg BT 334.74 457.25 Td (, and, therefore, are highly uncertain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 421.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 421.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 421.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.04 421.25 Td ($1,327.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.43 421.25 Td ( of securities sold, not yet purchased, were secured by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.70 421.25 Td ($1,327.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.09 421.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (restricted cash held by prime brokers to cover obligations relating to securities sold, not yet purchased. ) Tj ET Q q 0 0 0 rg BT 463.04 409.25 Td (These amounts are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (included in the contractual obligations table above because there is no maturity date for securities sold, not yet purchased, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (their maturities are not set by any contract and as such their due dates cannot be estimated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 361.25 Td (Greenlight Re has entered into lease agreements for of) Tj ET Q q 0 0 0 rg BT 303.51 361.25 Td (fice space in the Cayman Islands. ) Tj ET Q q 0 0 0 rg BT 439.67 361.25 Td (The leases expire on June 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (2018 and Greenlight Re has the option to renew the leases for a further five year term. Under the terms of the lease agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (Greenlight Re is committed to annual rent payments ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.60 337.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.49 337.25 Td ( at inception to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.70 337.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.59 337.25 Td ( at expiry) Tj ET Q q 0 0 0 rg BT 513.71 337.25 Td (. ) Tj ET Q q 0 0 0 rg BT 518.53 337.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (minimum lease payment obligations are included in the above table under operating lease obligations and in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.82 325.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.82 325.25 Td ( to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.81 313.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.06 313.25 Td ( financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 289.25 Td (GRIL) Tj ET Q q 0 0 0 rg BT 108.96 289.25 Td ( has entered into a lease agreement for of) Tj ET Q q 0 0 0 rg BT 273.14 289.25 Td (fice space in Dublin, Ireland. Under the terms of this lease agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (GRIL) Tj ET Q q 0 0 0 rg BT 72.96 277.25 Td ( is committed to average annual rent payments denominated in Euros approximating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.87 277.25 Td (0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.76 277.25 Td ( until May 2016 \(net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (rent inducements\), and adjusted to the prevailing market rates for each of the three subsequent five-year terms. GRIL) Tj ET Q q 0 0 0 rg BT 518.07 265.25 Td ( has the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (option to terminate the lease agreement in 2016 and 2021. ) Tj ET Q q 0 0 0 rg BT 284.47 253.25 Td (The minimum lease payment obligations are included in the above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (table under operating lease obligations and in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.05 241.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.05 241.25 Td ( to the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.36 241.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 241.25 Td ( financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 229.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 217.25 Td (The Company has entered into a service agreement with a specialist service provider for the provision of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (administration and support in developing and maintaining business relationships, reviewing and recommending programs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (managing risks relating to certain specialty lines of business. ) Tj ET Q q 0 0 0 rg BT 295.32 193.25 Td (The specialist service provider does not have any authority to bind ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (the Company to any reinsurance contracts. Under the terms of the agreement, the Company has committed to quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (payments to the specialist service provider) Tj ET Q q 0 0 0 rg BT 219.67 169.25 Td (. If the agreement is terminated, the Company is obligated to make minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (payments for twelve months starting on September 1 of the year in which the agreement is terminated,to ensurecontracts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (which theCompany is boundare adequately administered by the specialistservice provider) Tj ET Q q 0 0 0 rg BT 415.45 145.25 Td (. ) Tj ET Q q 0 0 0 rg BT 420.27 145.25 Td (The minimum payments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (included in the above table under specialist service agreement and in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.33 133.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.33 133.25 Td ( to the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.64 133.25 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.89 133.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 97.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 95.26 97.25 Td (fective January 1, 2014, the Company and its reinsurance subsidiaries wereparty to a joint venture agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (DME ) Tj ET Q q 0 0 0 rg BT 74.17 85.25 Td (Advisors under which the Company) Tj ET Q q 0 0 0 rg BT 217.94 85.25 Td (, its reinsurance subsidiariesand DME are participants of a joint venture for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (purpose of managing certain jointly held assets \(the "venture agreement"\). In addition, the Company) Tj ET Q q 0 0 0 rg BT 451.01 73.25 Td (, its reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (subsidiaries and DME have entered into a separate investment advisory agreement with DME ) Tj ET Q q 0 0 0 rg BT 426.84 61.25 Td (Advisors \(the "advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (agreement"\). ) Tj ET Q q 0 0 0 rg BT 103.87 49.25 Td (The term of the venture agreement and the advisory agreement is January 1, 2014 through December 31, 2016, ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (with automatic three-year renewals unless 90 days prior to the end of the then current term, either DME notifies the other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (participants of its desire to terminate the venture agreement or any other participant notifies DME of its desire to withdraw ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (from the venture agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (Pursuant to the venture agreement, we pay DME ) Tj ET Q q 0 0 0 rg BT 282.89 694.10 Td (Advisors a monthly management fee of 0.125% on our share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (assets managed by DME ) Tj ET Q q 0 0 0 rg BT 151.09 682.10 Td (Advisors and we provide DME a performance allocation equal to 20% of the net profit, calculated per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (annum, of the Company) Tj ET Q q 0 0 0 rg BT 149.43 670.10 Td (s share of the capital account managed by DME ) Tj ET Q q 0 0 0 rg BT 342.97 670.10 Td (Advisors, subject to a loss carry forward provision. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (The loss carryforward provision allows DME to earn a reduced performance allocation of 10% of profits in any year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (subsequent to the year in which the investment account incurs a loss, until all the losses are recouped and an additional amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (equal to 150% of the aggregateinvestment loss is earned. DME is not entitled to earn a performance allocation in a year in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (which the investment portfolio incurs a loss. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.08 622.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.49 622.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.49 622.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.49 622.10 Td ( performance allocation was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (recorded due to the net investment loss for the period. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.10 610.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.51 610.10 Td (, management fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.53 610.10 Td ($5.