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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.70 476.10 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 319.11 476.10 Td (TED BY) Tj ET Q q 0 0 0 rg BT 354.57 476.10 Td ( REFERENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 452.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 100.25 452.10 Td (III ) Tj ET Q q 0 0 0 rg BT 113.39 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.86 452.10 Td (this ) Tj ET Q q 0 0 0 rg BT 141.76 452.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 174.34 452.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 204.71 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 217.85 452.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 242.66 452.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 266.36 452.10 Td (incorporates ) Tj ET Q q 0 0 0 rg BT 318.93 452.10 Td (by ) Tj ET Q q 0 0 0 rg BT 332.07 452.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 372.40 452.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 402.75 452.10 Td (information ) Tj ET Q q 0 0 0 rg BT 453.10 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 475.69 452.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 500.49 452.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 548.07 452.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 76.74 440.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 106.48 440.10 Td (Inc.'s ) Tj ET Q q 0 0 0 rg BT 129.69 440.10 Td (definitive ) Tj ET Q q 0 0 0 rg BT 170.25 440.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 192.49 440.10 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 218.63 440.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 260.86 440.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 293.64 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.66 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.74 440.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 350.42 440.10 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 385.99 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.56 440.10 Td (Stockholders ) Tj ET Q q 0 0 0 rg BT 451.02 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.04 440.10 Td (be ) Tj ET Q q 0 0 0 rg BT 472.72 440.10 Td (held ) Tj ET Q q 0 0 0 rg BT 492.18 440.10 Td (onMay ) Tj ET Q q 0 0 0 rg BT 525.26 440.10 Td (24, ) Tj ET Q q 0 0 0 rg BT 540.00 440.10 Td (2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.73 428.10 Td (will ) Tj ET Q q 0 0 0 rg BT 95.08 428.10 Td (be ) Tj ET Q q 0 0 0 rg BT 107.32 428.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 128.44 428.10 Td (with ) Tj ET Q q 0 0 0 rg BT 149.01 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.02 428.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 206.25 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.48 428.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 265.70 428.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 319.06 428.10 Td (within ) Tj ET Q q 0 0 0 rg BT 347.41 428.10 Td (120 ) Tj ET Q q 0 0 0 rg BT 365.21 428.10 Td (days ) Tj ET Q q 0 0 0 rg BT 386.33 428.10 Td (after ) Tj ET Q q 0 0 0 rg BT 407.44 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.45 428.10 Td (end ) Tj ET Q q 0 0 0 rg BT 439.68 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.81 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.82 428.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 490.27 428.10 Td (year ) Tj ET Q q 0 0 0 rg BT 510.27 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.84 428.10 Td (which ) Tj ET Q q 0 0 0 rg BT 548.08 428.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 81.44 416.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 111.16 416.10 Td (on ) Tj ET Q q 0 0 0 rg BT 123.66 416.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 147.83 416.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 170.88 416.10 Td (relates.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.35 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 169.28 730.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 212.52 730.25 Td ( CONTENTS ) Tj ET Q q 0 0 0 rg BT 272.36 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 278.85 730.25 Td (O ) Tj ET Q q 0 0 0 rg BT 288.57 730.25 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 330.80 730.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 367.95 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 374.44 730.25 Td ( ON FORM 10-K) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 707.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 673.90 Td () Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 543.4 672.83671875 m 558.95078125 672.83671875 l s q 0 0 0 rg BT 543.40 673.90 Td (Page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.52 Td (PART I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.52 Td (Item1.) 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10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 9 0 obj <><><><><><><><><><><><><><><>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 738.07 Td (PART III) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 710.07 Td (Item 10.) 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Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 531.7333984375 m 277.5224609375 531.7333984375 l s q 0 0 1 rg BT 102.00 533.07 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.07 Td (Item 16.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 503.7333984375 m 188.1083984375 503.7333984375 l s q 0 0 1 rg BT 102.00 505.07 Td (Form 10-K Summary) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 708.7333984375 m 559 708.7333984375 l s q 0 0 1 rg BT 549.00 710.07 Td (88) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 680.7333984375 m 559 680.7333984375 l s q 0 0 1 rg BT 549.00 682.07 Td (88) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 645.8333984375 m 559 645.8333984375 l s q 0 0 1 rg BT 549.00 647.17 Td (88) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 615.8333984375 m 559 615.8333984375 l s q 0 0 1 rg BT 549.00 617.17 Td (89) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 587.7333984375 m 559 587.7333984375 l s q 0 0 1 rg BT 549.00 589.07 Td (89) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 531.7333984375 m 559 531.7333984375 l s q 0 0 1 rg BT 549.00 533.07 Td (90) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 503.7333984375 m 559 503.7333984375 l s q 0 0 1 rg BT 549.00 505.07 Td (91) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.10 730.10 Td (Part I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 709.10 Td (Item 1. Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 676.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 676.10 Td (e ) Tj ET Q q 0 0 0 rg BT 89.34 676.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.31 676.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.51 676.10 Td (national ) Tj ET Q q 0 0 0 rg BT 146.49 676.10 Td (retailer ) Tj ET Q q 0 0 0 rg BT 177.56 676.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 217.54 676.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 251.40 676.10 Td (on ) Tj ET Q q 0 0 0 rg BT 264.16 676.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 293.59 676.10 Td (home ) Tj ET Q q 0 0 0 rg BT 318.57 676.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 366.04 676.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 388.24 676.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.44 676.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 435.41 676.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 482.89 676.10 Td (tools, ) Tj ET Q q 0 0 0 rg BT 507.60 676.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.80 676.10 Td (hardware ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.10 Td (at ) Tj ET Q q 0 0 0 rg BT 58.56 664.10 Td (our ) Tj ET Q q 0 0 0 rg BT 73.72 664.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 98.89 664.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.17 664.10 Td (on ) Tj ET Q q 0 0 0 rg BT 127.01 664.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.18 664.10 Td (websites. ) Tj ET Q q 0 0 0 rg BT 180.95 664.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.66 664.10 Td (W) Tj ET Q q 0 0 0 rg BT 191.30 664.10 Td (e ) Tj ET Q q 0 0 0 rg BT 197.57 664.10 Td (also ) Tj ET Q q 0 0 0 rg BT 215.52 664.10 Td (of) Tj ET Q q 0 0 0 rg BT 223.67 664.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 236.61 664.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.77 664.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 294.16 664.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.21 664.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 356.72 664.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.33 664.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 397.60 664.10 Td (home ) Tj ET Q q 0 0 0 rg BT 421.65 664.10 Td (appliance, ) Tj ET Q q 0 0 0 rg BT 464.30 664.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 485.58 664.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.85 664.10 Td (garden, ) Tj ET Q q 0 0 0 rg BT 533.40 664.10 Td (fitness, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.10 Td (bedding, ) Tj ET Q q 0 0 0 rg BT 85.86 652.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.94 652.10 Td (other ) Tj ET Q q 0 0 0 rg BT 124.14 652.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 166.31 652.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.29 652.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 228.46 652.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.55 652.10 Td (product ) Tj ET Q q 0 0 0 rg BT 276.74 652.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 318.92 652.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 366.10 652.10 Td (through ) Tj ET Q q 0 0 0 rg BT 398.85 652.10 Td (our ) Tj ET Q q 0 0 0 rg BT 413.83 652.10 Td (lease-to-own ) Tj ET Q q 0 0 0 rg BT 467.12 652.10 Td (program ) Tj ET Q q 0 0 0 rg BT 502.64 652.10 Td (that ) Tj ET Q q 0 0 0 rg BT 519.28 652.10 Td (we ) Tj ET Q q 0 0 0 rg BT 532.58 652.10 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.95 640.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 106.04 640.10 Td (with ) Tj ET Q q 0 0 0 rg BT 126.27 640.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.16 640.10 Td (third ) Tj ET Q q 0 0 0 rg BT 154.50 640.10 Td (party) Tj ET Q q 0 0 0 rg BT 174.39 640.10 Td (. ) Tj ET Q q 0 0 0 rg BT 179.34 640.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.25 640.10 Td (As ) Tj ET Q q 0 0 0 rg BT 194.82 640.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 640.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 254.14 640.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.14 640.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.59 640.10 Td (our ) Tj ET Q q 0 0 0 rg BT 292.38 640.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 343.70 640.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 374.46 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.35 640.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 438.78 640.10 Td (\("our ) Tj ET Q q 0 0 0 rg BT 461.97 640.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 492.74 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.62 640.10 Td (franchisees"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.09 628.10 Td (we ) Tj ET Q q 0 0 0 rg BT 79.91 628.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 116.48 628.10 Td (a ) Tj ET Q q 0 0 0 rg BT 123.07 628.10 Td (total ) Tj ET Q q 0 0 0 rg BT 143.00 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.48 628.10 Td (1,020 ) Tj ET Q q 0 0 0 rg BT 178.14 628.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 203.62 628.10 Td (across ) Tj ET Q q 0 0 0 rg BT 230.76 628.10 Td (all ) Tj ET Q q 0 0 0 rg BT 242.91 628.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 255.07 628.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 281.94 628.10 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 310.20 628.10 Td (Rico, ) Tj ET Q q 0 0 0 rg BT 333.74 628.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.33 628.10 Td (Bermuda. ) Tj ET Q q 0 0 0 rg BT 391.64 628.10 Td (In ) Tj ET Q q 0 0 0 rg BT 402.12 628.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 437.05 628.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.98 628.10 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 502.17 628.10 Td (we ) Tj ET Q q 0 0 0 rg BT 515.98 628.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 548.68 628.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 92.33 616.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.38 616.10 Td (access ) Tj ET Q q 0 0 0 rg BT 140.20 616.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.26 616.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.98 616.10 Td (full ) Tj ET Q q 0 0 0 rg BT 173.14 616.10 Td (suite ) Tj ET Q q 0 0 0 rg BT 194.31 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.92 616.10 Td (related ) Tj ET Q q 0 0 0 rg BT 234.40 616.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 271.38 616.10 Td (including ) Tj ET Q q 0 0 0 rg BT 311.44 616.10 Td (home ) Tj ET Q q 0 0 0 rg BT 335.93 616.10 Td (delivery) Tj ET Q q 0 0 0 rg BT 368.05 616.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.83 616.10 Td (installation, ) Tj ET Q q 0 0 0 rg BT 422.04 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.76 616.10 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 508.78 616.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 534.67 616.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.95 616.10 Td (In ) Tj ET Q q 0 0 0 rg BT 547.56 616.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 81.33 604.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 110.94 604.10 Td (on ) Tj ET Q q 0 0 0 rg BT 123.33 604.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 147.39 604.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 170.33 604.10 Td (we ) Tj ET Q q 0 0 0 rg BT 184.38 604.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 205.64 604.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.80 604.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 255.96 604.10 Td (as ) Tj ET Q q 0 0 0 rg BT 266.68 604.10 Td ("SHO," ) Tj ET Q q 0 0 0 rg BT 299.74 604.10 Td ("our ) Tj ET Q q 0 0 0 rg BT 319.54 604.10 Td (company) Tj ET Q q 0 0 0 rg BT 355.55 604.10 Td (," ) Tj ET Q q 0 0 0 rg BT 364.52 604.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.13 604.10 Td ("Company) Tj ET Q q 0 0 0 rg BT 421.45 604.10 Td (," ) Tj ET Q q 0 0 0 rg BT 430.42 604.10 Td ("we," ) Tj ET Q q 0 0 0 rg BT 455.13 604.10 Td ("our) Tj ET Q q 0 0 0 rg BT 472.15 604.10 Td (," ) Tj ET Q q 0 0 0 rg BT 481.12 604.10 Td (or ) Tj ET Q q 0 0 0 rg BT 491.84 604.10 Td ("us." ) Tj ET Q q 0 0 0 rg BT 513.78 604.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.00 604.10 Td (W) Tj ET Q q 0 0 0 rg BT 524.64 604.10 Td (e ) Tj ET Q q 0 0 0 rg BT 531.47 604.10 Td (became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (a ) Tj ET Q q 0 0 0 rg BT 58.35 592.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 95.54 592.10 Td (held ) Tj ET Q q 0 0 0 rg BT 117.17 592.10 Td (company ) Tj ET Q q 0 0 0 rg BT 158.24 592.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 212.64 592.10 Td (following ) Tj ET Q q 0 0 0 rg BT 255.94 592.10 Td (our ) Tj ET Q q 0 0 0 rg BT 273.68 592.10 Td (October ) Tj ET Q q 0 0 0 rg BT 310.31 592.10 Td (1) Tj ET Q q 0 0 0 rg BT 314.93 592.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 326.85 592.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 351.26 592.10 Td (separation ) Tj ET Q q 0 0 0 rg BT 396.77 592.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 416.73 592.10 Td ("Separation"\) ) Tj ET Q q 0 0 0 rg BT 475.40 592.10 Td (from ) Tj ET Q q 0 0 0 rg BT 499.26 592.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.33 592.10 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 100.33 580.10 Td (\("Sears ) Tj ET Q q 0 0 0 rg BT 131.90 580.10 Td (Holdings"\). ) Tj ET Q q 0 0 0 rg BT 180.98 580.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.48 580.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 556.10 Td (e ) Tj ET Q q 0 0 0 rg BT 87.99 556.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 118.84 556.10 Td (through ) Tj ET Q q 0 0 0 rg BT 151.36 556.10 Td (two ) Tj ET Q q 0 0 0 rg BT 167.78 556.10 Td (segmentsthe ) Tj ET Q q 0 0 0 rg BT 228.63 556.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 251.71 556.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 297.57 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.43 556.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 354.26 556.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 389.01 556.10 Td (\("Hometown"\) ) Tj ET Q q 0 0 0 rg BT 449.69 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.55 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.18 556.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 502.26 556.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 528.67 556.10 Td (segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (\("Outlet"\). ) Tj ET Q q 0 0 0 rg BT 94.72 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.63 544.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 116.08 544.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 163.43 544.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 189.66 544.10 Td (are ) Tj ET Q q 0 0 0 rg BT 204.77 544.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 243.22 544.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.91 544.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 287.36 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 303.59 544.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 347.04 544.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.73 544.10 Td (in-store ) Tj ET Q q 0 0 0 rg BT 401.18 544.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.52 544.10 Td (online ) Tj ET Q q 0 0 0 rg BT 446.42 544.10 Td (access ) Tj ET Q q 0 0 0 rg BT 474.86 544.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.54 544.10 Td (a ) Tj ET Q q 0 0 0 rg BT 492.89 544.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 515.23 544.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 553.67 544.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (national ) Tj ET Q q 0 0 0 rg BT 84.40 532.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 113.74 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.76 532.10 Td (home ) Tj ET Q q 0 0 0 rg BT 149.66 532.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 197.05 532.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 219.17 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.30 532.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 266.19 532.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 313.59 532.10 Td (tools, ) Tj ET Q q 0 0 0 rg BT 338.22 532.10 Td (sporting ) Tj ET Q q 0 0 0 rg BT 373.68 532.10 Td (goods, ) Tj ET Q q 0 0 0 rg BT 402.76 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.89 532.10 Td (household ) Tj ET Q q 0 0 0 rg BT 463.68 532.10 Td (goods, ) Tj ET Q q 0 0 0 rg BT 492.76 532.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 537.10 532.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.78 532.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 89.60 520.10 Td (store. ) Tj ET Q q 0 0 0 rg BT 113.33 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.12 520.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 132.46 520.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 159.25 520.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 184.37 520.10 Td (are ) Tj ET Q q 0 0 0 rg BT 198.37 520.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 235.71 520.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.28 520.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 277.62 520.10 Td (in-store ) Tj ET Q q 0 0 0 rg BT 309.95 520.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.18 520.10 Td (online ) Tj ET Q q 0 0 0 rg BT 352.97 520.10 Td (access ) Tj ET Q q 0 0 0 rg BT 380.30 520.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.87 520.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 427.19 520.10 Td (new) Tj ET Q q 0 0 0 rg BT 443.21 520.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.50 520.10 Td (one-of-a-kind, ) Tj ET Q q 0 0 0 rg BT 506.76 520.10 Td (out-of-carton, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (discontinued, ) Tj ET Q q 0 0 0 rg BT 105.33 508.10 Td (obsolete, ) Tj ET Q q 0 0 0 rg BT 143.38 508.10 Td (used, ) Tj ET Q q 0 0 0 rg BT 166.44 508.10 Td (reconditioned, ) Tj ET Q q 0 0 0 rg BT 226.15 508.10 Td (overstocked, ) Tj ET Q q 0 0 0 rg BT 279.19 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.85 508.10 Td (scratched ) Tj ET Q q 0 0 0 rg BT 335.83 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.50 508.10 Td (dented ) Tj ET Q q 0 0 0 rg BT 381.38 508.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 420.54 508.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 469.42 508.10 Td ("outlet-value ) Tj ET Q q 0 0 0 rg BT 523.48 508.10 Td (products" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (across ) Tj ET Q q 0 0 0 rg BT 78.04 496.10 Td (a ) Tj ET Q q 0 0 0 rg BT 86.03 496.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 112.34 496.10 Td (assortment ) Tj ET Q q 0 0 0 rg BT 159.22 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.10 496.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 225.18 496.10 Td (categories, ) Tj ET Q q 0 0 0 rg BT 271.76 496.10 Td (including ) Tj ET Q q 0 0 0 rg BT 313.08 496.10 Td (home ) Tj ET Q q 0 0 0 rg BT 338.85 496.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 387.10 496.10 Td (mattresses, ) Tj ET Q q 0 0 0 rg BT 434.80 496.10 Td (furniture, ) Tj ET Q q 0 0 0 rg BT 475.84 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.82 496.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 516.81 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.80 496.10 Td (garden ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 93.85 484.10 Td (at ) Tj ET Q q 0 0 0 rg BT 103.21 484.10 Td (value-oriented ) Tj ET Q q 0 0 0 rg BT 163.10 484.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 191.62 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.76 484.10 Td (See ) Tj ET Q q 0 0 0 rg BT 210.33 484.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 231.91 484.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 239.05 484.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.97 484.10 Td (our ) Tj ET Q q 0 0 0 rg BT 264.44 484.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 319.35 484.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 358.71 484.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 404.73 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.65 484.10 Td (this ) Tj ET Q q 0 0 0 rg BT 430.76 484.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 462.34 484.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 491.70 484.10 Td (on ) Tj ET Q q 0 0 0 rg BT 503.84 484.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 527.65 484.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 550.34 484.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (further ) Tj ET Q q 0 0 0 rg BT 79.21 472.10 Td (information ) Tj ET Q q 0 0 0 rg BT 128.92 472.10 Td (about ) Tj ET Q q 0 0 0 rg BT 153.64 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.47 472.10 Td (segments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 451.10 Td (The ) Tj ET Q q 0 0 0 rg BT 92.23 451.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 129.29 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.80 451.10 Td (our ) Tj ET Q q 0 0 0 rg BT 157.31 451.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 204.93 451.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 231.44 451.10 Td (are ) Tj ET Q q 0 0 0 rg BT 246.83 451.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 284.44 451.10 Td (by ) Tj ET Q q 0 0 0 rg BT 297.62 451.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.13 451.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 345.63 451.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.25 451.10 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 413.90 451.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.08 451.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 440.27 451.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 477.89 451.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 503.84 451.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.46 451.10 Td (marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (support ) Tj ET Q q 0 0 0 rg BT 82.05 439.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.04 439.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 139.92 439.10 Td (on ) Tj ET Q q 0 0 0 rg BT 152.47 439.10 Td (consignment. ) Tj ET Q q 0 0 0 rg BT 208.62 439.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.99 439.10 Td (W) Tj ET Q q 0 0 0 rg BT 219.63 439.10 Td (e ) Tj ET Q q 0 0 0 rg BT 226.62 439.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 261.94 439.10 Td (ef) Tj ET Q q 0 0 0 rg BT 269.53 439.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 290.41 439.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.74 439.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 339.93 439.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 367.48 439.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 393.36 439.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.69 439.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 428.74 439.10 Td (with ) Tj ET Q q 0 0 0 rg BT 449.07 439.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.84 439.10 Td (first ) Tj ET Q q 0 0 0 rg BT 482.50 439.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 508.38 439.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 554.24 439.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 95.97 427.10 Td (during ) Tj ET Q q 0 0 0 rg BT 123.58 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.30 427.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 158.80 427.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 181.95 427.10 Td (year) Tj ET Q q 0 0 0 rg BT 198.61 427.10 Td (. ) Tj ET Q q 0 0 0 rg BT 202.61 427.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.10 427.10 Td (During ) Tj ET Q q 0 0 0 rg BT 233.93 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.65 427.10 Td (second ) Tj ET Q q 0 0 0 rg BT 276.92 427.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 306.73 427.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.56 427.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 339.71 427.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 361.21 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.93 427.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 415.32 427.10 Td (indefinitely ) Tj ET Q q 0 0 0 rg BT 462.91 427.10 Td (suspended ) Tj ET Q q 0 0 0 rg BT 506.07 427.10 Td (its ) Tj ET Q q 0 0 0 rg BT 517.02 427.10 Td (franchising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.04 415.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 102.23 415.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 148.88 415.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.52 415.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 192.72 415.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 218.26 415.10 Td (except ) Tj ET Q q 0 0 0 rg BT 246.56 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.54 415.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 290.41 415.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 331.51 415.10 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 381.19 415.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.83 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.26 415.10 Td (suspension ) Tj ET Q q 0 0 0 rg BT 458.35 415.10 Td (is ) Tj ET Q q 0 0 0 rg BT 467.23 415.10 Td (continuing. ) Tj ET Q q 0 0 0 rg BT 514.71 415.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.76 415.10 Td (W) Tj ET Q q 0 0 0 rg BT 525.39 415.10 Td (e ) Tj ET Q q 0 0 0 rg BT 532.04 415.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 548.68 415.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 80.93 403.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.48 403.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 146.57 403.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 201.91 403.10 Td (based ) Tj ET Q q 0 0 0 rg BT 227.80 403.10 Td (on ) Tj ET Q q 0 0 0 rg BT 240.91 403.10 Td (their ) Tj ET Q q 0 0 0 rg BT 262.35 403.10 Td (net ) Tj ET Q q 0 0 0 rg BT 277.68 403.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 300.23 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.68 403.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.12 403.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 369.56 403.10 Td (that ) Tj ET Q q 0 0 0 rg BT 387.67 403.10 Td (we ) Tj ET Q q 0 0 0 rg BT 402.45 403.10 Td (consign ) Tj ET Q q 0 0 0 rg BT 436.67 403.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.56 403.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 472.94 403.10 Td (W) Tj ET Q q 0 0 0 rg BT 481.58 403.10 Td (e ) Tj ET Q q 0 0 0 rg BT 489.14 403.10 Td (also ) Tj ET Q q 0 0 0 rg BT 508.36 403.10 Td (authorize ) Tj ET Q q 0 0 0 rg BT 548.67 403.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 80.32 391.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.25 391.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 144.73 391.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.01 391.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 171.39 391.10 Td (post-sale ) Tj ET Q q 0 0 0 rg BT 209.44 391.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 246.65 391.10 Td (such ) Tj ET Q q 0 0 0 rg BT 267.48 391.10 Td (as ) Tj ET Q q 0 0 0 rg BT 278.31 391.10 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 348.55 391.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 374.66 391.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.82 391.10 Td (which ) Tj ET Q q 0 0 0 rg BT 415.75 391.10 Td (we ) Tj ET Q q 0 0 0 rg BT 429.92 391.10 Td (also ) Tj ET Q q 0 0 0 rg BT 448.52 391.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 465.46 391.10 Td (commissions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 365.10 Td (Hometown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 348.10 Td (As ) Tj ET Q q 0 0 0 rg BT 87.25 348.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.21 348.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 146.94 348.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.94 348.10 Td (, ) Tj ET Q q 0 0 0 rg BT 172.08 348.10 Td (our ) Tj ET Q q 0 0 0 rg BT 188.04 348.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 218.99 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.07 348.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 283.68 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.75 348.10 Td (we ) Tj ET Q q 0 0 0 rg BT 315.04 348.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 352.10 348.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.17 348.10 Td (total ) Tj ET Q q 0 0 0 rg BT 379.58 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.55 348.10 Td (871 ) Tj ET Q q 0 0 0 rg BT 408.18 348.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 432.47 348.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 479.55 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.62 348.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 538.67 348.10 Td (stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (located ) Tj ET Q q 0 0 0 rg BT 80.87 336.10 Td (across ) Tj ET Q q 0 0 0 rg BT 108.36 336.10 Td (all ) Tj ET Q q 0 0 0 rg BT 120.86 336.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 133.36 336.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 160.57 336.10 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 189.18 336.10 Td (Rico, ) Tj ET Q q 0 0 0 rg BT 213.07 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.01 336.10 Td (Bermuda.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 315.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.78 315.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 140.95 315.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 178.01 315.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 215.05 315.10 Td (through ) Tj ET Q q 0 0 0 rg BT 249.89 315.10 Td (three ) Tj ET Q q 0 0 0 rg BT 273.61 315.10 Td (distinct ) Tj ET Q q 0 0 0 rg BT 306.78 315.10 Td (formats: ) Tj ET Q q 0 0 0 rg BT 343.84 315.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 369.23 315.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 417.40 315.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 446.13 315.10 Td (\("Hometown ) Tj ET Q q 0 0 0 rg BT 501.71 315.10 Td (Stores"\), ) Tj ET Q q 0 0 0 rg BT 540.35 315.10 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 92.47 303.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 121.03 303.10 Td (\("Hardware ) Tj ET Q q 0 0 0 rg BT 171.41 303.10 Td (Stores"\), ) Tj ET Q q 0 0 0 rg BT 209.88 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.87 303.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 253.09 303.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 280.30 303.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 324.95 303.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 376.28 303.10 Td (\("Home ) Tj ET Q q 0 0 0 rg BT 410.90 303.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 455.55 303.10 Td (Showrooms"\), ) Tj ET Q q 0 0 0 rg BT 516.80 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.80 303.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (websites.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.85 267.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74.85 265.7669921875 m 146.8900390625 265.7669921875 l s q 0 0 0 rg BT 74.85 267.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 121.89 267.10 Td (Stores) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.89 267.10 Td (. ) Tj ET Q q 0 0 0 rg BT 151.99 267.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 170.14 267.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 217.18 267.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 244.79 267.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.83 267.10 Td (website ) Tj ET Q q 0 0 0 rg BT 294.98 267.10 Td (of) Tj ET Q q 0 0 0 rg BT 303.12 267.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 316.82 267.10 Td (products ) Tj ET Q q 0 0 0 rg BT 353.86 267.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.90 267.10 Td (services ) Tj ET Q q 0 0 0 rg BT 405.71 267.10 Td (across ) Tj ET Q q 0 0 0 rg BT 433.31 267.10 Td (a ) Tj ET Q q 0 0 0 rg BT 440.35 267.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 462.39 267.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 500.53 267.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.46 267.10 Td (merchandise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 255.10 Td (categories, ) Tj ET Q q 0 0 0 rg BT 120.59 255.10 Td (including ) Tj ET Q q 0 0 0 rg BT 161.07 255.10 Td (home ) Tj ET Q q 0 0 0 rg BT 185.99 255.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 233.39 255.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 255.54 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.68 255.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 302.59 255.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 350.01 255.10 Td (tools, ) Tj ET Q q 0 0 0 rg BT 374.66 255.10 Td (sporting ) Tj ET Q q 0 0 0 rg BT 410.15 255.10 Td (goods, ) Tj ET Q q 0 0 0 rg BT 439.24 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.39 255.10 Td (household ) Tj ET Q q 0 0 0 rg BT 500.20 255.10 Td (goods, ) Tj ET Q q 0 0 0 rg BT 529.30 255.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.78 255.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 243.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 111.20 243.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.01 243.10 Td (business ) Tj ET Q q 0 0 0 rg BT 158.37 243.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 186.39 243.10 Td (by ) Tj ET Q q 0 0 0 rg BT 198.87 243.10 Td (big-ticket ) Tj ET Q q 0 0 0 rg BT 239.66 243.10 Td (home ) Tj ET Q q 0 0 0 rg BT 264.35 243.10 Td (appliance ) Tj ET Q q 0 0 0 rg BT 305.13 243.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.04 243.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 343.96 243.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.87 243.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 390.55 243.10 Td (sales. ) Tj ET Q q 0 0 0 rg BT 414.96 243.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.43 243.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 440.47 243.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.27 243.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.07 243.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 513.99 243.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 541.46 243.10 Td (carry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 231.10 Td (Sears-branded ) Tj ET Q q 0 0 0 rg BT 134.52 231.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 173.93 231.10 Td (including ) Tj ET Q q 0 0 0 rg BT 214.18 231.10 Td (products ) Tj ET Q q 0 0 0 rg BT 251.09 231.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 285.77 231.10 Td (with ) Tj ET Q q 0 0 0 rg BT 306.02 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.70 231.10 Td (KENMORE) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 370.15 235.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.09 231.10 Td (, ) Tj ET Q q 0 0 0 rg BT 380.06 231.10 Td (CRAFTSMAN) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 441.19 235.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.12 231.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.10 231.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.01 231.10 Td (DIEHARD) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 513.00 235.63 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.55 231.10 Td (marks ) Tj ET Q q 0 0 0 rg BT 546.46 231.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 219.10 Td ("KCD ) Tj ET Q q 0 0 0 rg BT 102.89 219.10 Td (Marks"\), ) Tj ET Q q 0 0 0 rg BT 141.21 219.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.49 219.10 Td (an ) Tj ET Q q 0 0 0 rg BT 170.78 219.10 Td (assortment ) Tj ET Q q 0 0 0 rg BT 216.95 219.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.13 219.10 Td (other ) Tj ET Q q 0 0 0 rg BT 251.53 219.10 Td (national ) Tj ET Q q 0 0 0 rg BT 286.59 219.10 Td (brands. ) Tj ET Q q 0 0 0 rg BT 318.59 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.44 219.10 Td (Primarily ) Tj ET Q q 0 0 0 rg BT 362.06 219.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 421.56 219.10 Td (operated, ) Tj ET Q q 0 0 0 rg BT 461.33 219.10 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 522.50 219.10 Td (located ) Tj ET Q q 0 0 0 rg BT 554.22 219.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 207.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 107.07 207.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 161.51 207.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.73 207.10 Td (averaging ) Tj ET Q q 0 0 0 rg BT 220.94 207.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 281.48 207.10 Td (8,500 ) Tj ET Q q 0 0 0 rg BT 306.76 207.10 Td (square ) Tj ET Q q 0 0 0 rg BT 335.65 207.10 Td (feet, ) Tj ET Q q 0 0 0 rg BT 355.91 207.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 403.14 207.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 430.92 207.10 Td (are ) Tj ET Q q 0 0 0 rg BT 445.91 207.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 484.24 207.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.80 207.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 518.68 207.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 541.45 207.10 Td (areas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 195.10 Td (that ) Tj ET Q q 0 0 0 rg BT 92.94 195.10 Td (may ) Tj ET Q q 0 0 0 rg BT 113.25 195.10 Td (not ) Tj ET Q q 0 0 0 rg BT 129.12 195.10 Td (support ) Tj ET Q q 0 0 0 rg BT 162.21 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 169.74 195.10 Td (full-service ) Tj ET Q q 0 0 0 rg BT 218.36 195.10 Td (big-box ) Tj ET Q q 0 0 0 rg BT 252.57 195.10 Td (retailer) Tj ET Q q 0 0 0 rg BT 280.32 195.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.92 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.33 195.10 Td (As ) Tj ET Q q 0 0 0 rg BT 302.53 195.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.95 195.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 363.14 195.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.14 195.10 Td (, ) Tj ET Q q 0 0 0 rg BT 388.74 195.10 Td (there ) Tj ET Q q 0 0 0 rg BT 411.81 195.10 Td (were ) Tj ET Q q 0 0 0 rg BT 434.34 195.10 Td (795 ) Tj ET Q q 0 0 0 rg BT 452.43 195.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 499.96 195.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 528.05 195.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.92 195.10 Td (all ) Tj ET Q q 0 0 0 rg BT 552.01 195.10 Td (50 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 183.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 106.79 183.10 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 140.12 183.10 Td (Rico ) Tj ET Q q 0 0 0 rg BT 166.23 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.89 183.10 Td (Bermuda. ) Tj ET Q q 0 0 0 rg BT 234.27 183.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.49 183.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 293.15 183.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 325.37 183.10 Td (also ) Tj ET Q q 0 0 0 rg BT 348.70 183.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 369.81 183.10 Td (products ) Tj ET Q q 0 0 0 rg BT 411.47 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.13 183.10 Td (services ) Tj ET Q q 0 0 0 rg BT 472.56 183.10 Td (through ) Tj ET Q q 0 0 0 rg BT 510.89 183.10 Td (our ) Tj ET Q q 0 0 0 rg BT 531.44 183.10 Td (website ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 171.10 Td (www) Tj ET Q q 0 0 0 rg BT 95.87 171.10 Td (.searshometownstores.com. ) Tj ET Q q 0 0 0 rg BT 208.62 171.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.12 171.10 Td (Independent ) Tj ET Q q 0 0 0 rg BT 263.04 171.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 293.86 171.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 330.78 171.10 Td (789, ) Tj ET Q q 0 0 0 rg BT 350.78 171.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.72 171.10 Td (we ) Tj ET Q q 0 0 0 rg BT 381.88 171.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 418.81 171.10 Td (six, ) Tj ET Q q 0 0 0 rg BT 435.48 171.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 482.41 171.10 Td (Stores. ) Tj ET Q q 0 0 0 rg BT 512.41 171.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.85 147.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74.85 145.76699218750002 m 142.49794921875 145.76699218750002 l s q 0 0 0 rg BT 74.85 147.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 117.50 147.10 Td (Stores) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 147.10 Td (. ) Tj ET Q q 0 0 0 rg BT 148.23 147.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 167.01 147.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 209.66 147.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 237.88 147.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.55 147.10 Td (website ) Tj ET Q q 0 0 0 rg BT 289.33 147.10 Td (of) Tj ET Q q 0 0 0 rg BT 297.48 147.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 311.81 147.10 Td (products ) Tj ET Q q 0 0 0 rg BT 349.47 147.10 Td (and 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Tj ET Q q 0 0 0 rg BT 445.57 135.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.97 135.10 Td (other ) Tj ET Q q 0 0 0 rg BT 484.49 135.10 Td (home ) Tj ET Q q 0 0 0 rg BT 508.67 135.10 Td (improvement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 123.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 114.89 123.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.99 123.10 Td (In ) Tj ET Q q 0 0 0 rg BT 129.43 123.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 167.80 123.10 Td (these ) Tj ET Q q 0 0 0 rg BT 191.45 123.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 217.89 123.10 Td (of) Tj ET Q q 0 0 0 rg BT 226.04 123.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 240.24 123.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 270.54 123.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 318.07 123.10 Td (in-store ) Tj ET Q q 0 0 0 rg BT 351.72 123.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 389.53 123.10 Td (such ) Tj ET Q q 0 0 0 rg BT 410.96 123.10 Td (as ) Tj ET Q q 0 0 0 rg BT 422.40 123.10 Td (blade ) Tj ET Q q 0 0 0 rg BT 447.15 123.10 Td (sharpening, ) Tj ET Q 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470.61 111.10 Td (supplies, ) Tj ET Q q 0 0 0 rg BT 507.55 111.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.65 111.10 Td (plumbing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 99.10 Td (supplies. ) Tj ET Q q 0 0 0 rg BT 114.14 99.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.16 99.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 137.73 99.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 181.17 99.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 210.18 99.10 Td (have ) Tj ET Q q 0 0 0 rg BT 233.08 99.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 271.52 99.10 Td (as ) Tj ET Q q 0 0 0 rg BT 283.86 99.10 Td (two ) Tj ET Q q 0 0 0 rg BT 302.88 99.10 Td (formats: ) Tj ET Q q 0 0 0 rg BT 340.22 99.10 Td ("traditional" ) Tj ET Q q 0 0 0 rg BT 393.50 99.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.96 99.10 Td ("neighborhood", ) Tj ET Q q 0 0 0 rg BT 482.18 99.10 Td (with ) Tj ET Q q 0 0 0 rg BT 503.98 99.10 Td (size ) Tj ET Q q 0 0 0 rg BT 523.54 99.10 Td (being ) Tj ET Q q 0 0 0 rg BT 549.77 99.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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0 rg BT 93.21 75.10 Td ("neighborhood" ) Tj ET Q q 0 0 0 rg BT 159.73 75.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 201.95 75.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 229.76 75.10 Td (are ) Tj ET Q q 0 0 0 rg BT 244.78 75.10 Td (much ) Tj ET Q q 0 0 0 rg BT 269.80 75.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 302.04 75.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.63 75.10 Td (size, ) Tj ET Q q 0 0 0 rg BT 333.48 75.10 Td (averaging ) Tj ET Q q 0 0 0 rg BT 375.71 75.10 Td (16,000 ) Tj ET Q q 0 0 0 rg BT 406.02 75.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.61 75.10 Td (18,000 ) Tj ET Q q 0 0 0 rg BT 446.92 75.10 Td (square ) Tj ET Q q 0 0 0 rg BT 475.82 75.10 Td (feet, ) Tj ET Q q 0 0 0 rg BT 496.11 75.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.36 75.10 Td (yet, ) Tj ET Q q 0 0 0 rg BT 530.89 75.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 63.10 Td (our ) Tj ET Q q 0 0 0 rg BT 90.24 63.10 Td (multichannel ) Tj ET Q q 0 0 0 rg BT 144.50 63.10 Td (capability) Tj ET Q q 0 0 0 rg BT 183.28 63.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.84 63.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 224.33 63.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.16 63.10 Td (of) Tj ET Q q 0 0 0 rg BT 242.31 63.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 255.47 63.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.74 63.10 Td (same ) Tj ET Q q 0 0 0 rg BT 292.35 63.10 Td (breadth ) Tj ET Q q 0 0 0 rg BT 324.39 63.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.89 63.10 Td (depth ) Tj ET Q q 0 0 0 rg BT 365.16 63.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.55 63.