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 598.10 Td ( were recorded in net investment loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (In February 2007, we entered into a service agreement with DME ) Tj ET Q q 0 0 0 rg BT 350.91 574.10 Td (Advisors pursuant to which DME ) Tj ET Q q 0 0 0 rg BT 487.85 574.10 Td (Advisors will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (provide investor relations services to us for compensation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.11 562.10 Td (five thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.26 562.10 Td ( dollars per month plus expenses. ) Tj ET Q q 0 0 0 rg BT 483.89 562.10 Td (The service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (agreement had an initial term of one year) Tj ET Q q 0 0 0 rg BT 214.25 550.10 Td (, and continues for sequential one-year periods until terminated by us or DME ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Advisors. Either party may terminate the service agreement for any reason with 30 days prior written notice to the other party) Tj ET Q q 0 0 0 rg BT 551.68 538.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Off-Balance Sheet Financing ) Tj ET Q q 0 0 0 rg BT 174.72 514.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 490.10 Td (e have no obligations, assets or liabilities, other than those derivatives in our investment portfolio that are disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 478.10 Td (condensed consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.24 478.10 Td ( financial statements, which would be considered of) Tj ET Q q 0 0 0 rg BT 377.78 478.10 Td (f-balance sheet arrangements. ) Tj ET Q q 0 0 0 rg BT 499.20 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 507.84 478.10 Td (e do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred toas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (variable interest entities, which would have been established for the purpose of facilitating of) Tj ET Q q 0 0 0 rg BT 422.48 454.10 Td (f-balance sheet arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Item 3.QUANTIT) Tj ET Q q 0 0 0 rg BT 135.92 418.10 Td (A) Tj ET Q q 0 0 0 rg BT 142.40 418.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 168.80 418.10 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 231.68 418.10 Td (A) Tj ET Q q 0 0 0 rg BT 238.16 418.10 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 337.64 418.10 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 373.02 418.10 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 420.34 418.10 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 394.10 Td (e believe we are principally exposed to the following types of market risk:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 362.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.00 362.17 Td (equity price risk;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 348.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 334.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.00 334.17 Td (commodity price risk;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 320.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 306.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.00 306.17 Td (foreign currency risk;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 292.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 278.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.00 278.17 Td (interest rate risk;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 264.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 250.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.00 250.17 Td (credit risk; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 235.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 220.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.00 220.27 Td (political risk.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 204.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 192.10 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 168.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 168.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 168.10 Td (, our investment portfolio consisted of long and short equity securities, along with certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (equity-based derivative instruments, the carrying values of which are primarily based on quoted market prices. Generally) Tj ET Q q 0 0 0 rg BT 533.91 156.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (market prices of common equity securities are subject to fluctuation, which could cause the amount to be realized upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (closing of the position to dif) Tj ET Q q 0 0 0 rg BT 162.87 132.10 Td (fer significantly from their current reported value. ) Tj ET Q q 0 0 0 rg BT 364.82 132.10 Td (This risk is partly mitigated by the presence of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (both long and short equity securities. ) Tj ET Q q 0 0 0 rg BT 199.70 120.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.15 120.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.74 120.10 Td (, a 10% decline in the price of each of these listed equity securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (and equity-based derivative instruments would result in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.61 108.10 Td ($17.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.50 108.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.33 108.10 Td (1.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.16 108.10 Td (, decline in the fair value of our total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (investment portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 72.10 Td (Computations of the prospective ef) Tj ET Q q 0 0 0 rg BT 226.34 72.10 Td (fects of hypothetical equity price changes are based on numerous assumptions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (including the maintenance of the existing level and composition of investment securities and should not be relied on as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (indicative of future results.) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 725.10 Td (Commodity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 708.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 124.77 708.10 Td (, market prices of commodities are subject to fluctuation. Our investment portfolio periodically includes long ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (or short investments in commodities or in derivatives directly impacted by fluctuations in the prices of commodities. ) Tj ET Q q 0 0 0 rg BT 518.24 696.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 684.10 Td (, our investment portfolio included exposure to changes in gold prices, through ownership of physical gold. ) Tj ET Q q 0 0 0 rg BT 544.91 684.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 672.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.43 672.10 Td (, a 10% decline in the price of gold would have resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.41 672.10 Td ($14.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.30 672.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.13 672.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.96 672.10 Td (, decline in the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (of our total investment portfolio. ) Tj ET Q q 0 0 0 rg BT 183.13 660.10 Td (W) Tj ET Q q 0 0 0 rg BT 191.77 660.10 Td (e, along with our investment advisor) Tj ET Q q 0 0 0 rg BT 337.45 660.10 Td (, periodically monitor our exposure to any other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (commodity price fluctuations and generally do not expect changes in commodity prices to have a materially adverse impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 607.10 Td (For) Tj ET Q q 0 0 0 rg BT 101.37 607.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 143.12 607.10 Td (ency Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 583.10 Td (Certain of our reinsurance contracts provide that ultimate losses may be payable or calculatedin foreign currencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (depending on the country of original loss. Foreign currency exchange rate risk exists to the extent that there is an increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (exchange rate of the foreign currency in which losses are ultimately owed. ) Tj ET Q q 0 0 0 rg BT 349.61 559.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.05 559.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 559.10 Td (, we had loss reserves \(case ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (reserves and IBNR\) reported in foreign currencies of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.80 547.10 Td (26.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.70 547.10 Td (. ) Tj ET Q q 0 0 0 rg BT 322.14 547.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.59 547.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.19 547.10 Td (, a 10% decrease in the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (against the GBP) Tj ET Q q 0 0 0 rg BT 114.62 535.10 Td (\(all else being constant\) would result in additional estimated loss reserves of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.82 535.10 Td ($3.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.72 535.10 Td ( and a corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (foreign exchange loss. ) Tj ET Q q 0 0 0 rg BT 141.64 523.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 193.75 523.10 Td (, a 10% increase in the U.S dollar against the GBP) Tj ET Q q 0 0 0 rg BT 394.26 523.10 Td (,would result in a reduction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.79 523.10 Td ($3.