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 415.93 63.10 Td (as ) Tj ET Q q 0 0 0 rg BT 426.32 63.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.70 63.10 Td ("traditional" ) Tj ET Q q 0 0 0 rg BT 493.02 63.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 534.50 63.10 Td (Stores. ) Tj ET Q q 0 0 0 rg BT 564.50 63.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 51.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 93.46 51.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 135.94 51.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 166.51 51.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 210.10 51.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.50 51.10 Td (size, ) Tj ET Q q 0 0 0 rg BT 242.60 51.10 Td (are ) Tj ET Q q 0 0 0 rg BT 257.87 51.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 298.15 51.10 Td (located ) Tj ET Q q 0 0 0 rg BT 330.08 51.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.92 51.10 Td (suburban ) Tj ET Q q 0 0 0 rg BT 380.64 51.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 403.69 51.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 427.29 51.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.79 51.10 Td (are ) Tj ET Q q 0 0 0 rg BT 460.06 51.10 Td (positioned ) Tj ET Q q 0 0 0 rg BT 504.78 51.10 Td (as ) Tj ET Q q 0 0 0 rg BT 516.17 51.10 Td (local ) Tj ET Q q 0 0 0 rg BT 538.67 51.10 Td (stores ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 742.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 113.77 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.92 742.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 154.38 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.53 742.10 Td (convenience-oriented ) Tj ET Q q 0 0 0 rg BT 254.97 742.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 301.39 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.52 742.10 Td (These ) Tj ET Q q 0 0 0 rg BT 331.76 742.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 358.47 742.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 382.37 742.10 Td (Craftsman ) Tj ET Q q 0 0 0 rg BT 427.40 742.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 453.54 742.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 476.36 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.17 742.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 516.98 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.79 742.10 Td (garden ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 730.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 121.56 730.10 Td (DieHard ) Tj ET Q q 0 0 0 rg BT 157.99 730.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 182.76 730.10 Td (batteries, ) Tj ET Q q 0 0 0 rg BT 221.14 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.57 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.01 730.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 265.45 730.10 Td (assortment ) Tj ET Q q 0 0 0 rg BT 310.78 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.11 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 343.66 730.10 Td (national ) Tj ET Q q 0 0 0 rg BT 377.87 730.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 406.53 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.97 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 445.52 730.10 Td (home ) Tj ET Q q 0 0 0 rg BT 469.74 730.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 525.06 730.10 Td (products. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 718.10 Td (As ) Tj ET Q q 0 0 0 rg BT 88.79 718.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.95 718.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 148.87 718.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.87 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 174.20 718.10 Td (there ) Tj ET Q q 0 0 0 rg BT 197.01 718.10 Td (were ) Tj ET Q q 0 0 0 rg BT 219.26 718.10 Td (26 ) Tj ET Q q 0 0 0 rg BT 232.09 718.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 274.33 718.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 302.16 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.77 718.10 Td (1) Tj ET Q q 0 0 0 rg BT 317.39 718.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 325.22 718.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 352.76 718.10 Td (all ) Tj ET Q q 0 0 0 rg BT 365.58 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.74 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 404.01 718.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 427.37 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.63 718.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 473.00 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.16 718.10 Td (Kenmore ) Tj ET Q q 0 0 0 rg BT 524.19 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.46 718.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 706.10 Td (national ) Tj ET Q q 0 0 0 rg BT 114.39 706.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 148.37 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.02 706.10 Td (home ) Tj ET Q q 0 0 0 rg BT 193.57 706.10 Td (appliances. ) Tj ET Q q 0 0 0 rg BT 245.59 706.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 292.34 706.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 324.66 706.10 Td (also ) Tj ET Q q 0 0 0 rg BT 348.09 706.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 369.30 706.10 Td (products ) Tj ET Q q 0 0 0 rg BT 411.07 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.83 706.10 Td (services ) Tj ET Q q 0 0 0 rg BT 472.36 706.10 Td (through ) Tj ET Q q 0 0 0 rg BT 510.79 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 531.45 706.10 Td (website ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 694.10 Td (www) Tj ET Q q 0 0 0 rg BT 95.87 694.10 Td (.searshardwarestores.com. ) Tj ET Q q 0 0 0 rg BT 203.60 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.10 694.10 Td (Franchisees ) Tj ET Q q 0 0 0 rg BT 255.81 694.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 292.73 694.10 Td (ten, ) Tj ET Q q 0 0 0 rg BT 309.95 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.89 694.10 Td (we ) Tj ET Q q 0 0 0 rg BT 341.05 694.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 377.97 694.10 Td (sixteen, ) Tj ET Q q 0 0 0 rg BT 411.30 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.13 694.10 Td (these ) Tj ET Q q 0 0 0 rg BT 445.17 694.10 Td (stores. ) Tj ET Q q 0 0 0 rg BT 473.50 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.85 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74.85 668.7669921875 m 192.0990234375 668.7669921875 l s q 0 0 0 rg BT 74.85 670.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 101.01 670.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 144.32 670.10 Td (Showrooms) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.10 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.81 670.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 214.57 670.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 240.73 670.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 284.04 670.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 334.03 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.68 670.10 Td (website ) Tj ET Q q 0 0 0 rg BT 383.44 670.10 Td (of) Tj ET Q q 0 0 0 rg BT 391.59 670.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 404.90 670.10 Td (home ) Tj ET Q q 0 0 0 rg BT 429.33 670.10 Td (appliances ) Tj ET Q q 0 0 0 rg BT 473.74 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.39 670.10 Td (related ) Tj ET Q q 0 0 0 rg BT 519.80 670.10 Td (services ) Tj ET Q q 0 0 0 rg BT 554.22 670.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 658.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 100.16 658.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 139.35 658.10 Td (located ) Tj ET Q q 0 0 0 rg BT 170.21 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.97 658.10 Td (strip ) Tj ET Q q 0 0 0 rg BT 199.73 658.10 Td (malls ) Tj ET Q q 0 0 0 rg BT 223.37 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.79 658.10 Td (lifestyle ) Tj ET Q q 0 0 0 rg BT 273.99 658.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 304.28 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.04 658.10 Td (metropolitan ) Tj ET Q q 0 0 0 rg BT 367.12 658.10 Td (areas. ) Tj ET Q q 0 0 0 rg BT 392.14 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.69 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 400.17 658.10 Td (veraging ) Tj ET Q q 0 0 0 rg BT 437.13 658.10 Td (5,000 ) Tj ET Q q 0 0 0 rg BT 461.61 658.10 Td (square ) Tj ET Q q 0 0 0 rg BT 489.69 658.10 Td (feet ) Tj ET Q q 0 0 0 rg BT 506.66 658.10 Td (with ) Tj ET Q q 0 0 0 rg BT 526.42 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 532.84 658.10 Td (simple, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 646.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 115.27 646.10 Td (appliance-showroom ) Tj ET Q q 0 0 0 rg BT 202.33 646.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 234.14 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.68 646.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 277.61 646.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 321.91 646.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 372.89 646.10 Td (of) Tj ET Q q 0 0 0 rg BT 381.04 646.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 395.34 646.10 Td (quality-focused ) Tj ET Q q 0 0 0 rg BT 460.75 646.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 504.50 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 512.14 646.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 542.56 646.10 Td (store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 634.10 Td (shopping ) Tj ET Q q 0 0 0 rg BT 114.80 634.10 Td (experience. ) Tj ET Q q 0 0 0 rg BT 163.89 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.17 634.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 194.17 634.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 238.54 634.10 Td (Showroom ) Tj ET Q q 0 0 0 rg BT 285.72 634.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 308.44 634.10 Td (are ) Tj ET Q q 0 0 0 rg BT 323.93 634.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 364.42 634.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 393.25 634.10 Td (by ) Tj ET Q q 0 0 0 rg BT 406.53 634.10 Td (home ) Tj ET Q q 0 0 0 rg BT 432.03 634.10 Td (appliances ) Tj ET Q q 0 0 0 rg BT 477.52 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.13 634.10 Td (well ) Tj ET Q q 0 0 0 rg BT 509.63 634.10 Td (as, ) Tj ET Q q 0 0 0 rg BT 523.74 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 534.80 634.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 622.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 103.79 622.10 Td (mattresses. ) Tj ET Q q 0 0 0 rg BT 151.05 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.94 622.10 Td (These ) Tj ET Q q 0 0 0 rg BT 180.92 622.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 207.36 622.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 231.01 622.10 Td (Kenmore ) Tj ET Q q 0 0 0 rg BT 271.33 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.87 622.10 Td (other ) Tj ET Q q 0 0 0 rg BT 312.53 622.10 Td (national ) Tj ET Q q 0 0 0 rg BT 347.85 622.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 377.62 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.06 622.10 Td (home ) Tj ET Q q 0 0 0 rg BT 414.39 622.10 Td (appliances. ) Tj ET Q q 0 0 0 rg BT 462.20 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.62 622.10 Td (As ) Tj ET Q q 0 0 0 rg BT 478.84 622.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.28 622.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 539.49 622.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.49 622.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 610.10 Td (there ) Tj ET Q q 0 0 0 rg BT 98.11 610.10 Td (were ) Tj ET Q q 0 0 0 rg BT 120.82 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.09 610.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 137.37 610.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 164.36 610.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 208.73 610.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 259.79 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.85 610.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 284.12 610.10 Td (states. ) Tj ET Q q 0 0 0 rg BT 312.12 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.39 610.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 342.38 610.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 386.75 610.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 437.81 610.10 Td (also ) Tj ET Q q 0 0 0 rg BT 457.20 610.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 474.36 610.10 Td (products ) Tj ET Q q 0 0 0 rg BT 512.08 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.79 610.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 598.10 Td (through ) Tj ET Q q 0 0 0 rg BT 108.91 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.18 598.10 Td (website ) Tj ET Q q 0 0 0 rg BT 158.68 598.10 Td (www) Tj ET Q q 0 0 0 rg BT 179.70 598.10 Td (.searshomeapplianceshowroom.com. ) Tj ET Q q 0 0 0 rg BT 330.10 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 333.05 598.10 Td (Franchisees ) Tj ET Q q 0 0 0 rg BT 383.20 598.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 420.58 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.52 598.10 Td (34 ) Tj ET Q q 0 0 0 rg BT 436.47 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.75 598.10 Td (these ) Tj ET Q q 0 0 0 rg BT 471.25 598.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 500.02 598.10 Td (we ) Tj ET Q q 0 0 0 rg BT 514.63 598.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 552.00 598.10 Td (16 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 586.10 Td (stores. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 565.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.33 565.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.33 565.10 Td ( revenue from our Hometown segment was $1.4 billion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 539.10 Td (Outlet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.77 515.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 115.66 515.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 143.87 515.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 170.42 515.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 189.19 515.10 Td ("Outlet ) Tj ET Q q 0 0 0 rg BT 221.49 515.10 Td (Stores"\) ) Tj ET Q q 0 0 0 rg BT 257.13 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 272.55 515.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 311.32 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.32 515.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 356.09 515.10 Td (in-store ) Tj ET Q q 0 0 0 rg BT 389.86 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.52 515.10 Td (online ) Tj ET Q q 0 0 0 rg BT 435.74 515.10 Td (access ) Tj ET Q q 0 0 0 rg BT 464.50 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.50 515.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 514.25 515.10 Td (outlet-value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (products ) Tj ET Q q 0 0 0 rg BT 86.85 503.10 Td (across ) Tj ET Q q 0 0 0 rg BT 114.74 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 122.09 503.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 147.77 503.10 Td (assortment ) Tj ET Q q 0 0 0 rg BT 194.00 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.24 503.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 258.68 503.10 Td (categories, ) Tj ET Q q 0 0 0 rg BT 304.62 503.10 Td (including ) Tj ET Q q 0 0 0 rg BT 345.30 503.10 Td (home ) Tj ET Q q 0 0 0 rg BT 370.42 503.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 418.03 503.10 Td (mattresses, ) Tj ET Q q 0 0 0 rg BT 465.10 503.10 Td (apparel, ) Tj ET Q q 0 0 0 rg BT 499.93 503.10 Td (sporting ) Tj ET Q q 0 0 0 rg BT 535.61 503.10 Td (goods, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 71.52 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.55 491.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 118.34 491.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 165.63 491.10 Td (tools, ) Tj ET Q q 0 0 0 rg BT 190.17 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.19 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 230.32 491.10 Td (household ) Tj ET Q q 0 0 0 rg BT 274.01 491.10 Td (goods, ) Tj ET Q q 0 0 0 rg BT 302.99 491.10 Td (including ) Tj ET Q q 0 0 0 rg BT 343.35 491.10 Td (furniture, ) Tj ET Q q 0 0 0 rg BT 383.42 491.10 Td (at ) Tj ET Q q 0 0 0 rg BT 393.22 491.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 419.68 491.10 Td (that ) Tj ET Q q 0 0 0 rg BT 437.26 491.10 Td (are ) Tj ET Q q 0 0 0 rg BT 452.05 491.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 504.63 491.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 529.98 491.10 Td (than ) Tj ET Q q 0 0 0 rg BT 549.78 491.10 Td (list ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 79.06 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.24 479.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 110.42 479.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 138.60 479.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 162.88 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 174.39 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 182.01 479.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 228.52 479.10 Td (channel ) Tj ET Q q 0 0 0 rg BT 262.79 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 277.63 479.10 Td (outlet-value ) Tj ET Q q 0 0 0 rg BT 328.57 479.10 Td (home ) Tj ET Q q 0 0 0 rg BT 353.97 479.10 Td (appliances ) Tj ET Q q 0 0 0 rg BT 399.36 479.10 Td (from ) Tj ET Q q 0 0 0 rg BT 421.98 479.10 Td (major ) Tj ET Q q 0 0 0 rg BT 448.48 479.10 Td (appliance ) Tj ET Q q 0 0 0 rg BT 489.97 479.10 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 527.31 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.50 479.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.01 479.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (Outlet) Tj ET Q q 0 0 0 rg BT 77.27 467.10 Td (s ) Tj ET Q q 0 0 0 rg BT 82.80 467.10 Td (most ) Tj ET Q q 0 0 0 rg BT 103.88 467.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 147.72 467.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 199.88 467.10 Td (category ) Tj ET Q q 0 0 0 rg BT 235.94 467.10 Td (was ) Tj ET Q q 0 0 0 rg BT 253.12 467.10 Td (home ) Tj ET Q q 0 0 0 rg BT 276.97 467.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 323.30 467.10 Td (which ) Tj ET Q q 0 0 0 rg BT 349.37 467.10 Td (made ) Tj ET Q q 0 0 0 rg BT 372.65 467.10 Td (up ) Tj ET Q q 0 0 0 rg BT 384.29 467.10 Td (over ) Tj ET Q q 0 0 0 rg BT 403.68 467.10 Td (80% ) Tj ET Q q 0 0 0 rg BT 423.65 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.61 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.57 467.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 475.19 467.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 496.26 467.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 532.04 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.67 467.10 Td (Outlet-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (value ) Tj ET Q q 0 0 0 rg BT 73.89 455.10 Td (products ) Tj ET Q q 0 0 0 rg BT 111.06 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 126.00 455.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 165.93 455.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 200.31 455.10 Td (by ) Tj ET Q q 0 0 0 rg BT 213.04 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.21 455.10 Td (warranty) Tj ET Q q 0 0 0 rg BT 255.10 455.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.33 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.06 455.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 290.79 455.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 318.52 455.10 Td (also ) Tj ET Q q 0 0 0 rg BT 337.36 455.10 Td (of) Tj ET Q q 0 0 0 rg BT 345.51 455.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 359.34 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 366.51 455.10 Td (full ) Tj ET Q q 0 0 0 rg BT 383.13 455.10 Td (suite ) Tj ET Q q 0 0 0 rg BT 404.75 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.81 455.10 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 486.28 455.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 510.12 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.29 455.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 564.50 455.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.67 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.06 443.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.11 443.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 127.27 443.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.27 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 152.83 443.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 180.88 443.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 218.36 443.10 Td (149 ) Tj ET Q q 0 0 0 rg BT 236.41 443.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 275.57 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.41 443.10 Td (34 ) Tj ET Q q 0 0 0 rg BT 299.47 443.10 Td (states ) Tj ET Q q 0 0 0 rg BT 324.74 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.23 443.10 Td (one ) Tj ET Q q 0 0 0 rg BT 359.73 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.56 443.10 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 399.73 443.10 Td (Rico, ) Tj ET Q q 0 0 0 rg BT 424.17 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.56 443.10 Td (which ) Tj ET Q q 0 0 0 rg BT 463.05 443.10 Td (all ) Tj ET Q q 0 0 0 rg BT 476.11 443.10 Td (of) Tj ET Q q 0 0 0 rg BT 484.26 443.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 498.41 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.91 443.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 528.40 443.10 Td (range ) Tj ET Q q 0 0 0 rg BT 553.67 443.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (outlet-value ) Tj ET Q q 0 0 0 rg BT 99.42 431.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 138.53 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.69 431.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 167.85 431.10 Td (also ) Tj ET Q q 0 0 0 rg BT 186.12 431.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 206.07 431.10 Td (products ) Tj ET Q q 0 0 0 rg BT 242.67 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.27 431.10 Td (services ) Tj ET Q q 0 0 0 rg BT 293.64 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.81 431.10 Td (through ) Tj ET Q q 0 0 0 rg BT 329.08 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 344.58 431.10 Td (website ) Tj ET Q q 0 0 0 rg BT 377.29 431.10 Td (www) Tj ET Q q 0 0 0 rg BT 398.30 431.10 Td (.searsoutlet.com. ) Tj ET Q q 0 0 0 rg BT 467.47 431.10 Td (As ) Tj ET Q q 0 0 0 rg BT 480.75 431.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.24 431.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 539.51 431.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 431.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 419.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 100.58 419.10 Td (1) Tj ET Q q 0 0 0 rg BT 105.21 419.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 117.71 419.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 145.21 419.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 172.71 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.65 419.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 237.12 419.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 274.05 419.10 Td (37 ) Tj ET Q q 0 0 0 rg BT 286.55 419.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 314.04 419.10 Td (Stores.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 398.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.33 398.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.33 398.10 Td ( revenue from our Outlet segment was $630.5 million. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (Competition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 355.10 Td (Hometown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 338.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.11 338.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 137.61 338.10 Td (business ) Tj ET Q q 0 0 0 rg BT 173.56 338.10 Td (is ) Tj ET Q q 0 0 0 rg BT 182.28 338.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 212.67 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.50 338.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 250.12 338.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 299.38 338.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 345.61 338.10 Td (with ) Tj ET Q q 0 0 0 rg BT 365.44 338.10 Td (varying ) Tj ET Q q 0 0 0 rg BT 398.05 338.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 423.43 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.82 338.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 483.65 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.48 338.10 Td (each ) Tj ET Q q 0 0 0 rg BT 513.86 338.10 Td (store) Tj ET Q q 0 0 0 rg BT 536.07 338.10 Td (s ) Tj ET Q q 0 0 0 rg BT 542.02 338.10 Td (trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 71.88 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.12 326.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 122.79 326.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 151.02 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.70 326.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 211.35 326.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 239.59 326.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 276.69 326.10 Td (with ) Tj ET Q q 0 0 0 rg BT 297.71 326.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.38 326.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 328.05 326.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 359.05 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.62 326.10 Td (retailers ) Tj ET Q q 0 0 0 rg BT 406.05 326.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 444.28 326.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 475.29 326.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 497.41 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.98 326.10 Td (merchandise, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.15 314.10 Td (department ) Tj ET Q q 0 0 0 rg BT 138.00 314.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 166.71 314.10 Td (discounters, ) Tj ET Q q 0 0 0 rg BT 217.63 314.10 Td (mass ) Tj ET Q q 0 0 0 rg BT 240.51 314.10 Td (merchandisers, ) Tj ET Q q 0 0 0 rg BT 303.63 314.10 Td (specialty ) Tj ET Q q 0 0 0 rg BT 342.05 314.10 Td (retailers, ) Tj ET Q q 0 0 0 rg BT 379.63 314.10 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 422.49 314.10 Td (clubs, ) Tj ET Q q 0 0 0 rg BT 448.97 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.29 314.10 Td (many ) Tj ET Q q 0 0 0 rg BT 491.38 314.10 Td (other ) Tj ET Q q 0 0 0 rg BT 514.80 314.10 Td (competitors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.23 302.10 Td (on ) Tj ET Q q 0 0 0 rg BT 103.19 302.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.59 302.10 Td (national, ) Tj ET Q q 0 0 0 rg BT 148.26 302.10 Td (regional, ) Tj ET Q q 0 0 0 rg BT 186.48 302.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.78 302.10 Td (local ) Tj ET Q q 0 0 0 rg BT 220.17 302.10 Td (level. ) Tj ET Q q 0 0 0 rg BT 245.07 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.03 302.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 295.43 302.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 323.39 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.79 302.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 383.17 302.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 411.13 302.10 Td (also ) Tj ET Q q 0 0 0 rg BT 430.20 302.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 467.03 302.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.77 302.10 Td (online ) Tj ET Q q 0 0 0 rg BT 515.73 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.13 302.10 Td (catalog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 95.54 290.10 Td (that ) Tj ET Q q 0 0 0 rg BT 114.36 290.10 Td (have ) Tj ET Q q 0 0 0 rg BT 137.06 290.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 168.65 290.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 223.00 290.10 Td (of) Tj ET Q q 0 0 0 rg BT 231.15 290.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 265.24 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.06 290.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 296.48 290.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 341.39 290.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 393.00 290.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 430.69 290.10 Td (with ) Tj ET Q q 0 0 0 rg BT 452.29 290.10 Td (all ) Tj ET Q q 0 0 0 rg BT 466.11 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.26 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.29 290.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 540.33 290.10 Td (listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 99.21 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.49 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.21 278.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 151.14 278.10 Td (that ) Tj ET Q q 0 0 0 rg BT 168.64 278.10 Td (they ) Tj ET Q q 0 0 0 rg BT 188.35 278.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 204.74 278.10 Td (home ) Tj ET Q q 0 0 0 rg BT 229.46 278.10 Td (appliances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 257.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.43 257.10 Td (key ) Tj ET Q q 0 0 0 rg BT 108.24 257.10 Td (national ) Tj ET Q q 0 0 0 rg BT 142.84 257.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 192.43 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.14 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.73 257.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 264.55 257.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 294.43 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.03 257.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 350.82 257.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 380.70 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.52 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.12 257.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 438.41 257.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 481.88 257.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 532.05 257.10 Td (are ) Tj ET Q q 0 0 0 rg BT 546.46 257.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 75.94 245.10 Td (Depot ) Tj ET Q q 0 0 0 rg BT 102.38 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.82 245.10 Td (Lowe) Tj ET Q q 0 0 0 rg BT 144.37 245.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 152.76 245.10 Td (as ) Tj ET Q q 0 0 0 rg BT 163.09 245.10 Td (well ) Tj ET Q q 0 0 0 rg BT 182.31 245.10 Td (as ) Tj ET Q q 0 0 0 rg BT 192.20 245.10 Td (Ace ) Tj ET Q q 0 0 0 rg BT 210.30 245.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 251.72 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.02 245.10 Td (T) Tj ET Q q 0 0 0 rg BT 273.78 245.10 Td (rue ) Tj ET Q q 0 0 0 rg BT 288.40 245.10 Td (V) Tj ET Q q 0 0 0 rg BT 294.52 245.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 313.17 245.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.84 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.05 245.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 382.48 245.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 411.98 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.27 245.10 Td (T) Tj ET Q q 0 0 0 rg BT 434.03 245.10 Td (ractor ) Tj ET Q q 0 0 0 rg BT 459.35 245.10 Td (Supply ) Tj ET Q q 0 0 0 rg BT 489.69 245.10 Td (for ) Tj ET Q q 0 0 0 rg BT 503.35 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.57 245.10 Td (Hometown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 77.77 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.48 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.97 233.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 153.67 233.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 184.44 233.10 Td (all ) Tj ET Q q 0 0 0 rg BT 197.71 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.31 233.10 Td (which ) Tj ET Q q 0 0 0 rg BT 237.02 233.10 Td (of) Tj ET Q q 0 0 0 rg BT 245.17 233.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 259.54 233.10 Td (consumers ) Tj ET Q q 0 0 0 rg BT 305.58 233.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 327.74 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.35 233.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 393.15 233.10 Td (that ) Tj ET Q q 0 0 0 rg BT 411.42 233.10 Td (are ) Tj ET Q q 0 0 0 rg BT 426.90 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.39 233.10 Td (same ) Tj ET Q q 0 0 0 rg BT 466.21 233.10 Td (as ) Tj ET Q q 0 0 0 rg BT 477.81 233.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.42 233.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 520.46 233.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.51 233.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 553.67 233.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 102.06 221.10 Td (of) Tj ET Q q 0 0 0 rg BT 110.21 221.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 132.78 221.10 Td (by ) Tj ET Q q 0 0 0 rg BT 144.81 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.06 221.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 205.53 221.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 235.06 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.30 221.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 290.75 221.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 320.28 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.75 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.00 221.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 377.02 221.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 420.14 221.10 Td (Showrooms. ) Tj ET Q q 0 0 0 rg BT 472.46 221.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.49 221.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 498.18 221.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 538.68 221.10 Td (stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 209.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 71.15 209.10 Td (consumers ) Tj ET Q q 0 0 0 rg BT 116.31 209.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 137.60 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.32 209.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 201.25 209.10 Td (that ) Tj ET Q q 0 0 0 rg BT 218.65 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 233.25 209.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 263.42 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.60 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.21 209.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 309.50 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.22 209.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 373.15 209.10 Td (of) Tj ET Q q 0 0 0 rg BT 381.30 209.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 404.24 209.10 Td (by ) Tj ET Q q 0 0 0 rg BT 416.63 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.25 209.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 478.08 209.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 507.98 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.60 209.10 Td (Hardware ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 79.61 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 96.67 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.50 197.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 137.98 197.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 181.68 197.10 Td (Showrooms. ) Tj ET Q q 0 0 0 rg BT 234.58 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.01 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 245.65 197.10 Td (e ) Tj ET Q q 0 0 0 rg BT 252.70 197.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 284.19 197.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 304.30 197.10 Td (historically) Tj ET Q q 0 0 0 rg BT 348.64 197.10 Td (, ) Tj ET Q q 0 0 0 rg BT 353.75 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.58 197.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 415.64 197.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 445.75 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.58 197.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 502.62 197.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 532.73 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.78 197.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 76.47 185.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 120.82 185.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 171.85 185.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 212.31 185.10 Td (did ) Tj ET Q q 0 0 0 rg BT 228.34 185.10 Td (not ) Tj ET Q q 0 0 0 rg BT 244.37 185.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 281.49 185.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 334.73 185.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.76 185.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 380.68 185.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 422.40 185.10 Td (stores. ) Tj ET Q q 0 0 0 rg BT 451.48 185.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.02 185.10 Td (As ) Tj ET Q q 0 0 0 rg BT 468.38 185.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.96 185.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 511.55 185.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 543.67 185.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 103.44 173.10 Td (of) Tj ET Q q 0 0 0 rg BT 111.59 173.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 142.77 173.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 161.18 173.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 200.96 173.10 Td (our ) Tj ET Q q 0 0 0 rg BT 217.70 173.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 258.87 173.10 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 299.50 173.10 Td (on ) Tj ET Q q 0 0 0 rg BT 312.91 173.10 Td (mattresses\), ) Tj ET Q q 0 0 0 rg BT 363.81 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.44 173.10 Td (level ) Tj ET Q q 0 0 0 rg BT 402.28 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.02 173.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 465.21 173.10 Td (between ) Tj ET Q q 0 0 0 rg BT 501.93 173.10 Td (the 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(support ) Tj ET Q q 0 0 0 rg BT 98.94 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.22 137.10 Td (SHO, ) Tj ET Q q 0 0 0 rg BT 134.22 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.16 137.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 175.32 137.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 216.29 137.10 Td (online ) Tj ET Q q 0 0 0 rg BT 243.79 137.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 265.73 137.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 302.10 137.10 Td (with ) Tj ET Q q 0 0 0 rg BT 322.38 137.10 Td (our ) Tj ET Q q 0 0 0 rg BT 338.21 137.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 113.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 113.10 Td (e believe that the results of operations for our businesses in fiscal 2016 were, and will continue to be, adversely af) Tj ET Q q 0 0 0 rg BT 535.88 113.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (by the continuing growth at other retailers of online sales of merchandise in our important product categories, especially home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (appliances. Our rights to engage in our own online initiatives that would leverage www) Tj ET Q q 0 0 0 rg BT 401.26 89.10 Td (.sears.com, and our rights to engage on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (our own terms and conditions in our own online initiatives that would be independent of www) Tj ET Q q 0 0 0 rg BT 426.29 77.10 Td (.sears.com, were constrained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (significantly by our agreements with Sears Holdings until those agreements were amended in May 2016, and we are now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (contractually entitled to use our Hometown websites to make online sales, which began in November 2016. ) Tj ET Q q 0 0 0 rg BT 484.49 53.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.13 53.10 Td (e believe that ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (these constraints af) Tj ET Q q 0 0 0 rg BT 125.96 742.10 Td (fected our ability to conduct, and grow) Tj ET Q q 0 0 0 rg BT 280.54 742.10 Td (, our online business during our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.70 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.70 742.10 Td ( fiscal year and, as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (consequence, likely adversely af) Tj ET Q q 0 0 0 rg BT 179.26 730.10 Td (fected our results of operations for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.60 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.60 730.10 Td ( fiscal year) Tj ET Q q 0 0 0 rg BT 398.91 730.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 706.10 Td (e believe that the key dif) Tj ET Q q 0 0 0 rg BT 179.03 706.10 Td (ferentiating factors among competitors operating in this industry include price, product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (assortment and quality) Tj ET Q q 0 0 0 rg BT 139.39 694.10 Td (, service and convenience, brand recognition, existence of loyalty programs, online and multichannel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (capabilities and availability of retail-related services such as access to our lease-to-own and credit-card programs and product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (delivery) Tj ET Q q 0 0 0 rg BT 81.61 670.10 Td (, installation, and repair) Tj ET Q q 0 0 0 rg BT 175.75 670.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 644.10 Td (Outlet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 627.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.33 627.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 118.60 627.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 145.88 627.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.60 627.10 Td (searsoutlet.com ) Tj ET Q q 0 0 0 rg BT 227.36 627.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 259.06 627.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.12 627.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.61 627.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 311.45 627.10 Td (fragmented ) Tj ET Q q 0 0 0 rg BT 359.26 627.10 Td (outlet-value ) Tj ET Q q 0 0 0 rg BT 409.30 627.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 432.12 627.10 Td (industry) Tj ET Q q 0 0 0 rg BT 464.25 627.10 Td (. ) Tj ET Q q 0 0 0 rg BT 469.03 627.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.31 627.10 Td (In ) Tj ET Q q 0 0 0 rg BT 481.92 627.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.53 627.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 531.46 627.10 Td 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549.79 603.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 591.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 76.84 591.10 Td (Stores. ) Tj ET Q q 0 0 0 rg BT 106.68 591.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.85 591.10 Td (T) Tj ET Q q 0 0 0 rg BT 114.26 591.10 Td (o ) Tj ET Q q 0 0 0 rg BT 121.60 591.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.15 591.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 162.93 591.10 Td (these ) Tj ET Q q 0 0 0 rg BT 185.82 591.10 Td (big-box ) Tj ET Q q 0 0 0 rg BT 219.26 591.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 268.82 591.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 298.93 591.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.04 591.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 346.37 591.10 Td (their ) Tj ET Q q 0 0 0 rg BT 367.04 591.10 Td (own ) Tj ET Q q 0 0 0 rg BT 386.60 591.10 Td (out-of-box ) Tj ET Q q 0 0 0 rg BT 431.71 591.10 Td (product ) Tj ET Q q 0 0 0 rg BT 464.60 591.10 Td (on ) Tj ET Q q 0 0 0 rg BT 476.94 591.10 Td (their ) Tj ET Q q 0 0 0 rg BT 497.60 591.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 519.38 591.10 Td (floors, ) Tj ET Q q 0 0 0 rg BT 547.55 591.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 579.10 Td (product ) Tj ET Q q 0 0 0 rg BT 82.17 579.10 Td (would ) Tj ET Q q 0 0 0 rg BT 109.29 579.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 145.29 579.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 177.96 579.10 Td (with ) Tj ET Q q 0 0 0 rg BT 197.86 579.10 Td (out-of-box ) Tj ET Q q 0 0 0 rg BT 242.75 579.10 Td (product ) Tj ET Q q 0 0 0 rg BT 275.42 579.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 294.22 579.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.12 579.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.46 579.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 345.58 579.10 Td (Stores. ) Tj ET Q q 0 0 0 rg BT 375.20 579.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.86 579.10 Td (At ) Tj ET Q q 0 0 0 rg BT 388.98 579.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.32 579.10 Td (other ) Tj ET Q q 0 0 0 rg BT 425.99 579.10 Td (end ) Tj ET Q q 0 0 0 rg BT 442.56 579.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.01 579.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.35 579.10 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 506.13 579.10 Td (are ) Tj ET Q q 0 0 0 rg BT 520.46 579.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.80 579.10 Td (locally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 567.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 78.37 567.10 Td (appliance ) Tj ET Q q 0 0 0 rg BT 118.89 567.10 Td (retailers ) Tj ET Q q 0 0 0 rg BT 153.30 567.10 Td (that ) Tj ET Q q 0 0 0 rg BT 170.50 567.10 Td (have ) Tj ET Q q 0 0 0 rg BT 191.59 567.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 238.79 567.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 282.65 567.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.08 567.10 Td (bulk ) Tj ET Q q 0 0 0 rg BT 317.06 567.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.60 567.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.03 567.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 369.23 567.10 Td (Stores' ) Tj ET Q q 0 0 0 rg BT 398.24 567.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 423.21 567.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 473.19 567.10 Td (for ) Tj ET Q q 0 0 0 rg BT 487.06 567.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 508.70 567.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.24 567.10 Td (out-of-box ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 555.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 84.96 555.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.20 555.10 Td (These ) Tj ET Q q 0 0 0 rg BT 113.49 555.10 Td (locally ) Tj ET Q q 0 0 0 rg BT 143.11 555.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 172.18 555.10 Td (appliance ) Tj ET Q q 0 0 0 rg BT 212.90 555.10 Td (retailers ) Tj ET Q q 0 0 0 rg BT 247.52 555.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 287.13 555.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 303.43 555.10 Td (both ) Tj ET Q q 0 0 0 rg BT 323.62 555.10 Td (out-of-box ) Tj ET Q q 0 0 0 rg BT 368.80 555.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.65 555.10 Td (new ) Tj ET Q q 0 0 0 rg BT 404.73 555.10 Td (in-box ) Tj ET Q q 0 0 0 rg BT 433.25 555.10 Td (appliances. ) Tj ET Q q 0 0 0 rg BT 480.36 555.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.77 555.10 Td (Online ) Tj ET Q q 0 0 0 rg BT 512.40 555.10 Td (retailers ) Tj ET Q q 0 0 0 rg BT 547.02 555.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 543.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 65.89 543.10 Td (new ) Tj ET Q q 0 0 0 rg BT 85.05 543.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.88 543.10 Td (out-of-box ) Tj ET Q q 0 0 0 rg BT 141.15 543.10 Td (appliances ) Tj ET Q q 0 0 0 rg BT 185.85 543.10 Td (are ) Tj ET Q q 0 0 0 rg BT 200.55 543.10 Td (also ) Tj ET Q q 0 0 0 rg BT 219.16 543.10 Td (competitors.) 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522.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.67 522.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.02 510.10 Td (as ) Tj ET Q q 0 0 0 rg BT 97.59 510.10 Td (we ) Tj ET Q q 0 0 0 rg BT 111.50 510.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 148.18 510.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.20 510.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 189.32 510.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.90 510.10 Td (product ) Tj ET Q q 0 0 0 rg BT 237.69 510.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 258.82 510.10 Td (into ) Tj ET Q q 0 0 0 rg BT 276.62 510.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 319.40 510.10 Td (such ) Tj ET Q q 0 0 0 rg BT 339.98 510.10 Td (as ) Tj ET Q q 0 0 0 rg BT 350.55 510.10 Td (mattresses ) Tj ET Q q 0 0 0 rg BT 394.45 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.14 510.10 Td (furniture, ) Tj ET Q q 0 0 0 rg BT 450.87 510.10 Td (we ) Tj ET Q q 0 0 0 rg BT 464.77 510.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 493.11 510.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.13 510.10 Td (face ) Tj ET Q q 0 0 0 rg BT 522.02 510.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 100.29 498.10 Td (from ) Tj ET Q q 0 0 0 rg BT 122.75 498.10 Td (other ) Tj ET Q q 0 0 0 rg BT 146.31 498.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 183.22 498.10 Td (retailers ) Tj ET Q q 0 0 0 rg BT 218.44 498.10 Td (that ) Tj ET Q q 0 0 0 rg BT 236.45 498.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 261.13 498.10 Td (on ) Tj ET Q q 0 0 0 rg BT 274.15 498.10 Td (those ) Tj ET Q q 0 0 0 rg BT 298.28 498.10 Td (product ) Tj ET Q q 0 0 0 rg BT 331.84 498.10 Td (categories. ) Tj ET Q q 0 0 0 rg BT 377.90 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.70 498.10 Td (While ) Tj ET Q q 0 0 0 rg BT 408.15 498.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 432.83 498.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 474.32 498.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 500.67 498.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 534.23 498.10 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 70.25 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.44 486.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 132.83 486.10 Td (as ) Tj ET Q q 0 0 0 rg BT 143.03 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.10 486.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 183.96 486.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 213.32 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.40 486.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 254.26 486.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 281.12 486.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.19 486.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 334.26 486.10 Td (value-price ) Tj ET Q q 0 0 0 rg BT 381.10 486.10 Td (sellers ) Tj ET Q q 0 0 0 rg BT 408.50 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.70 486.10 Td (distressed, ) Tj ET Q q 0 0 0 rg BT 462.50 486.10 Td (refurbished, ) Tj ET Q q 0 0 0 rg BT 512.40 486.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.70 486.10 Td (marked-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (out-of-stock ) Tj ET Q q 0 0 0 rg BT 101.89 474.10 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 158.43 474.10 Td (which ) Tj ET Q q 0 0 0 rg BT 186.37 474.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 240.41 474.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 265.58 474.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 307.56 474.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 334.40 474.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 375.11 474.10 Td (do ) Tj ET Q q 0 0 0 rg BT 388.62 474.10 Td (not ) Tj ET Q q 0 0 0 rg BT 404.91 474.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 422.30 474.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.59 474.10 Td (what ) Tj ET Q q 0 0 0 rg BT 456.53 474.10 Td (we ) Tj ET Q q 0 0 0 rg BT 471.70 474.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 504.08 474.10 Td (are ) Tj ET Q q 0 0 0 rg BT 519.80 474.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 85.84 462.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.07 462.10 Td (consumers. ) Tj ET Q q 0 0 0 rg BT 143.79 462.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.24 462.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 200.59 462.10 Td (, ) Tj ET Q q 0 0 0 rg BT 205.54 462.10 Td (we ) Tj ET Q q 0 0 0 rg BT 219.66 462.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 250.98 462.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 270.93 462.10 Td (historically) Tj ET Q q 0 0 0 rg BT 315.27 462.10 Td (, ) Tj ET Q q 0 0 0 rg BT 320.22 462.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.89 462.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 362.34 462.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 389.79 462.10 Td (have ) Tj ET Q q 0 0 0 rg BT 411.12 462.10 Td (not ) Tj ET Q q 0 0 0 rg BT 426.35 462.10 Td (competed ) Tj ET Q q 0 0 0 rg BT 467.68 462.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 520.12 462.10 Td (with ) Tj ET Q q 0 0 0 rg BT 540.35 462.10 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 91.67 450.10 Td (stores. ) Tj ET Q q 0 0 0 rg BT 121.21 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.09 450.10 Td (As ) Tj ET Q q 0 0 0 rg BT 138.91 450.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.94 450.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 184.64 450.10 Td (business ) Tj ET Q q 0 0 0 rg BT 222.23 450.10 Td (expands ) Tj ET Q q 0 0 0 rg BT 258.70 450.10 Td (its ) Tj ET Q q 0 0 0 rg BT 271.85 450.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 326.09 450.10 Td (of) Tj ET Q q 0 0 0 rg BT 334.24 450.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 365.71 450.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 384.40 450.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 424.48 450.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.51 450.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 469.64 450.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 511.09 450.10 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 552.01 450.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (mattresses ) Tj ET Q q 0 0 0 rg BT 93.66 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.59 438.10 Td (furniture\), ) Tj ET Q q 0 0 0 rg BT 153.91 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.63 438.10 Td (level ) Tj ET Q q 0 0 0 rg BT 190.56 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.39 438.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 251.66 438.10 Td (between ) Tj ET Q q 0 0 0 rg BT 287.47 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.19 438.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 329.69 438.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 357.19 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.12 438.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 398.28 438.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 439.26 438.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 465.09 438.10 Td (may ) Tj ET Q q 0 0 0 rg BT 484.80 438.10 Td (increase.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 417.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 417.10 Td (e ) Tj ET Q q 0 0 0 rg BT 88.43 417.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 119.15 417.10 Td (that ) Tj ET Q q 0 0 0 rg BT 135.99 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.06 417.10 Td (key ) Tj ET Q q 0 0 0 rg BT 166.35 417.10 Td (dif) Tj ET Q q 0 0 0 rg BT 177.27 417.10 Td (ferentiating ) Tj ET Q q 0 0 0 rg BT 225.21 417.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 250.38 417.10 Td (between ) Tj ET Q q 0 0 0 rg BT 285.54 417.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 334.60 417.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 374.22 417.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.85 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.91 417.10 Td (outlet-value ) Tj ET Q q 0 0 0 rg BT 447.52 417.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 469.91 417.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 504.54 417.10 Td (is ) Tj ET Q q 0 0 0 rg BT 513.06 417.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 537.39 417.10 Td ( ) Tj ET Q q 0 0 0 rg BT 539.24 417.10 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 78.93 405.10 Td (include ) Tj ET Q q 0 0 0 rg BT 110.58 405.10 Td (product ) Tj ET Q q 0 0 0 rg BT 143.35 405.10 Td (assortment ) Tj ET Q q 0 0 0 rg BT 188.90 405.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.56 405.10 Td (quality) Tj ET Q q 0 0 0 rg BT 232.68 405.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.41 405.10 Td (service ) Tj ET Q q 0 0 0 rg BT 267.94 405.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.60 405.10 Td (convenience, ) Tj ET Q q 0 0 0 rg BT 339.29 405.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 364.29 405.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 414.55 405.10 Td (existence ) Tj ET Q q 0 0 0 rg BT 453.97 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.52 405.10 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 494.52 405.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 537.01 405.10 Td (online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 393.10 Td (multichannel ) Tj ET Q q 0 0 0 rg BT 121.15 393.10 Td (capabilities, ) Tj ET Q q 0 0 0 rg BT 171.68 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.62 393.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 236.11 393.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.94 393.10 Td (retail-related ) Tj ET Q q 0 0 0 rg BT 300.51 393.10 Td (services ) Tj ET Q q 0 0 0 rg BT 335.22 393.10 Td (such ) Tj ET Q q 0 0 0 rg BT 356.05 393.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.88 393.10 Td (access ) Tj ET Q q 0 0 0 rg BT 394.92 393.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.19 393.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 430.46 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.40 393.10 Td (product ) Tj ET Q q 0 0 0 rg BT 480.44 393.10 Td (delivery) Tj ET Q q 0 0 0 rg BT 512.56 393.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 367.10 Td ( Str) Tj ET Q q 0 0 0 rg BT 82.75 367.10 Td (engths) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 341.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 341.10 Td (e believe that our competitive strengths are the following:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 315.10 Td (Our stores carry a wide variety of well-known, brand-name merchandise.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 298.10 Td (e ) Tj ET Q q 0 0 0 rg BT 90.02 298.10 Td (of) Tj ET Q q 0 0 0 rg BT 98.17 298.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 112.72 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.50 298.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 173.50 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.38 298.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 207.60 298.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 246.59 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.37 298.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 298.76 298.10 Td (including ) Tj ET Q q 0 0 0 rg BT 339.98 298.10 Td (well-known ) Tj ET Q q 0 0 0 rg BT 391.20 298.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 433.52 298.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 459.74 298.10 Td (names ) Tj ET Q q 0 0 0 rg BT 488.74 298.10 Td (such ) Tj ET Q q 0 0 0 rg BT 510.51 298.10 Td (as ) Tj ET Q q 0 0 0 rg BT 522.29 298.10 Td (Kenmore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (Whirlpool) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 90.60 290.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.54 286.10 Td (, ) Tj ET Q q 0 0 0 rg BT 100.27 286.10 Td (Samsung, ) Tj ET Q q 0 0 0 rg BT 141.68 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.35 286.10 Td (Craftsman, ) Tj ET Q q 0 0 0 rg BT 204.74 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.41 286.10 Td (we ) Tj ET Q q 0 0 0 rg BT 235.30 286.10 Td (strive ) Tj ET Q q 0 0 0 rg BT 259.75 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.76 286.10 Td (of) Tj ET Q q 0 0 0 rg BT 277.91 286.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 291.24 286.10 Td (high ) Tj ET Q q 0 0 0 rg BT 311.25 286.10 Td (in-stock ) Tj ET Q q 0 0 0 rg BT 345.70 286.10 Td (levels. ) Tj ET Q q 0 0 0 rg BT 373.76 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.50 286.10 Td (A) Tj ET Q q 0 0 0 rg BT 382.17 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.40 286.10 Td (typical ) Tj ET Q q 0 0 0 rg BT 413.85 286.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 460.52 286.10 Td (Store ) Tj ET Q q 0 0 0 rg BT 483.86 286.10 Td (of) Tj ET Q q 0 0 0 rg BT 492.01 286.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 509.23 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 515.91 286.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 553.68 286.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (products ) Tj ET Q q 0 0 0 rg BT 86.59 274.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 117.01 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.43 274.10 Td (department ) Tj ET Q q 0 0 0 rg BT 175.06 274.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 203.54 274.10 Td (discounters, ) Tj ET Q q 0 0 0 rg BT 254.24 274.10 Td (mass ) Tj ET Q q 0 0 0 rg BT 276.88 274.10 Td (merchandisers, ) Tj ET Q q 0 0 0 rg BT 339.79 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.87 274.10 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 399.50 274.10 Td (clubs ) Tj ET Q q 0 0 0 rg BT 423.26 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.35 274.10 Td (carries ) Tj ET Q q 0 0 0 rg BT 469.64 274.10 Td (more ) Tj ET Q q 0 0 0 rg BT 492.84 274.10 Td (types ) Tj ET Q q 0 0 0 rg BT 516.59 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.57 274.10 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (than ) Tj ET Q q 0 0 0 rg BT 68.75 262.10 Td (specialty ) Tj ET Q q 0 0 0 rg BT 106.32 262.10 Td (retailers ) Tj ET Q q 0 0 0 rg BT 140.55 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.02 262.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 188.48 262.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 239.39 262.10 Td (appliance ) Tj ET Q q 0 0 0 rg BT 279.73 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.20 262.10 Td (hardware ) Tj ET Q q 0 0 0 rg BT 335.42 262.10 Td (stores. ) Tj ET Q q 0 0 0 rg BT 363.28 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.17 262.10 Td (This ) Tj ET Q q 0 0 0 rg BT 384.98 262.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 412.56 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.37 262.10 Td (of) Tj ET Q q 0 0 0 rg BT 430.52 262.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 443.65 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.11 262.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 471.58 262.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 501.38 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.74 262.10 Td (well-known, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 90.88 250.10 Td (brand-name ) Tj ET Q q 0 0 0 rg BT 141.13 250.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 194.16 250.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 226.65 250.10 Td (us ) Tj ET Q q 0 0 0 rg BT 238.04 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.32 250.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 278.58 250.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 328.29 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.57 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.40 250.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 376.88 250.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 399.92 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.86 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.14 250.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 464.07 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.35 250.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 501.83 250.10 Td (customers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 224.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.65 224.10 Td (e operate across the nation through distinctly tailored store formats.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 207.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.33 207.10 Td (dif) Tj ET Q q 0 0 0 rg BT 102.26 207.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 127.86 207.10 Td (store ) Tj ET Q q 0 0 0 rg BT 149.57 207.10 Td (formats ) Tj ET Q q 0 0 0 rg BT 182.40 207.10 Td (are ) Tj ET Q q 0 0 0 rg BT 196.89 207.10 Td (tar) Tj ET Q q 0 0 0 rg BT 207.25 207.10 Td (geted ) Tj ET Q q 0 0 0 rg BT 231.19 207.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.25 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.75 207.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 278.01 207.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 300.83 207.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.89 207.10 Td (which ) Tj ET Q q 0 0 0 rg BT 337.61 207.10 Td (they ) Tj ET Q q 0 0 0 rg BT 357.10 207.10 Td (compete. ) Tj ET Q q 0 0 0 rg BT 395.76 207.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.04 207.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 415.87 207.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 462.59 207.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 489.87 207.10 Td (of) Tj ET Q q 0 0 0 rg BT 498.02 207.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 511.40 207.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 554.22 207.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.10 Td (more ) Tj ET Q q 0 0 0 rg BT 72.52 195.10 Td (rural ) Tj ET Q q 0 0 0 rg BT 93.88 195.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 148.02 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 154.93 195.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 176.85 195.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 207.09 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.90 195.10 Td (merchandise. ) Tj ET Q q 0 0 0 rg BT 273.41 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.89 195.10 Td (In ) Tj ET Q q 0 0 0 rg BT 286.70 195.10 Td (those ) Tj ET Q q 0 0 0 rg BT 310.28 195.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 332.75 195.10 Td (areas, ) Tj ET Q q 0 0 0 rg BT 358.26 195.10 Td (we ) Tj ET Q q 0 0 0 rg BT 372.40 195.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 408.75 195.10 Td (against ) Tj ET Q q 0 0 0 rg BT 439.55 195.10 Td (lar) Tj ET Q q 0 0 0 rg BT 449.92 195.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 465.17 195.10 Td (national ) Tj ET Q q 0 0 0 rg BT 499.86 195.10 Td (or ) Tj ET Q q 0 0 0 rg BT 510.66 195.10 Td (regional ) Tj ET Q q 0 0 0 rg BT 545.91 195.10 Td (big-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.10 Td (box ) Tj ET Q q 0 0 0 rg BT 66.61 183.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 92.06 183.10 Td (on ) Tj ET Q q 0 0 0 rg BT 104.17 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.50 183.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 140.62 183.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.06 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.39 183.10 Td (convenient ) Tj ET Q q 0 0 0 rg BT 211.38 183.10 Td (shopping ) Tj ET Q q 0 0 0 rg BT 250.16 183.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 295.58 183.10 Td (we ) Tj ET Q q 0 0 0 rg BT 309.35 183.10 Td (provide, ) Tj ET Q q 0 0 0 rg BT 344.51 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.07 183.10 Td (we ) Tj ET Q q 0 0 0 rg BT 374.84 183.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 410.83 183.10 Td (against ) Tj ET Q q 0 0 0 rg BT 441.27 183.10 Td (local ) Tj ET Q q 0 0 0 rg BT 462.82 183.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 513.80 183.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 539.25 183.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 171.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.83 171.10 Td (product ) Tj ET Q q 0 0 0 rg BT 110.88 171.10 Td (of) Tj ET Q q 0 0 0 rg BT 119.03 171.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 149.29 171.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.23 171.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 215.94 171.10 Td (pricing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 147.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.92 147.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 132.21 147.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 159.07 147.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.15 147.10 Td (located ) Tj ET Q q 0 0 0 rg BT 203.89 147.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.53 147.10 Td (neighborhood ) Tj ET Q q 0 0 0 rg BT 270.95 147.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 301.13 147.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.78 147.10 Td (suburban ) Tj ET Q q 0 0 0 rg BT 349.31 147.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 371.71 147.10 Td (where ) Tj ET Q q 0 0 0 rg BT 398.01 147.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 440.42 147.10 Td (can ) Tj ET Q q 0 0 0 rg BT 456.17 147.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 480.81 147.10 Td (their ) Tj ET Q q 0 0 0 rg BT 501.00 147.10 Td (hardware, ) Tj ET Q q 0 0 0 rg BT 542.56 147.10 Td (lawn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.04 135.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 95.34 135.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 114.38 135.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.26 135.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.56 135.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 181.49 135.10 Td (home ) Tj ET Q q 0 0 0 rg BT 205.80 135.10 Td (appliance ) Tj ET Q q 0 0 0 rg BT 246.21 135.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 273.43 135.10 Td (These ) Tj ET Q q 0 0 0 rg BT 299.40 135.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 324.83 135.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 360.80 135.10 Td (against ) Tj ET Q q 0 0 0 rg BT 391.23 135.10 Td (lar) Tj ET Q q 0 0 0 rg BT 401.59 135.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 416.46 135.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 461.32 135.10 Td (home ) Tj ET Q q 0 0 0 rg BT 485.63 135.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 516.05 135.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.58 135.10 Td (smaller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.10 Td (local ) Tj ET Q q 0 0 0 rg BT 71.43 123.10 Td (hardware ) Tj ET Q q 0 0 0 rg BT 111.13 123.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 136.96 123.10 Td (by ) Tj ET Q q 0 0 0 rg BT 149.46 123.10 Td (of) Tj ET Q q 0 0 0 rg BT 157.61 123.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 183.99 123.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.93 123.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 216.19 123.10 Td (assortment ) Tj ET Q q 0 0 0 rg BT 262.02 123.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.85 123.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 312.29 123.10 Td (convenient ) Tj ET Q q 0 0 0 rg BT 358.66 123.10 Td (outlets, ) Tj ET Q q 0 0 0 rg BT 390.33 123.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.26 123.10 Td (personalized ) Tj ET Q q 0 0 0 rg BT 460.30 123.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 499.45 123.10 Td (assistance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 102.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.32 102.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 117.53 102.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 160.90 102.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 210.96 102.10 Td (include ) Tj ET Q q 0 0 0 rg BT 242.66 102.10 Td (appealing ) Tj ET Q q 0 0 0 rg BT 283.81 102.10 Td (display ) Tj ET Q q 0 0 0 rg BT 314.97 102.10 Td (floors ) Tj ET Q q 0 0 0 rg BT 340.57 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.62 102.10 Td (metropolitan ) Tj ET Q q 0 0 0 rg BT 403.99 102.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 426.25 102.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 449.06 102.10 Td (where ) Tj ET Q q 0 0 0 rg BT 475.76 102.10 Td (we ) Tj ET Q q 0 0 0 rg BT 489.70 102.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 525.84 102.10 Td (with ) Tj ET Q q 0 0 0 rg BT 545.89 102.10 Td (big-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (box ) Tj ET Q q 0 0 0 rg BT 67.22 90.10 Td (retailers ) Tj ET Q q 0 0 0 rg BT 102.14 90.10 Td (by ) Tj ET Q q 0 0 0 rg BT 114.85 90.10 Td (of) Tj ET Q q 0 0 0 rg BT 123.00 90.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 149.60 90.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.75 90.10 Td (compelling ) Tj ET Q q 0 0 0 rg BT 204.46 90.10 Td (service ) Tj ET Q q 0 0 0 rg BT 235.49 90.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 265.71 90.10 Td (a ) Tj ET Q q 0 0 0 rg BT 272.86 90.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 295.02 90.10 Td (assortment ) Tj ET Q q 0 0 0 rg BT 341.06 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.11 90.10 Td (brand-name ) Tj ET Q q 0 0 0 rg BT 402.58 90.10 Td (home ) Tj ET Q q 0 0 0 rg BT 427.51 90.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 474.93 90.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 519.86 90.10 Td (online ) Tj ET Q q 0 0 0 rg BT 547.57 90.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (multi-channel ) Tj ET Q q 0 0 0 rg BT 107.17 78.10 Td (capabilities, ) Tj ET Q q 0 0 0 rg BT 157.35 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.92 78.10 Td (convenient ) Tj ET Q q 0 0 0 rg BT 219.93 78.10 Td (locations. ) Tj ET Q q 0 0 0 rg BT 260.52 78.10 Td (W) Tj ET Q q 0 0 0 rg BT 269.15 78.10 Td (e ) Tj ET Q q 0 0 0 rg BT 275.73 78.10 Td (dif) Tj ET Q q 0 0 0 rg BT 286.66 78.10 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 326.54 78.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 366.45 78.10 Td (from ) Tj ET Q q 0 0 0 rg BT 388.02 78.10 Td (our ) Tj ET Q q 0 0 0 rg BT 403.49 78.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 452.83 78.10 Td (by ) Tj ET Q q 0 0 0 rg BT 464.97 78.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 505.99 78.10 Td (our ) Tj ET Q q 0 0 0 rg BT 521.46 78.10 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.93 66.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.02 66.10 Td (consultative ) Tj ET Q q 0 0 0 rg BT 128.00 66.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.09 66.10 Td (educational ) Tj ET Q q 0 0 0 rg BT 193.83 66.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 232.02 66.10 Td (experience. ) Tj ET Q q 0 0 0 rg BT 280.29 66.10 Td (T) Tj ET Q q 0 0 0 rg BT 285.70 66.10 Td (o ) Tj ET Q q 0 0 0 rg BT 293.35 66.10 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 351.53 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.40 66.10 Td (lifestyles ) Tj ET Q q 0 0 0 rg BT 405.16 66.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.14 66.10 Td (our ) Tj ET Q q 0 0 0 rg BT 432.13 66.10 Td (metropolitan ) Tj ET Q q 0 0 0 rg BT 485.88 66.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 531.58 66.10 Td (we ) Tj ET Q q 0 0 0 rg BT 545.90 66.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 82.55 54.10 Td (after) Tj ET Q q 0 0 0 rg BT 100.66 54.10 Td (-hours ) Tj ET Q q 0 0 0 rg BT 128.71 54.10 Td (showings ) Tj ET Q q 0 0 0 rg BT 169.00 54.10 Td (by ) Tj ET Q q 0 0 0 rg BT 181.50 54.10 Td (appointment.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 742.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.07 742.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 120.09 742.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 148.11 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 156.26 742.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 170.38 742.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 213.95 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 221.41 742.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 243.87 742.10 Td (range ) Tj ET Q q 0 0 0 rg BT 269.10 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.45 742.10 Td (outlet-value ) Tj ET Q q 0 0 0 rg BT 331.23 742.10 Td (products ) Tj ET Q q 0 0 0 rg BT 368.69 742.10 Td (at ) Tj ET Q q 0 0 0 rg BT 378.93 742.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 418.05 742.10 Td (across ) Tj ET Q q 0 0 0 rg BT 446.06 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.30 742.10 Td (United ) Tj ET Q q 0 0 0 rg BT 491.54 742.10 Td (States ) Tj ET Q q 0 0 0 rg BT 518.45 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.91 742.10 Td (Puerto ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (Rico. ) Tj ET Q q 0 0 0 rg BT 73.75 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.61 730.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 95.03 730.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 122.88 730.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 150.75 730.10 Td (dif) Tj ET Q q 0 0 0 rg BT 161.68 730.10 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 202.29 730.10 Td (themselves ) Tj ET Q q 0 0 0 rg BT 249.58 730.10 Td (from ) Tj ET Q q 0 0 0 rg BT 271.88 730.10 Td (their ) Tj ET Q q 0 0 0 rg BT 293.07 730.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 343.15 730.10 Td (by ) Tj ET Q q 0 0 0 rg BT 356.01 730.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 397.76 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.06 730.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 427.36 730.10 Td (range ) Tj ET Q q 0 0 0 rg BT 452.43 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.63 730.10 Td (outlet-value ) Tj ET Q q 0 0 0 rg BT 514.25 730.10 Td (brand-name ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 88.94 718.10 Td (including ) Tj ET Q q 0 0 0 rg BT 129.21 718.10 Td (Kenmore, ) Tj ET Q q 0 0 0 rg BT 171.24 718.10 Td (Whirlpool, ) Tj ET Q q 0 0 0 rg BT 217.34 718.10 Td (GE, ) Tj ET Q q 0 0 0 rg BT 235.67 718.10 Td (LG, ) Tj ET Q q 0 0 0 rg BT 254.00 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.94 718.10 Td (Samsung ) Tj ET Q q 0 0 0 rg BT 310.11 718.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 349.55 718.10 Td (at ) Tj ET Q q 0 0 0 rg BT 359.27 718.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 385.64 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 403.14 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.84 718.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 470.33 718.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 495.60 718.10 Td (than ) Tj ET Q q 0 0 0 rg BT 515.32 718.10 Td (list ) Tj ET Q q 0 0 0 rg BT 530.05 718.10 Td (prices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 697.10 Td (In ) Tj ET Q q 0 0 0 rg BT 84.46 697.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 122.37 697.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 145.00 697.10 Td (has ) Tj ET Q q 0 0 0 rg BT 160.97 697.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 186.93 697.10 Td (located ) Tj ET Q q 0 0 0 rg BT 218.43 697.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.84 697.10 Td (all ) Tj ET Q q 0 0 0 rg BT 241.47 697.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 254.10 697.10 Td (states ) Tj ET Q q 0 0 0 rg BT 278.95 697.10 Td (as ) Tj ET Q q 0 0 0 rg BT 289.91 697.10 Td (well ) Tj ET Q q 0 0 0 rg BT 309.76 697.10 Td (as ) Tj ET Q q 0 0 0 rg BT 320.72 697.10 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 349.46 697.10 Td (Rico ) Tj ET Q q 0 0 0 rg BT 370.98 697.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.05 697.10 Td (Bermuda, ) Tj ET Q q 0 0 0 rg BT 429.84 697.10 Td (without ) Tj ET Q q 0 0 0 rg BT 463.03 697.10 Td (any ) Tj ET Q q 0 0 0 rg BT 480.10 697.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 537.15 697.10 Td (in ) Tj ET Q q 0 0 0 rg BT 547.56 697.10 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 89.97 685.10 Td (region ) Tj ET Q q 0 0 0 rg BT 117.68 685.10 Td (or ) Tj ET Q q 0 0 0 rg BT 128.17 685.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 150.32 685.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 171.47 685.10 Td (The ) Tj ET Q q 0 0 0 rg BT 189.17 685.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 216.89 685.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.82 685.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 262.85 685.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 300.54 685.10 Td (with ) Tj ET Q q 0 0 0 rg BT 320.48 685.10 Td (a ) Tj ET Q q 0 0 0 rg BT 327.08 685.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 348.68 685.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 378.61 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.10 685.10 Td (products ) Tj ET Q q 0 0 0 rg BT 425.70 685.10 Td (across ) Tj ET Q q 0 0 0 rg BT 452.85 685.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.45 685.10 Td (diversified ) Tj ET Q q 0 0 0 rg BT 504.37 685.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 522.09 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.58 685.10 Td (regions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 673.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 88.92 673.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 111.96 673.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 150.58 673.10 Td (us ) Tj ET Q q 0 0 0 rg BT 161.97 673.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.25 673.10 Td (be ) Tj ET Q q 0 0 0 rg BT 184.19 673.10 Td (able ) Tj ET Q q 0 0 0 rg BT 203.34 673.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.62 673.10 Td (take ) Tj ET Q q 0 0 0 rg BT 232.78 673.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 275.81 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.64 673.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 341.91 673.10 Td (as ) Tj ET Q q 0 0 0 rg BT 352.74 673.10 Td (they ) Tj ET Q q 0 0 0 rg BT 372.46 673.10 Td (arise.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.91 647.10 Td (fact ) Tj ET Q q 0 0 0 rg BT 109.75 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 128.17 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.93 647.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 192.23 647.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 220.09 647.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.72 647.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 276.36 647.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 314.20 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.94 647.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 357.68 647.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 386.10 647.10 Td (us ) Tj ET Q q 0 0 0 rg BT 397.85 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.93 647.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 444.65 647.10 Td (their ) Tj ET Q q 0 0 0 rg BT 466.40 647.10 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 515.09 647.10 Td (experience, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (motivation, ) Tj ET Q q 0 0 0 rg BT 98.39 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.45 635.10 Td (capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 618.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.60 618.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 140.59 618.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 169.14 618.10 Td (are ) Tj ET Q q 0 0 0 rg BT 184.90 618.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 225.67 618.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 255.88 618.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.87 618.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 311.84 618.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.39 618.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 369.50 618.10 Td (dealers. ) Tj ET Q q 0 0 0 rg BT 403.86 618.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.41 618.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 435.96 618.10 Td (both ) Tj ET Q q 0 0 0 rg BT 457.29 618.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.17 618.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 502.14 618.10 Td (model ) Tj ET Q q 0 0 0 rg BT 530.69 618.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.68 618.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 606.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 89.76 606.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 120.88 606.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 144.50 606.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 182.56 606.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 224.50 606.10 Td (\(on ) Tj ET Q q 0 0 0 rg BT 241.45 606.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.50 606.10 Td (consignment ) Tj ET Q q 0 0 0 rg BT 304.23 606.10 Td (basis\), ) Tj ET Q q 0 0 0 rg BT 333.67 606.10 Td (branding, ) Tj ET Q q 0 0 0 rg BT 375.34 606.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.40 606.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 437.56 606.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.95 606.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.79 606.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 491.74 606.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.79 606.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.63 606.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 553.67 606.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 594.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 93.89 594.10 Td (is ) Tj ET Q q 0 0 0 rg BT 103.88 594.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 152.73 594.10 Td (for ) Tj ET Q q 0 0 0 rg BT 167.70 594.10 Td (start-up ) Tj ET Q q 0 0 0 rg BT 201.56 594.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 227.37 594.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 250.67 594.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 294.80 594.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.55 594.10 Td (other ) Tj ET Q q 0 0 0 rg BT 336.41 594.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 377.48 594.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 400.79 594.10 Td (including ) Tj ET Q q 0 0 0 rg BT 441.88 594.10 Td (payroll. ) Tj ET Q q 0 0 0 rg BT 476.01 594.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.32 594.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 498.19 594.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 525.92 594.10 Td (model ) Tj ET Q q 0 0 0 rg BT 554.23 594.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 90.35 582.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 119.00 582.10 Td (us ) Tj ET Q q 0 0 0 rg BT 130.44 582.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.75 582.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 177.16 582.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.92 582.10 Td (entrepreneurial ) Tj ET Q q 0 0 0 rg BT 254.98 582.10 Td (spirit ) Tj ET Q q 0 0 0 rg BT 278.07 582.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.95 582.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.82 582.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 335.67 582.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.65 582.10 Td (their ) Tj ET Q q 0 0 0 rg BT 373.52 582.10 Td (local ) Tj ET Q q 0 0 0 rg BT 395.50 582.10 Td (trade-area ) Tj ET Q q 0 0 0 rg BT 438.00 582.10 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 484.42 582.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.74 582.10 Td (better ) Tj ET Q q 0 0 0 rg BT 520.04 582.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 543.68 582.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 570.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 94.79 570.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.03 570.10 Td (In ) Tj ET Q q 0 0 0 rg BT 107.61 570.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 145.13 570.10 Td (our ) Tj ET Q q 0 0 0 rg BT 160.70 570.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 199.59 570.10 Td (model ) Tj ET Q q 0 0 0 rg BT 226.83 570.10 Td (frees ) Tj ET Q q 0 0 0 rg BT 248.50 570.10 Td (up ) Tj ET Q q 0 0 0 rg BT 260.74 570.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 289.64 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.32 570.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 338.55 570.10 Td (us ) Tj ET Q q 0 0 0 rg BT 349.68 570.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.71 570.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 383.61 570.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.85 570.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 431.97 570.10 Td (planning, ) Tj ET Q q 0 0 0 rg BT 471.71 570.10 Td (marketing, ) Tj ET Q q 0 0 0 rg BT 516.99 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.67 570.10 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.10 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 91.34 558.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.98 558.10 Td (e ) Tj ET Q q 0 0 0 rg BT 106.13 558.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 143.92 558.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 178.94 558.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.86 558.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 245.08 558.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.12 558.10 Td (franchised ) Tj ET Q q 0 0 0 rg BT 298.47 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.61 558.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 340.74 558.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 365.77 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.92 558.10 Td (require ) Tj ET Q q 0 0 0 rg BT 411.94 558.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 459.73 558.10 Td (with ) Tj ET Q q 0 0 0 rg BT 479.21 558.10 Td (established ) Tj ET Q q 0 0 0 rg BT 525.35 558.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 546.10 Td (service ) Tj ET Q q 0 0 0 rg BT 80.32 546.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.25 546.10 Td (other ) Tj ET Q q 0 0 0 rg BT 120.30 546.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 167.78 546.10 Td (guidelines.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 520.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.67 520.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 120.73 520.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 148.79 520.10 Td (are ) Tj ET Q q 0 0 0 rg BT 164.62 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.90 520.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 212.96 520.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 260.47 520.10 Td (channel ) Tj ET Q q 0 0 0 rg BT 296.31 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.14 520.10 Td (value-priced ) Tj ET Q q 0 0 0 rg BT 360.74 520.10 Td (home ) Tj ET Q q 0 0 0 rg BT 386.01 520.10 Td (appliances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 503.10 Td (As ) Tj ET Q q 0 0 0 rg BT 86.89 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.37 503.10 Td (nation) Tj ET Q q 0 0 0 rg BT 129.15 503.10 Td (s ) Tj ET Q q 0 0 0 rg BT 135.31 503.10 Td (lar) Tj ET Q q 0 0 0 rg BT 145.68 503.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 164.06 503.10 Td (chain ) Tj ET Q q 0 0 0 rg BT 187.98 503.10 Td (retailer ) Tj ET Q q 0 0 0 rg BT 218.57 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.17 503.10 Td (outlet-value ) Tj ET Q q 0 0 0 rg BT 279.20 503.10 Td (home ) Tj ET Q q 0 0 0 rg BT 303.69 503.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 350.66 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 366.27 503.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 393.53 503.10 Td (business ) Tj ET Q q 0 0 0 rg BT 429.70 503.10 Td (has ) Tj ET Q q 0 0 0 rg BT 445.30 503.10 Td (become ) Tj ET Q q 0 0 0 rg BT 478.66 503.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 529.81 503.10 Td (relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 491.10 Td (major ) Tj ET Q q 0 0 0 rg BT 85.60 491.10 Td (appliance ) Tj ET Q q 0 0 0 rg BT 126.41 491.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 160.57 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 171.40 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.34 491.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 224.17 491.10 Td (channel ) Tj ET Q q 0 0 0 rg BT 257.77 491.10 Td (for ) Tj ET Q q 0 0 0 rg BT 271.93 491.10 Td (outlet-value ) Tj ET Q q 0 0 0 rg BT 322.19 491.10 Td (appliances.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 465.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 465.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.60 465.10 Td (Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 448.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 448.10 Td (e ) Tj ET Q q 0 0 0 rg BT 88.97 448.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 108.59 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.76 448.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 155.59 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.77 448.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 200.92 448.10 Td (our ) Tj ET Q q 0 0 0 rg BT 216.65 448.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 266.25 448.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 303.38 448.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 326.33 448.10 Td (our ) Tj ET Q q 0 0 0 rg BT 342.05 448.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 380.84 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.68 448.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 432.83 448.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.56 448.10 Td (net ) Tj ET Q q 0 0 0 rg BT 463.17 448.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 485.01 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.84 448.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 552.01 448.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (implementing ) Tj ET Q q 0 0 0 rg BT 107.55 436.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.26 436.10 Td (following ) Tj ET Q q 0 0 0 rg BT 163.65 436.10 Td (strategies:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 419.10 Td (Expand ) Tj ET Q q 0 0 0 rg BT 108.09 419.10 Td (Product ) Tj ET Q q 0 0 0 rg BT 142.87 419.10 Td (Assortment ) Tj ET Q q 0 0 0 rg BT 191.90 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.82 419.10 Td (Optimize ) Tj ET Q q 0 0 0 rg BT 248.84 419.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 281.18 419.10 Td (Of) Tj ET Q q 0 0 0 rg BT 291.55 419.10 Td (ferings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.44 419.10 Td (. ) Tj ET Q q 0 0 0 rg BT 325.13 419.10 Td (W) Tj ET Q q 0 0 0 rg BT 333.77 419.10 Td (e ) Tj ET Q q 0 0 0 rg BT 340.56 419.10 Td (strive ) Tj ET Q q 0 0 0 rg BT 365.13 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.27 419.