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 511.10 Td ( in our recorded loss reserves and a corresponding foreign exchange gain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 487.10 Td (While we do not seek to specifically match our liabilities under reinsurance policies that are payable in foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (currencies with investments denominated in such currencies, we continually monitor our exposure to potential foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (losses and would consider the use of forward foreign currency exchange contracts in an ef) Tj ET Q q 0 0 0 rg BT 410.24 463.10 Td (fort to mitigate against adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (foreign currency movements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 427.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 427.10 Td (e are also exposed to foreign currency risk through cash, forwards, options and investments in securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (denominated in foreign currencies. Foreign currency exchange rate risk is the potential for adverse changes in the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (value of investments \(long and short\),speculative foreigncurrency options and cash positions due to achange in the exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (rate of the foreign currency in whichcash and financial instrumentsare denominated. ) Tj ET Q q 0 0 0 rg BT 393.76 391.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.20 391.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 391.10 Td (, some of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (currency exposure resulting fromforeign denominated securities \(longs and shorts\) was reduced by of) Tj ET Q q 0 0 0 rg BT 458.31 379.10 Td (fsetting cash balances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (denominated in the corresponding foreign currencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 343.10 Td (The following table summarizes the net impact that a 10% increase and decrease in the value of the U.S. dollar against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (select foreign currencies would have on the value of our investment portfolio as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.67 331.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.27 331.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 246.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 246.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 246.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 246.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 246.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 216.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 216.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 216.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 216.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 216.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 186.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 186.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 186.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 186.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 186.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 156.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 156.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 156.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 156.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 156.60 84.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 305.6 m 297.5 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 305.6 m 301.5 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 305.6 m 385.5 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 305.6 m 473.5 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 305.6 m 477.5 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 305.6 m 561.5 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 261.6 m 297.5 261.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 261.6 m 385.5 261.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 261.6 m 473.5 261.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 261.6 m 561.5 261.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 246.60000000000002 m 297.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 246.60000000000002 m 301.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 246.60000000000002 m 385.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 246.60000000000002 m 389.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 246.60000000000002 m 473.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 246.60000000000002 m 477.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 246.60000000000002 m 561.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 246.60000000000002 m 385.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 246.60000000000002 m 473.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 246.60000000000002 m 561.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 156.60000000000002 m 297.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 142.60000000000002 m 297.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 140.60000000000002 m 297.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 156.60000000000002 m 385.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 142.60000000000002 m 385.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 140.60000000000002 m 385.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 156.60000000000002 m 473.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 142.60000000000002 m 473.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 140.60000000000002 m 473.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 156.60000000000002 m 561.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 142.60000000000002 m 561.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 140.60000000000002 m 561.5 140.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.30 310.28 Td (10% increase in U.S. dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 310.28 Td (10% decrease in U.S. dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 266.28 Td (Foreign Currency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.15 276.28 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.65 266.28 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.25 296.28 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.25 286.28 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 276.28 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.35 266.28 Td (portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 276.28 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 266.28 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.25 296.28 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.25 286.28 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 276.28 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.35 266.28 Td (portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 251.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 251.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 236.27 Td (Argentine Peso) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.80 236.27 Td (\(2,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 236.27 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 236.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 236.27 Td (2,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 236.27 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 236.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 221.27 Td (Brazilian Real) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 221.27 Td (1,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 221.27 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 221.32 Td (\(1,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 221.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 221.27 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 221.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 206.27 Td (British Pound) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.80 206.27 Td (\(1,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 206.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 206.27 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 206.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 206.27 Td (1,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 206.27 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 191.27 Td (Chinese Yuan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 191.27 Td (32,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 191.27 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 191.32 Td (\(3,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 191.27 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 176.27 Td (Japanese Yen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 176.27 Td (15,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 176.27 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 176.32 Td (\(14,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 176.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 176.27 Td (\(1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 176.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 161.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 161.27 Td (957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 161.27 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 161.32 Td (\(957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 161.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 161.27 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 161.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 146.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.00 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 146.27 Td (46,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 146.27 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 146.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 146.32 Td (\(15,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 146.27 Td (\(1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 146.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (Computations of the prospective ef) Tj ET Q q 0 0 0 rg BT 226.34 118.10 Td (fects of hypothetical currency price changes are based on numerous assumptions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (including the maintenance of the existing level and composition of investment securities denominated in foreign currencies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (related foreign currency instruments, and should not be relied on as indicative of future results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td () Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 107.48 742.25 Td (est Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (Our investment portfolio includes interest rate sensitive securities, such as corporate and sovereign debt instruments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (CDS, interest rate options and futures. ) Tj ET Q q 0 0 0 rg BT 205.35 706.25 Td (The primary market risk exposure for any debt instrument is interest rate risk.) Tj ET Q q 0 0 0 rg BT 518.04 706.25 Td (As interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (rates rise, the market value of our long fixed-income portfolio falls, and the opposite is also true as interest rates fall. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 682.25 Td (, some of our derivative investments may also be sensitive to interest rates and their value may indirectly fluctuate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (with changes in interest rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (The following table summarizes the impact that a 100 basis point increase or decrease in interest rateswould have on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (the value of our investment portfolio as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.07 634.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.67 634.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 530.75 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 530.75 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.00 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 530.75 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 530.75 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 530.75 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 500.75 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 500.75 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.00 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 500.75 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 500.75 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 500.75 84.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214 589.75 m 298 589.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298 589.75 m 302 589.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302 589.75 m 386 589.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390 589.75 m 474 589.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474 589.75 m 478 589.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478 589.75 m 562 589.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214 545.75 m 298 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302 545.75 m 386 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390 545.75 m 474 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478 545.75 m 562 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214 530.75 m 298 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298 530.75 m 302 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302 530.75 m 386 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 530.75 m 390 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390 530.75 m 474 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474 530.75 m 478 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478 530.75 m 562 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390 530.75 m 474 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478 530.75 m 562 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 500.75 m 298 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 486.75 m 298 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 484.75 m 298 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 500.75 m 386 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 486.75 m 386 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 484.75 m 386 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 500.75 m 474 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 486.75 m 474 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 484.75 m 474 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 500.75 m 562 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 486.75 m 562 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 484.75 m 562 484.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.15 604.43 Td (100 basis pointincrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.25 594.43 Td (in interest rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.30 604.43 Td (100 basis point decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.25 594.43 Td (in interest rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.65 560.43 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 550.43 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.75 580.43 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.75 570.43 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 560.43 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.85 550.43 Td (portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 560.43 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 550.43 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.75 580.43 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.75 570.43 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 560.43 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.85 550.43 Td (portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 535.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.80 535.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 520.42 Td (Debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 520.42 Td (16,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 520.42 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 520.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 520.47 Td (\(17,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 520.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 520.42 Td (\(1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 520.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 505.42 Td (Credit default swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 505.42 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 505.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 505.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 505.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 505.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 490.42 Td (Net exposure to interest rate risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.50 490.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 490.42 Td (16,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 490.42 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 490.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 490.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 490.47 Td (\(17,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 490.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 490.42 Td (\(1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 490.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 462.25 Td (For the purposes of the above table, the hypotheticalimpact of changes in interest rateson debt instruments,CDS, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (interest rateoptions and futureswas determinedbased on the interest rates applicableto eachinstrument individually) Tj ET Q q 0 0 0 rg BT 517.54 450.25 Td (. ) Tj ET Q q 0 0 0 rg BT 522.36 450.25 Td (W) Tj ET Q q 0 0 0 rg BT 531.00 450.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (periodically monitor our net exposure to interest rate risk and generally do not expect changes in interest rates to have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.25 Td (materially adverse impact on our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 414.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 402.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 97.48 402.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 378.