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 408.17 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.85 419.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 466.75 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.89 419.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 525.89 419.10 Td (solutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.42 407.10 Td (their ) Tj ET Q q 0 0 0 rg BT 84.00 407.10 Td (home ) Tj ET Q q 0 0 0 rg BT 108.48 407.10 Td (appliance, ) Tj ET Q q 0 0 0 rg BT 151.55 407.10 Td (hardware, ) Tj ET Q q 0 0 0 rg BT 193.50 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.20 407.10 Td (other ) Tj ET Q q 0 0 0 rg BT 233.00 407.10 Td (related ) Tj ET Q q 0 0 0 rg BT 262.46 407.10 Td (home ) Tj ET Q q 0 0 0 rg BT 286.94 407.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 314.47 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.56 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 325.20 407.10 Td (e ) Tj ET Q q 0 0 0 rg BT 331.90 407.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 370.25 407.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 405.82 407.10 Td (other ) Tj ET Q q 0 0 0 rg BT 428.62 407.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 481.41 407.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 524.20 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 540.90 407.10 Td (types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.55 395.10 Td (services ) Tj ET Q q 0 0 0 rg BT 93.47 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.97 395.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 137.44 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.49 395.10 Td (product ) Tj ET Q q 0 0 0 rg BT 184.76 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.92 395.10 Td (service ) Tj ET Q q 0 0 0 rg BT 230.95 395.10 Td (of) Tj ET Q q 0 0 0 rg BT 239.10 395.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 268.59 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.74 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.24 395.10 Td (create ) Tj ET Q q 0 0 0 rg BT 319.82 395.10 Td (cross-selling ) Tj ET Q q 0 0 0 rg BT 372.09 395.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 426.58 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 439.96 395.10 Td (adjacent ) Tj ET Q q 0 0 0 rg BT 474.99 395.10 Td (products ) Tj ET Q q 0 0 0 rg BT 511.15 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.30 395.10 Td (services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.86 383.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 104.70 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 120.50 383.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 162.41 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.66 383.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 207.88 383.10 Td (product ) Tj ET Q q 0 0 0 rg BT 240.90 383.10 Td (of) Tj ET Q q 0 0 0 rg BT 249.05 383.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 279.29 383.10 Td (include ) Tj ET Q q 0 0 0 rg BT 311.19 383.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 355.32 383.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 392.77 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.02 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 418.82 383.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 446.28 383.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 473.75 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.66 383.10 Td (adding ) Tj ET Q q 0 0 0 rg BT 520.35 383.10 Td (mattresses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 371.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 102.00 371.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 145.59 371.10 Td (Showrooms.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 350.10 Td (Promote ) Tj ET Q q 0 0 0 rg BT 112.85 350.10 Td (Customer ) Tj ET Q q 0 0 0 rg BT 157.21 350.10 Td (Growth ) Tj ET Q q 0 0 0 rg BT 192.69 350.10 Td (through ) Tj ET Q q 0 0 0 rg BT 230.39 350.10 Td (Enhanced ) Tj ET Q q 0 0 0 rg BT 276.98 350.10 Td (Marketing, ) Tj ET Q q 0 0 0 rg BT 327.17 350.10 Td (Improved ) Tj ET Q q 0 0 0 rg BT 370.96 350.10 Td (Customer ) Tj ET Q q 0 0 0 rg BT 415.33 350.10 Td (Experience, ) Tj ET Q q 0 0 0 rg BT 468.83 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.75 350.10 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 535.88 350.10 Td (Multi-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (Channel ) Tj ET Q q 0 0 0 rg BT 87.21 338.10 Td (Capabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 338.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.58 338.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.21 338.10 Td (e ) Tj ET Q q 0 0 0 rg BT 155.79 338.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 175.69 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.60 338.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 208.83 338.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.30 338.10 Td (customers) Tj ET Q q 0 0 0 rg BT 267.43 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.57 338.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 294.47 338.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.04 338.10 Td (drive ) Tj ET Q q 0 0 0 rg BT 333.72 338.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 367.50 338.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 397.96 338.10 Td (through ) Tj ET Q q 0 0 0 rg BT 431.21 338.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.67 338.10 Td (integrated ) Tj ET Q q 0 0 0 rg BT 488.78 338.10 Td (multi-channel ) Tj ET Q q 0 0 0 rg BT 546.46 338.10 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (capabilities. ) Tj ET Q q 0 0 0 rg BT 99.76 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.83 326.10 Td (W) Tj ET Q q 0 0 0 rg BT 110.47 326.10 Td (e ) Tj ET Q q 0 0 0 rg BT 117.13 326.10 Td (have ) Tj ET Q q 0 0 0 rg BT 138.24 326.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 172.66 326.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 210.98 326.10 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 262.62 326.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 310.38 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 324.27 326.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.83 326.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 386.49 326.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 422.04 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.71 326.10 Td (we ) Tj ET Q q 0 0 0 rg BT 452.60 326.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 489.26 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.26 326.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 519.26 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.26 326.10 Td (enhance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.29 314.10 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 117.17 314.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 161.28 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.19 314.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.98 314.10 Td (online ) Tj ET Q q 0 0 0 rg BT 221.44 314.10 Td (product ) Tj ET Q q 0 0 0 rg BT 254.45 314.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 292.45 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.70 314.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 338.48 314.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.28 314.10 Td (customers) Tj ET Q q 0 0 0 rg BT 397.41 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.88 314.10 Td (online ) Tj ET Q q 0 0 0 rg BT 427.33 314.10 Td (shopping ) Tj ET Q q 0 0 0 rg BT 466.47 314.10 Td (experiences. ) Tj ET Q q 0 0 0 rg BT 518.45 314.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.08 314.10 Td (e ) Tj ET Q q 0 0 0 rg BT 533.98 314.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 554.22 314.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (integrate ) Tj ET Q q 0 0 0 rg BT 86.30 302.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.46 302.10 Td (online ) Tj ET Q q 0 0 0 rg BT 128.27 302.10 Td (business ) Tj ET Q q 0 0 0 rg BT 163.99 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.25 302.10 Td (our ) Tj ET Q q 0 0 0 rg BT 195.40 302.10 Td (brick-and-mortar ) Tj ET Q q 0 0 0 rg BT 265.53 302.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 290.68 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.28 302.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 332.65 302.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.80 302.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 390.17 302.10 Td (with ) Tj ET Q q 0 0 0 rg BT 409.77 302.10 Td (a ) Tj ET Q q 0 0 0 rg BT 416.03 302.10 Td (seamless ) Tj ET Q q 0 0 0 rg BT 453.40 302.10 Td (shopping ) Tj ET Q q 0 0 0 rg BT 491.90 302.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 537.02 302.10 Td (across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (channels. ) Tj ET Q q 0 0 0 rg BT 89.54 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.10 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.66 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.22 290.10 Td (On ) Tj ET Q q 0 0 0 rg BT 112.00 290.10 Td (both ) Tj ET Q q 0 0 0 rg BT 132.33 290.10 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 211.53 290.10 Td (websites ) Tj ET Q q 0 0 0 rg BT 248.53 290.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.52 290.10 Td (Sears.com ) Tj ET Q q 0 0 0 rg BT 309.46 290.10 Td (we ) Tj ET Q q 0 0 0 rg BT 323.67 290.10 Td (of) Tj ET Q q 0 0 0 rg BT 331.82 290.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 345.48 290.10 Td (our ) Tj ET Q q 0 0 0 rg BT 361.37 290.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 404.47 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.25 290.10 Td (option ) Tj ET Q q 0 0 0 rg BT 447.36 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.70 290.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 495.79 290.10 Td (items ) Tj ET Q q 0 0 0 rg BT 520.01 290.10 Td (online ) Tj ET Q q 0 0 0 rg BT 547.57 290.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (pick ) Tj ET Q q 0 0 0 rg BT 68.95 278.10 Td (them ) Tj ET Q q 0 0 0 rg BT 91.18 278.10 Td (up ) Tj ET Q q 0 0 0 rg BT 103.42 278.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.43 278.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.00 278.10 Td (local ) Tj ET Q q 0 0 0 rg BT 150.67 278.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 176.23 278.10 Td (as ) Tj ET Q q 0 0 0 rg BT 186.80 278.10 Td (well ) Tj ET Q q 0 0 0 rg BT 206.25 278.10 Td (as ) Tj ET Q q 0 0 0 rg BT 216.81 278.10 Td (order ) Tj ET Q q 0 0 0 rg BT 240.15 278.10 Td (out-of-stock ) Tj ET Q q 0 0 0 rg BT 291.26 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.93 278.10 Td (other ) Tj ET Q q 0 0 0 rg BT 330.72 278.10 Td (items ) Tj ET Q q 0 0 0 rg BT 354.62 278.10 Td (from ) Tj ET Q q 0 0 0 rg BT 376.29 278.10 Td (our ) Tj ET Q q 0 0 0 rg BT 391.86 278.10 Td (in-store ) Tj ET Q q 0 0 0 rg BT 424.64 278.10 Td (kiosks. ) Tj ET Q q 0 0 0 rg BT 454.77 278.10 Td (These ) Tj ET Q q 0 0 0 rg BT 480.89 278.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 528.66 278.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 553.11 278.10 Td (us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.06 266.10 Td (better ) Tj ET Q q 0 0 0 rg BT 83.60 266.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 106.48 266.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 148.81 266.10 Td (across ) Tj ET Q q 0 0 0 rg BT 175.58 266.10 Td (various ) Tj ET Q q 0 0 0 rg BT 206.80 266.10 Td (channels ) Tj ET Q q 0 0 0 rg BT 243.57 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.79 266.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 294.90 266.10 Td (sales. ) Tj ET Q q 0 0 0 rg BT 318.62 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.40 266.10 Td (See, ) Tj ET Q q 0 0 0 rg BT 339.12 266.10 Td (however) Tj ET Q q 0 0 0 rg BT 373.15 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 377.43 266.10 Td ("W) Tj ET Q q 0 0 0 rg BT 390.15 266.10 Td (e ) Tj ET Q q 0 0 0 rg BT 396.37 266.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 413.69 266.10 Td (on ) Tj ET Q q 0 0 0 rg BT 425.48 266.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 448.92 266.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 487.37 266.10 Td (for ) Tj ET Q q 0 0 0 rg BT 500.81 266.10 Td (services ) Tj ET Q q 0 0 0 rg BT 534.80 266.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 254.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 254.10 Td (online ) Tj ET Q q 0 0 0 rg BT 103.10 254.10 Td (business ) Tj ET Q q 0 0 0 rg BT 139.50 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.43 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.15 254.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 216.42 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.25 254.10 Td (online ) Tj ET Q q 0 0 0 rg BT 254.74 254.10 Td (orders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.73 254.10 Td (" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.79 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.06 254.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 318.89 254.10 Td (1A-Risk ) Tj ET Q q 0 0 0 rg BT 355.28 254.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 387.22 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.05 254.10 Td (this ) Tj ET Q q 0 0 0 rg BT 414.45 254.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 446.38 254.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 476.10 254.10 Td (on ) Tj ET Q q 0 0 0 rg BT 488.60 254.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 512.77 254.10 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 233.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 233.10 Td (e ) Tj ET Q q 0 0 0 rg BT 89.50 233.10 Td (also ) Tj ET Q q 0 0 0 rg BT 108.54 233.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 128.68 233.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.38 233.10 Td (drive ) Tj ET Q q 0 0 0 rg BT 162.86 233.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 202.44 233.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 233.70 233.10 Td (by ) Tj ET Q q 0 0 0 rg BT 246.62 233.10 Td (refining ) Tj ET Q q 0 0 0 rg BT 281.20 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 297.46 233.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 340.93 233.10 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 385.79 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.51 233.10 Td (W) Tj ET Q q 0 0 0 rg BT 397.15 233.10 Td (e ) Tj ET Q q 0 0 0 rg BT 404.51 233.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 436.31 233.10 Td (that ) Tj ET Q q 0 0 0 rg BT 454.23 233.10 Td (we ) Tj ET Q q 0 0 0 rg BT 468.82 233.10 Td (can ) Tj ET Q q 0 0 0 rg BT 485.62 233.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 509.10 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.35 233.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (base ) Tj ET Q q 0 0 0 rg BT 69.77 221.10 Td (through ) Tj ET Q q 0 0 0 rg BT 103.38 221.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 150.31 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.59 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.53 221.10 Td (number ) Tj ET Q q 0 0 0 rg BT 200.57 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.40 221.10 Td (dif) Tj ET Q q 0 0 0 rg BT 222.33 221.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 248.15 221.10 Td (media, ) Tj ET Q q 0 0 0 rg BT 277.58 221.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 326.17 221.10 Td (online ) Tj ET Q q 0 0 0 rg BT 353.67 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.60 221.10 Td (email ) Tj ET Q q 0 0 0 rg BT 395.32 221.10 Td (marketing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 200.10 Td (e ) Tj ET Q q 0 0 0 rg BT 88.34 200.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 118.98 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 135.74 200.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 165.28 200.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 203.71 200.10 Td (service ) Tj ET Q q 0 0 0 rg BT 233.79 200.10 Td (contributes ) Tj ET Q q 0 0 0 rg BT 279.99 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.53 200.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 329.05 200.10 Td (store ) Tj ET Q q 0 0 0 rg BT 350.26 200.10 Td (visits ) Tj ET Q q 0 0 0 rg BT 373.14 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.35 200.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 430.54 200.10 Td (by ) Tj ET Q q 0 0 0 rg BT 442.31 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.41 200.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 502.09 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 510.73 200.10 Td (e ) Tj ET Q q 0 0 0 rg BT 516.93 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 530.91 200.10 Td (focused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (on ) Tj ET Q q 0 0 0 rg BT 63.01 188.10 Td (building ) Tj ET Q q 0 0 0 rg BT 99.86 188.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 142.80 188.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 197.42 188.10 Td (with ) Tj ET Q q 0 0 0 rg BT 218.70 188.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 262.76 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.71 188.10 Td (members ) Tj ET Q q 0 0 0 rg BT 320.88 188.10 Td (by ) Tj ET Q q 0 0 0 rg BT 334.39 188.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 379.56 188.10 Td (their ) Tj ET Q q 0 0 0 rg BT 401.40 188.10 Td (in-store ) Tj ET Q q 0 0 0 rg BT 435.46 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.41 188.10 Td (post-sale ) Tj ET Q q 0 0 0 rg BT 492.46 188.10 Td (experiences. ) Tj ET Q q 0 0 0 rg BT 545.67 188.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.92 188.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.56 188.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 83.67 176.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 113.95 176.10 Td (control ) Tj ET Q q 0 0 0 rg BT 144.78 176.10 Td (checks ) Tj ET Q q 0 0 0 rg BT 174.50 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.34 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.18 176.10 Td (store ) Tj ET Q q 0 0 0 rg BT 223.13 176.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 263.95 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.90 176.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 302.85 176.10 Td (associates ) Tj ET Q q 0 0 0 rg BT 345.34 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.29 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 378.13 176.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 408.96 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.91 176.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 473.39 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.68 176.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 519.51 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.24 176.10 Td (quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.65 164.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 100.12 164.10 Td (interaction ) Tj ET Q q 0 0 0 rg BT 145.70 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.95 164.10 Td (product ) Tj ET Q q 0 0 0 rg BT 196.32 164.10 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 243.01 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.61 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.64 164.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 294.79 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 309.27 164.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 341.51 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.76 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.80 164.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 399.94 164.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 437.19 164.10 Td (by ) Tj ET Q q 0 0 0 rg BT 450.00 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.15 164.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 497.28 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.54 164.10 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 564.51 164.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 152.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.41 152.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 100.68 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.30 152.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 145.46 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.74 152.10 Td (augment ) Tj ET Q q 0 0 0 rg BT 198.01 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.18 152.10 Td (post-sale ) Tj ET Q q 0 0 0 rg BT 250.56 152.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 300.71 152.10 Td (with ) Tj ET Q q 0 0 0 rg BT 320.33 152.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 362.71 152.10 Td (through ) Tj ET Q q 0 0 0 rg BT 395.66 152.10 Td (access ) Tj ET Q q 0 0 0 rg BT 423.03 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.65 152.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 467.25 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.52 152.10 Td (installation ) Tj ET Q q 0 0 0 rg BT 529.80 152.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 140.10 Td (well ) Tj ET Q q 0 0 0 rg BT 80.05 140.10 Td (as ) Tj ET Q q 0 0 0 rg BT 90.88 140.10 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 161.12 140.10 Td (plans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 119.10 Td (Diversify ) Tj ET Q q 0 0 0 rg BT 112.47 119.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 130.90 119.10 Td (Supply ) Tj ET Q q 0 0 0 rg BT 161.00 119.10 Td (Chain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.57 119.10 Td (. ) Tj ET Q q 0 0 0 rg BT 190.70 119.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.34 119.10 Td (e ) Tj ET Q q 0 0 0 rg BT 205.54 119.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 232.29 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.83 119.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 278.02 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 293.11 119.10 Td (ef) Tj ET Q q 0 0 0 rg BT 300.70 119.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 320.79 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.33 119.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 367.63 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 382.72 119.10 Td (network ) Tj ET Q q 0 0 0 rg BT 417.25 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.34 119.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 479.63 119.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 517.50 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.70 119.10 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (providers. ) Tj ET Q q 0 0 0 rg BT 92.75 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.74 107.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 118.72 107.10 Td (diversification, ) Tj ET Q q 0 0 0 rg BT 181.96 107.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 231.03 107.10 Td (with ) Tj ET Q q 0 0 0 rg BT 251.79 107.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 283.09 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.86 107.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 347.37 107.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 388.96 107.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.62 107.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 436.03 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.79 107.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 476.42 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.74 107.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 527.36 107.10 Td (on ) Tj ET Q q 0 0 0 rg BT 540.34 107.10 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 88.67 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 102.83 95.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.66 95.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 156.34 95.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 74.10 Td (Provide ) Tj ET Q q 0 0 0 rg BT 106.92 74.10 Td (Industry-Leading ) Tj ET Q q 0 0 0 rg BT 180.91 74.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 226.02 74.10 Td (Options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.75 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.39 74.10 Td (W) Tj ET Q q 0 0 0 rg BT 271.02 74.10 Td (e ) Tj ET Q q 0 0 0 rg BT 277.23 74.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 303.98 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.52 74.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 349.72 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.26 74.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 391.57 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.11 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.20 74.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 458.51 74.10 Td (many ) Tj ET Q q 0 0 0 rg BT 482.48 74.10 Td (convenient ) Tj ET Q q 0 0 0 rg BT 528.12 74.10 Td (methods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.38 62.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 98.69 62.10 Td (their ) Tj ET Q q 0 0 0 rg BT 118.56 62.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 159.54 62.10 Td (including ) Tj ET Q q 0 0 0 rg BT 198.86 62.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 236.50 62.10 Td (credit-card ) Tj ET Q q 0 0 0 rg BT 281.35 62.10 Td (of) Tj ET Q q 0 0 0 rg BT 289.50 62.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 306.04 62.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.02 62.10 Td (lease-to-own ) Tj ET Q q 0 0 0 rg BT 375.22 62.10 Td (alternatives. ) Tj ET Q q 0 0 0 rg BT 425.35 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.79 62.10 Td (W) Tj ET Q q 0 0 0 rg BT 435.43 62.10 Td (e ) Tj ET Q q 0 0 0 rg BT 441.41 62.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 471.83 62.10 Td (that ) Tj ET Q q 0 0 0 rg BT 488.38 62.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.26 62.10 Td (store ) Tj ET Q q 0 0 0 rg BT 524.24 62.10 Td (operating ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (practices ) Tj ET Q q 0 0 0 rg BT 87.73 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.87 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 120.90 742.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 174.70 742.10 Td (with ) Tj ET Q q 0 0 0 rg BT 195.18 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.09 742.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 236.12 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.15 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.07 742.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 286.43 742.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 311.89 742.10 Td (card ) Tj ET Q q 0 0 0 rg BT 331.80 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.94 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.96 742.10 Td (lease-to-own ) Tj ET Q q 0 0 0 rg BT 419.31 742.10 Td (provider ) Tj ET Q q 0 0 0 rg BT 455.89 742.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 480.80 742.10 Td (us ) Tj ET Q q 0 0 0 rg BT 492.39 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.87 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 511.02 742.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 524.82 742.10 Td (attractive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.76 730.10 Td (choices ) Tj ET Q q 0 0 0 rg BT 122.25 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 136.41 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.24 730.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 195.29 730.10 Td (that ) Tj ET Q q 0 0 0 rg BT 212.78 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 226.94 730.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 258.31 730.10 Td (will ) Tj ET Q q 0 0 0 rg BT 276.37 730.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 295.53 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.80 730.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 333.85 730.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 373.01 730.10 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 403.28 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.22 730.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 470.49 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 484.65 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.36 730.10 Td (Company) Tj ET Q q 0 0 0 rg BT 537.60 730.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 709.10 Td (Grow ) Tj ET Q q 0 0 0 rg BT 98.53 709.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 151.33 709.10 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.00 709.10 Td (. ) Tj ET Q q 0 0 0 rg BT 177.58 709.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.22 709.10 Td (e ) Tj ET Q q 0 0 0 rg BT 192.90 709.10 Td (are ) Tj ET Q q 0 0 0 rg BT 207.35 709.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 240.14 709.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.17 709.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 272.96 709.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.54 709.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 322.43 709.10 Td (with ) Tj ET Q q 0 0 0 rg BT 342.45 709.10 Td (business ) Tj ET Q q 0 0 0 rg BT 378.59 709.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 421.38 709.10 Td (who ) Tj ET Q q 0 0 0 rg BT 440.85 709.10 Td (can ) Tj ET Q q 0 0 0 rg BT 456.97 709.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 486.98 709.10 Td (from ) Tj ET Q q 0 0 0 rg BT 508.66 709.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.24 709.10 Td (extensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 697.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 103.28 697.10 Td (of) Tj ET Q q 0 0 0 rg BT 111.43 697.10 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 144.94 697.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 170.95 697.10 Td (store ) Tj ET Q q 0 0 0 rg BT 193.64 697.10 Td (network, ) Tj ET Q q 0 0 0 rg BT 232.15 697.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.83 697.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 285.84 697.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.52 697.10 Td (service ) Tj ET Q q 0 0 0 rg BT 335.08 697.10 Td (capabilities. ) Tj ET Q q 0 0 0 rg BT 386.37 697.10 Td (Businesses ) Tj ET Q q 0 0 0 rg BT 433.50 697.10 Td (such ) Tj ET Q q 0 0 0 rg BT 455.08 697.10 Td (as ) Tj ET Q q 0 0 0 rg BT 466.65 697.10 Td (builders, ) Tj ET Q q 0 0 0 rg BT 504.61 697.10 Td (landlords, ) Tj ET Q q 0 0 0 rg BT 547.57 697.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.10 Td (apartment ) Tj ET Q q 0 0 0 rg BT 91.98 685.10 Td (operators ) Tj ET Q q 0 0 0 rg BT 131.69 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.97 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.68 685.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 210.84 685.10 Td (we ) Tj ET Q q 0 0 0 rg BT 225.00 685.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 256.93 685.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 296.07 685.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.23 685.10 Td (us ) Tj ET Q q 0 0 0 rg BT 321.62 685.10 Td (an ) Tj ET Q q 0 0 0 rg BT 333.56 685.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 373.26 685.10 Td (incremental ) Tj ET Q q 0 0 0 rg BT 422.96 685.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 462.11 685.10 Td (base. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 664.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.24 664.10 Td (ransform ) Tj ET Q q 0 0 0 rg BT 119.85 664.10 Td (our ) Tj ET Q q 0 0 0 rg BT 136.56 664.10 Td (IT ) Tj ET Q q 0 0 0 rg BT 148.83 664.10 Td (Infrastructure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.74 664.10 Td (. ) Tj ET Q q 0 0 0 rg BT 212.50 664.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.60 664.10 Td (W) Tj ET Q q 0 0 0 rg BT 223.24 664.10 Td (e ) Tj ET Q q 0 0 0 rg BT 229.94 664.10 Td (are ) Tj ET Q q 0 0 0 rg BT 244.41 664.10 Td (replacing ) Tj ET Q q 0 0 0 rg BT 283.88 664.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.36 664.10 Td (lar) Tj ET Q q 0 0 0 rg BT 308.73 664.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 320.43 664.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 356.58 664.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.17 664.10 Td (our ) Tj ET Q q 0 0 0 rg BT 382.77 664.10 Td (information ) Tj ET Q q 0 0 0 rg BT 432.24 664.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 478.94 664.10 Td (infrastructure, ) Tj ET Q q 0 0 0 rg BT 537.57 664.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.29 652.10 Td (been ) Tj ET Q q 0 0 0 rg BT 86.62 652.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 124.63 652.10 Td (by ) Tj ET Q q 0 0 0 rg BT 137.09 652.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 161.21 652.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 200.33 652.10 Td (since ) Tj ET Q q 0 0 0 rg BT 223.34 652.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.02 652.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 285.74 652.10 Td (with ) Tj ET Q q 0 0 0 rg BT 305.97 652.10 Td (new ) Tj ET Q q 0 0 0 rg BT 325.09 652.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 359.22 652.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.12 652.10 Td (processes. ) Tj ET Q q 0 0 0 rg BT 419.40 652.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.68 652.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.32 652.10 Td (e ) Tj ET Q q 0 0 0 rg BT 437.21 652.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 465.77 652.10 Td (this ) Tj ET Q q 0 0 0 rg BT 482.67 652.10 Td (change ) Tj ET Q q 0 0 0 rg BT 513.45 652.10 Td (will ) Tj ET Q q 0 0 0 rg BT 531.46 652.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (much ) Tj ET Q q 0 0 0 rg BT 74.06 640.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 104.15 640.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 140.36 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.14 640.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 204.46 640.10 Td (flexibility) Tj ET Q q 0 0 0 rg BT 243.25 640.10 Td (, ) Tj ET Q q 0 0 0 rg BT 248.08 640.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 272.64 640.10 Td (better ) Tj ET Q q 0 0 0 rg BT 297.74 640.10 Td (control ) Tj ET Q q 0 0 0 rg BT 328.41 640.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.08 640.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.74 640.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 388.75 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.53 640.10 Td (processes, ) Tj ET Q q 0 0 0 rg BT 448.69 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.47 640.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 494.45 640.10 Td (some ) Tj ET Q q 0 0 0 rg BT 517.90 640.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.57 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.12 640.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 82.25 628.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.23 628.10 Td (our ) Tj ET Q q 0 0 0 rg BT 107.76 628.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 157.18 628.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 179.66 628.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.31 628.10 Td (dependence ) Tj ET Q q 0 0 0 rg BT 245.70 628.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 260.41 628.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 284.27 628.10 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 325.65 628.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.85 628.10 Td (See ) Tj ET Q q 0 0 0 rg BT 344.50 628.10 Td (also ) Tj ET Q q 0 0 0 rg BT 362.81 628.10 Td ("W) Tj ET Q q 0 0 0 rg BT 375.53 628.10 Td (e ) Tj ET Q q 0 0 0 rg BT 382.17 628.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 399.92 628.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.13 628.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 435.99 628.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 474.87 628.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.51 628.10 Td (other ) Tj ET Q q 0 0 0 rg BT 514.26 628.10 Td (third ) Tj ET Q q 0 0 0 rg BT 535.35 628.10 Td (parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.92 616.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 93.12 616.10 Td (us ) Tj ET Q q 0 0 0 rg BT 104.65 616.10 Td (with ) Tj ET Q q 0 0 0 rg BT 125.08 616.10 Td (key ) Tj ET Q q 0 0 0 rg BT 142.16 616.10 Td (products ) Tj ET Q q 0 0 0 rg BT 179.25 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.33 616.10 Td (services ) Tj ET Q q 0 0 0 rg BT 231.18 616.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.61 616.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 288.12 616.10 Td (with ) Tj ET Q q 0 0 0 rg BT 308.55 616.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.41 616.10 Td (administration ) Tj ET Q q 0 0 0 rg BT 383.82 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.80 616.10 Td (many ) Tj ET Q q 0 0 0 rg BT 419.66 616.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 450.07 616.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 481.59 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.56 616.10 Td (our ) Tj ET Q q 0 0 0 rg BT 508.54 616.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 547.58 616.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.21 604.10 Td (may ) Tj ET Q q 0 0 0 rg BT 84.48 604.10 Td (be ) Tj ET Q q 0 0 0 rg BT 96.98 604.10 Td (required ) Tj ET Q q 0 0 0 rg BT 133.34 604.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.18 604.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 178.88 604.10 Td (our ) Tj ET Q q 0 0 0 rg BT 195.27 604.10 Td (own ) Tj ET Q q 0 0 0 rg BT 215.54 604.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 250.27 604.10 Td (quickly ) Tj ET Q q 0 0 0 rg BT 283.31 604.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.15 604.10 Td (order ) Tj ET Q q 0 0 0 rg BT 318.30 604.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.13 604.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 358.83 604.10 Td (such ) Tj ET Q q 0 0 0 rg BT 380.21 604.10 Td (dependence" ) Tj ET Q q 0 0 0 rg BT 434.54 604.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.37 604.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 464.53 604.10 Td (1A. ) Tj ET Q q 0 0 0 rg BT 482.31 604.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 503.70 604.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 536.19 604.10 Td (of ) Tj ET Q q 0 0 0 rg BT 547.57 604.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 81.67 592.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 111.62 592.10 Td (on ) Tj ET Q q 0 0 0 rg BT 124.36 592.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 148.76 592.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 172.04 592.10 Td (for ) Tj ET Q q 0 0 0 rg BT 186.44 592.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.16 592.10 Td (information ) Tj ET Q q 0 0 0 rg BT 279.11 592.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 320.16 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.11 592.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 381.72 592.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.89 592.10 Td (migration ) Tj ET Q q 0 0 0 rg BT 440.50 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.57 592.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.63 592.10 Td (information ) Tj ET Q q 0 0 0 rg BT 517.58 592.10 Td (technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (infrastructure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 559.10 Td (Improve ) Tj ET Q q 0 0 0 rg BT 110.29 559.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 154.32 559.10 Td (Performance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.19 559.10 Td (. ) Tj ET Q q 0 0 0 rg BT 212.88 559.10 Td (W) Tj ET Q q 0 0 0 rg BT 221.51 559.10 Td (e ) Tj ET Q q 0 0 0 rg BT 228.31 559.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 255.65 559.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.79 559.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 289.80 559.10 Td (on ) Tj ET Q q 0 0 0 rg BT 302.15 559.10 Td (various ) Tj ET Q q 0 0 0 rg BT 333.95 559.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 375.74 559.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 412.52 559.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.66 559.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 458.33 559.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.02 559.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 497.49 559.10 Td (mar) Tj ET Q q 0 0 0 rg BT 512.85 559.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 531.88 559.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.67 559.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.34 547.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 146.44 547.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.96 547.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 167.02 547.10 Td (inventory-procurement ) Tj ET Q q 0 0 0 rg BT 261.72 547.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 305.89 547.10 Td (are ) Tj ET Q q 0 0 0 rg BT 320.61 547.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 354.22 547.10 Td (on ) Tj ET Q q 0 0 0 rg BT 366.74 547.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 413.68 547.10 Td (customized ) Tj ET Q q 0 0 0 rg BT 461.74 547.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 514.79 547.10 Td (assortments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.41 535.10 Td (on ) Tj ET Q q 0 0 0 rg BT 88.55 535.10 Td (store ) Tj ET Q q 0 0 0 rg BT 111.12 535.10 Td (demographics, ) Tj ET Q q 0 0 0 rg BT 172.86 535.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 195.43 535.10 Td (history) Tj ET Q q 0 0 0 rg BT 222.56 535.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.20 535.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 267.99 535.10 Td (preferences ) Tj ET Q q 0 0 0 rg BT 317.21 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.78 535.10 Td (mar) Tj ET Q q 0 0 0 rg BT 350.15 535.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 366.07 535.10 Td (by ) Tj ET Q q 0 0 0 rg BT 379.21 535.10 Td (product ) Tj ET Q q 0 0 0 rg BT 412.89 535.10 Td (division. ) Tj ET Q q 0 0 0 rg BT 450.76 535.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 469.45 535.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 510.91 535.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 81.43 523.10 Td (on ) Tj ET Q q 0 0 0 rg BT 93.37 523.10 Td (continually ) Tj ET Q q 0 0 0 rg BT 140.30 523.10 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 178.91 523.10 Td (clearance ) Tj ET Q q 0 0 0 rg BT 218.58 523.10 Td (markdown ) Tj ET Q q 0 0 0 rg BT 263.29 523.10 Td (cadences ) Tj ET Q q 0 0 0 rg BT 301.32 523.10 Td (to ) Tj ET Q q 0 0 0 rg BT 311.04 523.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 338.51 523.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 372.65 523.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.37 523.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 422.64 523.10 Td (turnover ) Tj ET Q q 0 0 0 rg BT 458.45 523.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.83 523.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 513.43 523.10 Td (preferences. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.33 511.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 98.10 511.10 Td (we ) Tj ET Q q 0 0 0 rg BT 112.26 511.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 139.76 511.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.04 511.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 174.20 511.10 Td (on ) Tj ET Q q 0 0 0 rg BT 186.70 511.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 233.08 511.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 255.58 511.10 Td (across ) Tj ET Q q 0 0 0 rg BT 283.07 511.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.90 511.10 Td (business ) Tj ET Q q 0 0 0 rg BT 335.29 511.10 Td (lines, ) Tj ET Q q 0 0 0 rg BT 359.18 511.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 407.77 511.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 436.93 511.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.87 511.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 513.58 511.10 Td (expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 490.10 Td (Store ) Tj ET Q q 0 0 0 rg BT 97.60 490.10 Td (Activity) Tj ET Q q 0 0 0 rg BT 128.33 490.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.68 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 142.32 490.10 Td (e ) Tj ET Q q 0 0 0 rg BT 149.62 490.10 Td (will ) Tj ET Q q 0 0 0 rg BT 168.03 490.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 205.32 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.95 490.10 Td (take ) Tj ET Q q 0 0 0 rg BT 235.46 490.10 Td (proactive ) Tj ET Q q 0 0 0 rg BT 275.52 490.10 Td (steps ) Tj ET Q q 0 0 0 rg BT 298.38 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.01 490.10 Td (make ) Tj ET Q q 0 0 0 rg BT 333.52 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.59 490.10 Td (best ) Tj ET Q q 0 0 0 rg BT 367.56 490.10 Td (use ) Tj ET Q q 0 0 0 rg BT 383.74 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.93 490.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 424.43 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.73 490.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 471.23 490.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 494.08 490.10 Td (by ) Tj ET Q q 0 0 0 rg BT 506.94 490.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 538.68 490.10 Td (stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.41 478.10 Td (we ) Tj ET Q q 0 0 0 rg BT 81.99 478.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 124.89 478.10 Td (are ) Tj ET Q q 0 0 0 rg BT 140.01 478.10 Td (not ) Tj ET Q q 0 0 0 rg BT 155.70 478.10 Td (suf) Tj ET Q q 0 0 0 rg BT 167.74 478.10 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 203.98 478.10 Td (profitable. ) Tj ET Q q 0 0 0 rg BT 248.27 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.98 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.61 478.10 Td (e ) Tj ET Q q 0 0 0 rg BT 266.97 478.10 Td (will ) Tj ET Q q 0 0 0 rg BT 285.44 478.10 Td (also ) Tj ET Q q 0 0 0 rg BT 304.47 478.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 341.82 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.51 478.10 Td (selectively ) Tj ET Q q 0 0 0 rg BT 398.19 478.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 432.21 478.10 Td (trade-area ) Tj ET Q q 0 0 0 rg BT 475.08 478.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 530.77 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 545.35 478.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 74.99 466.10 Td (over ) Tj ET Q q 0 0 0 rg BT 94.92 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.29 466.10 Td (long ) Tj ET Q q 0 0 0 rg BT 129.23 466.10 Td (term ) Tj ET Q q 0 0 0 rg BT 149.71 466.10 Td (based ) Tj ET Q q 0 0 0 rg BT 174.64 466.10 Td (on ) Tj ET Q q 0 0 0 rg BT 186.79 466.10 Td (market ) Tj ET Q q 0 0 0 rg BT 216.72 466.10 Td (potential, ) Tj ET Q q 0 0 0 rg BT 256.37 466.10 Td (including ) Tj ET Q q 0 0 0 rg BT 296.30 466.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 320.94 466.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 343.64 466.10 Td (where ) Tj ET Q q 0 0 0 rg BT 370.22 466.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 394.04 466.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 432.87 466.10 Td (has ) Tj ET Q q 0 0 0 rg BT 448.36 466.10 Td (closed ) Tj ET Q q 0 0 0 rg BT 476.06 466.10 Td (a ) Tj ET Q q 0 0 0 rg BT 482.66 466.10 Td (full-line ) Tj ET Q q 0 0 0 rg BT 517.03 466.10 Td (department ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (store.