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 378.25 Td (e are exposed to credit risk primarily from the possibility that counterparties may default on their obligations to us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (The amount of the maximum exposure to credit risk is indicated by the carrying value of our financial assets including notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 95.90 354.25 Td (W) Tj ET Q q 0 0 0 rg BT 104.54 354.25 Td (e evaluate the financial condition of our notes receivable counterparties and monitor our exposure to them on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (regular basis. ) Tj ET Q q 0 0 0 rg BT 105.63 342.25 Td (W) Tj ET Q q 0 0 0 rg BT 114.27 342.25 Td (e are also exposed to credit risk from our business partners and clients relating to balances receivable under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (reinsurance contracts, including premiums receivable, losses recoverable and commission adjustments recoverable. ) Tj ET Q q 0 0 0 rg BT 513.54 330.25 Td (W) Tj ET Q q 0 0 0 rg BT 522.18 330.25 Td (e monitor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (the collectability of these balances on a regular basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 294.25 Td (In addition, the securities, commodities, and cash in our investment portfolio are heldwith several prime brokers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.25 Td (subjecting us to the related credit risk from the possibility that one or more of them may default on their obligations to us. ) Tj ET Q q 0 0 0 rg BT 539.16 282.25 Td (W) Tj ET Q q 0 0 0 rg BT 547.80 282.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.25 Td (closely and regularly monitor our concentration of credit risk with each prime broker andif necessary) Tj ET Q q 0 0 0 rg BT 456.15 270.25 Td (,transfer cash or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (securities between prime brokers todiversify and mitigateour credit risk.Other than our investment in derivative contracts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (corporate debt, if any) Tj ET Q q 0 0 0 rg BT 134.87 246.25 Td (, and the fact that our investments and majority of cash balances are held by prime brokers on our behalf, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.25 Td (we have no other significant concentrations of credit risk. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 210.25 Td (Political Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 186.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 186.25 Td (e are exposed to political risk to the extent that we underwrite business from entities located in foreign markets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.25 Td (to the extent that DME ) Tj ET Q q 0 0 0 rg BT 143.59 174.25 Td (Advisors, on our behalf and subject to our investment guidelines, trades securities that are listed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.25 Td (various U.S. and foreign exchanges and markets. ) Tj ET Q q 0 0 0 rg BT 248.10 162.25 Td (The governments in any of these jurisdictions could impose restrictions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.25 Td (regulations or other measures, which may have a material adverse impact on our underwriting operations and investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 81.01 138.25 Td (. ) Tj ET Q q 0 0 0 rg BT 85.83 138.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.46 138.25 Td (e currently do not writepolitical risk coverage on our insurance contracts; however) Tj ET Q q 0 0 0 rg BT 426.72 138.25 Td (, changes in governmentlaws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.25 Td (and regulations may impact our underwriting operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.25 Td () Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 4. CONTROLS ) Tj ET Q q 0 0 0 rg BT 148.06 742.25 Td (AND PROCEDURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 98.82 718.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 131.13 718.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 174.29 718.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 203.55 718.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.25 Td (As required by Rules 13a-15 and 15d-15 of the Exchange ) Tj ET Q q 0 0 0 rg BT 309.16 694.25 Td (Act, the Company has evaluated, with the participation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (management, including the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 238.65 682.25 Td (ficer and the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 365.92 682.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 383.83 682.25 Td (, the ef) Tj ET Q q 0 0 0 rg BT 411.14 682.25 Td (fectiveness of its disclosure controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (and procedures \(as defined in such rules\) as of the end of the period covered by this report. Based on such evaluation, the Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 658.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 658.25 Td (ficer concluded that the Company) Tj ET Q q 0 0 0 rg BT 353.69 658.25 Td (s disclosure controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 523.45 658.25 Td (fective to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (ensure that information required to be disclosed by the Company in reports prepared in accordance with the rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (regulations of theSEC is recorded, processed, summarized and reported within the time periods specified by the SEC) Tj ET Q q 0 0 0 rg BT 522.93 634.25 Td (s rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (information required to be disclosed by an issuer in the reports that it files or submits under the Exchange ) Tj ET Q q 0 0 0 rg BT 474.07 610.25 Td (Act is accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (and communicated to the issuer) Tj ET Q q 0 0 0 rg BT 177.00 598.25 Td () Tj ET Q q 0 0 0 rg BT 179.78 598.25 Td (s management, including its principal executive of) Tj ET Q q 0 0 0 rg BT 381.48 598.25 Td (ficer and principal financial of) Tj ET Q q 0 0 0 rg BT 502.91 598.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 520.83 598.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.25 Td (Our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 284.81 562.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 397.37 562.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 415.28 562.25 Td (, does not expect that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 550.25 Td (s disclosure controls and procedures will prevent all errors and all frauds. ) Tj ET Q q 0 0 0 rg BT 386.86 550.25 Td (A) Tj ET Q q 0 0 0 rg BT 393.53 550.25 Td ( control system, no matter how well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Further) Tj ET Q q 0 0 0 rg BT 79.04 526.25 Td (, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (provide absolute assurance that all control issues and instances of fraud, if any) Tj ET Q q 0 0 0 rg BT 362.87 502.25 Td (, within the Company have been detected. ) Tj ET Q q 0 0 0 rg BT 532.91 502.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (because of simple error or mistake.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.90 454.25 Td (, controls can be circumvented by the individual acts of some persons, by collusion of two or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (people, or by management override of the control. ) Tj ET Q q 0 0 0 rg BT 253.08 442.25 Td (The design of any system of controls also is based, in part, upon certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 394.25 Td (fective control system, misstatements due to error or fraud may occur and not be detected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 370.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 171.89 370.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 203.64 370.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.25 Td (There have been no changes in the Company) Tj ET Q q 0 0 0 rg BT 259.44 346.25 Td (s internal control over financial reporting during the fiscal quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 334.25 Td ( that have materially af) Tj ET Q q 0 0 0 rg BT 205.60 334.25 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 392.55 334.25 Td (fect, the Company) Tj ET Q q 0 0 0 rg BT 468.92 334.25 Td (s internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (financial reporting.) Tj ET Q q 0 0 0 rg BT 128.96 322.25 Td (The Company continues to review its disclosure controls and procedures, including its internal controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (over financial reporting, and may from time to time make changes aimed at enhancing their ef) Tj ET Q q 0 0 0 rg BT 426.34 310.25 Td (fectiveness and to ensure that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 298.25 Td (s systems evolve with its business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.20 262.25 Td (P) Tj ET Q q 0 0 0 rg BT 229.57 262.25 Td (AR) Tj ET Q q 0 0 0 rg BT 243.66 262.25 Td (T) Tj ET Q q 0 0 0 rg BT 250.15 262.25 Td ( II OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 362.19 262.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Item 1.LEGAL) Tj ET Q q 0 0 0 rg BT 124.45 238.25 Td ( PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (From time to time, in the normal course of business, we may be involved in formal and informal dispute resolution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (procedures, which may include arbitration or litigation, the outcomes of which determine our rights and obligations under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (reinsurance contracts and other contractual agreements. In some disputes, we may seek to enforce our rights under an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (agreement or to collect funds owing to us. In other matters, we may resist attempts by others to collect funds or enforce alleged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (rights. ) Tj ET Q q 0 0 0 rg BT 77.60 166.25 Td (While the final outcome of legal disputes cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 380.45 166.25 Td (, we do not believe that any of our existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (contractual disputes, when finally resolved, will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 348.59 154.25 Td (fect on our business, financial condition or operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (Item 1A.RISK F) Tj ET Q q 0 0 0 rg BT 122.03 118.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 142.96 118.25 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.25 Td (Factors that could cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 276.87 94.25 Td (fer materially from those in this report are any of the risks described in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (Item 1A) Tj ET Q q 0 0 0 rg BT 82.50 82.25 Td ( "Risk Factors" included in our ) Tj ET Q q 0 0 0 rg BT 208.43 82.25 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.92 82.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 82.25 Td (, as filed with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (the SEC. ) Tj ET Q q 0 0 0 rg BT 87.50 70.25 Td (Any of these factors could result in a significant or material adverse ef) Tj ET Q q 0 0 0 rg BT 368.89 70.25 Td (fect on our results of operations or financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 92.22 58.25 Td (Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (or results of operations.) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 730.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 730.10 Td (, there have been no material changes to the risk factors disclosed in Item 1A) Tj ET Q q 0 0 0 rg BT 481.44 730.10 Td ( "Risk Factors" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (included in our ) Tj ET Q q 0 0 0 rg BT 112.49 718.10 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.98 718.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.57 718.10 Td (, as filed with the SEC. ) Tj ET Q q 0 0 0 rg BT 506.38 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 515.01 718.10 Td (e may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Item 2.UNREGISTERED SALES OF) Tj ET Q q 0 0 0 rg BT 220.21 682.10 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 261.79 682.10 Td ( SECURITIES ) Tj ET Q q 0 0 0 rg BT 326.82 682.10 Td (AND USE OF) Tj ET Q q 0 0 0 rg BT 386.46 682.10 Td ( PROCEEDS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 658.10 Td (August 5, 2008, our board of directors adopted a share repurchase plan authorizing the Company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (repurchaseClass ) Tj ET Q q 0 0 0 rg BT 119.42 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 126.09 646.10 Td ( ordinary shares. From time to time, the repurchase plan has been modified at the election of our Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Directors. On ) Tj ET Q q 0 0 0 rg BT 106.38 634.10 Td (April 29, 2015, our Board of Directors amended the share repurchase plan to extend the duration of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (repurchase plan to June 30, 2016 and reinstated the authorization for the Company to purchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.77 622.10 Td (2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.67 622.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 523.78 622.10 Td (A) Tj ET Q q 0 0 0 rg BT 530.45 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (ordinary shares or securities convertible into Class ) Tj ET Q q 0 0 0 rg BT 254.12 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 260.79 610.10 Td ( ordinary shares in the open market, through privately negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (transactions or Rule 10b5-1 stock trading plans. ) Tj ET Q q 0 0 0 rg BT 243.30 598.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.74 598.10 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.34 598.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.34 598.10 Td (2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.23 598.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 406.35 598.10 Td (A) Tj ET Q q 0 0 0 rg BT 413.02 598.10 Td ( ordinaryshares remained authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (for repurchase under the repurchase plan.) Tj ET Q q 0 0 0 rg BT 217.79 586.10 Td (The Company is not required to make any repurchase of Class ) Tj ET Q q 0 0 0 rg BT 469.12 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 475.79 586.10 Td ( ordinary shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (the repurchase plan may be modified, suspended or terminated at any time without prior notice. No Class ) Tj ET Q q 0 0 0 rg BT 472.94 574.10 Td (A) Tj ET Q q 0 0 0 rg BT 479.61 574.10 Td ( ordinary shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (were repurchased by the Company during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.66 562.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.07 562.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Item 3. DEF) Tj ET Q q 0 0 0 rg BT 109.25 538.10 Td (AUL) Tj ET Q q 0 0 0 rg BT 129.44 538.10 Td (TS UPON SENIOR SECURITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (Not applicable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Item 4. MINE SAFETY) Tj ET Q q 0 0 0 rg BT 158.79 490.10 Td ( DISCLOSURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (Not applicable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Item 5. OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 176.75 442.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 418.10 Td (None.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Item 6.EXHIBITS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 362.17 Td (12.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 362.17 Td (Ratio of Earnings to Fixed Charges and Preferred Share Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 347.17 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 347.17 Td (Certification of the Chief Executive Officer filed hereunder pursuant to Section 302 of the Sarbanes Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 332.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 332.17 Td (Certification of the Chief Financial Officer filed hereunder pursuant to Section 302 of the Sarbanes Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 317.17 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 316.27 Td (Certification of the Chief Executive Officer filed hereunder pursuant to Section 906 of the Sarbanes Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 306.27 Td (\(*\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 292.17 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 292.17 Td (Certification of the Chief Financial Officer filed hereunder pursuant to Section 906 of the Sarbanes Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 282.17 Td (\(*\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 267.17 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 267.17 Td (The following materials from the Companys Quarterly Report on Form10-Q for the three months ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 257.17 Td (2015 formatted in XBRL \(eXtensible Business Reporting Language\): \(i\)the Condensed Consolidated Balance Sheets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 247.17 Td (\(ii\)the CondensedConsolidated Statements of Income; \(iii\)the CondensedConsolidated Statements of Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 237.17 Td (Equity; \(iv\)the Condensed Consolidated Statements of Cash Flows; and \(v\)the Notes to Condensed Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 227.17 Td (Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 190.17 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.17 Td (Furnished herewith.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td () Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 156.083984375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (Return to table of contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 718.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 718.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 312.05 682.25 Td (Act of 1934, the Registrant has duly caused this report to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 594.75 m 468.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 486.75 m 468.5 486.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 638.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.00 638.43 Td (GREENLIGHT CAPITAL RE, LTD.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 624.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 624.32 Td (\(Registrant\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 599.42 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 599.42 Td (/s/BARTON HEDGES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 555.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 575.42 Td (Barton Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 565.42 Td (Director & Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 555.42 Td (\(principal executive officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 541.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 541.32 Td (May 4, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 491.