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 428.10 Td ( Pr) Tj ET Q q 0 0 0 rg BT 79.96 428.10 Td (oducts and Suppliers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 411.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.60 411.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 113.82 411.10 Td (on ) Tj ET Q q 0 0 0 rg BT 125.37 411.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.14 411.10 Td (preferences ) Tj ET Q q 0 0 0 rg BT 186.76 411.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.64 411.10 Td (our ) Tj ET Q q 0 0 0 rg BT 211.53 411.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 253.62 411.10 Td (drives ) Tj ET Q q 0 0 0 rg BT 279.61 411.10 Td (our ) Tj ET Q q 0 0 0 rg BT 294.50 411.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 346.58 411.10 Td (selection. ) Tj ET Q q 0 0 0 rg BT 386.17 411.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.73 411.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 404.83 411.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 423.60 411.10 Td (is ) Tj ET Q q 0 0 0 rg BT 431.82 411.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.15 411.10 Td (of) Tj ET Q q 0 0 0 rg BT 449.30 411.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 461.95 411.10 Td (our ) Tj ET Q q 0 0 0 rg BT 476.83 411.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 518.93 411.10 Td (a ) Tj ET Q q 0 0 0 rg BT 524.92 411.10 Td ( ) Tj ET Q q 0 0 0 rg BT 526.47 411.10 Td (selection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.18 399.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 87.19 399.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.98 399.10 Td (products ) Tj ET Q q 0 0 0 rg BT 138.77 399.10 Td (within ) Tj ET Q q 0 0 0 rg BT 165.67 399.10 Td (each ) Tj ET Q q 0 0 0 rg BT 185.34 399.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.02 399.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.70 399.10 Td (product ) Tj ET Q q 0 0 0 rg BT 241.60 399.10 Td (categories. ) Tj ET Q q 0 0 0 rg BT 285.98 399.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.33 399.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 304.23 399.10 Td (lar) Tj ET Q q 0 0 0 rg BT 314.60 399.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 332.06 399.10 Td (revenue-generating ) Tj ET Q q 0 0 0 rg BT 410.58 399.10 Td (category ) Tj ET Q q 0 0 0 rg BT 446.36 399.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.49 399.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.49 399.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.84 399.10 Td (was ) Tj ET Q q 0 0 0 rg BT 493.74 399.10 Td (home ) Tj ET Q q 0 0 0 rg BT 517.31 399.10 Td (appliances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 101.42 387.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 161.68 387.10 Td (72% ) Tj ET Q q 0 0 0 rg BT 182.51 387.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.34 387.10 Td (net ) Tj ET Q q 0 0 0 rg BT 208.06 387.10 Td (sales.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 366.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 366.10 Td (e ) Tj ET Q q 0 0 0 rg BT 89.17 366.10 Td (are ) Tj ET Q q 0 0 0 rg BT 103.96 366.10 Td (party ) Tj ET Q q 0 0 0 rg BT 127.10 366.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.47 366.10 Td (an ) Tj ET Q q 0 0 0 rg BT 148.93 366.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 190.39 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.42 366.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 244.45 366.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 306.45 366.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 353.46 366.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 367.72 366.10 Td (amended, ) Tj ET Q q 0 0 0 rg BT 408.90 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.71 366.10 Td ("Merchandising ) Tj ET Q q 0 0 0 rg BT 489.79 366.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 544.22 366.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 72.48 354.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 112.96 354.10 Td (Kmart ) Tj ET Q q 0 0 0 rg BT 139.82 354.10 Td (Corporation, ) Tj ET Q q 0 0 0 rg BT 191.97 354.10 Td (\("Kmart"\) ) Tj ET Q q 0 0 0 rg BT 233.65 354.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.41 354.10 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 274.88 354.10 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 311.75 354.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.50 354.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 342.99 354.10 Td (\("SRC"\) ) Tj ET Q q 0 0 0 rg BT 378.03 354.10 Td (\(Kmart ) Tj ET Q q 0 0 0 rg BT 408.22 354.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.98 354.10 Td (SRC ) Tj ET Q q 0 0 0 rg BT 444.19 354.10 Td (are ) Tj ET Q q 0 0 0 rg BT 457.72 354.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 486.81 354.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 514.79 354.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.67 342.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 85.18 342.10 Td (Holdings\) ) Tj ET Q q 0 0 0 rg BT 128.02 342.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 165.30 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.92 342.10 Td (which ) Tj ET Q q 0 0 0 rg BT 203.21 342.10 Td (Kmart ) Tj ET Q q 0 0 0 rg BT 231.60 342.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.88 342.10 Td (SRC ) Tj ET Q q 0 0 0 rg BT 270.62 342.10 Td (\(1\)sell ) Tj ET Q q 0 0 0 rg BT 301.51 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.13 342.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 326.37 342.10 Td (with ) Tj ET Q q 0 0 0 rg BT 346.99 342.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 378.15 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.77 342.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 418.82 342.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 457.75 342.10 Td (product ) Tj ET Q q 0 0 0 rg BT 491.14 342.10 Td (categories, ) Tj ET Q q 0 0 0 rg BT 537.02 342.10 Td (Sears-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 84.62 330.10 Td (products ) Tj ET Q q 0 0 0 rg BT 121.97 330.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 165.98 330.10 Td (products ) Tj ET Q q 0 0 0 rg BT 203.33 330.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 238.45 330.10 Td (with ) Tj ET Q q 0 0 0 rg BT 259.14 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.27 330.10 Td (KCD ) Tj ET Q q 0 0 0 rg BT 298.30 330.10 Td (Marks ) Tj ET Q q 0 0 0 rg BT 326.76 330.10 Td (\("KCD ) Tj ET Q q 0 0 0 rg BT 358.20 330.10 Td (Products"\)\) ) Tj ET Q q 0 0 0 rg BT 406.85 330.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.20 330.10 Td (vendor) Tj ET Q q 0 0 0 rg BT 451.77 330.10 Td (-branded ) Tj ET Q q 0 0 0 rg BT 490.22 330.10 Td (products ) Tj ET Q q 0 0 0 rg BT 527.57 330.10 Td (obtained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.87 318.10 Td (Kmart) Tj ET Q q 0 0 0 rg BT 100.20 318.10 Td (s ) Tj ET Q q 0 0 0 rg BT 107.03 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.40 318.10 Td (SRC) Tj ET Q q 0 0 0 rg BT 146.08 318.10 Td (s ) Tj ET Q q 0 0 0 rg BT 152.91 318.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 187.51 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.88 318.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 243.92 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.30 318.10 Td (\(2\)grant ) Tj ET Q q 0 0 0 rg BT 298.94 318.10 Td (us ) Tj ET Q q 0 0 0 rg BT 310.77 318.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 345.36 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.08 318.10 Td (use ) Tj ET Q q 0 0 0 rg BT 372.34 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.49 318.10 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 434.85 318.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 464.45 318.10 Td (by ) Tj ET Q q 0 0 0 rg BT 477.39 318.10 Td (Kmart, ) Tj ET Q q 0 0 0 rg BT 508.37 318.10 Td (SRC ) Tj ET Q q 0 0 0 rg BT 530.21 318.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.47 318.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.37 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.35 306.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 134.66 306.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 176.48 306.10 Td (including ) Tj ET Q q 0 0 0 rg BT 216.91 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.78 306.10 Td (KCD ) Tj ET Q q 0 0 0 rg BT 255.54 306.10 Td (Marks, ) Tj ET Q q 0 0 0 rg BT 286.24 306.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.67 306.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 343.20 306.10 Td (with ) Tj ET Q q 0 0 0 rg BT 363.63 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.49 306.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 421.69 306.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.78 306.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 456.98 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.96 306.10 Td (products ) Tj ET Q q 0 0 0 rg BT 505.05 306.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 524.37 306.10 Td (under ) Tj ET Q q 0 0 0 rg BT 549.79 306.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 73.66 294.10 Td (marks. ) Tj ET Q q 0 0 0 rg BT 102.92 294.10 Td (The ) Tj ET Q q 0 0 0 rg BT 120.97 294.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 146.80 294.10 Td (term ) Tj ET Q q 0 0 0 rg BT 167.63 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.46 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.18 294.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 255.12 294.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 302.05 294.10 Td (will ) Tj ET Q q 0 0 0 rg BT 320.10 294.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 347.59 294.10 Td (February ) Tj ET Q q 0 0 0 rg BT 386.19 294.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 396.20 294.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 418.70 294.10 Td (with ) Tj ET Q q 0 0 0 rg BT 438.98 294.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.81 294.10 Td (right ) Tj ET Q q 0 0 0 rg BT 476.20 294.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.48 294.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 521.74 294.10 Td (one ) Tj ET Q q 0 0 0 rg BT 538.68 294.10 Td (three-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (year ) Tj ET Q q 0 0 0 rg BT 69.54 282.10 Td (extension ) Tj ET Q q 0 0 0 rg BT 110.69 282.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.30 282.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 162.44 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.05 282.10 Td (KCD ) Tj ET Q q 0 0 0 rg BT 197.00 282.10 Td (Products ) Tj ET Q q 0 0 0 rg BT 234.82 282.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 265.98 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.59 282.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 315.51 282.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 340.00 282.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 379.50 282.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 428.43 282.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 454.04 282.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.30 282.10 Td (other ) Tj ET Q q 0 0 0 rg BT 494.68 282.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 539.18 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 282.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 112.12 270.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 162.42 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.55 270.10 Td (W) Tj ET Q q 0 0 0 rg BT 174.19 270.10 Td (e ) Tj ET Q q 0 0 0 rg BT 182.01 270.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 211.48 270.10 Td (that ) Tj ET Q q 0 0 0 rg BT 229.85 270.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.56 270.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 294.38 270.10 Td (business ) Tj ET Q q 0 0 0 rg BT 331.65 270.10 Td (will ) Tj ET Q q 0 0 0 rg BT 350.58 270.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 388.39 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.55 270.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 418.47 270.10 Td (on ) Tj ET Q q 0 0 0 rg BT 431.85 270.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 456.89 270.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 496.94 270.10 Td (for ) Tj ET Q q 0 0 0 rg BT 511.98 270.10 Td (a ) Tj ET Q q 0 0 0 rg BT 519.79 270.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 85.88 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.71 258.10 Td (its ) Tj ET Q q 0 0 0 rg BT 108.66 258.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 149.49 258.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.76 258.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.76 258.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 237.10 Td (For ) Tj ET Q q 0 0 0 rg BT 89.86 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.54 237.10 Td (year ) Tj ET Q q 0 0 0 rg BT 124.22 237.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.56 237.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 199.13 237.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.13 237.10 Td (, ) Tj ET Q q 0 0 0 rg BT 224.09 237.10 Td (products ) Tj ET Q q 0 0 0 rg BT 261.00 237.10 Td (that ) Tj ET Q q 0 0 0 rg BT 278.46 237.10 Td (we ) Tj ET Q q 0 0 0 rg BT 292.59 237.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 329.48 237.10 Td (through ) Tj ET Q q 0 0 0 rg BT 363.06 237.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 387.18 237.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 426.32 237.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 469.32 237.10 Td (for ) Tj ET Q q 0 0 0 rg BT 483.45 237.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 543.67 237.10 Td (80% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.40 225.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 88.66 225.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 141.76 225.10 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 186.25 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.81 225.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 211.94 225.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 265.04 225.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 307.03 225.10 Td (for ) Tj ET Q q 0 0 0 rg BT 321.26 225.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 368.26 225.10 Td (are ) Tj ET Q q 0 0 0 rg BT 383.03 225.10 Td (sourced ) Tj ET Q q 0 0 0 rg BT 416.70 225.10 Td (through ) Tj ET Q q 0 0 0 rg BT 450.37 225.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 474.59 225.10 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 516.33 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 518.89 225.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 537.01 225.10 Td (Outlet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.10 Td (business ) Tj ET Q q 0 0 0 rg BT 86.21 213.10 Td (relies ) Tj ET Q q 0 0 0 rg BT 110.68 213.10 Td (on ) Tj ET Q q 0 0 0 rg BT 123.50 213.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 162.42 213.10 Td (other ) Tj ET Q q 0 0 0 rg BT 185.78 213.10 Td (than ) Tj ET Q q 0 0 0 rg BT 205.82 213.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 230.29 213.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 269.78 213.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.26 213.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.51 213.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 336.54 213.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 368.24 213.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.39 213.10 Td (its ) Tj ET Q q 0 0 0 rg BT 391.65 213.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 429.33 213.10 Td (. ) Tj ET Q q 0 0 0 rg BT 434.65 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.46 213.10 Td (For ) Tj ET Q q 0 0 0 rg BT 454.17 213.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.20 213.10 Td (year ) Tj ET Q q 0 0 0 rg BT 489.23 213.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.92 213.10 Td (January28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 201.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 201.10 Td (products ) Tj ET Q q 0 0 0 rg BT 111.44 201.10 Td (that ) Tj ET Q q 0 0 0 rg BT 128.93 201.10 Td (we ) Tj ET Q q 0 0 0 rg BT 143.09 201.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 180.02 201.10 Td (through ) Tj ET Q q 0 0 0 rg BT 213.63 201.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 237.79 201.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 276.96 201.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 319.99 201.10 Td (for ) Tj ET Q q 0 0 0 rg BT 334.15 201.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 394.41 201.10 Td (30% ) Tj ET Q q 0 0 0 rg BT 415.24 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.07 201.10 Td (total ) Tj ET Q q 0 0 0 rg BT 446.34 201.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 473.84 201.10 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 518.26 201.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 180.10 Td (As ) Tj ET Q q 0 0 0 rg BT 87.63 180.10 Td (described ) Tj ET Q q 0 0 0 rg BT 128.97 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.77 180.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 170.55 180.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 195.78 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.58 180.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 227.93 180.10 Td (1A. ) Tj ET Q q 0 0 0 rg BT 245.67 180.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 267.03 180.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 299.49 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.84 180.10 Td (this ) Tj ET Q q 0 0 0 rg BT 327.65 180.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 360.11 180.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 390.34 180.10 Td (1A, ) Tj ET Q q 0 0 0 rg BT 408.09 180.10 Td (we ) Tj ET Q q 0 0 0 rg BT 422.77 180.10 Td (have ) Tj ET Q q 0 0 0 rg BT 444.67 180.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 477.11 180.10 Td (into ) Tj ET Q q 0 0 0 rg BT 495.69 180.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 544.24 180.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 74.32 168.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 116.65 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 128.15 168.10 Td (well ) Tj ET Q q 0 0 0 rg BT 148.52 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 160.02 168.10 Td (with ) Tj ET Q q 0 0 0 rg BT 180.96 168.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 226.88 168.10 Td (service ) Tj ET Q q 0 0 0 rg BT 258.36 168.10 Td (providers, ) Tj ET Q q 0 0 0 rg BT 301.79 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.73 168.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 346.44 168.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 392.37 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.97 168.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 470.33 168.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 510.71 168.10 Td (over ) Tj ET Q q 0 0 0 rg BT 531.64 168.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.24 168.10 Td (broad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (range ) Tj ET Q q 0 0 0 rg BT 73.51 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.64 156.10 Td (areas, ) Tj ET Q q 0 0 0 rg BT 108.48 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.72 156.10 Td (we ) Tj ET Q q 0 0 0 rg BT 138.18 156.10 Td (are ) Tj ET Q q 0 0 0 rg BT 152.18 156.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 176.76 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.34 156.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 222.57 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.15 156.10 Td (do ) Tj ET Q q 0 0 0 rg BT 243.95 156.10 Td (so ) Tj ET Q q 0 0 0 rg BT 254.64 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.22 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.24 156.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 306.42 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 308.09 156.10 Td (W) Tj ET Q q 0 0 0 rg BT 316.73 156.10 Td (e ) Tj ET Q q 0 0 0 rg BT 322.97 156.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 350.86 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.44 156.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 396.67 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.25 156.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 423.60 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.18 156.10 Td (some ) Tj ET Q q 0 0 0 rg BT 456.09 156.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 482.32 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 494.12 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.14 156.10 Td (infrastructure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.54 144.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 86.91 144.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 127.29 144.10 Td (for ) Tj ET Q q 0 0 0 rg BT 142.66 144.10 Td (several ) Tj ET Q q 0 0 0 rg BT 174.69 144.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 213.10 144.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 232.36 144.10 Td (business ) Tj ET Q q 0 0 0 rg BT 269.97 144.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 294.78 144.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 327.93 144.10 Td (that ) Tj ET Q q 0 0 0 rg BT 346.64 144.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 372.01 144.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 412.39 144.10 Td (will ) Tj ET Q q 0 0 0 rg BT 431.65 144.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 469.80 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.29 144.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 504.43 144.10 Td (its ) Tj ET Q q 0 0 0 rg BT 517.59 144.10 Td (contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.44 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.72 132.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 135.89 132.10 Td (us ) Tj ET Q q 0 0 0 rg BT 147.28 132.10 Td (with ) Tj ET Q q 0 0 0 rg BT 167.56 132.10 Td (these ) Tj ET Q q 0 0 0 rg BT 190.61 132.10 Td (services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.60 106.10 Td (Dealer) Tj ET Q q 0 0 0 rg BT 97.73 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.23 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.86 106.10 Td (Franchise ) Tj ET Q q 0 0 0 rg BT 163.57 106.10 Td (Models) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (Dealer Model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 63.10 Td (As ) Tj ET Q q 0 0 0 rg BT 87.08 63.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.88 63.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 146.45 63.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.45 63.10 Td (, ) Tj ET Q q 0 0 0 rg BT 171.42 63.10 Td (over ) Tj ET Q q 0 0 0 rg BT 191.66 63.10 Td (750 ) Tj ET Q q 0 0 0 rg BT 209.13 63.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.94 63.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.74 63.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 282.65 63.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 310.12 63.10 Td (were ) Tj ET Q q 0 0 0 rg BT 332.02 63.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 368.91 63.10 Td (by ) Tj ET Q q 0 0 0 rg BT 381.38 63.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 432.72 63.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 477.40 63.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 508.18 63.10 Td (who ) Tj ET Q q 0 0 0 rg BT 527.88 63.10 Td (own ) Tj ET Q q 0 0 0 rg BT 547.57 63.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 51.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 82.06 51.10 Td (their ) Tj ET Q q 0 0 0 rg BT 103.53 51.10 Td (stores. ) Tj ET Q q 0 0 0 rg BT 132.50 51.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.41 51.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.09 51.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 181.65 51.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 205.89 51.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 263.47 51.10 Td (for ) Tj ET Q q 0 0 0 rg BT 278.27 51.10 Td (store ) Tj ET Q q 0 0 0 rg BT 300.85 51.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 341.75 51.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 367.39 51.10 Td (including ) Tj ET Q q 0 0 0 rg BT 408.30 51.10 Td (all ) Tj ET Q q 0 0 0 rg BT 421.44 51.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 452.90 51.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.48 51.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 516.37 51.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 542.01 51.10 Td (SHO ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 86.29 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.87 742.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 141.55 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.68 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.26 742.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 193.04 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.39 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.19 742.10 Td (consignment ) Tj ET Q q 0 0 0 rg BT 265.65 742.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 290.50 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.30 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.87 742.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 348.65 742.10 Td (earns ) Tj ET Q q 0 0 0 rg BT 372.10 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 378.90 742.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 413.46 742.10 Td (commission ) Tj ET Q q 0 0 0 rg BT 464.15 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 476.50 742.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 498.30 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.98 742.10 Td (merchandise, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 118.97 730.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 144.31 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.49 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 182.77 730.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 219.21 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.94 730.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 242.68 730.10 Td (also ) Tj ET Q q 0 0 0 rg BT 260.52 730.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 296.69 730.10 Td (support ) Tj ET Q q 0 0 0 rg BT 328.43 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.94 730.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 367.99 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.38 730.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 421.99 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.16 730.10 Td (training ) Tj ET Q q 0 0 0 rg BT 470.99 730.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 497.15 730.10 Td (staf) Tj ET Q q 0 0 0 rg BT 511.41 730.10 Td (f, ) Tj ET Q q 0 0 0 rg BT 518.97 730.10 Td (marketing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 718.10 Td (other ) Tj ET Q q 0 0 0 rg BT 89.49 718.10 Td (support ) Tj ET Q q 0 0 0 rg BT 121.99 718.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 697.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.52 697.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 118.42 697.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 168.11 697.10 Td (is ) Tj ET Q q 0 0 0 rg BT 177.25 697.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 216.94 697.10 Td (by ) Tj ET Q q 0 0 0 rg BT 229.41 697.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.33 697.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 263.23 697.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 309.84 697.10 Td (which ) Tj ET Q q 0 0 0 rg BT 336.76 697.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 376.43 697.10 Td (has ) Tj ET Q q 0 0 0 rg BT 392.24 697.10 Td (either ) Tj ET Q q 0 0 0 rg BT 417.48 697.10 Td (a ) Tj ET Q q 0 0 0 rg BT 424.39 697.10 Td (three ) Tj ET Q q 0 0 0 rg BT 446.85 697.10 Td (or ) Tj ET Q q 0 0 0 rg BT 457.66 697.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 496.22 697.10 Td (term ) Tj ET Q q 0 0 0 rg BT 517.02 697.10 Td (\(depending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.27 685.10 Td (its ) Tj ET Q q 0 0 0 rg BT 74.49 685.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 99.48 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.69 685.10 Td (conditions\). ) Tj ET Q q 0 0 0 rg BT 166.96 685.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.73 685.10 Td (If ) Tj ET Q q 0 0 0 rg BT 179.17 685.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.38 685.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 213.57 685.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 248.00 685.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.10 685.10 Td (fails ) Tj ET Q q 0 0 0 rg BT 279.09 685.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.64 685.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 316.84 685.10 Td (its ) Tj ET Q q 0 0 0 rg BT 329.07 685.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 356.26 685.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 403.17 685.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 425.95 685.10 Td (may ) Tj ET Q q 0 0 0 rg BT 445.94 685.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 478.15 685.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 535.37 685.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 685.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 89.76 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.59 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.31 673.10 Td (store ) Tj ET Q q 0 0 0 rg BT 137.25 673.10 Td (until ) Tj ET Q q 0 0 0 rg BT 158.08 673.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.02 673.10 Td (new ) Tj ET Q q 0 0 0 rg BT 184.18 673.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 211.11 673.10 Td (is ) Tj ET Q q 0 0 0 rg BT 220.28 673.10 Td (recruited ) Tj ET Q q 0 0 0 rg BT 258.31 673.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.59 673.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 300.51 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.23 673.10 Td (store.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (Franchise ) Tj ET Q q 0 0 0 rg BT 92.55 656.10 Td (Model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 634.30 Td (As ) Tj ET Q q 0 0 0 rg BT 87.50 634.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.72 634.30 Td (January28, ) Tj ET Q q 0 0 0 rg BT 147.71 634.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 634.30 Td (, ) Tj ET Q q 0 0 0 rg BT 173.10 634.30 Td (34 ) Tj ET Q q 0 0 0 rg BT 185.99 634.30 Td (of ) Tj ET Q q 0 0 0 rg BT 197.21 634.30 Td (our ) Tj ET Q q 0 0 0 rg BT 213.43 634.30 Td (Home ) Tj ET Q q 0 0 0 rg BT 240.12 634.30 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 284.10 634.30 Td (Showrooms, ) Tj ET Q q 0 0 0 rg BT 337.28 634.30 Td (10) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 347.28 634.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.32 634.30 Td (of ) Tj ET Q q 0 0 0 rg BT 362.54 634.30 Td (our ) Tj ET Q q 0 0 0 rg BT 378.76 634.30 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 421.07 634.30 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 451.46 634.30 Td (and ) Tj ET Q q 0 0 0 rg BT 468.79 634.30 Td (37 ) Tj ET Q q 0 0 0 rg BT 481.68 634.30 Td (of ) Tj ET Q q 0 0 0 rg BT 492.90 634.30 Td (our ) Tj ET Q q 0 0 0 rg BT 509.12 634.30 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 537.00 634.30 Td (Stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.30 Td (were ) Tj ET Q q 0 0 0 rg BT 70.78 622.30 Td (operated ) Tj ET Q q 0 0 0 rg BT 107.05 622.30 Td (by ) Tj ET Q q 0 0 0 rg BT 118.90 622.30 Td (independent ) Tj ET Q q 0 0 0 rg BT 169.62 622.30 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 218.94 622.30 Td ( ) Tj ET Q q 0 0 0 rg BT 220.79 622.30 Td (Under ) Tj ET Q q 0 0 0 rg BT 247.63 622.30 Td (our ) Tj ET Q q 0 0 0 rg BT 262.81 622.30 Td (primary ) Tj ET Q q 0 0 0 rg BT 296.31 622.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 334.80 622.30 Td (model, ) Tj ET Q q 0 0 0 rg BT 364.15 622.30 Td (the ) Tj ET Q q 0 0 0 rg BT 378.21 622.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 421.14 622.30 Td (operates ) Tj ET Q q 0 0 0 rg BT 456.31 622.30 Td (the ) Tj ET Q q 0 0 0 rg BT 470.37 622.30 Td (store ) Tj ET Q q 0 0 0 rg BT 491.66 622.30 Td (and ) Tj ET Q q 0 0 0 rg BT 507.94 622.30 Td (is ) Tj ET Q q 0 0 0 rg BT 516.46 622.30 Td (responsible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.30 Td (for ) Tj ET Q q 0 0 0 rg BT 63.33 610.30 Td (its ) Tj ET Q q 0 0 0 rg BT 74.95 610.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 114.89 610.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 139.56 610.30 Td (including ) Tj ET Q q 0 0 0 rg BT 179.50 610.30 Td (payroll ) Tj ET Q q 0 0 0 rg BT 210.00 610.30 Td (and ) Tj ET Q q 0 0 0 rg BT 226.61 610.30 Td (leasing ) Tj ET Q q 0 0 0 rg BT 257.11 610.30 Td (costs. ) Tj ET Q q 0 0 0 rg BT 281.78 610.30 Td ( ) Tj ET Q q 0 0 0 rg BT 283.95 610.30 Td (SHO ) Tj ET Q q 0 0 0 rg BT 306.13 610.30 Td (provides ) Tj ET Q q 0 0 0 rg BT 342.74 610.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 383.24 610.30 Td (to ) Tj ET Q q 0 0 0 rg BT 393.19 610.30 Td (the ) Tj ET Q q 0 0 0 rg BT 407.58 610.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 450.83 610.30 Td (on ) Tj ET Q q 0 0 0 rg BT 463.00 610.30 Td (a ) Tj ET Q q 0 0 0 rg BT 469.61 610.30 Td (consignment ) Tj ET Q q 0 0 0 rg BT 522.89 610.30 Td (basis, ) Tj ET Q q 0 0 0 rg BT 547.56 610.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.30 Td (the ) Tj ET Q q 0 0 0 rg BT 63.56 598.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 106.48 598.30 Td (earns ) Tj ET Q q 0 0 0 rg BT 129.42 598.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 163.46 598.30 Td (commissions ) Tj ET Q q 0 0 0 rg BT 217.53 598.30 Td (on ) Tj ET Q q 0 0 0 rg BT 229.37 598.30 Td (sales ) Tj ET Q q 0 0 0 rg BT 250.65 598.30 Td (of ) Tj ET Q q 0 0 0 rg BT 260.82 598.30 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 315.70 598.30 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 385.28 598.30 Td (plans, ) Tj ET Q q 0 0 0 rg BT 410.73 598.30 Td (and ) Tj ET Q q 0 0 0 rg BT 427.00 598.30 Td (other ) Tj ET Q q 0 0 0 rg BT 449.39 598.30 Td (services. ) Tj ET Q q 0 0 0 rg BT 485.94 598.30 Td ( ) Tj ET Q q 0 0 0 rg BT 487.78 598.30 Td (SHO ) Tj ET Q q 0 0 0 rg BT 509.63 598.30 Td (also ) Tj ET Q q 0 0 0 rg BT 527.58 598.30 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.30 Td (brand ) Tj ET Q q 0 0 0 rg BT 74.81 586.30 Td (and ) Tj ET Q q 0 0 0 rg BT 91.78 586.30 Td (marketing ) Tj ET Q q 0 0 0 rg BT 134.86 586.30 Td (services ) Tj ET Q q 0 0 0 rg BT 169.60 586.30 Td (to ) Tj ET Q q 0 0 0 rg BT 179.92 586.30 Td (the ) Tj ET Q q 0 0 0 rg BT 194.67 586.30 Td (franchisee. ) Tj ET Q q 0 0 0 rg BT 240.79 586.30 Td ( ) Tj ET Q q 0 0 0 rg BT 243.33 586.30 Td (In ) Tj ET Q q 0 0 0 rg BT 254.19 586.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 283.93 586.30 Td (cases, ) Tj ET Q q 0 0 0 rg BT 310.07 586.30 Td (especially ) Tj ET Q q 0 0 0 rg BT 352.59 586.30 Td (with ) Tj ET Q q 0 0 0 rg BT 372.90 586.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 403.75 586.30 Td (to ) Tj ET Q q 0 0 0 rg BT 414.07 586.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 439.93 586.30 Td (that ) Tj ET Q q 0 0 0 rg BT 457.47 586.30 Td (have ) Tj ET Q q 0 0 0 rg BT 478.88 586.30 Td (been ) Tj ET Q q 0 0 0 rg BT 500.29 586.30 Td (recently ) Tj ET Q q 0 0 0 rg BT 535.03 586.30 Td (sold ) Tj ET Q q 0 0 0 rg BT 554.24 586.30 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.30 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 99.51 574.30 Td (SHO ) Tj ET Q q 0 0 0 rg BT 122.05 574.30 Td (remains ) Tj ET Q q 0 0 0 rg BT 156.24 574.30 Td (responsible ) Tj ET Q q 0 0 0 rg BT 204.33 574.30 Td (for ) Tj ET Q q 0 0 0 rg BT 218.52 574.30 Td (lease ) Tj ET Q q 0 0 0 rg BT 241.04 574.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 263.58 574.30 Td (in ) Tj ET Q q 0 0 0 rg BT 273.89 574.30 Td (the ) Tj ET Q q 0 0 0 rg BT 288.64 574.30 Td (case ) Tj ET Q q 0 0 0 rg BT 308.39 574.30 Td (of ) Tj ET Q q 0 0 0 rg BT 319.25 574.30 Td (a ) Tj ET Q q 0 0 0 rg BT 326.23 574.30 Td (default ) Tj ET Q q 0 0 0 rg BT 356.53 574.30 Td (by ) Tj ET Q q 0 0 0 rg BT 369.06 574.30 Td (the ) Tj ET Q q 0 0 0 rg BT 383.81 574.30 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 431.33 574.30 Td (until ) Tj ET Q q 0 0 0 rg BT 452.20 574.30 Td (the ) Tj ET Q q 0 0 0 rg BT 466.95 574.30 Td (expiration ) Tj ET Q q 0 0 0 rg BT 510.03 574.30 Td (of ) Tj ET Q q 0 0 0 rg BT 520.89 574.30 Td (the ) Tj ET Q q 0 0 0 rg BT 535.64 574.30 Td (leases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.30 Td (at ) Tj ET Q q 0 0 0 rg BT 59.22 562.30 Td (which ) Tj ET Q q 0 0 0 rg BT 86.16 562.30 Td (time ) Tj ET Q q 0 0 0 rg BT 106.43 562.30 Td (our ) Tj ET Q q 0 0 0 rg BT 122.26 562.30 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 169.73 562.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 209.44 562.30 Td (are ) Tj ET Q q 0 0 0 rg BT 224.14 562.30 Td (required ) Tj ET Q q 0 0 0 rg BT 259.96 562.30 Td (to ) Tj ET Q q 0 0 0 rg BT 270.24 562.30 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 309.39 562.30 Td (new ) Tj ET Q q 0 0 0 rg BT 328.55 562.30 Td (leases ) Tj ET Q q 0 0 0 rg BT 354.92 562.30 Td (to ) Tj ET Q q 0 0 0 rg BT 365.20 562.30 Td (which ) Tj ET Q q 0 0 0 rg BT 392.14 562.30 Td (SHO ) Tj ET Q q 0 0 0 rg BT 414.65 562.30 Td (will ) Tj ET Q q 0 0 0 rg BT 432.70 562.30 Td (not ) Tj ET Q q 0 0 0 rg BT 447.98 562.30 Td (be ) Tj ET Q q 0 0 0 rg BT 459.92 562.30 Td (a ) Tj ET Q q 0 0 0 rg BT 466.86 562.30 Td (party) Tj ET Q q 0 0 0 rg BT 486.76 562.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 533.30 Td (The ) Tj ET Q q 0 0 0 rg BT 91.26 533.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 130.12 533.30 Td (relationship ) Tj ET Q q 0 0 0 rg BT 179.54 533.30 Td (is ) Tj ET Q q 0 0 0 rg BT 188.43 533.30 Td (governed ) Tj ET Q q 0 0 0 rg BT 227.85 533.30 Td (by ) Tj ET Q q 0 0 0 rg BT 240.06 533.30 Td (a ) Tj ET Q q 0 0 0 rg BT 246.71 533.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 285.57 533.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 329.43 533.30 Td (with ) Tj ET Q q 0 0 0 rg BT 349.42 533.30 Td (each ) Tj ET Q q 0 0 0 rg BT 369.95 533.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 413.24 533.30 Td (that ) Tj ET Q q 0 0 0 rg BT 430.45 533.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 469.87 533.30 Td (has ) Tj ET Q q 0 0 0 rg BT 485.41 533.30 Td (a ) Tj ET Q q 0 0 0 rg BT 492.06 533.30 Td (ten-year ) Tj ET Q q 0 0 0 rg BT 527.03 533.30 Td (term ) Tj ET Q q 0 0 0 rg BT 547.57 533.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 85.88 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 101.15 521.30 Td (franchisee's ) Tj ET Q q 0 0 0 rg BT 150.97 521.30 Td (right ) Tj ET Q q 0 0 0 rg BT 172.91 521.30 Td (to ) Tj ET Q q 0 0 0 rg BT 183.74 521.30 Td (extend ) Tj ET Q q 0 0 0 rg BT 213.45 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 228.72 521.30 Td (term ) Tj ET Q q 0 0 0 rg BT 250.10 521.30 Td (for ) Tj ET Q q 0 0 0 rg BT 264.81 521.30 Td (an ) Tj ET Q q 0 0 0 rg BT 277.30 521.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 320.34 521.30 Td (five ) Tj ET Q q 0 0 0 rg BT 338.94 521.30 Td (years ) Tj ET Q q 0 0 0 rg BT 363.09 521.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 394.47 521.30 Td (to ) Tj ET Q q 0 0 0 rg BT 405.30 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 420.56 521.30 Td (franchisee's ) Tj ET Q q 0 0 0 rg BT 470.39 521.30 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 518.99 521.30 Td (of ) Tj ET Q q 0 0 0 rg BT 530.37 521.30 Td (renewal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 93.90 509.30 Td (that ) Tj ET Q q 0 0 0 rg BT 111.64 509.30 Td (are ) Tj ET Q q 0 0 0 rg BT 126.58 509.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 165.42 509.30 Td (in ) Tj ET Q q 0 0 0 rg BT 175.94 509.30 Td (the ) Tj ET Q q 0 0 0 rg BT 190.89 509.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 230.28 509.30 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 277.16 509.30 Td ( ) Tj ET Q q 0 0 0 rg BT 279.70 509.30 Td (The ) Tj ET Q q 0 0 0 rg BT 297.98 509.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 337.37 509.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 381.75 509.30 Td (also ) Tj ET Q q 0 0 0 rg BT 400.60 509.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 439.43 509.30 Td (obligates ) Tj ET Q q 0 0 0 rg BT 478.27 509.30 Td (the ) Tj ET Q q 0 0 0 rg BT 493.23 509.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 537.05 509.30 Td (to ) Tj ET Q q 0 0 0 rg BT 547.57 509.30 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.30 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 497.30 Td (SHO ) Tj ET Q q 0 0 0 rg BT 82.28 497.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 120.88 497.30 Td (fees, ) Tj ET Q q 0 0 0 rg BT 141.98 497.30 Td (including ) Tj ET Q q 0 0 0 rg BT 182.25 497.30 Td (an ) Tj ET Q q 0 0 0 rg BT 194.19 497.30 Td (initial ) Tj ET Q q 0 0 0 rg BT 220.02 497.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 259.16 497.30 Td (fee, ) Tj ET Q q 0 0 0 rg BT 276.37 497.30 Td (training ) Tj ET Q q 0 0 0 rg BT 309.97 497.30 Td (fees, ) Tj ET Q q 0 0 0 rg BT 331.07 497.30 Td (transfer ) Tj ET Q q 0 0 0 rg BT 364.11 497.30 Td (fees, ) Tj ET Q q 0 0 0 rg BT 385.21 497.30 Td (and ) Tj ET Q q 0 0 0 rg BT 402.15 497.30 Td (successor ) Tj ET Q q 0 0 0 rg BT 442.97 497.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 482.11 497.30 Td (fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.30 Td (Beginning in the second quarter of 2015 the Company indefinitely suspended its franchising of additional stores except to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.30 Td (existing Company franchisees, and the suspension continues.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 437.30 Td (Distribution and Systems Infrastructur) Tj ET Q q 0 0 0 rg BT 216.83 437.30 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 420.30 Td (The ) Tj ET Q q 0 0 0 rg BT 90.66 420.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 126.16 420.30 Td (of ) Tj ET Q q 0 0 0 rg BT 136.11 420.30 Td (our ) Tj ET Q q 0 0 0 rg BT 151.06 420.30 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 203.21 420.30 Td (comes ) Tj ET Q q 0 0 0 rg BT 230.37 420.30 Td (to ) Tj ET Q q 0 0 0 rg BT 239.77 420.30 Td (our ) Tj ET Q q 0 0 0 rg BT 254.72 420.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 279.67 420.30 Td (directly ) Tj ET Q q 0 0 0 rg BT 311.83 420.30 Td (from ) Tj ET Q q 0 0 0 rg BT 332.88 420.30 Td (vendors ) Tj ET Q q 0 0 0 rg BT 366.16 420.30 Td (or ) Tj ET Q q 0 0 0 rg BT 376.11 420.30 Td (distributors ) Tj ET Q q 0 0 0 rg BT 423.28 420.30 Td (\(including ) Tj ET Q q 0 0 0 rg BT 466.00 420.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 489.28 420.30 Td (Holdings\) ) Tj ET Q q 0 0 0 rg BT 530.90 420.30 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.30 Td (our ) Tj ET Q q 0 0 0 rg BT 65.53 408.30 Td (agreements ) Tj ET Q q 0 0 0 rg BT 113.76 408.30 Td (with ) Tj ET Q q 0 0 0 rg BT 134.23 408.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 158.59 408.30 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 200.45 408.30 Td ( ) Tj ET Q q 0 0 0 rg BT 203.15 408.30 Td (Home ) Tj ET Q q 0 0 0 rg BT 230.29 408.30 Td (delivery ) Tj ET Q q 0 0 0 rg BT 265.75 408.30 Td (is ) Tj ET Q q 0 0 0 rg BT 275.11 408.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 313.36 408.30 Td (by ) Tj ET Q q 0 0 0 rg BT 326.05 408.30 Td (the ) Tj ET Q q 0 0 0 rg BT 340.97 408.30 Td (selling ) Tj ET Q q 0 0 0 rg BT 370.33 408.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 401.34 408.30 Td (and ) Tj ET Q q 0 0 0 rg BT 418.48 408.30 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 468.65 408.30 Td (by ) Tj ET Q q 0 0 0 rg BT 481.35 408.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 505.70 408.30 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 547.57 408.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.30 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 396.30 Td (other ) Tj ET Q q 0 0 0 rg BT 85.05 396.30 Td (parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 375.30 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 375.30 Td (e ) Tj ET Q q 0 0 0 rg BT 89.08 375.30 Td (rely ) Tj ET Q q 0 0 0 rg BT 107.12 375.30 Td (extensively ) Tj ET Q q 0 0 0 rg BT 155.16 375.30 Td (on ) Tj ET Q q 0 0 0 rg BT 167.66 375.30 Td (computer ) Tj ET Q q 0 0 0 rg BT 207.92 375.30 Td (systems ) Tj ET Q q 0 0 0 rg BT 242.09 375.30 Td (to ) Tj ET Q q 0 0 0 rg BT 252.37 375.30 Td (process ) Tj ET Q q 0 0 0 rg BT 284.86 375.30 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 337.62 375.30 Td (summarize ) Tj ET Q q 0 0 0 rg BT 383.99 375.30 Td (results, ) Tj ET Q q 0 0 0 rg BT 415.10 375.30 Td (and ) Tj ET Q q 0 0 0 rg BT 432.04 375.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 465.63 375.30 Td (our ) Tj ET Q q 0 0 0 rg BT 481.46 375.30 Td (business. ) Tj ET Q q 0 0 0 rg BT 520.35 375.30 Td ( ) Tj ET Q q 0 0 0 rg BT 522.85 375.30 Td (Given ) Tj ET Q q 0 0 0 rg BT 549.79 375.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.30 Td (number ) Tj ET Q q 0 0 0 rg BT 82.68 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 93.64 363.30 Td (individual ) Tj ET Q q 0 0 0 rg BT 136.83 363.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 187.23 363.30 Td (we ) Tj ET Q q 0 0 0 rg BT 201.52 363.30 Td (have ) Tj ET Q q 0 0 0 rg BT 223.03 363.30 Td (each ) Tj ET Q q 0 0 0 rg BT 243.98 363.30 Td (year) Tj ET Q q 0 0 0 rg BT 260.78 363.30 Td (, ) Tj ET Q q 0 0 0 rg BT 265.92 363.30 Td (it ) Tj ET Q q 0 0 0 rg BT 274.11 363.30 Td (is ) Tj ET Q q 0 0 0 rg BT 283.41 363.30 Td (critical ) Tj ET Q q 0 0 0 rg BT 313.80 363.30 Td (that ) Tj ET Q q 0 0 0 rg BT 331.43 363.30 Td (we ) Tj ET Q q 0 0 0 rg BT 345.73 363.30 Td (maintain ) Tj ET Q q 0 0 0 rg BT 383.35 363.30 Td (uninterrupted ) Tj ET Q q 0 0 0 rg BT 439.85 363.30 Td (operation ) Tj ET Q q 0 0 0 rg BT 480.25 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 491.21 363.30 Td (our ) Tj ET Q q 0 0 0 rg BT 507.18 363.30 Td (computer ) Tj ET Q q 0 0 0 rg BT 547.57 363.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (communications ) Tj ET Q q 0 0 0 rg BT 118.19 351.30 Td (hardware ) Tj ET Q q 0 0 0 rg BT 157.98 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 175.01 351.30 Td (software ) Tj ET Q q 0 0 0 rg BT 212.03 351.30 Td (systems. ) Tj ET Q q 0 0 0 rg BT 248.80 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 251.20 351.30 Td (W) Tj ET Q q 0 0 0 rg BT 259.84 351.30 Td (e ) Tj ET Q q 0 0 0 rg BT 266.87 351.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 305.56 351.30 Td (rely ) Tj ET Q q 0 0 0 rg BT 323.70 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 336.29 351.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 360.54 351.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 399.81 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 410.18 351.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 443.32 351.30 Td (us ) Tj ET Q q 0 0 0 rg BT 454.80 351.30 Td (with ) Tj ET Q q 0 0 0 rg BT 475.17 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 489.98 351.30 Td (computer ) Tj ET Q q 0 0 0 rg BT 530.34 351.30 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.82 339.30 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 123.56 339.30 Td (that ) Tj ET Q q 0 0 0 rg BT 141.43 339.30 Td (enable ) Tj ET Q q 0 0 0 rg BT 170.40 339.30 Td (our ) Tj ET Q q 0 0 0 rg BT 186.61 339.30 Td (distribution ) Tj ET Q q 0 0 0 rg BT 235.60 339.30 Td (systems. ) Tj ET Q q 0 0 0 rg BT 272.65 339.30 Td ( ) Tj ET Q q 0 0 0 rg BT 275.53 339.30 Td (See ) Tj ET Q q 0 0 0 rg BT 292.85 339.30 Td ("If ) Tj ET Q q 0 0 0 rg BT 306.47 339.30 Td (we ) Tj ET Q q 0 0 0 rg BT 321.01 339.30 Td (do ) Tj ET Q q 0 0 0 rg BT 333.88 339.30 Td (not ) Tj ET Q q 0 0 0 rg BT 349.54 339.30 Td (maintain ) Tj ET Q q 0 0 0 rg BT 387.41 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 402.51 339.30 Td (security ) Tj ET Q q 0 0 0 rg BT 437.04 339.30 Td (of ) Tj ET Q q 0 0 0 rg BT 448.25 339.30 Td (our ) Tj ET Q q 0 0 0 rg BT 464.46 339.30 Td (customer) Tj ET Q q 0 0 0 rg BT 500.71 339.30 Td (, ) Tj ET Q q 0 0 0 rg BT 506.09 339.30 Td (associate, ) Tj ET Q q 0 0 0 rg BT 547.56 339.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.30 Td (company ) Tj ET Q q 0 0 0 rg BT 89.15 327.30 Td (information, ) Tj ET Q q 0 0 0 rg BT 141.86 327.30 Td (we ) Tj ET Q q 0 0 0 rg BT 156.51 327.30 Td (could ) Tj ET Q q 0 0 0 rg BT 181.72 327.30 Td (damage ) Tj ET Q q 0 0 0 rg BT 215.81 327.30 Td (our ) Tj ET Q q 0 0 0 rg BT 232.14 327.30 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 278.17 327.30 Td (incur ) Tj ET Q q 0 0 0 rg BT 301.71 327.30 Td (substantial ) Tj ET Q q 0 0 0 rg BT 347.48 327.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 390.47 327.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 415.96 327.30 Td (and ) Tj ET Q q 0 0 0 rg BT 433.39 327.30 Td (become ) Tj ET Q q 0 0 0 rg BT 467.48 327.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 498.80 327.30 Td (to ) Tj ET Q q 0 0 0 rg BT 509.58 327.30 Td (litigation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.68 327.30 Td (" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.23 327.30 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.30 Td (Item ) Tj ET Q q 0 0 0 rg BT 70.40 315.30 Td (1A. ) Tj ET Q q 0 0 0 rg BT 87.70 315.30 Td (Risk ) Tj ET Q q 0 0 0 rg BT 108.61 315.30 Td (Factors ) Tj ET Q q 0 0 0 rg BT 140.63 315.30 Td (of ) Tj ET Q q 0 0 0 rg BT 151.53 315.30 Td (this ) Tj ET Q q 0 0 0 rg BT 167.99 315.30 Td (Annual ) Tj ET Q q 0 0 0 rg BT 200.00 315.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 229.80 315.30 Td (on ) Tj ET Q q 0 0 0 rg BT 242.37 315.30 Td (Form ) Tj ET Q q 0 0 0 rg BT 266.62 315.30 Td (10-K) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.17 315.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.24 315.30 Td ( ) Tj ET Q q 0 0 0 rg BT 294.82 315.30 Td (For ) Tj ET Q q 0 0 0 rg BT 311.29 315.30 Td (information ) Tj ET Q q 0 0 0 rg BT 361.08 315.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 401.97 315.30 Td (the ) Tj ET Q q 0 0 0 rg BT 416.76 315.30 Td (migration ) Tj ET Q q 0 0 0 rg BT 458.22 315.30 Td (of ) Tj ET Q q 0 0 0 rg BT 469.12 315.30 Td (the ) Tj ET Q q 0 0 0 rg BT 483.91 315.30 Td (current ) Tj ET Q q 0 0 0 rg BT 514.81 315.30 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.30 Td (technology ) Tj ET Q q 0 0 0 rg BT 96.83 303.30 Td (systems ) Tj ET Q q 0 0 0 rg BT 131.39 303.30 Td (and ) Tj ET Q q 0 0 0 rg BT 148.73 303.30 Td (processes ) Tj ET Q q 0 0 0 rg BT 189.94 303.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 228.39 303.30 Td (to ) Tj ET Q q 0 0 0 rg BT 239.06 303.30 Td (us ) Tj ET Q q 0 0 0 rg BT 250.85 303.30 Td (by ) Tj ET Q q 0 0 0 rg BT 263.74 303.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 288.30 303.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 327.86 303.30 Td (to ) Tj ET Q q 0 0 0 rg BT 338.54 303.30 Td (new) Tj ET Q q 0 0 0 rg BT 354.55 303.30 Td (, ) Tj ET Q q 0 0 0 rg BT 359.94 303.30 Td (state-of-art ) Tj ET Q q 0 0 0 rg BT 406.70 303.30 Td (business ) Tj ET Q q 0 0 0 rg BT 443.49 303.30 Td (and ) Tj ET Q q 0 0 0 rg BT 460.82 303.30 Td (technology ) Tj ET Q q 0 0 0 rg BT 508.15 303.30 Td (infrastructure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.79 291.30 Td (systems ) Tj ET Q q 0 0 0 rg BT 101.31 291.30 Td (see ) Tj ET Q q 0 0 0 rg BT 116.94 291.30 Td ("W) Tj ET Q q 0 0 0 rg BT 129.66 291.30 Td (e ) Tj ET Q q 0 0 0 rg BT 136.95 291.30 Td (rely ) Tj ET Q q 0 0 0 rg BT 155.35 291.30 Td (on ) Tj ET Q q 0 0 0 rg BT 168.20 291.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 192.71 291.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 232.24 291.30 Td (and ) Tj ET Q q 0 0 0 rg BT 249.53 291.30 Td (other ) Tj ET Q q 0 0 0 rg BT 272.93 291.30 Td (third ) Tj ET Q q 0 0 0 rg BT 294.67 291.30 Td (parties ) Tj ET Q q 0 0 0 rg BT 324.18 291.30 Td (to ) Tj ET Q q 0 0 0 rg BT 334.81 291.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 368.21 291.30 Td (us ) Tj ET Q q 0 0 0 rg BT 379.95 291.30 Td (with ) Tj ET Q q 0 0 0 rg BT 400.58 291.30 Td (key ) Tj ET Q q 0 0 0 rg BT 417.87 291.30 Td (products ) Tj ET Q q 0 0 0 rg BT 455.17 291.30 Td (and ) Tj ET Q q 0 0 0 rg BT 472.46 291.30 Td (services ) Tj ET Q q 0 0 0 rg BT 507.52 291.30 Td (in ) Tj ET Q q 0 0 0 rg BT 518.15 291.30 Td (connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.30 Td (with ) Tj ET Q q 0 0 0 rg BT 69.85 279.30 Td (the ) Tj ET Q q 0 0 0 rg BT 84.64 279.30 Td (administration ) Tj ET Q q 0 0 0 rg BT 144.98 279.30 Td (of ) Tj ET Q q 0 0 0 rg BT 155.88 279.30 Td (many ) Tj ET Q q 0 0 0 rg BT 180.67 279.30 Td (critical ) Tj ET Q q 0 0 0 rg BT 211.00 279.30 Td (aspects ) Tj ET Q q 0 0 0 rg BT 242.45 279.30 Td (of ) Tj ET Q q 0 0 0 rg BT 253.35 279.30 Td (our ) Tj ET Q q 0 0 0 rg BT 269.26 279.30 Td (business, ) Tj ET Q q 0 0 0 rg BT 308.22 279.30 Td (and ) Tj ET Q q 0 0 0 rg BT 325.23 279.30 Td (we ) Tj ET Q q 0 0 0 rg BT 339.46 279.30 Td (may ) Tj ET Q q 0 0 0 rg BT 359.25 279.30 Td (be ) Tj ET Q q 0 0 0 rg BT 371.26 279.30 Td (required ) Tj ET Q q 0 0 0 rg BT 407.15 279.30 Td (to ) Tj ET Q q 0 0 0 rg BT 417.50 279.30 Td (develop ) Tj ET Q q 0 0 0 rg BT 451.73 279.30 Td (our ) Tj ET Q q 0 0 0 rg BT 467.63 279.30 Td (own ) Tj ET Q q 0 0 0 rg BT 487.43 279.30 Td (systems ) Tj ET Q q 0 0 0 rg BT 521.67 279.30 Td (quickly ) Tj ET Q q 0 0 0 rg BT 554.24 279.30 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.30 Td (order ) Tj ET Q q 0 0 0 rg BT 73.10 267.30 Td (to ) Tj ET Q q 0 0 0 rg BT 83.38 267.30 Td (reduce ) Tj ET Q q 0 0 0 rg BT 112.52 267.30 Td (such ) Tj ET Q q 0 0 0 rg BT 133.35 267.30 Td (dependence" ) Tj ET Q q 0 0 0 rg BT 187.13 267.30 Td (in ) Tj ET Q q 0 0 0 rg BT 197.41 267.30 Td (Item ) Tj ET Q q 0 0 0 rg BT 218.23 267.30 Td (1A. ) Tj ET Q q 0 0 0 rg BT 235.45 267.30 Td (Risk ) Tj ET Q q 0 0 0 rg BT 256.29 267.30 Td (Factors ) Tj ET Q q 0 0 0 rg BT 288.23 267.30 Td (of ) Tj ET Q q 0 0 0 rg BT 299.06 267.30 Td (this ) Tj ET Q q 0 0 0 rg BT 315.46 267.30 Td (Annual ) Tj ET Q q 0 0 0 rg BT 347.40 267.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 377.11 267.30 Td (on ) Tj ET Q q 0 0 0 rg BT 389.61 267.30 Td (Form ) Tj ET Q q 0 0 0 rg BT 413.78 267.30 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 246.30 Td (In ) Tj ET Q q 0 0 0 rg BT 84.33 246.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 122.10 246.30 Td (we ) Tj ET Q q 0 0 0 rg BT 136.26 246.30 Td (also ) Tj ET Q q 0 0 0 rg BT 154.87 246.30 Td (rely ) Tj ET Q q 0 0 0 rg BT 172.92 246.30 Td (on ) Tj ET Q q 0 0 0 rg BT 185.42 246.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 209.58 246.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 248.75 246.30 Td (for ) Tj ET Q q 0 0 0 rg BT 262.91 246.30 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 316.51 246.30 Td (and ) Tj ET Q q 0 0 0 rg BT 333.45 246.30 Td (other ) Tj ET Q q 0 0 0 rg BT 356.49 246.30 Td (logistics ) Tj ET Q q 0 0 0 rg BT 392.33 246.30 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 225.30 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 225.30 Td (e ) Tj ET Q q 0 0 0 rg BT 88.02 225.30 Td (are ) Tj ET Q q 0 0 0 rg BT 101.66 225.30 Td (party ) Tj ET Q q 0 0 0 rg BT 123.65 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 132.87 225.30 Td (a ) Tj ET Q q 0 0 0 rg BT 138.75 225.30 Td (Services ) Tj ET Q q 0 0 0 rg BT 173.75 225.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 219.61 225.30 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 255.49 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 264.71 225.30 Td (which ) Tj ET Q q 0 0 0 rg BT 290.59 225.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 313.69 225.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 351.80 225.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 405.44 225.30 Td (Corporation, ) Tj ET Q q 0 0 0 rg BT 457.71 225.30 Td (a ) Tj ET Q q 0 0 0 rg BT 463.59 225.30 Td (wholly ) Tj ET Q q 0 0 0 rg BT 492.81 225.30 Td (owned ) Tj ET Q q 0 0 0 rg BT 520.91 225.30 Td (subsidiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.19 213.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 84.21 213.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 123.24 213.30 Td (\("SHMC"\) ) Tj ET Q q 0 0 0 rg BT 168.76 213.30 Td (provides ) Tj ET Q q 0 0 0 rg BT 205.56 213.30 Td (us ) Tj ET Q q 0 0 0 rg BT 216.81 213.30 Td (with ) Tj ET Q q 0 0 0 rg BT 236.95 213.30 Td (a ) Tj ET Q q 0 0 0 rg BT 243.74 213.30 Td (number ) Tj ET Q q 0 0 0 rg BT 276.65 213.30 Td (of ) Tj ET Q q 0 0 0 rg BT 287.34 213.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 324.40 213.30 Td (including ) Tj ET Q q 0 0 0 rg BT 364.53 213.30 Td (logistics ) Tj ET Q q 0 0 0 rg BT 400.23 213.30 Td (and ) Tj ET Q q 0 0 0 rg BT 417.02 213.30 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 468.00 213.30 Td (information ) Tj ET Q q 0 0 0 rg BT 517.57 213.30 Td (technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.30 Td (\(including ) Tj ET Q q 0 0 0 rg BT 92.14 201.30 Td (the ) Tj ET Q q 0 0 0 rg BT 105.90 201.30 Td (point-of-sale ) Tj ET Q q 0 0 0 rg BT 158.53 201.30 Td (system ) Tj ET Q q 0 0 0 rg BT 187.84 201.30 Td (used ) Tj ET Q q 0 0 0 rg BT 207.71 201.30 Td (by ) Tj ET Q q 0 0 0 rg BT 219.25 201.30 Td (the ) Tj ET Q q 0 0 0 rg BT 233.01 201.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 273.43 201.30 Td (and ) Tj ET Q q 0 0 0 rg BT 289.41 201.30 Td (our ) Tj ET Q q 0 0 0 rg BT 304.28 201.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 334.13 201.30 Td (and ) Tj ET Q q 0 0 0 rg BT 350.11 201.30 Td (franchisees\), ) Tj ET Q q 0 0 0 rg BT 402.45 201.30 Td (product ) Tj ET Q q 0 0 0 rg BT 434.53 201.30 Td (repair) Tj ET Q q 0 0 0 rg BT 457.45 201.30 Td (, ) Tj ET Q q 0 0 0 rg BT 461.49 201.30 Td (ecommerce, ) Tj ET Q q 0 0 0 rg BT 511.60 201.30 Td (and ) Tj ET Q q 0 0 0 rg BT 527.58 201.30 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.30 Td (clearing ) Tj ET Q q 0 0 0 rg BT 83.87 189.30 Td (and ) Tj ET Q q 0 0 0 rg BT 100.48 189.30 Td (other ) Tj ET Q q 0 0 0 rg BT 123.20 189.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.35 189.30 Td (services ) Tj ET Q q 0 0 0 rg BT 194.72 189.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 208.55 189.30 Td (amended, ) Tj ET Q q 0 0 0 rg BT 249.31 189.30 Td (the ) Tj ET Q q 0 0 0 rg BT 263.70 189.30 Td ("Services ) Tj ET Q q 0 0 0 rg BT 303.35 189.30 Td (Agreement"\). ) Tj ET Q q 0 0 0 rg BT 359.86 189.30 Td ( ) Tj ET Q q 0 0 0 rg BT 361.87 189.30 Td (The ) Tj ET Q q 0 0 0 rg BT 379.58 189.30 Td (term ) Tj ET Q q 0 0 0 rg BT 400.08 189.30 Td (of ) Tj ET Q q 0 0 0 rg BT 410.58 189.30 Td (the ) Tj ET Q q 0 0 0 rg BT 424.96 189.30 Td (Services ) Tj ET Q q 0 0 0 rg BT 460.53 189.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 507.13 189.30 Td (will ) Tj ET Q q 0 0 0 rg BT 524.85 189.30 Td (expire ) Tj ET Q q 0 0 0 rg BT 552.01 189.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.30 Td (February ) Tj ET Q q 0 0 0 rg BT 88.14 177.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 98.18 177.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 123.23 177.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 154.10 177.30 Td (to ) Tj ET Q q 0 0 0 rg BT 164.42 177.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 203.05 177.30 Td (termination ) Tj ET Q q 0 0 0 rg BT 251.70 177.30 Td (rights. ) Tj ET Q q 0 0 0 rg BT 279.52 177.30 Td ( ) Tj ET Q q 0 0 0 rg BT 281.88 177.30 Td (W) Tj ET Q q 0 0 0 rg BT 290.51 177.30 Td (e ) Tj ET Q q 0 0 0 rg BT 297.49 177.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 314.48 177.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 333.12 177.30 Td (and ) Tj ET Q q 0 0 0 rg BT 350.10 177.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 371.52 177.30 Td (for ) Tj ET Q q 0 0 0 rg BT 385.72 177.30 Td (the ) Tj ET Q q 0 0 0 rg BT 400.48 177.30 Td (services ) Tj ET Q q 0 0 0 rg BT 435.23 177.30 Td (received ) Tj ET Q q 0 0 0 rg BT 471.64 177.30 Td (in ) Tj ET Q q 0 0 0 rg BT 481.96 177.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 529.46 177.30 Td (with ) Tj ET Q q 0 0 0 rg BT 549.78 177.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.30 Td (Services ) Tj ET Q q 0 0 0 rg BT 85.72 165.30 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 135.64 165.30 Td ( ) Tj ET Q q 0 0 0 rg BT 138.64 165.30 Td (In ) Tj ET Q q 0 0 0 rg BT 149.97 165.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 188.24 165.30 Td (we ) Tj ET Q q 0 0 0 rg BT 202.91 165.30 Td (also ) Tj ET Q q 0 0 0 rg BT 222.01 165.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 239.45 165.30 Td (all ) Tj ET Q q 0 0 0 rg BT 252.45 165.30 Td (taxes ) Tj ET Q q 0 0 0 rg BT 276.00 165.30 Td (payable ) Tj ET Q q 0 0 0 rg BT 310.09 165.30 Td (in ) Tj ET Q q 0 0 0 rg BT 320.87 165.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 367.74 165.30 Td (with ) Tj ET Q q 0 0 0 rg BT 388.52 165.30 Td (the ) Tj ET Q q 0 0 0 rg BT 403.74 165.30 Td (services ) Tj ET Q q 0 0 0 rg BT 438.95 165.30 Td (we ) Tj ET Q q 0 0 0 rg BT 453.61 165.30 Td (receive ) Tj ET Q q 0 0 0 rg BT 485.47 165.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 524.02 165.30 Td (under ) Tj ET Q q 0 0 0 rg BT 549.79 165.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.30 Td (Services ) Tj ET Q q 0 0 0 rg BT 85.11 153.30 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 134.27 153.30 Td ( ) Tj ET Q q 0 0 0 rg BT 136.50 153.30 Td (See ) Tj ET Q q 0 0 0 rg BT 153.16 153.30 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 188.91 153.30 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 245.58 153.30 Td (and ) Tj ET Q q 0 0 0 rg BT 262.09 153.30 Td (T) Tj ET Q q 0 0 0 rg BT 267.84 153.30 Td (ransactions" ) Tj ET Q q 0 0 0 rg BT 319.14 153.30 Td (in ) Tj ET Q q 0 0 0 rg BT 329.15 153.30 Td (the ) Tj ET Q q 0 0 0 rg BT 343.59 153.30 Td (definitive ) Tj ET Q q 0 0 0 rg BT 384.14 153.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 406.37 153.30 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 432.49 153.30 Td (Statement ) Tj ET Q q 0 0 0 rg BT 474.71 153.30 Td (relating ) Tj ET Q q 0 0 0 rg BT 507.48 153.30 Td (to ) Tj ET Q q 0 0 0 rg BT 517.49 153.30 Td (our ) Tj ET Q q 0 0 0 rg BT 532.56 153.30 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.30 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 85.53 141.30 Td (of ) Tj ET Q q 0 0 0 rg BT 96.57 141.30 Td (Stockholders ) Tj ET Q q 0 0 0 rg BT 151.49 141.30 Td (to ) Tj ET Q q 0 0 0 rg BT 161.98 141.30 Td (be ) Tj ET Q q 0 0 0 rg BT 174.12 141.30 Td (held ) Tj ET Q q 0 0 0 rg BT 194.04 141.30 Td (onMay ) Tj ET Q q 0 0 0 rg BT 227.58 141.30 Td (24, ) Tj ET Q q 0 0 0 rg BT 242.79 141.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 267.99 141.30 Td (which ) Tj ET Q q 0 0 0 rg BT 295.14 141.30 Td (is ) Tj ET Q q 0 0 0 rg BT 304.52 141.30 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 357.75 141.30 Td (by ) Tj ET Q q 0 0 0 rg BT 370.46 141.30 Td (reference ) Tj ET Q q 0 0 0 rg BT 410.35 141.30 Td (into ) Tj ET Q q 0 0 0 rg BT 428.61 141.30 Td (Item ) Tj ET Q q 0 0 0 rg BT 449.65 141.30 Td (13 ) Tj ET Q q 0 0 0 rg BT 462.35 141.30 Td (of ) Tj ET Q q 0 0 0 rg BT 473.39 141.30 Td (this ) Tj ET Q q 0 0 0 rg BT 489.95 141.30 Td (Annual ) Tj ET Q q 0 0 0 rg BT 522.09 141.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 552.01 141.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.30 Td (Form ) Tj ET Q q 0 0 0 rg BT 73.67 129.30 Td (10-K ) Tj ET Q q 0 0 0 rg BT 96.72 129.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 114.77 129.30 Td ("2017 ) Tj ET Q q 0 0 0 rg BT 141.35 129.30 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 167.74 129.30 Td (Statement\), ) Tj ET Q q 0 0 0 rg BT 216.06 129.30 Td (for ) Tj ET Q q 0 0 0 rg BT 230.22 129.30 Td (a ) Tj ET Q q 0 0 0 rg BT 237.16 129.30 Td (general ) Tj ET Q q 0 0 0 rg BT 269.08 129.30 Td (description ) Tj ET Q q 0 0 0 rg BT 316.02 129.30 Td (of ) Tj ET Q q 0 0 0 rg BT 326.85 129.30 Td (the ) Tj ET Q q 0 0 0 rg BT 341.57 129.30 Td (Services ) Tj ET Q q 0 0 0 rg BT 377.39 129.30 Td (Agreement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 103.30 Td (Geographic Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 82.30 Td (The ) Tj ET Q q 0 0 0 rg BT 90.78 82.30 Td (vast ) Tj ET Q q 0 0 0 rg BT 108.63 82.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 144.24 82.30 Td (of ) Tj ET Q q 0 0 0 rg BT 154.31 82.30 Td (our ) Tj ET Q q 0 0 0 rg BT 169.37 82.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 206.64 82.30 Td (are 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) Tj ET Q q 0 0 0 rg BT 60.33 70.30 Td (our ) Tj ET Q q 0 0 0 rg BT 76.16 70.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 114.20 70.30 Td (were ) Tj ET Q q 0 0 0 rg BT 136.13 70.30 Td (generated ) Tj ET Q q 0 0 0 rg BT 177.49 70.30 Td (in ) Tj ET Q q 0 0 0 rg BT 187.77 70.30 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 216.38 70.30 Td (Rico. ) Tj ET Q q 0 0 0 rg BT 240.26 70.30 Td ( ) Tj ET Q q 0 0 0 rg BT 242.58 70.30 Td (The ) Tj ET Q q 0 0 0 rg BT 260.63 70.30 Td (vast ) Tj ET Q q 0 0 0 rg BT 279.24 70.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 315.62 70.30 Td (of ) Tj ET Q q 0 0 0 rg BT 326.45 70.30 Td (our ) Tj ET Q q 0 0 0 rg BT 342.28 70.30 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 385.88 70.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 411.71 70.30 Td (are ) Tj ET Q q 0 0 0 rg BT 426.42 70.30 Td (located ) Tj ET Q q 0 0 0 rg BT 457.79 70.30 Td (within ) Tj ET Q q 0 0 0 rg BT 485.85 70.30 Td (the ) Tj ET Q q 0 0 0 rg BT 500.56 70.30 Td (United ) Tj ET Q q 0 0 0 rg BT 530.28 70.30 Td (States.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 725.25 Td (As ) Tj ET Q q 0 0 0 rg BT 87.26 725.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.24 725.25 Td (January28, ) Tj ET Q q 0 0 0 rg BT 146.99 725.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.99 725.25 Td (, ) Tj ET Q q 0 0 0 rg BT 172.14 725.25 Td (we ) Tj ET Q q 0 0 0 rg BT 186.45 725.25 Td (had ) Tj ET Q q 0 0 0 rg BT 203.53 725.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 263.94 725.25 Td (3,600 ) Tj ET Q q 0 0 0 rg BT 289.09 725.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 337.00 725.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 397.41 725.25 Td (44% ) Tj ET Q q 0 0 0 rg BT 418.39 725.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.37 725.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 457.02 725.25 Td (were ) Tj ET Q q 0 0 0 rg BT 479.10 725.25 Td (full-time ) Tj ET Q q 0 0 0 rg BT 516.73 725.25 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 713.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 713.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.32 713.25 Td (that ) Tj ET Q q 0 0 0 rg BT 113.75 713.25 Td (we ) Tj ET Q q 0 0 0 rg BT 127.85 713.25 Td (have ) Tj ET Q q 0 0 0 rg BT 149.16 713.25 Td (a ) Tj ET Q q 0 0 0 rg BT 156.03 713.25 Td (good ) Tj ET Q q 0 0 0 rg BT 178.47 713.25 Td (working ) Tj ET Q q 0 0 0 rg BT 214.23 713.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 263.88 713.25 Td (with ) Tj ET Q q 0 0 0 rg BT 284.09 713.25 Td (our ) Tj ET Q q 0 0 0 rg BT 299.86 713.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 345.06 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.93 713.25 Td (we ) Tj ET Q q 0 0 0 rg BT 376.03 713.25 Td (have ) Tj ET Q q 0 0 0 rg BT 397.34 713.25 Td (never ) Tj ET Q q 0 0 0 rg BT 421.98 713.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 472.72 713.25 Td (a ) Tj ET Q q 0 0 0 rg BT 479.59 713.25 Td (material ) Tj ET Q q 0 0 0 rg BT 514.79 713.25 Td (interruption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.67 701.25 Td (business ) Tj ET Q q 0 0 0 rg BT 97.39 701.25 Td (as ) Tj ET Q q 0 0 0 rg BT 108.56 701.25 Td (a ) Tj ET Q q 0 0 0 rg BT 115.83 701.25 Td (result ) Tj ET Q q 0 0 0 rg BT 140.89 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.05 701.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 175.44 701.25 Td (disputes. ) Tj ET Q q 0 0 0 rg BT 213.55 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.18 701.25 Td (W) Tj ET Q q 0 0 0 rg BT 224.82 701.25 Td (e ) Tj ET Q q 0 0 0 rg BT 232.09 701.25 Td (of) Tj ET Q q 0 0 0 rg BT 240.24 701.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 254.18 701.25 Td (a ) Tj ET Q q 0 0 0 rg BT 261.45 701.25 Td (broad ) Tj ET Q q 0 0 0 rg BT 287.06 701.25 Td (range ) Tj ET Q q 0 0 0 rg BT 312.10 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.26 701.25 Td (company-paid ) Tj ET Q q 0 0 0 rg BT 383.30 701.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 417.79 701.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.41 701.25 Td (our ) Tj ET Q q 0 0 0 rg BT 444.57 701.25 Td (employees. ) Tj ET Q q 0 0 0 rg BT 492.67 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 495.30 701.25 Td (These ) Tj ET Q q 0 0 0 rg BT 522.02 701.25 Td (company-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 70.42 689.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 105.79 689.25 Td (include ) Tj ET Q q 0 0 0 rg BT 138.93 689.25 Td (a ) Tj ET Q q 0 0 0 rg BT 147.07 689.25 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 177.44 689.25 Td (savings ) Tj ET Q q 0 0 0 rg BT 211.15 689.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 234.57 689.25 Td (medical ) Tj ET Q q 0 0 0 rg BT 269.93 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.08 689.25 Td (dental ) Tj ET Q q 0 0 0 rg BT 316.22 689.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 343.53 689.25 Td (disability ) Tj ET Q q 0 0 0 rg BT 384.46 689.25 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 428.99 689.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 449.91 689.25 Td (vacation, ) Tj ET Q q 0 0 0 rg BT 489.99 689.25 Td (various ) Tj ET Q q 0 0 0 rg BT 523.14 689.25 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (assistance ) Tj ET Q q 0 0 0 rg BT 91.99 677.25 Td (programs, ) Tj ET Q q 0 0 0 rg BT 134.75 677.25 Td (life ) Tj ET Q q 0 0 0 rg BT 150.58 677.25 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 193.89 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.83 677.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 263.87 677.25 Td (discounts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (Intellectual ) Tj ET Q q 0 0 0 rg BT 100.33 660.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 110.69 660.25 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 643.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 643.25 Td (e ) Tj ET Q q 0 0 0 rg BT 88.85 643.25 Td (are ) Tj ET Q q 0 0 0 rg BT 103.33 643.25 Td (party ) Tj ET Q q 0 0 0 rg BT 126.15 643.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.21 643.25 Td (several ) Tj ET Q q 0 0 0 rg BT 166.80 643.25 Td (Store ) Tj ET Q q 0 0 0 rg BT 190.18 643.25 Td (License ) Tj ET Q q 0 0 0 rg BT 223.04 643.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 273.63 643.25 Td (with ) Tj ET Q q 0 0 0 rg BT 293.69 643.25 Td (SRC ) Tj ET Q q 0 0 0 rg BT 314.86 643.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 351.58 643.25 Td (to ) Tj ET Q q 0 0 0 rg BT 361.63 643.25 Td (which ) Tj ET Q q 0 0 0 rg BT 388.34 643.25 Td (SRC ) Tj ET Q q 0 0 0 rg BT 409.52 643.25 Td (has ) Tj ET Q q 0 0 0 rg BT 425.12 643.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 457.38 643.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 471.05 643.25 Td (on ) Tj ET Q q 0 0 0 rg BT 483.32 643.25 Td (a ) Tj ET Q q 0 0 0 rg BT 490.04 643.25 Td (royalty-free ) Tj ET Q q 0 0 0 rg BT 539.50 643.25 Td (basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 631.25 Td (among ) Tj ET Q q 0 0 0 rg BT 78.15 631.25 Td (other ) Tj ET Q q 0 0 0 rg BT 100.13 631.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 128.51 631.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 141.60 631.25 Td (an ) Tj ET Q q 0 0 0 rg BT 152.47 631.25 Td (exclusive, ) Tj ET Q q 0 0 0 rg BT 194.17 631.25 Td (non-transferable ) Tj ET Q q 0 0 0 rg BT 261.12 631.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.99 631.25 Td (terminable ) Tj ET Q q 0 0 0 rg BT 321.18 631.25 Td (license ) Tj ET Q q 0 0 0 rg BT 350.38 631.25 Td (to ) Tj ET Q q 0 0 0 rg BT 359.59 631.25 Td (operate, ) Tj ET Q q 0 0 0 rg BT 392.95 631.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.82 631.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.03 631.25 Td (authorize ) Tj ET Q q 0 0 0 rg BT 456.66 631.25 Td (our ) Tj ET Q q 0 0 0 rg BT 471.42 631.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 501.17 631.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.04 631.25 Td (franchisees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.72 619.25 Td (operate, ) Tj ET Q q 0 0 0 rg BT 96.08 619.25 Td (retail ) Tj ET Q q 0 0 0 rg BT 120.06 619.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 146.83 619.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.71 619.25 Td (stores-within-a-store ) Tj ET Q q 0 0 0 rg BT 250.90 619.25 Td (using ) Tj ET Q q 0 0 0 rg BT 276.01 619.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.67 619.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 320.85 619.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 349.28 619.25 Td (Store," ) Tj ET Q q 0 0 0 rg BT 380.41 619.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 408.83 619.25 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 457.26 619.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 505.13 619.25 Td (Store," ) Tj ET Q q 0 0 0 rg BT 536.26 619.25 Td ("Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 95.71 607.25 Td (Store," ) Tj ET Q q 0 0 0 rg BT 125.16 607.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 152.67 607.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 178.49 607.25 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 221.35 607.25 Td (Showroom," ) Tj ET Q q 0 0 0 rg BT 273.59 607.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 301.10 607.25 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 342.29 607.25 Td (Store," ) Tj ET Q q 0 0 0 rg BT 371.75 607.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.95 607.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 415.07 607.25 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 457.93 607.25 Td (& ) Tj ET Q q 0 0 0 rg BT 467.48 607.25 Td (Hardware," ) Tj ET Q q 0 0 0 rg BT 515.25 607.25 Td (store ) Tj ET Q q 0 0 0 rg BT 536.45 607.25 Td (names ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.25 Td (\(together) Tj ET Q q 0 0 0 rg BT 85.19 595.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.95 595.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.41 595.25 Td ("store ) Tj ET Q q 0 0 0 rg BT 133.19 595.25 Td (names"\), ) Tj ET Q q 0 0 0 rg BT 171.90 595.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 186.81 595.25 Td (an ) Tj ET Q q 0 0 0 rg BT 199.50 595.25 Td (exclusive, ) Tj ET Q q 0 0 0 rg BT 243.02 595.25 Td (non-transferable ) Tj ET Q q 0 0 0 rg BT 311.79 595.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.48 595.25 Td (terminable ) Tj ET Q q 0 0 0 rg BT 375.49 595.25 Td (license ) Tj ET Q q 0 0 0 rg BT 406.51 595.25 Td (to ) Tj ET Q q 0 0 0 rg BT 417.54 595.25 Td (use ) Tj ET Q q 0 0 0 rg BT 434.12 595.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.59 595.25 Td (store ) Tj ET Q q 0 0 0 rg BT 472.28 595.25 Td (names ) Tj ET Q q 0 0 0 rg BT 501.08 595.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.11 595.25 Td (promote ) Tj ET Q q 0 0 0 rg BT 548.68 595.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 87.84 583.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.67 583.25 Td (services ) Tj ET Q q 0 0 0 rg BT 137.28 583.25 Td (related ) Tj ET Q q 0 0 0 rg BT 165.88 583.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.06 583.25 Td (our ) Tj ET Q q 0 0 0 rg BT 189.79 583.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 228.13 583.25 Td (by ) Tj ET Q q 0 0 0 rg BT 239.52 583.25 Td (all ) Tj ET Q q 0 0 0 rg BT 250.92 583.25 Td (current ) Tj ET Q q 0 0 0 rg BT 280.63 583.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.47 583.25 Td (future ) Tj ET Q q 0 0 0 rg BT 321.75 583.25 Td (electronic ) Tj ET Q q 0 0 0 rg BT 362.56 583.25 Td (means, ) Tj ET Q q 0 0 0 rg BT 392.01 583.25 Td (channels, ) Tj ET Q q 0 0 0 rg BT 430.89 583.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 470.61 583.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.45 583.25 Td (methods, ) Tj ET Q q 0 0 0 rg BT 524.24 583.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.25 Td (via ) Tj ET Q q 0 0 0 rg BT 64.41 571.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.33 571.25 Td (Internet, ) Tj ET Q q 0 0 0 rg BT 115.62 571.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 129.97 571.25 Td (a ) Tj ET Q q 0 0 0 rg BT 137.11 571.25 Td (non-exclusive, ) Tj ET Q q 0 0 0 rg BT 198.40 571.25 Td (nontransferable ) Tj ET Q q 0 0 0 rg BT 263.29 571.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.42 571.25 Td (terminable ) Tj ET Q q 0 0 0 rg BT 325.88 571.25 Td (license ) Tj ET Q q 0 0 0 rg BT 356.34 571.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.82 571.25 Td (use, ) Tj ET Q q 0 0 0 rg BT 385.34 571.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.48 571.25 Td (to ) Tj ET Q q 0 0 0 rg BT 412.95 571.25 Td (authorize ) Tj ET Q q 0 0 0 rg BT 452.85 571.25 Td (our ) Tj ET Q q 0 0 0 rg BT 468.88 571.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 499.89 571.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.03 571.25 Td (franchisees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.97 559.25 Td (use, ) Tj ET Q q 0 0 0 rg BT 78.49 559.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 108.38 559.25 Td (other ) Tj ET Q q 0 0 0 rg BT 131.62 559.25 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 178.73 559.25 Td (to ) Tj ET Q q 0 0 0 rg BT 189.20 559.25 Td (market ) Tj ET Q q 0 0 0 rg BT 219.66 559.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.79 559.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 253.36 559.25 Td (services ) Tj ET Q q 0 0 0 rg BT 288.26 559.25 Td (related ) Tj ET Q q 0 0 0 rg BT 318.15 559.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.62 559.25 Td (our ) Tj ET Q q 0 0 0 rg BT 344.64 559.25 Td (products ) Tj ET Q q 0 0 0 rg BT 381.77 559.25 Td (under ) Tj ET Q q 0 0 0 rg BT 407.23 559.25 Td (those ) Tj ET Q q 0 0 0 rg BT 431.03 559.25 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 478.14 559.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.27 559.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 509.62 559.25 Td (an ) Tj ET Q q 0 0 0 rg BT 521.75 559.25 Td (exclusive, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.25 Td (non-transferable ) Tj ET Q q 0 0 0 rg BT 116.81 547.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.03 547.25 Td (terminable ) Tj ET Q q 0 0 0 rg BT 177.57 547.25 Td (license ) Tj ET Q q 0 0 0 rg BT 207.12 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.68 547.25 Td (use ) Tj ET Q q 0 0 0 rg BT 231.79 547.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.78 547.25 Td (domain ) Tj ET Q q 0 0 0 rg BT 292.56 547.25 Td (names ) Tj ET Q q 0 0 0 rg BT 319.89 547.25 Td (in ) Tj ET Q q 0 0 0 rg BT 329.45 547.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 375.11 547.25 Td (with ) Tj ET Q q 0 0 0 rg BT 394.67 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.67 547.25 Td (promotion ) Tj ET Q q 0 0 0 rg BT 452.12 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.23 547.25 Td (our ) Tj ET Q q 0 0 0 rg BT 477.35 547.25 Td (stores, ) Tj ET Q q 0 0 0 rg BT 504.96 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.96 547.25 Td (marketing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 98.46 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.75 535.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 134.15 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.33 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 161.50 535.25 Td (products ) Tj ET Q q 0 0 0 rg BT 198.79 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.08 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.15 535.25 Td (marketing ) Tj ET Q q 0 0 0 rg BT 274.54 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.82 535.25 Td (of) Tj ET Q q 0 0 0 rg BT 299.97 535.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 326.70 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.88 535.25 Td (services ) Tj ET Q q 0 0 0 rg BT 372.94 535.25 Td (related ) Tj ET Q q 0 0 0 rg BT 402.99 535.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.61 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 429.79 535.25 Td (products ) Tj ET Q q 0 0 0 rg BT 467.08 535.25 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 516.41 535.25 Td (, ) Tj ET Q q 0 0 0 rg BT 521.76 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.82 535.25 Td ("Store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.25 Td (License ) Tj ET Q q 0 0 0 rg BT 82.72 523.25 Td (Agreements"\). ) Tj ET Q q 0 0 0 rg BT 143.68 523.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.22 523.25 Td (W) Tj ET Q q 0 0 0 rg BT 154.86 523.25 Td (e ) Tj ET Q q 0 0 0 rg BT 162.03 523.25 Td (are ) Tj ET Q q 0 0 0 rg BT 176.97 523.25 Td (also ) Tj ET Q q 0 0 0 rg BT 195.81 523.25 Td (party ) Tj ET Q q 0 0 0 rg BT 219.09 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.60 523.25 Td (a ) Tj ET Q q 0 0 0 rg BT 236.58 523.25 Td (T) Tj ET Q q 0 0 0 rg BT 242.33 523.25 Td (rademark ) Tj ET Q q 0 0 0 rg BT 282.82 523.25 Td (License ) Tj ET Q q 0 0 0 rg BT 316.05 523.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 363.20 523.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.71 523.25 Td (SRC ) Tj ET Q q 0 0 0 rg BT 405.35 523.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 442.52 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.03 523.25 Td (which ) Tj ET Q q 0 0 0 rg BT 480.21 523.25 Td (SRC ) Tj ET Q q 0 0 0 rg BT 501.84 523.25 Td (has ) Tj ET Q q 0 0 0 rg BT 517.90 523.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 550.62 523.25 Td (us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.81 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 68.57 511.25 Td (royalty-free ) Tj ET Q q 0 0 0 rg BT 118.07 511.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 142.89 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 149.64 511.25 Td (non-exclusive, ) Tj ET Q q 0 0 0 rg BT 210.55 511.25 Td (non-transferable ) Tj ET Q q 0 0 0 rg BT 278.39 511.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.14 511.25 Td (terminable ) Tj ET Q q 0 0 0 rg BT 340.21 511.25 Td (right ) Tj ET Q q 0 0 0 rg BT 361.41 511.25 Td (to ) Tj ET Q q 0 0 0 rg BT 371.51 511.25 Td (use ) Tj ET Q q 0 0 0 rg BT 387.15 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.68 511.25 Td ("Sears" ) Tj ET Q q 0 0 0 rg BT 433.82 511.25 Td (name ) Tj ET Q q 0 0 0 rg BT 457.79 511.25 Td (in ) Tj ET Q q 0 0 0 rg BT 467.88 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 483.53 511.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 523.60 511.25 Td (name ) Tj ET Q q 0 0 0 rg BT 547.57 511.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.06 499.25 Td (promote ) Tj ET Q q 0 0 0 rg BT 98.17 499.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.28 499.25 Td (business ) Tj ET Q q 0 0 0 rg BT 152.95 499.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 172.28 499.25 Td ("T) Tj ET Q q 0 0 0 rg BT 182.12 499.25 Td (rademark ) Tj ET Q q 0 0 0 rg BT 223.65 499.25 Td (License ) Tj ET Q q 0 0 0 rg BT 257.69 499.25 Td (Agreement"\). ) Tj ET Q q 0 0 0 rg BT 315.81 499.25 Td ( ) Tj ET Q q 0 0 0 rg BT 319.32 499.25 Td (The ) Tj ET Q q 0 0 0 rg BT 338.65 499.25 Td (Store ) Tj ET Q q 0 0 0 rg BT 363.54 499.25 Td (License ) Tj ET Q q 0 0 0 rg BT 397.58 499.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 449.67 499.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.89 499.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.62 499.25 Td (T) Tj ET Q q 0 0 0 rg BT 489.37 499.25 Td (rademark ) Tj ET Q q 0 0 0 rg BT 530.91 499.25 Td (License ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 96.86 487.25 Td (will ) Tj ET Q q 0 0 0 rg BT 115.35 487.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 143.27 487.25 Td (in ) Tj ET Q q 0 0 0 rg BT 153.98 487.25 Td (2029, ) Tj ET Q q 0 0 0 rg BT 179.41 487.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 210.67 487.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.38 487.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 260.41 487.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 309.44 487.25 Td (rights. ) Tj ET Q q 0 0 0 rg BT 337.65 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.59 487.25 Td (For ) Tj ET Q q 0 0 0 rg BT 357.41 487.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 400.34 487.25 Td (information ) Tj ET Q q 0 0 0 rg BT 450.48 487.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 491.73 487.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.88 487.25 Td (Store ) Tj ET Q q 0 0 0 rg BT 530.92 487.25 Td (License ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 100.32 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.25 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.79 475.25 Td (T) Tj ET Q q 0 0 0 rg BT 137.55 475.25 Td (rademark ) Tj ET Q q 0 0 0 rg BT 177.80 475.25 Td (License ) Tj ET Q q 0 0 0 rg BT 210.84 475.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 257.77 475.25 Td (see ) Tj ET Q q 0 0 0 rg BT 273.04 475.25 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 309.05 475.25 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 365.99 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.75 475.25 Td (T) Tj ET Q q 0 0 0 rg BT 388.51 475.25 Td (ransactions" ) Tj ET Q q 0 0 0 rg BT 440.08 475.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.35 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.07 475.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 487.57 475.25 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 513.96 475.25 Td (Statement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 454.25 Td (In ) Tj ET Q q 0 0 0 rg BT 83.95 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.28 454.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 159.92 454.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 206.46 454.25 Td (Kmart ) Tj ET Q q 0 0 0 rg BT 234.13 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.68 454.25 Td (SRC ) Tj ET Q q 0 0 0 rg BT 271.70 454.25 Td (agree ) Tj ET Q q 0 0 0 rg BT 295.47 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.36 454.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 319.14 454.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 335.15 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.04 454.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 358.55 454.25 Td (with ) Tj ET Q q 0 0 0 rg BT 378.45 454.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 408.88 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.78 454.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 448.10 454.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 486.31 454.25 Td (product ) Tj ET Q q 0 0 0 rg BT 518.98 454.25 Td (categories, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (Sears-branded ) Tj ET Q q 0 0 0 rg BT 109.28 442.25 Td (products ) Tj ET Q q 0 0 0 rg BT 146.30 442.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 189.99 442.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 213.68 442.25 Td (Products\) ) Tj ET Q q 0 0 0 rg BT 254.59 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.61 442.25 Td (vendor) Tj ET Q q 0 0 0 rg BT 299.18 442.25 Td (-branded ) Tj ET Q q 0 0 0 rg BT 337.30 442.25 Td (products ) Tj ET Q q 0 0 0 rg BT 374.32 442.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 411.34 442.25 Td (from ) Tj ET Q q 0 0 0 rg BT 433.36 442.25 Td (Kmart) Tj ET Q q 0 0 0 rg BT 461.68 442.25 Td (s ) Tj ET Q q 0 0 0 rg BT 468.16 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.18 442.25 Td (SRC) Tj ET Q q 0 0 0 rg BT 506.86 442.25 Td (s ) Tj ET Q q 0 0 0 rg BT 513.33 442.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 547.57 442.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 87.83 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 104.49 430.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 118.37 430.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 141.14 430.25 Td (us ) Tj ET Q q 0 0 0 rg BT 152.25 430.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 186.13 430.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.12 430.25 Td (use ) Tj ET Q q 0 0 0 rg BT 211.67 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.11 430.25 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 272.76 430.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 301.64 430.25 Td (by ) Tj ET Q q 0 0 0 rg BT 313.86 430.25 Td (Kmart, ) Tj ET Q q 0 0 0 rg BT 344.13 430.25 Td (SRC, ) Tj ET Q q 0 0 0 rg BT 367.75 430.25 Td (or ) Tj ET Q q 0 0 0 rg BT 378.30 430.25 Td (other ) Tj ET Q q 0 0 0 rg BT 401.07 430.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 450.50 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.05 430.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 484.94 430.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 523.83 430.25 Td (\(together) Tj ET Q q 0 0 0 rg BT 559.52 430.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.01 418.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 92.04 418.25 Td (marks"\), ) Tj ET Q q 0 0 0 rg BT 128.69 418.25 Td (including ) Tj ET Q q 0 0 0 rg BT 168.75 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.26 418.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 206.67 418.25 Td (Marks, ) Tj ET Q q 0 0 0 rg BT 237.01 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 247.08 418.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 293.25 418.25 Td (with ) Tj ET Q q 0 0 0 rg BT 313.32 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.83 418.25 Td (marketing ) Tj ET Q q 0 0 0 rg BT 370.66 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.39 418.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 405.23 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.85 418.25 Td (products ) Tj ET Q q 0 0 0 rg BT 452.59 418.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 471.55 418.25 Td (under ) Tj ET Q q 0 0 0 rg BT 496.61 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.12 418.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 535.07 418.25 Td (marks. ) Tj ET Q q 0 0 0 rg BT 564.51 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 406.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.44 406.25 Td (pay) Tj ET Q q 0 0 0 rg BT 79.23 406.25 Td (, ) Tj ET Q q 0 0 0 rg BT 84.60 406.25 Td (on ) Tj ET Q q 0 0 0 rg BT 97.46 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 104.77 406.25 Td (weekly ) Tj ET Q q 0 0 0 rg BT 136.51 406.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 161.88 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 169.18 406.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 200.37 406.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 248.22 406.25 Td (by ) Tj ET Q q 0 0 0 rg BT 261.09 406.25 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 310.62 406.25 Td (our ) Tj ET Q q 0 0 0 rg BT 326.82 406.25 Td (net ) Tj ET Q q 0 0 0 rg BT 341.90 406.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 364.21 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.40 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.49 406.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 414.47 406.25 Td (Products ) Tj ET Q q 0 0 0 rg BT 452.33 406.25 Td (by ) Tj ET Q q 0 0 0 rg BT 465.20 406.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 504.16 406.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 527.57 406.25 Td (royalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 70.88 394.25 Td (for ) Tj ET Q q 0 0 0 rg BT 85.04 394.25 Td (each ) Tj ET Q q 0 0 0 rg BT 105.85 394.25 Td (brand) Tj ET Q q 0 0 0 rg BT 131.40 394.25 Td (s ) Tj ET Q q 0 0 0 rg BT 137.79 394.25 Td (licensed ) Tj ET Q q 0 0 0 rg BT 173.05 394.25 Td (products.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 351.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.70 351.25 Td (business ) Tj ET Q q 0 0 0 rg BT 128.23 351.25 Td (is ) Tj ET Q q 0 0 0 rg BT 137.55 351.25 Td (not ) Tj ET Q q 0 0 0 rg BT 152.97 351.25 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 206.70 351.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.12 351.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.98 351.25 Td (holiday ) Tj ET Q q 0 0 0 rg BT 264.63 351.25 Td (season, ) Tj ET Q q 0 0 0 rg BT 296.43 351.25 Td (as ) Tj ET Q q 0 0 0 rg BT 307.41 351.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.27 351.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 358.80 351.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.77 351.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.63 351.25 Td (products ) Tj ET Q q 0 0 0 rg BT 421.72 351.25 Td (we ) Tj ET Q q 0 0 0 rg BT 436.02 351.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 452.56 351.25 Td (are ) Tj ET Q q 0 0 0 rg BT 467.41 351.25 Td (not ) Tj ET Q q 0 0 0 rg BT 482.83 351.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 520.47 351.25 Td (thought ) Tj ET Q q 0 0 0 rg BT 553.67 351.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.25 Td (as ) Tj ET Q q 0 0 0 rg BT 59.67 339.25 Td (holiday ) Tj ET Q q 0 0 0 rg BT 91.50 339.25 Td (gifts. ) Tj ET Q q 0 0 0 rg BT 113.61 339.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.44 339.25 Td (Lawn ) Tj ET Q q 0 0 0 rg BT 140.05 339.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.32 339.25 Td (garden ) Tj ET Q q 0 0 0 rg BT 185.36 339.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 206.64 339.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 245.67 339.25 Td (peak ) Tj ET Q q 0 0 0 rg BT 266.38 339.25 Td (in ) Tj ET Q q 0 0 0 rg BT 276.00 339.25 Td (our ) Tj ET Q q 0 0 0 rg BT 291.16 339.25 Td (second ) Tj ET Q q 0 0 0 rg BT 320.77 339.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 350.92 339.25 Td (as ) Tj ET Q q 0 0 0 rg BT 361.08 339.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 403.46 339.25 Td (prepare ) Tj ET Q q 0 0 0 rg BT 435.27 339.25 Td (for ) Tj ET Q q 0 0 0 rg BT 448.77 339.25 Td (and ) Tj ET Q q 0 0 0 rg BT 465.04 339.25 Td (execute ) Tj ET Q q 0 0 0 rg BT 497.41 339.25 Td (outdoor ) Tj ET Q q 0 0 0 rg BT 530.35 339.25 Td (projects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.25 Td (during ) Tj ET Q q 0 0 0 rg BT 77.95 327.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.51 327.25 Td (spring ) Tj ET Q q 0 0 0 rg BT 119.85 327.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.63 327.25 Td (early ) Tj ET Q q 0 0 0 rg BT 158.96 327.25 Td (summer) Tj ET Q q 0 0 0 rg BT 190.77 327.25 Td (, ) Tj ET Q q 0 0 0 rg BT 195.61 327.25 Td (although ) Tj ET Q q 0 0 0 rg BT 232.95 327.25 Td (this ) Tj ET Q q 0 0 0 rg BT 249.74 327.25 Td (can ) Tj ET Q q 0 0 0 rg BT 265.96 327.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 286.07 327.25 Td (with ) Tj ET Q q 0 0 0 rg BT 306.19 327.25 Td (weather ) Tj ET Q q 0 0 0 rg BT 340.17 327.