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 491.42 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 491.42 Td (/s/TIM COURTIS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 466.42 Td (Tim Courtis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 456.42 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 446.42 Td (\(principal financial and accounting officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 432.32 Td (May 4, 2015) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 510.3 740.68505859375 m 561.9796875 740.68505859375 l s q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 12.1) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 111.8 716.68505859375 m 500.10078125 716.68505859375 l s q 0 0 0 rg BT 111.80 718.25 Td (RA) Tj ET Q q 0 0 0 rg BT 125.50 718.25 Td (TIO OF) Tj ET Q q 0 0 0 rg BT 159.86 718.25 Td ( EARNINGS ) Tj ET Q q 0 0 0 rg BT 217.46 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.95 718.25 Td (O FIXED CHARGES ) Tj ET Q q 0 0 0 rg BT 319.25 718.25 Td (AND PREFERRED SHARE DIVIDENDS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (The following table sets forth our consolidated ratios:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 621.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 621.75 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 621.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 621.75 142.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 621.75 m 415.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 621.75 m 561.5 621.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 640.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.10 650.43 Td (Three months ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.00 640.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.10 650.43 Td (Three months ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 640.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 626.48 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 626.48 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 611.42 Td (Ratio of Earnings to Fixed Charges \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 611.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 611.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 596.42 Td (Deficiency of Earnings to Fixed Charges \($000\) \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.90 596.42 Td (\(13,911\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 596.42 Td (\(871\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.98 568.25 Td (The ratio of earnings to fixed char) Tj ET Q q 0 0 0 rg BT 200.41 568.25 Td (ges was determined by dividing consolidated earnings by total fixed char) Tj ET Q q 0 0 0 rg BT 492.37 568.25 Td (ges. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (purposes of the ratios of earnings to fixed char) Tj ET Q q 0 0 0 rg BT 235.87 556.25 Td (ges \(i\) earnings consist of consolidated net income before considering income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (taxes, minority interest and fixed char) Tj ET Q q 0 0 0 rg BT 201.44 544.25 Td (ges and \(ii\) fixed char) Tj ET Q q 0 0 0 rg BT 288.99 544.25 Td (ges consist of interest on indebtedness, interest expense on funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (withheld from reinsurers and that portion of rent expense that is deemed by our management to be an appropriate interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (factor) Tj ET Q q 0 0 0 rg BT 72.76 520.25 Td (. ) Tj ET Q q 0 0 0 rg BT 77.58 520.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.22 520.25 Td (e have estimated that one-third of rent expense represents a reasonable approximation of the interest factor) Tj ET Q q 0 0 0 rg BT 511.88 520.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (\(2\) No preferred shares were outstanding during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.93 496.25 Td (three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.77 496.25 Td (,and no preferred share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (dividends were paid during those periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (\(3\) For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.27 460.25 Td (three months ended March 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.12 460.25 Td (, earnings were insuf) Tj ET Q q 0 0 0 rg BT 362.24 460.25 Td (ficient to cover fixed char) Tj ET Q q 0 0 0 rg BT 465.34 460.25 Td (ges by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.67 460.25 Td ($13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.56 460.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 448.25 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.83 448.25 Td (. ) Tj ET Q q 0 0 0 rg BT 120.65 448.25 Td (This was lar) Tj ET Q q 0 0 0 rg BT 169.35 448.25 Td (gely due to unrealized losses incurred on investments during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.73 448.25 Td (three months ended March 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 436.25 Td (. ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td ( 31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.46 742.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.65 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 278.41 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 312.67 718.25 Td (TION OF) Tj ET Q q 0 0 0 rg BT 354.25 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.60 706.25 Td (CHIEF) Tj ET Q q 0 0 0 rg BT 258.90 706.25 Td ( EXECUTIVE OFFICER OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 694.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 694.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 694.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 694.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 694.25 Td (TD.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (I, Barton Hedges, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 650.32 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 645.37 Td (I have reviewed this quarterly report on Form 10-Q of Greenlight Capital Re, Ltd.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 636.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 616.32 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 616.32 Td (Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 606.32 Td (state a material fact necessary to make the statements made, in light of the circumstances under which) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 596.32 Td (such statements were made, not misleading with respect to the periods covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 592.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 572.32 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 572.32 Td (Based on my knowledge, the financial statements, and other financial information included in this report,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 562.32 Td (fairly present in all material respects the financial condition, results of operations and cash flows of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 552.32 Td (registrant as of, and for, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 528.32 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 528.32 Td (The registrants other certifying officers and I are responsible for establishing and maintaining disclosure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 518.32 Td (controls and procedures \(as defined in Exchange Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 508.32 Td (over financial reporting \(as defined in Exchange Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 498.32 Td (and have:) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 470.25 Td (a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 458.25 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 446.25 Td (subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 434.25 Td (being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 410.25 Td (b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 398.25 Td (be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 386.25 Td (the preparation of financial statements for external purposes in accordance with generally accepted accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 374.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 350.25 Td (c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 161.05 350.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 274.07 350.25 Td (s disclosure controls and procedures and presented in this report our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 338.25 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 182.74 338.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 326.25 Td (this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 302.25 Td (d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 305.66 302.25 Td (s internal control over financial reporting that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 290.25 Td (the registrant) Tj ET Q q 0 0 0 rg BT 141.26 290.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 310.08 290.25 Td (s fourth fiscal quarter in the case of an annual report\) that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 278.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 136.63 278.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 318.04 278.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 393.29 278.25 Td (s internal control over financial reporting; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 266.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 246.32 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 246.32 Td (The registrants other certifying officer and I have disclosed, based on our most recent evaluation of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 236.32 Td (internal control over financial reporting, to the registrants auditors and the audit committee of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 226.32 Td (registrants board of directors \(or persons performing the equivalent functions\):) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 198.