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 386.68 327.25 Td ( ) Tj ET Q q 0 0 0 rg BT 389.02 327.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 429.68 327.25 Td (data ) Tj ET Q q 0 0 0 rg BT 448.67 327.25 Td (on ) Tj ET Q q 0 0 0 rg BT 461.02 327.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.57 327.25 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 512.06 327.25 Td (cost, ) Tj ET Q q 0 0 0 rg BT 533.01 327.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.79 327.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.29 315.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.99 315.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.56 315.25 Td (business ) Tj ET Q q 0 0 0 rg BT 142.82 315.25 Td (is ) Tj ET Q q 0 0 0 rg BT 151.85 315.25 Td (available ) Tj ET Q q 0 0 0 rg BT 190.30 315.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.44 315.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.01 315.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 255.69 315.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 295.26 315.25 Td (Data ) Tj ET Q q 0 0 0 rg BT 316.50 315.25 Td (in ) Tj ET Q q 0 0 0 rg BT 326.64 315.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 348.44 315.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 360.80 315.25 Td (to ) Tj ET Q q 0 0 0 rg BT 370.94 315.25 Td (our ) Tj ET Q q 0 0 0 rg BT 386.63 315.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 441.76 315.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 481.34 315.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 527.58 315.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.25 Td (herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 277.25 Td (History and Relationship with Sears Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 260.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.83 260.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 116.26 260.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 163.47 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 180.68 260.25 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 222.88 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.09 260.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 264.52 260.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 292.29 260.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 337.28 260.25 Td (operated ) Tj ET Q q 0 0 0 rg BT 374.48 260.25 Td (as ) Tj ET Q q 0 0 0 rg BT 385.58 260.25 Td (part ) Tj ET Q q 0 0 0 rg BT 403.91 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.01 260.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 439.44 260.25 Td (Holdings) Tj ET Q q 0 0 0 rg BT 478.70 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.47 260.25 Td (from ) Tj ET Q q 0 0 0 rg BT 503.69 260.25 Td (their ) Tj ET Q q 0 0 0 rg BT 524.78 260.25 Td (inception ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (through ) Tj ET Q q 0 0 0 rg BT 83.11 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.83 248.25 Td (Separation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 227.25 Td (In ) Tj ET Q q 0 0 0 rg BT 85.06 227.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 132.16 227.25 Td (with ) Tj ET Q q 0 0 0 rg BT 153.17 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.62 227.25 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 217.11 227.25 Td (we ) Tj ET Q q 0 0 0 rg BT 232.00 227.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 264.65 227.25 Td (into ) Tj ET Q q 0 0 0 rg BT 283.44 227.25 Td (various ) Tj ET Q q 0 0 0 rg BT 316.11 227.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 364.87 227.25 Td (with ) Tj ET Q q 0 0 0 rg BT 385.88 227.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 410.77 227.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 450.67 227.25 Td (which, ) Tj ET Q q 0 0 0 rg BT 480.84 227.25 Td (among ) Tj ET Q q 0 0 0 rg BT 511.29 227.25 Td (other ) Tj ET Q q 0 0 0 rg BT 535.06 227.25 Td (things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (\(1\)govern ) Tj ET Q q 0 0 0 rg BT 95.07 215.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 125.91 215.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 158.42 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.39 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.36 215.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 238.21 215.25 Td (with ) Tj ET Q q 0 0 0 rg BT 259.62 215.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 284.92 215.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 325.23 215.25 Td (following ) Tj ET Q q 0 0 0 rg BT 367.75 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.61 215.25 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 432.51 215.25 Td (\(2\)establish ) Tj ET Q q 0 0 0 rg BT 485.30 215.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 511.16 215.25 Td (under ) Tj ET Q q 0 0 0 rg BT 537.56 215.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.35 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.32 203.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 134.62 203.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 173.92 203.25 Td (will ) Tj ET Q q 0 0 0 rg BT 192.12 203.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 225.30 203.25 Td (us ) Tj ET Q q 0 0 0 rg BT 236.83 203.25 Td (with ) Tj ET Q q 0 0 0 rg BT 257.24 203.25 Td (services ) Tj ET Q q 0 0 0 rg BT 292.09 203.25 Td (following ) Tj ET Q q 0 0 0 rg BT 333.61 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.46 203.25 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 396.37 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.44 203.25 Td (\(3\)establish ) Tj ET Q q 0 0 0 rg BT 465.23 203.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 490.09 203.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 527.16 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 537.58 203.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.56 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.73 191.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 135.23 191.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 174.73 191.25 Td (will ) Tj ET Q q 0 0 0 rg BT 193.13 191.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 220.96 191.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 274.34 191.25 Td (for ) Tj ET Q q 0 0 0 rg BT 288.84 191.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 303.07 191.25 Td ( ) Tj ET Q q 0 0 0 rg BT 305.70 191.25 Td (The ) Tj ET Q q 0 0 0 rg BT 324.09 191.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 349.14 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.42 191.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 410.93 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.10 191.25 Td (these ) Tj ET Q q 0 0 0 rg BT 445.48 191.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 493.85 191.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 508.35 191.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 549.79 191.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.25 Td ("SHO-Sears ) Tj ET Q q 0 0 0 rg BT 101.36 179.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 140.20 179.25 Td (Agreements"\) ) Tj ET Q q 0 0 0 rg BT 198.71 179.25 Td (were ) Tj ET Q q 0 0 0 rg BT 220.93 179.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 250.36 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.92 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.48 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.48 179.25 Td (context ) Tj ET Q q 0 0 0 rg BT 318.70 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.82 179.25 Td (a ) Tj ET Q q 0 0 0 rg BT 337.04 179.25 Td (parent-subsidiary ) Tj ET Q q 0 0 0 rg BT 409.25 179.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 459.25 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.47 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 487.03 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.03 179.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 532.58 179.25 Td (context ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.13 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.65 167.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 122.71 167.25 Td (\(except ) Tj ET Q q 0 0 0 rg BT 155.43 167.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.39 167.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 224.24 167.25 Td (that ) Tj ET Q q 0 0 0 rg BT 242.53 167.25 Td (were ) Tj ET Q q 0 0 0 rg BT 265.26 167.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 305.77 167.25 Td (by ) Tj ET Q q 0 0 0 rg BT 319.07 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.85 167.25 Td (Audit ) Tj ET Q q 0 0 0 rg BT 359.93 167.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 407.67 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.30 167.25 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 448.30 167.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 476.04 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.67 167.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 528.17 167.25 Td (after ) Tj ET Q q 0 0 0 rg BT 549.79 167.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.25 Td (Separation\). ) Tj ET Q q 0 0 0 rg BT 102.62 155.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 151.95 155.25 Td (, ) Tj ET Q q 0 0 0 rg BT 157.05 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.87 155.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 196.68 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.72 155.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 257.98 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.91 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.72 155.25 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 331.31 155.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 370.01 155.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 420.92 155.25 Td (may ) Tj ET Q q 0 0 0 rg BT 440.74 155.25 Td (be ) Tj ET Q q 0 0 0 rg BT 452.77 155.25 Td (more ) Tj ET Q q 0 0 0 rg BT 475.92 155.25 Td (or ) Tj ET Q q 0 0 0 rg BT 486.84 155.25 Td (less ) Tj ET Q q 0 0 0 rg BT 504.44 155.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 544.79 155.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.25 Td (those ) Tj ET Q q 0 0 0 rg BT 73.82 143.25 Td (we ) Tj ET Q q 0 0 0 rg BT 88.68 143.25 Td (could ) Tj ET Q q 0 0 0 rg BT 114.11 143.25 Td (have ) Tj ET Q q 0 0 0 rg BT 136.19 143.25 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 181.05 143.25 Td (with ) Tj ET Q q 0 0 0 rg BT 202.03 143.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 219.62 143.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 251.15 143.25 Td (third ) Tj ET Q q 0 0 0 rg BT 273.24 143.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 305.60 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 308.81 143.25 Td (See ) Tj ET Q q 0 0 0 rg BT 326.46 143.25 Td 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10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (Item 1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 697.10 Td (Y) Tj ET Q q 0 0 0 rg BT 79.72 697.10 Td (ou ) Tj ET Q q 0 0 0 rg BT 92.28 697.10 Td (should ) Tj ET Q q 0 0 0 rg BT 121.52 697.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 159.61 697.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 196.05 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.83 697.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 232.28 697.10 Td (described ) Tj ET Q q 0 0 0 rg BT 273.16 697.10 Td (below) Tj ET Q q 0 0 0 rg BT 296.95 697.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.01 697.10 Td (together ) Tj ET Q q 0 0 0 rg BT 337.34 697.10 Td (with ) Tj ET Q q 0 0 0 rg BT 357.68 697.10 Td (all ) Tj ET Q q 0 0 0 rg BT 370.24 697.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.13 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.91 697.10 Td (other ) Tj ET Q q 0 0 0 rg BT 419.02 697.10 Td (information ) Tj ET Q q 0 0 0 rg BT 468.79 697.10 Td (included ) Tj ET Q q 0 0 0 rg BT 505.79 697.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.13 697.10 Td (this ) Tj ET Q q 0 0 0 rg BT 532.57 697.10 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 78.94 685.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.16 685.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 115.05 685.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 137.82 685.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 181.15 685.10 Td (without ) Tj ET Q q 0 0 0 rg BT 213.92 685.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 255.03 685.10 Td ("Cautionary ) Tj ET Q q 0 0 0 rg BT 305.77 685.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 347.98 685.10 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 391.85 685.10 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 465.17 685.10 Td (Information" ) Tj ET Q q 0 0 0 rg BT 519.24 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.24 685.10 Td (this ) Tj ET Q q 0 0 0 rg BT 545.91 685.10 Td (Part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td (I\), ) Tj ET Q q 0 0 0 rg BT 61.72 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 72.56 673.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 117.27 673.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 140.33 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.83 673.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.22 673.10 Td (common ) Tj ET Q q 0 0 0 rg BT 212.27 673.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 238.94 673.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 261.98 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.37 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.65 673.10 Td (following ) Tj ET Q q 0 0 0 rg BT 330.59 673.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 348.65 673.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 378.92 673.10 Td (could ) Tj ET Q q 0 0 0 rg BT 404.19 673.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 447.79 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.29 673.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 506.66 673.10 Td (af) Tj ET Q q 0 0 0 rg BT 514.25 673.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 534.80 673.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.55 661.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 102.00 661.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.83 661.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 156.72 661.10 Td (results ) Tj ET Q q 0 0 0 rg BT 185.33 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.16 661.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 242.81 661.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 280.29 661.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 323.06 661.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 346.67 661.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 371.66 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.60 661.10 Td (prospects.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (Risks Relating to Our) Tj ET Q q 0 0 0 rg BT 142.38 635.10 Td ( Relationship with, and Dependence on, Sears Holdings) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 618.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 618.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.55 618.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 98.45 618.10 Td (on ) Tj ET Q q 0 0 0 rg BT 112.48 618.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 138.72 618.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 179.98 618.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.22 618.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 225.23 618.10 Td (us ) Tj ET Q q 0 0 0 rg BT 238.14 618.10 Td (with ) Tj ET Q q 0 0 0 rg BT 259.40 618.10 Td (most ) Tj ET Q q 0 0 0 rg BT 282.31 618.10 Td (key ) Tj ET Q q 0 0 0 rg BT 299.65 618.10 Td (products ) Tj ET Q q 0 0 0 rg BT 338.67 618.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.70 618.10 Td (services ) Tj ET Q q 0 0 0 rg BT 393.37 618.10 Td (for ) Tj ET Q q 0 0 0 rg BT 409.05 618.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.97 618.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 467.95 618.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 523.69 618.10 Td (, ) Tj ET Q q 0 0 0 rg BT 529.66 618.10 Td (if ) Tj ET Q q 0 0 0 rg BT 539.23 618.10 Td (Sears ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 606.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 89.85 606.10 Td (is ) Tj ET Q q 0 0 0 rg BT 99.09 606.10 Td (unwilling, ) Tj ET Q q 0 0 0 rg BT 143.62 606.10 Td (unable, ) Tj ET Q q 0 0 0 rg BT 177.03 606.10 Td (or ) Tj ET Q q 0 0 0 rg BT 188.49 606.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 230.50 606.10 Td (fails ) Tj ET Q q 0 0 0 rg BT 250.85 606.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.19 606.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 294.30 606.10 Td (these ) Tj ET Q q 0 0 0 rg BT 317.98 606.10 Td (key ) Tj ET Q q 0 0 0 rg BT 334.42 606.10 Td (products ) Tj ET Q q 0 0 0 rg BT 372.55 606.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.67 606.10 Td (services ) Tj ET Q q 0 0 0 rg BT 425.45 606.10 Td (or ) Tj ET Q q 0 0 0 rg BT 436.90 606.10 Td (if ) Tj ET Q q 0 0 0 rg BT 445.58 606.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 470.93 606.10 Td (Holdings) Tj ET Q q 0 0 0 rg BT 511.30 606.10 Td (s ) Tj ET Q q 0 0 0 rg BT 517.76 606.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 548.67 606.10 Td (are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 594.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 91.17 594.10 Td (we ) Tj ET Q q 0 0 0 rg BT 104.77 594.10 Td (could ) Tj ET Q q 0 0 0 rg BT 130.05 594.10 Td (be ) Tj ET Q q 0 0 0 rg BT 141.99 594.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 186.15 594.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.21 594.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 245.03 594.10 Td (af) Tj ET Q q 0 0 0 rg BT 253.18 594.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 570.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 570.10 Td (e ) Tj ET Q q 0 0 0 rg BT 87.03 570.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 104.54 570.10 Td (heavily ) Tj ET Q q 0 0 0 rg BT 135.93 570.10 Td (on ) Tj ET Q q 0 0 0 rg BT 147.89 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.06 570.10 Td (products ) Tj ET Q q 0 0 0 rg BT 198.46 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.86 570.10 Td (services ) Tj ET Q q 0 0 0 rg BT 249.02 570.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 286.53 570.10 Td (by ) Tj ET Q q 0 0 0 rg BT 298.48 570.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 322.10 570.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 360.73 570.10 Td (or ) Tj ET Q q 0 0 0 rg BT 371.02 570.10 Td (its ) Tj ET Q q 0 0 0 rg BT 382.42 570.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 431.60 570.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 449.10 570.10 Td ("key ) Tj ET Q q 0 0 0 rg BT 469.58 570.10 Td (products ) Tj ET Q q 0 0 0 rg BT 505.98 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.38 570.10 Td (services"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.77 558.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.49 558.10 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 534.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 534.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 126.32 534.10 Td (procurement ) Tj ET Q q 0 0 0 rg BT 178.79 534.10 Td (from ) Tj ET Q q 0 0 0 rg BT 200.17 534.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 244.88 534.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 280.98 534.10 Td (including ) Tj ET Q q 0 0 0 rg BT 320.70 534.10 Td (KCD ) Tj ET Q q 0 0 0 rg BT 343.75 534.10 Td (Products ) Tj ET Q q 0 0 0 rg BT 380.70 534.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.08 534.10 Td (other ) Tj ET Q q 0 0 0 rg BT 419.57 534.10 Td (products ) Tj ET Q q 0 0 0 rg BT 455.95 534.10 Td (which ) Tj ET Q q 0 0 0 rg BT 482.33 534.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 530.92 534.10 Td (account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 522.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.66 522.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.60 522.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 142.98 522.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.81 522.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.64 522.10 Td (revenue;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 510.10 Td (Logistical, ) Tj ET Q q 0 0 0 rg BT 130.49 510.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 159.66 510.10 Td (chain, ) Tj ET Q q 0 0 0 rg BT 186.32 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.25 510.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 244.08 510.10 Td (support ) Tj ET Q q 0 0 0 rg BT 276.58 510.10 Td (services;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 498.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 498.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 134.66 498.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.59 498.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.07 498.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 228.23 498.10 Td (services;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 486.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 486.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 106.34 486.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 162.43 486.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 179.65 486.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.58 486.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 237.40 486.10 Td (services;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 474.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 474.10 Td (Online, ) Tj ET Q q 0 0 0 rg BT 118.10 474.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 158.74 474.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.06 474.10 Td (information ) Tj ET Q q 0 0 0 rg BT 226.15 474.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 273.47 474.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 330.21 474.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 374.20 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.29 474.10 Td (point-of-sale ) Tj ET Q q 0 0 0 rg BT 443.27 474.10 Td (system ) Tj ET Q q 0 0 0 rg BT 473.93 474.10 Td (used ) Tj ET Q q 0 0 0 rg BT 495.14 474.10 Td (by ) Tj ET Q q 0 0 0 rg BT 508.02 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.12 474.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.44 462.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.27 462.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 149.08 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.02 462.10 Td (franchisees\) ) Tj ET Q q 0 0 0 rg BT 216.83 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.77 462.10 Td (support;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 450.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 450.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.30 450.10 Td (websites ) Tj ET Q q 0 0 0 rg BT 139.99 450.10 Td (are ) Tj ET Q q 0 0 0 rg BT 154.45 450.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 190.02 450.10 Td (hosted ) Tj ET Q q 0 0 0 rg BT 218.38 450.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.07 450.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 281.75 450.10 Td (by ) Tj ET Q q 0 0 0 rg BT 294.00 450.10 Td (a ) Tj ET Q q 0 0 0 rg BT 300.69 450.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 344.05 450.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.63 450.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 378.54 450.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 417.46 450.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.15 450.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 475.83 450.10 Td (made ) Tj ET Q q 0 0 0 rg BT 499.74 450.10 Td (on ) Tj ET Q q 0 0 0 rg BT 511.99 450.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.57 450.10 Td (websites ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 438.10 Td (are ) Tj ET Q q 0 0 0 rg BT 100.21 438.10 Td (processed ) Tj ET Q q 0 0 0 rg BT 142.14 438.10 Td (by ) Tj ET Q q 0 0 0 rg BT 154.64 438.10 Td (a ) Tj ET Q q 0 0 0 rg BT 161.57 438.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 205.18 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.01 438.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 240.17 438.10 Td (Holdings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 426.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 426.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 117.37 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.13 426.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.90 426.10 Td (store ) Tj ET Q q 0 0 0 rg BT 165.77 426.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 192.08 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.95 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.60 426.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 249.91 426.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.01 426.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 289.77 426.10 Td (that ) Tj ET Q q 0 0 0 rg BT 307.20 426.10 Td (we ) Tj ET Q q 0 0 0 rg BT 321.30 426.10 Td (have ) Tj ET Q q 0 0 0 rg BT 342.61 426.10 Td (subleased, ) Tj ET Q q 0 0 0 rg BT 386.42 426.10 Td (or ) Tj ET Q q 0 0 0 rg BT 397.18 426.10 Td (in ) Tj ET Q q 0 0 0 rg BT 407.39 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.05 426.10 Td (future ) Tj ET Q q 0 0 0 rg BT 448.36 426.10 Td (may ) Tj ET Q q 0 0 0 rg BT 468.01 426.10 Td (sublease, ) Tj ET Q q 0 0 0 rg BT 506.82 426.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.03 426.10 Td (franchisees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 414.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.47 414.10 Td (others ) Tj ET Q q 0 0 0 rg BT 123.55 414.10 Td (are ) Tj ET Q q 0 0 0 rg BT 138.40 414.10 Td (leased ) Tj ET Q q 0 0 0 rg BT 166.03 414.10 Td (or ) Tj ET Q q 0 0 0 rg BT 177.01 414.10 Td (subleased ) Tj ET Q q 0 0 0 rg BT 218.53 414.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.95 414.10 Td (us ) Tj ET Q q 0 0 0 rg BT 240.48 414.10 Td (by ) Tj ET Q q 0 0 0 rg BT 253.13 414.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 302.99 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.96 414.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 338.26 414.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 377.57 414.10 Td (until ) Tj ET Q q 0 0 0 rg BT 398.55 414.10 Td (their ) Tj ET Q q 0 0 0 rg BT 419.52 414.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 462.71 414.10 Td (at ) Tj ET Q q 0 0 0 rg BT 472.57 414.10 Td (which ) Tj ET Q q 0 0 0 rg BT 499.65 414.10 Td (time ) Tj ET Q q 0 0 0 rg BT 520.06 414.10 Td (we ) Tj ET Q q 0 0 0 rg BT 534.37 414.10 Td (will ) Tj ET Q q 0 0 0 rg BT 552.57 414.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 402.10 Td (required ) Tj ET Q q 0 0 0 rg BT 121.32 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.59 402.10 Td (renegotiate ) Tj ET Q q 0 0 0 rg BT 178.51 402.10 Td (with ) Tj ET Q q 0 0 0 rg BT 198.79 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.51 402.10 Td (landlords ) Tj ET Q q 0 0 0 rg BT 253.22 402.10 Td (directly;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 390.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 390.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.75 390.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 129.78 390.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 166.91 390.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.38 390.10 Td (use ) Tj ET Q q 0 0 0 rg BT 193.41 390.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.33 390.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 232.69 390.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 258.15 390.10 Td (name, ) Tj ET Q q 0 0 0 rg BT 285.00 390.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.14 390.10 Td (other ) Tj ET Q q 0 0 0 rg BT 325.39 390.10 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 372.51 390.10 Td (property ) Tj ET Q q 0 0 0 rg BT 409.08 390.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 438.44 390.10 Td (by ) Tj ET Q q 0 0 0 rg BT 451.14 390.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 475.50 390.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 514.86 390.10 Td (through ) Tj ET Q q 0 0 0 rg BT 548.67 390.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 378.10 Td (license ) Tj ET Q q 0 0 0 rg BT 115.76 378.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 163.80 378.10 Td (with ) Tj ET Q q 0 0 0 rg BT 184.07 378.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 208.23 378.10 Td (Holdings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 366.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.37 366.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 129.02 366.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 165.77 366.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.87 366.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 220.38 366.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.48 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.01 366.10 Td (SYW) Tj ET Q q 0 0 0 rg BT 267.06 366.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.37 366.10 Td (program ) Tj ET Q q 0 0 0 rg BT 305.57 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.33 366.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 340.19 366.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.51 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.04 366.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 406.02 366.10 Td (data ) Tj ET Q q 0 0 0 rg BT 424.99 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.75 366.10 Td (other ) Tj ET Q q 0 0 0 rg BT 464.61 366.10 Td (information ) Tj ET Q q 0 0 0 rg BT 514.14 366.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 552.01 366.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 354.10 Td (SYW) Tj ET Q q 0 0 0 rg BT 122.26 354.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.76 354.10 Td (program; ) Tj ET Q q 0 0 0 rg BT 163.91 354.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 342.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.55 342.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 129.38 342.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 166.32 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.59 342.10 Td (accept ) Tj ET Q q 0 0 0 rg BT 204.63 342.10 Td (Sears-branded ) Tj ET Q q 0 0 0 rg BT 264.32 342.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 289.59 342.10 Td (cards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 318.10 Td (As ) Tj ET Q q 0 0 0 rg BT 81.97 318.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.76 318.10 Td (result ) Tj ET Q q 0 0 0 rg BT 115.34 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.02 318.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.71 318.10 Td (dependence ) Tj ET Q q 0 0 0 rg BT 194.26 318.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.61 318.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 232.63 318.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 275.15 318.10 Td (we ) Tj ET Q q 0 0 0 rg BT 290.17 318.10 Td (are ) Tj ET Q q 0 0 0 rg BT 305.73 318.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 341.86 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.99 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.57 318.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 386.92 318.10 Td (that ) Tj ET Q q 0 0 0 rg BT 405.27 318.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 430.29 318.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 470.31 318.10 Td (will ) Tj ET Q q 0 0 0 rg BT 489.23 318.10 Td (become ) Tj ET Q q 0 0 0 rg BT 523.68 318.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 553.69 318.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 Td (unwilling ) Tj ET Q q 0 0 0 rg BT 90.27 306.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.49 306.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 125.70 306.10 Td (its ) Tj ET Q q 0 0 0 rg BT 137.59 306.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 184.45 306.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 231.33 306.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.55 306.10 Td (us ) Tj ET Q q 0 0 0 rg BT 252.88 306.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.10 306.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 310.50 306.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.71 306.10 Td (their ) Tj ET Q q 0 0 0 rg BT 351.48 306.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 378.63 306.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.07 306.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 405.17 306.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 444.28 306.10 Td (is ) Tj ET Q q 0 0 0 rg BT 453.39 306.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 484.15 306.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.37 306.10 Td (various ) Tj ET Q q 0 0 0 rg BT 526.25 306.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 547.58 306.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 105.51 294.10 Td (which ) Tj ET Q q 0 0 0 rg BT 132.37 294.10 Td (could ) Tj ET Q q 0 0 0 rg BT 157.01 294.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.21 294.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 185.74 294.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 226.47 294.10 Td (af) Tj ET Q q 0 0 0 rg BT 234.06 294.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 251.47 294.10 Td (our ) Tj ET Q q 0 0 0 rg BT 267.22 294.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 306.03 294.10 Td (results ) Tj ET Q q 0 0 0 rg BT 334.56 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.31 294.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 391.89 294.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.75 294.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 446.15 294.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 488.84 294.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 511.26 294.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 532.57 294.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (\(1\)risks ) Tj ET Q q 0 0 0 rg BT 85.31 282.10 Td (related ) Tj ET Q q 0 0 0 rg BT 115.27 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.81 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.78 282.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 164.08 282.10 Td (industry) Tj ET Q q 0 0 0 rg BT 196.21 282.10 Td (, ) Tj ET Q q 0 0 0 rg BT 201.47 282.10 Td (\(2\)risks ) Tj ET Q q 0 0 0 rg BT 237.28 282.10 Td (related ) Tj ET Q q 0 0 0 rg BT 267.24 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.77 282.10 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 323.30 282.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 364.93 282.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 411.85 282.10 Td (\(3\)risks ) Tj ET Q q 0 0 0 rg BT 447.66 282.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 491.51 282.10 Td (with ) Tj ET Q q 0 0 0 rg BT 512.05 282.10 Td (its ) Tj ET Q q 0 0 0 rg BT 524.25 282.10 Td (computer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 83.81 270.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.89 270.10 Td (infrastructure, ) Tj ET Q q 0 0 0 rg BT 159.89 270.10 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 174.19 270.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 195.73 270.10 Td (related ) Tj ET Q q 0 0 0 rg BT 225.57 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.99 270.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 260.29 270.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 301.40 270.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 329.59 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.01 270.10 Td (access ) Tj ET Q q 0 0 0 rg BT 368.19 270.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 397.48 270.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 431.78 270.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.86 270.10 Td (other ) Tj ET Q q 0 0 0 rg BT 472.04 270.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 512.45 270.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 547.58 270.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 64.83 258.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 87.38 258.10 Td (related ) Tj ET Q q 0 0 0 rg BT 118.25 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.70 258.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 155.02 258.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 197.16 258.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 235.81 258.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 277.25 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.35 258.10 Td (results ) Tj ET Q q 0 0 0 rg BT 325.13 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.12 258.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 384.94 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.34 258.10 Td (W) Tj ET Q q 0 0 0 rg BT 396.98 258.10 Td (e ) Tj ET Q q 0 0 0 rg BT 405.09 258.10 Td (have ) Tj ET Q q 0 0 0 rg BT 427.63 258.10 Td (been ) Tj ET Q q 0 0 0 rg BT 450.17 258.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 478.83 258.10 Td (action ) Tj ET Q q 0 0 0 rg BT 506.93 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.38 258.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 548.69 258.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (dependence ) Tj ET Q q 0 0 0 rg BT 99.15 246.10 Td (on ) Tj ET Q q 0 0 0 rg BT 111.60 246.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 135.72 246.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 174.84 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.08 246.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 213.63 246.10 Td (us ) Tj ET Q q 0 0 0 rg BT 224.97 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.21 246.10 Td (take ) Tj ET Q q 0 0 0 rg BT 254.32 246.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 297.30 246.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.09 246.10 Td (what ) Tj ET Q q 0 0 0 rg BT 329.98 246.10 Td (we ) Tj ET Q q 0 0 0 rg BT 344.10 246.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 375.42 246.10 Td (are ) Tj ET Q q 0 0 0 rg BT 390.09 246.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 415.31 246.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 440.26 246.10 Td (or ) Tj ET Q q 0 0 0 rg BT 451.05 246.10 Td (better ) Tj ET Q q 0 0 0 rg BT 476.27 246.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 500.94 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.83 246.10 Td (conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.47 234.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 116.20 234.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 169.27 234.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.24 234.10 Td (services ) Tj ET Q q 0 0 0 rg BT 220.98 234.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 255.18 234.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.15 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.46 234.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 311.64 234.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.51 234.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 351.70 234.10 Td (Holdings-related ) Tj ET Q q 0 0 0 rg BT 421.44 234.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 445.36 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.72 234.10 Td (W) Tj ET Q q 0 0 0 rg BT 456.35 234.10 Td (e ) Tj ET Q q 0 0 0 rg BT 463.33 234.10 Td (will ) Tj ET Q q 0 0 0 rg BT 481.42 234.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 518.38 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.70 234.10 Td (evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 80.33 222.10 Td (that ) Tj ET Q q 0 0 0 rg BT 97.82 222.10 Td (will ) Tj ET Q q 0 0 0 rg BT 115.88 222.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 144.47 222.10 Td (us ) Tj ET Q q 0 0 0 rg BT 155.86 222.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.14 222.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 195.29 222.10 Td (our ) Tj ET Q q 0 0 0 rg BT 211.12 222.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 233.62 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.55 222.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 271.95 222.10 Td (by ) Tj ET Q q 0 0 0 rg BT 284.45 222.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 321.93 222.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.76 222.10 Td (dependence ) Tj ET Q q 0 0 0 rg BT 387.45 222.10 Td (on ) Tj ET Q q 0 0 0 rg BT 399.95 222.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 424.11 222.10 Td (Holdings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 198.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 198.10 Td (e ) Tj ET Q q 0 0 0 rg BT 87.10 198.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 118.01 198.10 Td (it ) Tj ET Q q 0 0 0 rg BT 125.59 198.10 Td (is ) Tj ET Q q 0 0 0 rg BT 134.29 198.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 175.19 198.10 Td (for ) Tj ET Q q 0 0 0 rg BT 188.88 198.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 212.56 198.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 251.26 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.07 198.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 297.53 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.34 198.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 339.92 198.10 Td (products ) Tj ET Q q 0 0 0 rg BT 376.38 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.85 198.10 Td (services ) Tj ET Q q 0 0 0 rg BT 427.09 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.89 198.10 Td (us ) Tj ET Q q 0 0 0 rg BT 447.81 198.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.62 198.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 504.61 198.10 Td (with ) Tj ET Q q 0 0 0 rg BT 524.42 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.66 198.10 Td (SHO-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 73.67 186.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 112.29 186.10 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 163.11 186.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.40 186.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 210.88 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.60 186.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 267.54 186.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 311.15 186.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 351.42 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.25 186.10 Td (our ) Tj ET Q q 0 0 0 rg BT 378.09 186.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 416.99 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.49 186.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 443.66 186.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 482.84 186.10 Td (has ) Tj ET Q q 0 0 0 rg BT 498.67 186.10 Td (no ) Tj ET Q q 0 0 0 rg BT 511.18 186.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 554.24 186.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 81.73 174.10 Td (assistance ) Tj ET Q q 0 0 0 rg BT 123.41 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.87 174.10 Td (us ) Tj ET Q q 0 0 0 rg BT 143.45 174.10 Td (other ) Tj ET Q q 0 0 0 rg BT 165.68 174.10 Td (than ) Tj ET Q q 0 0 0 rg BT 184.59 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.05 174.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 226.29 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.19 174.10 Td (products ) Tj ET Q q 0 0 0 rg BT 276.32 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.44 174.10 Td (services ) Tj ET Q q 0 0 0 rg BT 326.34 174.10 Td (required ) Tj ET Q q 0 0 0 rg BT 361.34 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.80 174.10 Td (be ) Tj ET Q q 0 0 0 rg BT 381.93 174.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 419.16 174.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 455.29 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.75 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.66 174.10 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 525.34 174.10 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (Agreements. ) Tj ET Q q 0 0 0 rg BT 103.46 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.91 162.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 146.84 162.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 171.64 162.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 211.46 162.10 Td (is ) Tj ET Q q 0 0 0 rg BT 221.28 162.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 261.62 162.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 301.98 162.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.91 162.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 346.60 162.10 Td (us ) Tj ET Q q 0 0 0 rg BT 358.64 162.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.56 162.10 Td (these ) Tj ET Q q 0 0 0 rg BT 403.25 162.10 Td (products ) Tj ET Q q 0 0 0 rg BT 440.84 162.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.42 162.10 Td (services ) Tj ET Q q 0 0 0 rg BT 493.78 162.10 Td (until ) Tj ET Q q 0 0 0 rg BT 515.26 162.10 Td (February ) Tj ET Q q 0 0 0 rg BT 554.50 162.10 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 74.91 150.10 Td (these ) Tj ET Q q 0 0 0 rg BT 98.36 150.10 Td (products ) Tj ET Q q 0 0 0 rg BT 135.70 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.04 150.10 Td (services ) Tj ET Q q 0 0 0 rg BT 188.16 150.10 Td (may ) Tj ET Q q 0 0 0 rg BT 208.28 150.10 Td (not ) Tj ET Q q 0 0 0 rg BT 223.96 150.10 Td (be ) Tj ET Q q 0 0 0 rg BT 236.31 150.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 274.76 150.10 Td (at ) Tj ET Q q 0 0 0 rg BT 284.88 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.00 150.10 Td (same ) Tj ET Q q 0 0 0 rg BT 323.46 150.10 Td (level ) Tj ET Q q 0 0 0 rg BT 345.79 150.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.03 150.10 Td (at ) Tj ET Q q 0 0 0 rg BT 367.15 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.27 150.10 Td (same ) Tj ET Q q 0 0 0 rg BT 405.73 150.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 432.51 150.10 Td (during ) Tj ET Q q 0 0 0 rg BT 461.52 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.64 150.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 502.31 150.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 538.54 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 100.07 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.05 138.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.25 138.10 Td (may ) Tj ET Q q 0 0 0 rg BT 151.00 138.10 Td (not ) Tj ET Q q 0 0 0 rg BT 166.32 138.10 Td (be ) Tj ET Q q 0 0 0 rg BT 178.29 138.10 Td (able ) Tj ET Q q 0 0 0 rg BT 197.49 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.80 138.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 235.34 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.09 138.10 Td (same ) Tj ET Q q 0 0 0 rg BT 273.18 138.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 307.37 138.10 Td (from ) Tj ET Q q 0 0 0 rg BT 329.35 138.10 Td (these ) Tj ET Q q 0 0 0 rg BT 352.43 138.10 Td (products ) Tj ET Q q 0 0 0 rg BT 389.41 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.38 138.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 443.63 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.17 138.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 484.94 138.10 Td (, ) Tj ET Q q 0 0 0 rg BT 489.98 138.10 Td (we ) Tj ET Q q 0 0 0 rg BT 504.18 138.