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 95.72 198.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 186.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 296.57 186.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 369.32 186.25 Td (s ability to record, process, summarize and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 174.25 Td (report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 150.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 96.28 150.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 138.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 126.54 138.25 Td (s internal control over financial reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 101.75 m 534.5 101.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 106.32 Td (Dated:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 106.32 Td (May 4, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 106.32 Td (/s/ Barton Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 92.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 92.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 92.32 Td (Barton Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 78.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 78.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 78.32 Td (Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td () Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.85 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td ( 31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.65 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 278.41 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 312.67 718.25 Td (TION OF) Tj ET Q q 0 0 0 rg BT 354.25 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.25 706.25 Td (CHIEF) Tj ET Q q 0 0 0 rg BT 260.55 706.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 319.17 706.25 Td ( OFFICER OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 694.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 694.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 694.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 694.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 694.25 Td (TD.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 58.15 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 63.91 670.25 Td (im Courtis, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 650.32 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 645.37 Td (I have reviewed this quarterly report on Form 10-Q of Greenlight Capital Re, Ltd.;) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 616.32 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 616.32 Td (Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 606.32 Td (state a material fact necessary to make the statements made, in light of the circumstances under which) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 596.32 Td (such statements were made, not misleading with respect to the periods covered by this report;) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 572.32 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 572.32 Td (Based on my knowledge, the financial statements, and other financial information included in this report,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 562.32 Td (fairly present in all material respects the financial condition, results of operations and cash flows of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 552.32 Td (registrant as of, and for, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 528.32 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 528.32 Td (The registrants other certifying officers and I are responsible for establishing and maintaining disclosure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 518.32 Td (controls and procedures \(as defined in Exchange Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 508.32 Td (over financial reporting \(as defined in Exchange Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 498.32 Td (and have:) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 470.25 Td (a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 458.25 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 446.25 Td (subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 434.25 Td (being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 410.25 Td (b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 398.25 Td (be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 386.25 Td (the preparation of financial statements for external purposes in accordance with generally accepted accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 374.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 350.25 Td (c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 161.05 350.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 274.07 350.25 Td (s disclosure controls and procedures and presented in this report our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 338.25 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 182.74 338.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 326.25 Td (this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 302.25 Td (d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 305.66 302.25 Td (s internal control over financial reporting that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 290.25 Td (the registrant) Tj ET Q q 0 0 0 rg BT 141.26 290.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 310.08 290.25 Td (s fourth fiscal quarter in the case of an annual report\) that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 278.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 136.63 278.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 318.04 278.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 393.29 278.25 Td (s internal control over financial reporting; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 266.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 246.32 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 246.32 Td (The registrants other certifying officer and I have disclosed, based on our most recent evaluation of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 236.32 Td (internal control over financial reporting, to the registrants auditors and the audit committee of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 226.32 Td (registrants board of directors \(or persons performing the equivalent functions\):) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 198.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 95.72 198.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 186.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 296.57 186.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 369.32 186.25 Td (s ability to record, process, summarize and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 174.25 Td (report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 150.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 96.28 150.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 138.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 126.54 138.25 Td (s internal control over financial reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 89.75 m 556.5 89.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 94.32 Td (Dated:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 94.32 Td (May 4, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 94.32 Td (/s/ Tim Courtis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 80.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 80.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 80.32 Td (Tim Courtis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 66.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 66.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 66.32 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td ( 32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.65 730.25 Td (CER) Tj ET Q q 0 0 0 rg BT 278.41 730.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 312.67 730.25 Td (TION OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.60 718.25 Td (CHIEF) Tj ET Q q 0 0 0 rg BT 258.90 718.25 Td ( EXECUTIVE OFFICER OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 706.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 706.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 706.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 706.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 706.25 Td (TD.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.42 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (This certification is provided pursuant to Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 356.88 670.25 Td (Act of 2002 and accompanies the quarterly report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (on Form 10-Q \(the ) Tj ET Q q 0 0 0 rg BT 130.36 658.25 Td (Form 10-Q) Tj ET Q q 0 0 0 rg BT 181.00 658.25 Td (\) for the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.23 658.25 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.82 658.25 Td ( of Greenlight Capital Re, Ltd. \(the ) Tj ET Q q 0 0 0 rg BT 485.43 658.25 Td (Issuer) Tj ET Q q 0 0 0 rg BT 513.01 658.25 Td () Tj ET Q q 0 0 0 rg BT 515.60 658.25 Td (\).) 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