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 532.81 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.13 138.10 Td (need ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.60 126.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 79.47 126.10 Td (on ) Tj ET Q q 0 0 0 rg BT 92.79 126.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 117.77 126.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 157.76 126.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.74 126.10 Td (some ) Tj ET Q q 0 0 0 rg BT 197.17 126.10 Td (products ) Tj ET Q q 0 0 0 rg BT 234.92 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.68 126.10 Td (services ) Tj ET Q q 0 0 0 rg BT 288.21 126.10 Td (for ) Tj ET Q q 0 0 0 rg BT 303.19 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.73 126.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 344.81 126.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 381.46 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.11 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.65 126.10 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 456.96 126.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 496.22 126.10 Td (Agreements. ) Tj ET Q q 0 0 0 rg BT 550.35 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.67 126.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 88.00 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.00 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.45 114.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 142.11 114.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.33 114.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.89 114.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 208.44 114.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 244.44 114.10 Td (on ) Tj ET Q q 0 0 0 rg BT 257.67 114.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 302.55 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.99 114.10 Td (number ) Tj ET Q q 0 0 0 rg BT 351.76 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.32 114.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 389.88 114.10 Td (we ) Tj ET Q q 0 0 0 rg BT 404.76 114.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 439.91 114.10 Td (we ) Tj ET Q q 0 0 0 rg BT 454.80 114.10 Td (may ) Tj ET Q q 0 0 0 rg BT 475.24 114.10 Td (need ) Tj ET Q q 0 0 0 rg BT 497.35 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.35 114.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 527.13 114.10 Td (on ) Tj ET Q q 0 0 0 rg BT 540.35 114.10 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 89.15 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.91 102.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 129.55 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.75 102.10 Td (same ) Tj ET Q q 0 0 0 rg BT 168.27 102.10 Td (products ) Tj ET Q q 0 0 0 rg BT 205.69 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.11 102.10 Td (services ) Tj ET Q q 0 0 0 rg BT 258.29 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.05 102.10 Td (new ) Tj ET Q q 0 0 0 rg BT 288.69 102.10 Td (regions, ) Tj ET Q q 0 0 0 rg BT 323.61 102.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 346.57 102.10 Td (areas, ) Tj ET Q q 0 0 0 rg BT 372.59 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.00 102.10 Td (store ) Tj ET Q q 0 0 0 rg BT 412.42 102.10 Td (formats. ) Tj ET Q q 0 0 0 rg BT 448.45 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 451.21 102.10 Td (When ) Tj ET Q q 0 0 0 rg BT 478.06 102.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 502.70 102.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 542.35 102.10 Td (is ) Tj ET Q q 0 0 0 rg BT 552.00 102.10 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.55 90.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 117.27 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.56 90.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 160.61 90.10 Td (these ) Tj ET Q q 0 0 0 rg BT 183.67 90.10 Td (products ) Tj ET Q q 0 0 0 rg BT 220.61 90.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.56 90.10 Td (services ) Tj ET Q q 0 0 0 rg BT 272.27 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.56 90.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 296.46 90.10 Td (we ) Tj ET Q q 0 0 0 rg BT 310.63 90.10 Td (may ) Tj ET Q q 0 0 0 rg BT 330.35 90.10 Td (not ) Tj ET Q q 0 0 0 rg BT 345.64 90.10 Td (be ) Tj ET Q q 0 0 0 rg BT 357.58 90.10 Td (able ) Tj ET Q q 0 0 0 rg BT 376.74 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.03 90.10 Td (replace ) Tj ET Q q 0 0 0 rg BT 418.40 90.10 Td (some ) Tj ET Q q 0 0 0 rg BT 442.01 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.85 90.10 Td (these ) Tj ET Q q 0 0 0 rg BT 475.91 90.10 Td (products ) Tj ET Q q 0 0 0 rg BT 512.85 90.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.80 90.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.65 78.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 88.02 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.62 78.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 152.93 78.10 Td (including ) Tj ET Q q 0 0 0 rg BT 193.86 78.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 219.51 78.10 Td (as ) Tj ET Q q 0 0 0 rg BT 231.00 78.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 271.90 78.10 Td (as ) Tj ET Q q 0 0 0 rg BT 283.39 78.10 Td (those ) Tj ET Q q 0 0 0 rg BT 307.65 78.10 Td (we ) Tj ET Q q 0 0 0 rg BT 322.46 78.10 Td (have ) Tj ET Q q 0 0 0 rg BT 344.49 78.10 Td (with ) Tj ET Q q 0 0 0 rg BT 365.42 78.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 390.24 78.10 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 432.56 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.71 78.10 Td (See ) Tj ET Q q 0 0 0 rg BT 453.31 78.10 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 489.98 78.10 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 547.57 78.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 66.10 Td (ransactions" ) Tj ET Q q 0 0 0 rg BT 106.82 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.10 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.82 66.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 154.32 66.10 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 180.71 66.10 Td (Statement. ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 730.25 Td (service ) Tj ET Q q 0 0 0 rg BT 98.92 730.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 117.52 730.25 Td (we ) Tj ET Q q 0 0 0 rg BT 131.13 730.25 Td (are ) Tj ET Q q 0 0 0 rg BT 146.96 730.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 187.23 730.25 Td (to ) Tj ET Q q 0 0 0 rg BT 197.51 730.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 214.45 730.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.73 730.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 250.01 730.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 290.30 730.25 Td (are ) Tj ET Q q 0 0 0 rg BT 306.13 730.25 Td (not ) Tj ET Q q 0 0 0 rg BT 321.97 730.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 342.25 730.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.31 730.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 390.04 730.25 Td (service ) Tj ET Q q 0 0 0 rg BT 420.86 730.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 439.46 730.25 Td (could ) Tj ET Q q 0 0 0 rg BT 464.73 730.25 Td (result.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 706.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.57 706.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 126.81 706.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 174.25 706.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 211.72 706.25 Td (that ) Tj ET Q q 0 0 0 rg BT 229.74 706.25 Td (it ) Tj ET Q q 0 0 0 rg BT 238.32 706.25 Td (will ) Tj ET Q q 0 0 0 rg BT 256.90 706.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 284.91 706.25 Td (on ) Tj ET Q q 0 0 0 rg BT 297.94 706.25 Td (February ) Tj ET Q q 0 0 0 rg BT 337.06 706.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 347.58 706.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 370.61 706.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 398.63 706.25 Td (terminated ) Tj ET Q q 0 0 0 rg BT 444.42 706.25 Td (earlier ) Tj ET Q q 0 0 0 rg BT 472.98 706.25 Td (in ) Tj ET Q q 0 0 0 rg BT 483.78 706.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 531.76 706.25 Td (with ) Tj ET Q q 0 0 0 rg BT 552.57 706.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (terms. ) Tj ET Q q 0 0 0 rg BT 76.11 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 77.87 694.25 Td (The ) Tj ET Q q 0 0 0 rg BT 95.31 694.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 130.66 694.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 176.98 694.25 Td (also ) Tj ET Q q 0 0 0 rg BT 194.98 694.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 231.31 694.25 Td (that ) Tj ET Q q 0 0 0 rg BT 248.20 694.25 Td (we ) Tj ET Q q 0 0 0 rg BT 261.75 694.25 Td (will ) Tj ET Q q 0 0 0 rg BT 279.20 694.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 295.54 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.65 694.25 Td (service ) Tj ET Q q 0 0 0 rg BT 339.85 694.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 357.85 694.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 395.83 694.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.51 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.62 694.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 454.97 694.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 501.29 694.25 Td (for ) Tj ET Q q 0 0 0 rg BT 514.84 694.25 Td (its ) Tj ET Q q 0 0 0 rg BT 526.18 694.25 Td (duration, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 79.99 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 89.94 682.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 103.77 682.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 118.15 682.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 156.96 682.25 Td (from ) Tj ET Q q 0 0 0 rg BT 178.57 682.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 202.40 682.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 243.04 682.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 287.98 682.25 Td (providers ) Tj ET Q q 0 0 0 rg BT 327.91 682.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 368.97 682.25 Td (services ) Tj ET Q q 0 0 0 rg BT 403.35 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.95 682.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 433.78 682.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 457.61 682.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 498.25 682.25 Td (right ) Tj ET Q q 0 0 0 rg BT 519.31 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.26 682.25 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.35 670.25 Td (for ) Tj ET Q q 0 0 0 rg BT 82.77 670.25 Td (services ) Tj ET Q q 0 0 0 rg BT 117.73 670.25 Td (if ) Tj ET Q q 0 0 0 rg BT 126.59 670.25 Td (a ) Tj ET Q q 0 0 0 rg BT 133.78 670.25 Td (change ) Tj ET Q q 0 0 0 rg BT 164.85 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.38 670.25 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 222.30 670.25 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 268.09 670.25 Td (business ) Tj ET Q q 0 0 0 rg BT 304.74 670.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 351.66 670.25 Td (or ) Tj ET Q q 0 0 0 rg BT 362.74 670.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 387.16 670.25 Td (Holdings) Tj ET Q q 0 0 0 rg BT 426.60 670.25 Td (s ) Tj ET Q q 0 0 0 rg BT 433.25 670.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 477.66 670.25 Td (results ) Tj ET Q q 0 0 0 rg BT 506.52 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.05 670.25 Td (an ) Tj ET Q q 0 0 0 rg BT 529.25 670.25 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 658.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 83.94 658.25 Td (Holdings) Tj ET Q q 0 0 0 rg BT 123.39 658.25 Td (s ) Tj ET Q q 0 0 0 rg BT 129.78 658.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 152.28 658.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 195.87 658.25 Td (with ) Tj ET Q q 0 0 0 rg BT 216.15 658.25 Td (one ) Tj ET Q q 0 0 0 rg BT 233.09 658.25 Td (or ) Tj ET Q q 0 0 0 rg BT 243.92 658.25 Td (more ) Tj ET Q q 0 0 0 rg BT 266.97 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.80 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.51 658.25 Td (services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 636.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.59 636.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 96.53 636.25 Td (on ) Tj ET Q q 0 0 0 rg BT 109.59 636.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 134.87 636.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 175.16 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.22 636.25 Td (other ) Tj ET Q q 0 0 0 rg BT 217.39 636.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 252.11 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.39 636.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 295.44 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.39 636.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 350.91 636.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 612.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 89.71 612.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 136.30 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.90 612.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 180.05 612.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 224.42 612.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 242.13 612.25 Td (on ) Tj ET Q q 0 0 0 rg BT 254.28 612.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 278.10 612.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 316.92 612.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 330.74 612.25 Td (its ) Tj ET Q q 0 0 0 rg BT 342.34 612.25 Td (subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 395.05 612.25 Td (for ) Tj ET Q q 0 0 0 rg BT 408.86 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 415.46 612.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 459.82 612.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 490.87 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.35 612.25 Td (their ) Tj ET Q q 0 0 0 rg BT 521.83 612.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 559.51 612.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (including ) Tj ET Q q 0 0 0 rg BT 90.11 600.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 114.06 600.25 Td (Products. ) Tj ET Q q 0 0 0 rg BT 154.40 600.25 Td (For ) Tj ET Q q 0 0 0 rg BT 171.13 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.18 600.25 Td (year ) Tj ET Q q 0 0 0 rg BT 206.22 600.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.94 600.25 Td (January28, ) Tj ET Q q 0 0 0 rg BT 281.87 600.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.87 600.25 Td (, ) Tj ET Q q 0 0 0 rg BT 307.21 600.25 Td (products ) Tj ET Q q 0 0 0 rg BT 344.49 600.25 Td (which ) Tj ET Q q 0 0 0 rg BT 371.76 600.25 Td (we ) Tj ET Q q 0 0 0 rg BT 386.26 600.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 423.52 600.25 Td (through ) Tj ET Q q 0 0 0 rg BT 457.46 600.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 481.96 600.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 521.47 600.25 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.27 588.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 125.13 588.25 Td (80% ) Tj ET Q q 0 0 0 rg BT 146.57 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.01 588.25 Td (our ) Tj ET Q q 0 0 0 rg BT 174.44 588.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 228.08 588.25 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 273.12 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 276.23 588.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 323.77 588.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 377.41 588.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 419.95 588.25 Td (are ) Tj ET Q q 0 0 0 rg BT 435.26 588.25 Td (sourced ) Tj ET Q q 0 0 0 rg BT 469.47 588.25 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 530.89 588.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 73.66 576.25 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 115.33 576.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 559.25 Td (If ) Tj ET Q q 0 0 0 rg BT 81.55 559.25 Td (we ) Tj ET Q q 0 0 0 rg BT 96.10 559.25 Td (are ) Tj ET Q q 0 0 0 rg BT 111.19 559.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 140.74 559.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.40 559.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 179.29 559.25 Td (adequate ) Tj ET Q q 0 0 0 rg BT 217.71 559.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 254.48 559.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.81 559.25 Td (assortments ) Tj ET Q q 0 0 0 rg BT 321.91 559.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.13 559.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 386.55 559.25 Td (from ) Tj ET Q q 0 0 0 rg BT 408.88 559.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 433.43 559.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 475.48 559.25 Td (we ) Tj ET Q q 0 0 0 rg BT 490.03 559.25 Td (may ) Tj ET Q q 0 0 0 rg BT 510.14 559.25 Td (be ) Tj ET Q q 0 0 0 rg BT 522.46 559.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 552.01 559.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.25 Td (short ) Tj ET Q q 0 0 0 rg BT 72.13 547.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 99.20 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.61 547.25 Td (find ) Tj ET Q q 0 0 0 rg BT 128.35 547.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 173.18 547.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 205.81 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 216.77 547.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 246.07 547.25 Td (on ) Tj ET Q q 0 0 0 rg BT 258.71 547.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 283.56 547.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.63 547.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 344.93 547.25 Td (that ) Tj ET Q q 0 0 0 rg BT 362.56 547.25 Td (we ) Tj ET Q q 0 0 0 rg BT 376.85 547.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 408.35 547.25 Td (are ) Tj ET Q q 0 0 0 rg BT 423.20 547.25 Td (commercially ) Tj ET Q q 0 0 0 rg BT 480.80 547.25 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 528.69 547.25 Td (or ) Tj ET Q q 0 0 0 rg BT 539.65 547.25 Td (at ) Tj ET Q q 0 0 0 rg BT 549.50 547.25 Td (all. ) Tj ET Q q 0 0 0 rg BT 564.50 547.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 73.50 535.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 112.50 535.25 Td (is ) Tj ET Q q 0 0 0 rg BT 121.51 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 137.18 535.25 Td (sole ) Tj ET Q q 0 0 0 rg BT 155.62 535.25 Td (source ) Tj ET Q q 0 0 0 rg BT 184.06 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.72 535.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 223.73 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.40 535.25 Td (new) Tj ET Q q 0 0 0 rg BT 250.41 535.25 Td (, ) Tj ET Q q 0 0 0 rg BT 255.24 535.25 Td (in-box ) Tj ET Q q 0 0 0 rg BT 283.69 535.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 307.14 535.25 Td (Products. ) Tj ET Q q 0 0 0 rg BT 346.97 535.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.31 535.25 Td (In ) Tj ET Q q 0 0 0 rg BT 359.98 535.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 397.59 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.14 535.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 457.24 535.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 491.24 535.25 Td (from ) Tj ET Q q 0 0 0 rg BT 513.01 535.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 540.35 535.25 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 88.41 523.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 126.75 523.25 Td (obtains ) Tj ET Q q 0 0 0 rg BT 157.87 523.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 210.65 523.25 Td (for ) Tj ET Q q 0 0 0 rg BT 224.55 523.25 Td (us ) Tj ET Q q 0 0 0 rg BT 235.68 523.25 Td (may ) Tj ET Q q 0 0 0 rg BT 255.14 523.25 Td (not ) Tj ET Q q 0 0 0 rg BT 270.16 523.25 Td (be ) Tj ET Q q 0 0 0 rg BT 281.84 523.25 Td (willing ) Tj ET Q q 0 0 0 rg BT 312.42 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 322.43 523.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 359.11 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.13 523.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 385.26 523.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 438.03 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 448.05 523.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 471.95 523.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 510.86 523.25 Td (on ) Tj ET Q q 0 0 0 rg BT 523.10 523.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 547.56 523.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 93.67 511.25 Td (that ) Tj ET Q q 0 0 0 rg BT 111.16 511.25 Td (it ) Tj ET Q q 0 0 0 rg BT 119.22 511.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 154.48 511.25 Td (are ) Tj ET Q q 0 0 0 rg BT 169.19 511.25 Td (commercially ) Tj ET Q q 0 0 0 rg BT 226.66 511.25 Td (reasonable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 487.25 Td (In ) Tj ET Q q 0 0 0 rg BT 83.97 487.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 122.89 487.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.86 487.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 168.50 487.25 Td (business ) Tj ET Q q 0 0 0 rg BT 206.03 487.25 Td (also ) Tj ET Q q 0 0 0 rg BT 225.78 487.25 Td (relies ) Tj ET Q q 0 0 0 rg BT 251.08 487.25 Td (on ) Tj ET Q q 0 0 0 rg BT 264.72 487.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 318.90 487.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 354.20 487.25 Td (other ) Tj ET Q q 0 0 0 rg BT 378.39 487.25 Td (than ) Tj ET Q q 0 0 0 rg BT 399.25 487.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 424.55 487.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 464.87 487.25 Td (\("Other ) Tj ET Q q 0 0 0 rg BT 498.43 487.25 Td (V) Tj ET Q q 0 0 0 rg BT 504.54 487.25 Td (endors"\) ) Tj ET Q q 0 0 0 rg BT 542.25 487.25 Td (for ) Tj ET Q q 0 0 0 rg BT 557.56 487.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.58 475.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 128.34 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.54 475.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 169.40 475.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 207.08 475.25 Td (. ) Tj ET Q q 0 0 0 rg BT 213.45 475.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.32 475.25 Td (For ) Tj ET Q q 0 0 0 rg BT 235.08 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.17 475.25 Td (year ) Tj ET Q q 0 0 0 rg BT 272.24 475.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.99 475.25 Td (January28, ) Tj ET Q q 0 0 0 rg BT 349.96 475.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.96 475.25 Td (, ) Tj ET Q q 0 0 0 rg BT 376.33 475.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 419.62 475.25 Td (from ) Tj ET Q q 0 0 0 rg BT 442.93 475.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 469.29 475.25 Td (V) Tj ET Q q 0 0 0 rg BT 475.40 475.25 Td (endors ) Tj ET Q q 0 0 0 rg BT 505.93 475.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 550.34 475.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 109.11 463.25 Td (70% ) Tj ET Q q 0 0 0 rg BT 129.29 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.48 463.25 Td (total ) Tj ET Q q 0 0 0 rg BT 159.10 463.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 185.95 463.25 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 229.73 463.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.45 463.25 Td (W) Tj ET Q q 0 0 0 rg BT 240.09 463.25 Td (e ) Tj ET Q q 0 0 0 rg BT 246.38 463.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 273.23 463.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.86 463.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 317.47 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.54 463.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 362.28 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.46 463.25 Td (our ) Tj ET Q q 0 0 0 rg BT 387.65 463.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 414.49 463.25 Td (business's ) Tj ET Q q 0 0 0 rg BT 455.93 463.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 496.11 463.25 Td (that ) Tj ET Q q 0 0 0 rg BT 512.96 463.25 Td (we ) Tj ET Q q 0 0 0 rg BT 526.47 463.25 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.25 Td (from ) Tj ET Q q 0 0 0 rg BT 70.55 451.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 94.81 451.25 Td (V) Tj ET Q q 0 0 0 rg BT 100.92 451.25 Td (endors ) Tj ET Q q 0 0 0 rg BT 129.19 451.25 Td (if ) Tj ET Q q 0 0 0 rg BT 136.90 451.25 Td (we ) Tj ET Q q 0 0 0 rg BT 150.17 451.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 180.65 451.25 Td (that ) Tj ET Q q 0 0 0 rg BT 197.26 451.25 Td (action ) Tj ET Q q 0 0 0 rg BT 223.30 451.25 Td (will ) Tj ET Q q 0 0 0 rg BT 240.46 451.25 Td (improve ) Tj ET Q q 0 0 0 rg BT 275.39 451.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.33 451.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 328.60 451.25 Td (service ) Tj ET Q q 0 0 0 rg BT 358.52 451.25 Td (or ) Tj ET Q q 0 0 0 rg BT 368.46 451.25 Td (profitability) Tj ET Q q 0 0 0 rg BT 415.58 451.25 Td (. ) Tj ET Q q 0 0 0 rg BT 419.68 451.25 Td ( ) Tj ET Q q 0 0 0 rg BT 421.29 451.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 438.45 451.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 485.59 451.25 Td (with ) Tj ET Q q 0 0 0 rg BT 504.98 451.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 529.24 451.25 Td (V) Tj ET Q q 0 0 0 rg BT 535.35 451.25 Td (endors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.02 439.25 Td (do ) Tj ET Q q 0 0 0 rg BT 101.33 439.25 Td (not ) Tj ET Q q 0 0 0 rg BT 116.43 439.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 157.61 439.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.14 439.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 219.44 439.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.09 439.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 268.50 439.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 304.70 439.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.34 439.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 368.19 439.25 Td (at ) Tj ET Q q 0 0 0 rg BT 377.73 439.25 Td (any ) Tj ET Q q 0 0 0 rg BT 394.48 439.25 Td (given ) Tj ET Q q 0 0 0 rg BT 419.01 439.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 441.60 439.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.36 439.25 Td (we ) Tj ET Q q 0 0 0 rg BT 472.33 439.25 Td (have ) Tj ET Q q 0 0 0 rg BT 493.53 439.25 Td (no ) Tj ET Q q 0 0 0 rg BT 505.84 439.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 547.02 439.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.25 Td (any ) Tj ET Q q 0 0 0 rg BT 66.40 427.25 Td (of ) Tj ET Q q 0 0 0 rg BT 77.20 427.25 Td (these ) Tj ET Q q 0 0 0 rg BT 100.21 427.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 148.21 427.25 Td (will ) Tj ET Q q 0 0 0 rg BT 166.23 427.25 Td (be ) Tj ET Q q 0 0 0 rg BT 178.14 427.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 214.47 427.25 Td (on ) Tj ET Q q 0 0 0 rg BT 226.94 427.25 Td (commercially ) Tj ET Q q 0 0 0 rg BT 284.38 427.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 329.60 427.25 Td (terms, ) Tj ET Q q 0 0 0 rg BT 356.78 427.25 Td (or ) Tj ET Q q 0 0 0 rg BT 367.58 427.25 Td (at ) Tj ET Q q 0 0 0 rg BT 377.26 427.25 Td (all. ) Tj ET Q q 0 0 0 rg BT 392.22 427.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.69 427.25 Td (If ) Tj ET Q q 0 0 0 rg BT 403.81 427.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.49 427.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 443.55 427.25 Td (V) Tj ET Q q 0 0 0 rg BT 449.66 427.25 Td (endors ) Tj ET Q q 0 0 0 rg BT 478.79 427.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 515.67 427.25 Td (their ) Tj ET Q q 0 0 0 rg BT 536.46 427.25 Td (output ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.41 415.25 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 116.02 415.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 137.48 415.25 Td (their ) Tj ET Q q 0 0 0 rg BT 158.38 415.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 187.34 415.25 Td (or ) Tj ET Q q 0 0 0 rg BT 198.25 415.25 Td (find ) Tj ET Q q 0 0 0 rg BT 216.94 415.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 261.71 415.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 310.41 415.25 Td (channels ) Tj ET Q q 0 0 0 rg BT 347.97 415.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.21 415.25 Td (their ) Tj ET Q q 0 0 0 rg BT 383.12 415.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 422.63 415.25 Td (or ) Tj ET Q q 0 0 0 rg BT 433.54 415.25 Td (all ) Tj ET Q q 0 0 0 rg BT 446.12 415.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.03 415.25 Td (these, ) Tj ET Q q 0 0 0 rg BT 482.65 415.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.67 415.25 Td (we ) Tj ET Q q 0 0 0 rg BT 513.91 415.25 Td (are ) Tj ET Q q 0 0 0 rg BT 528.70 415.25 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.67 403.25 Td (find ) Tj ET Q q 0 0 0 rg BT 80.16 403.25 Td (one ) Tj ET Q q 0 0 0 rg BT 97.99 403.25 Td (or ) Tj ET Q q 0 0 0 rg BT 109.71 403.25 Td (more ) Tj ET Q q 0 0 0 rg BT 133.65 403.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 177.02 403.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 202.94 403.25 Td (V) Tj ET Q q 0 0 0 rg BT 209.05 403.25 Td (endors, ) Tj ET Q q 0 0 0 rg BT 241.60 403.25 Td (we ) Tj ET Q q 0 0 0 rg BT 256.65 403.25 Td (may ) Tj ET Q q 0 0 0 rg BT 277.25 403.25 Td (not ) Tj ET Q q 0 0 0 rg BT 293.42 403.25 Td (be ) Tj ET Q q 0 0 0 rg BT 306.25 403.25 Td (able ) Tj ET Q q 0 0 0 rg BT 326.29 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 337.46 403.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 373.05 403.25 Td (with ) Tj ET Q q 0 0 0 rg BT 394.22 403.25 Td (them ) Tj ET Q q 0 0 0 rg BT 417.60 403.25 Td (on ) Tj ET Q q 0 0 0 rg BT 430.99 403.25 Td (a ) Tj ET Q q 0 0 0 rg BT 438.82 403.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 467.76 403.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 493.64 403.25 Td (on ) Tj ET Q q 0 0 0 rg BT 507.03 403.25 Td (commercially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 93.93 391.25 Td (terms, ) Tj ET Q q 0 0 0 rg BT 120.32 391.25 Td (or ) Tj ET Q q 0 0 0 rg BT 130.32 391.25 Td (at ) Tj ET Q q 0 0 0 rg BT 139.21 391.25 Td (all. ) Tj ET Q q 0 0 0 rg BT 153.37 391.25 Td ( ) Tj ET Q q 0 0 0 rg BT 154.93 391.25 Td (This ) Tj ET Q q 0 0 0 rg BT 174.38 391.25 Td (could ) Tj ET Q q 0 0 0 rg BT 198.27 391.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 216.59 391.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.04 391.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 253.26 391.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 281.31 391.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 322.40 391.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 360.07 391.25 Td (, ) Tj ET Q q 0 0 0 rg BT 364.25 391.25 Td (our ) Tj ET Q q 0 0 0 rg BT 379.25 391.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 414.25 391.25 Td (to ) Tj ET Q q 0 0 0 rg BT 423.70 391.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 460.37 391.25 Td (an ) Tj ET Q q 0 0 0 rg BT 471.48 391.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 518.68 391.25 Td (assortment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.32 379.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 113.35 379.25 Td (in ) Tj ET Q q 0 0 0 rg BT 123.62 379.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.44 379.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 165.26 379.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.20 379.25 Td (could ) Tj ET Q q 0 0 0 rg BT 206.90 379.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 231.60 379.25 Td (us ) Tj ET Q q 0 0 0 rg BT 242.99 379.25 Td (to ) Tj ET Q q 0 0 0 rg BT 253.26 379.25 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 295.71 379.25 Td (store ) Tj ET Q q 0 0 0 rg BT 317.64 379.25 Td (closings, ) Tj ET Q q 0 0 0 rg BT 355.41 379.25 Td (all ) Tj ET Q q 0 0 0 rg BT 367.90 379.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.72 379.25 Td (which ) Tj ET Q q 0 0 0 rg BT 405.65 379.25 Td (could ) Tj ET Q q 0 0 0 rg BT 430.36 379.25 Td (have ) Tj ET Q q 0 0 0 rg BT 451.73 379.25 Td (a ) Tj ET Q q 0 0 0 rg BT 458.66 379.25 Td (material ) Tj ET Q q 0 0 0 rg BT 493.91 379.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 526.94 379.25 Td (ef) Tj ET Q q 0 0 0 rg BT 534.53 379.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 552.01 379.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.49 367.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 102.54 367.25 Td (results ) Tj ET Q q 0 0 0 rg BT 130.30 367.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.29 367.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 186.10 367.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.74 367.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 264.67 367.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.77 367.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 303.54 367.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 327.68 367.25 Td ( ) Tj ET Q q 0 0 0 rg BT 329.34 367.25 Td (In ) Tj ET Q q 0 0 0 rg BT 339.32 367.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 376.26 367.25 Td (if ) Tj ET Q q 0 0 0 rg BT 384.02 367.25 Td (we ) Tj ET Q q 0 0 0 rg BT 397.34 367.25 Td (do ) Tj ET Q q 0 0 0 rg BT 409.00 367.25 Td (not ) Tj ET Q q 0 0 0 rg BT 423.43 367.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 460.08 367.25 Td (our ) Tj ET Q q 0 0 0 rg BT 475.07 367.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 508.39 367.25 Td (relationships, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.76 355.25 Td (build ) Tj ET Q q 0 0 0 rg BT 84.24 355.25 Td (new ) Tj ET Q q 0 0 0 rg BT 103.83 355.25 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 160.37 355.25 Td (with ) Tj ET Q q 0 0 0 rg BT 181.07 355.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 206.56 355.25 Td (V) Tj ET Q q 0 0 0 rg BT 212.67 355.25 Td (endors ) Tj ET Q q 0 0 0 rg BT 242.26 355.25 Td (we ) Tj ET Q q 0 0 0 rg BT 256.85 355.25 Td (may ) Tj ET Q q 0 0 0 rg BT 276.99 355.25 Td (not ) Tj ET Q q 0 0 0 rg BT 292.70 355.25 Td (be ) Tj ET Q q 0 0 0 rg BT 305.07 355.25 Td (able ) Tj ET Q q 0 0 0 rg BT 324.65 355.25 Td (to ) Tj ET Q q 0 0 0 rg BT 335.36 355.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 373.28 355.25 Td (an ) Tj ET Q q 0 0 0 rg BT 385.65 355.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 434.11 355.25 Td (assortment ) Tj ET Q q 0 0 0 rg BT 480.36 355.25 Td (of ) Tj ET Q q 0 0 0 rg BT 491.62 355.25 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 547.58 355.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 92.55 343.25 Td (may ) Tj ET Q q 0 0 0 rg BT 112.26 343.25 Td (not ) Tj ET Q q 0 0 0 rg BT 127.54 343.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 165.58 343.25 Td (from ) Tj ET Q q 0 0 0 rg BT 187.52 343.25 Td (our ) Tj ET Q q 0 0 0 rg BT 203.35 343.25 Td (stores.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 317.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.14 317.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 85.73 317.25 Td (on ) Tj ET Q q 0 0 0 rg BT 100.34 317.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 127.17 317.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 169.01 317.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.62 317.25 Td (other ) Tj ET Q q 0 0 0 rg BT 214.34 317.25 Td (third ) Tj ET Q q 0 0 0 rg BT 238.40 317.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 270.23 317.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.05 317.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 316.65 317.25 Td (us ) Tj ET Q q 0 0 0 rg BT 330.15 317.25 Td (with ) Tj ET Q q 0 0 0 rg BT 351.99 317.25 Td (key ) Tj ET Q q 0 0 0 rg BT 369.91 317.25 Td (products ) Tj ET Q q 0 0 0 rg BT 409.52 317.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.13 317.25 Td (services ) Tj ET Q q 0 0 0 rg BT 465.39 317.25 Td (in ) Tj ET Q q 0 0 0 rg BT 477.78 317.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 527.38 317.25 Td (with ) Tj ET Q q 0 0 0 rg BT 549.22 317.25 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (administration ) Tj ET Q q 0 0 0 rg BT 112.66 305.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.57 305.25 Td (many ) Tj ET Q q 0 0 0 rg BT 148.93 305.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 180.40 305.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 212.42 305.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.33 305.25 Td (our ) Tj ET Q q 0 0 0 rg BT 240.37 305.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 280.47 305.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.61 305.25 Td (we ) Tj ET Q q 0 0 0 rg BT 312.30 305.25 Td (may ) Tj ET Q q 0 0 0 rg BT 332.10 305.25 Td (be ) Tj ET Q q 0 0 0 rg BT 344.12 305.25 Td (required ) Tj ET Q q 0 0 0 rg BT 381.71 305.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.07 305.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 425.75 305.25 Td (our ) Tj ET Q q 0 0 0 rg BT 442.78 305.25 Td (own ) Tj ET Q q 0 0 0 rg BT 462.60 305.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 496.29 305.25 Td (quickly ) Tj ET Q q 0 0 0 rg BT 528.87 305.25 Td (in ) Tj ET Q q 0 0 0 rg BT 539.79 305.25 Td (order ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 293.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 90.05 293.25 Td (such ) Tj ET Q q 0 0 0 rg BT 112.00 293.25 Td (dependence.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 276.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 276.25 Td (e ) Tj ET Q q 0 0 0 rg BT 87.73 276.25 Td (are ) Tj ET Q q 0 0 0 rg BT 102.59 276.25 Td (party ) Tj ET Q q 0 0 0 rg BT 125.80 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.23 276.25 Td (various ) Tj ET Q q 0 0 0 rg BT 168.32 276.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 216.51 276.25 Td (with ) Tj ET Q q 0 0 0 rg BT 236.94 276.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 261.26 276.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 300.58 276.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 344.34 276.25 Td (without ) Tj ET Q q 0 0 0 rg BT 377.56 276.25 Td (limitation ) Tj ET Q q 0 0 0 rg BT 419.10 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.97 276.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 469.92 276.25 Td (Agreement\), ) Tj ET Q q 0 0 0 rg BT 522.82 276.25 Td (as ) Tj ET Q q 0 0 0 rg BT 533.81 276.25 Td (well ) Tj ET Q q 0 0 0 rg BT 553.68 276.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.49 264.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 114.47 264.25 Td (service ) Tj ET Q q 0 0 0 rg BT 145.00 264.25 Td (providers, ) Tj ET Q q 0 0 0 rg BT 187.49 264.25 Td (to ) Tj ET Q q 0 0 0 rg BT 197.48 264.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 230.25 264.25 Td (us ) Tj ET Q q 0 0 0 rg BT 241.35 264.25 Td (with ) Tj ET Q q 0 0 0 rg BT 261.35 264.25 Td (processing ) Tj ET Q q 0 0 0 rg BT 306.33 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.99 264.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 382.41 264.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 421.84 264.25 Td (over ) Tj ET Q q 0 0 0 rg BT 441.83 264.25 Td (a ) Tj ET Q q 0 0 0 rg BT 448.48 264.25 Td (broad ) Tj ET Q q 0 0 0 rg BT 473.46 264.25 Td (range ) Tj ET Q q 0 0 0 rg BT 497.89 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.43 264.25 Td (areas, ) Tj ET Q q 0 0 0 rg BT 533.69 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.34 264.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 77.93 252.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.05 252.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 124.82 252.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.94 252.25 Td (do ) Tj ET Q q 0 0 0 rg BT 147.28 252.25 Td (so ) Tj ET Q q 0 0 0 rg BT 158.51 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.63 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.18 252.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 211.90 252.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.24 252.25 Td (Key ) Tj ET Q q 0 0 0 rg BT 233.24 252.25 Td (products ) Tj ET Q q 0 0 0 rg BT 270.01 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.79 252.25 Td (services ) Tj ET Q q 0 0 0 rg BT 321.34 252.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 359.22 252.25 Td (by ) Tj ET Q q 0 0 0 rg BT 371.56 252.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 395.56 252.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 434.57 252.25 Td (or ) Tj ET Q q 0 0 0 rg BT 445.24 252.25 Td (other ) Tj ET Q q 0 0 0 rg BT 468.12 252.25 Td (third ) Tj ET Q q 0 0 0 rg BT 489.35 252.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 518.34 252.25 Td (as ) Tj ET Q q 0 0 0 rg BT 529.01 252.25 Td (a ) Tj ET Q q 0 0 0 rg BT 535.79 252.25 Td (part ) Tj ET Q q 0 0 0 rg BT 553.67 252.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (outsourcing ) Tj ET Q q 0 0 0 rg BT 99.41 240.25 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 141.54 240.25 Td (could ) Tj ET Q q 0 0 0 rg BT 166.45 240.25 Td (be ) Tj ET Q q 0 0 0 rg BT 178.58 240.25 Td (interrupted ) Tj ET Q q 0 0 0 rg BT 225.15 240.25 Td (as ) Tj ET Q q 0 0 0 rg BT 236.17 240.25 Td (a ) Tj ET Q q 0 0 0 rg BT 243.30 240.25 Td (result ) Tj ET Q q 0 0 0 rg BT 268.21 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 279.23 240.25 Td (many ) Tj ET Q q 0 0 0 rg BT 304.14 240.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 336.54 240.25 Td (such ) Tj ET Q q 0 0 0 rg BT 357.57 240.25 Td (as ) Tj ET Q q 0 0 0 rg BT 368.59 240.25 Td (acts ) Tj ET Q q 0 0 0 rg BT 386.83 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 397.85 240.25 Td (God ) Tj ET Q q 0 0 0 rg BT 417.77 240.25 Td (or ) Tj ET Q q 0 0 0 rg BT 428.79 240.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 463.68 240.25 Td (disputes, ) Tj ET Q q 0 0 0 rg BT 501.66 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.79 240.25 Td (any ) Tj ET Q q 0 0 0 rg BT 535.92 240.25 Td (failure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.07 228.25 Td (third ) Tj ET Q q 0 0 0 rg BT 83.53 228.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 112.75 228.25 Td (to ) Tj ET Q q 0 0 0 rg BT 123.10 228.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 156.22 228.25 Td (us ) Tj ET Q q 0 0 0 rg BT 167.68 228.25 Td (with ) Tj ET Q q 0 0 0 rg BT 188.03 228.25 Td (these ) Tj ET Q q 0 0 0 rg BT 211.14 228.25 Td (key ) Tj ET Q q 0 0 0 rg BT 228.15 228.25 Td (products ) Tj ET Q q 0 0 0 rg BT 265.16 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.17 228.25 Td (services ) Tj ET Q q 0 0 0 rg BT 316.94 228.25 Td (on ) Tj ET Q q 0 0 0 rg BT 329.51 228.25 Td (a ) Tj ET Q q 0 0 0 rg BT 336.52 228.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 364.64 228.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 387.21 228.25 Td (or ) Tj ET Q q 0 0 0 rg BT 398.11 228.25 Td (within ) Tj ET Q q 0 0 0 rg BT 426.24 228.25 Td (our ) Tj ET Q q 0 0 0 rg BT 442.14 228.25 Td (service ) Tj ET Q q 0 0 0 rg BT 473.03 228.25 Td (level ) Tj ET Q q 0 0 0 rg BT 495.03 228.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 547.58 228.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.52 216.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 142.79 216.25 Td (could ) Tj ET Q q 0 0 0 rg BT 167.51 216.25 Td (result ) Tj ET Q q 0 0 0 rg BT 192.22 216.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.50 216.25 Td (a ) Tj ET Q q 0 0 0 rg BT 209.44 216.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 252.50 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.78 216.25 Td (our ) Tj ET Q q 0 0 0 rg BT 278.61 216.25 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 192.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 192.25 Td (e ) Tj ET Q q 0 0 0 rg BT 87.50 192.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 105.47 192.25 Td (heavily ) Tj ET Q q 0 0 0 rg BT 137.33 192.25 Td (on ) Tj ET Q q 0 0 0 rg BT 149.75 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.39 192.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 220.68 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.43 192.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 255.51 192.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 294.61 192.25 Td (for ) Tj ET Q q 0 0 0 rg BT 308.69 192.25 Td (a ) Tj ET Q q 0 0 0 rg BT 315.55 192.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 345.74 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 356.49 192.25 Td (key ) Tj ET Q q 0 0 0 rg BT 373.35 192.25 Td (products ) Tj ET Q q 0 0 0 rg BT 410.22 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.08 192.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 464.21 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 466.63 192.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 484.61 192.25 Td (various ) Tj ET Q q 0 0 0 rg BT 516.47 192.25 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.61 180.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 93.61 180.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 132.62 180.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 176.06 180.25 Td (without ) Tj ET Q q 0 0 0 rg BT 208.95 180.25 Td (limitation ) Tj ET Q q 0 0 0 rg BT 250.17 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.73 180.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 300.42 180.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 347.19 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.96 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.51 180.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 440.32 180.25 Td (Agreement\), ) Tj ET Q q 0 0 0 rg BT 492.91 180.25 Td (which ) Tj ET Q q 0 0 0 rg BT 519.68 180.25 Td (govern ) Tj ET Q q 0 0 0 rg BT 549.79 180.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 89.52 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.09 168.25 Td (these ) Tj ET Q q 0 0 0 rg BT 122.88 168.25 Td (key ) Tj ET Q q 0 0 0 rg BT 139.56 168.25 Td (products ) Tj ET Q q 0 0 0 rg BT 176.24 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.92 168.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 229.87 168.25 Td (are ) Tj ET Q q 0 0 0 rg BT 244.31 168.25 Td (not ) Tj ET Q q 0 0 0 rg BT 259.33 168.25 Td (long ) Tj ET Q q 0 0 0 rg BT 279.35 168.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 302.42 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.10 168.25 Td (we ) Tj ET Q q 0 0 0 rg BT 333.00 168.25 Td (may ) Tj ET Q q 0 0 0 rg BT 352.46 168.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 372.47 168.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.49 168.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 419.16 168.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.18 168.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 446.97 168.25 Td (on ) Tj ET Q q 0 0 0 rg BT 459.21 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.67 168.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 529.77 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 540.34 168.25 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 87.95 156.25 Td (after ) Tj ET Q q 0 0 0 rg BT 108.05 156.25 Td (February ) Tj ET Q q 0 0 0 rg BT 145.94 156.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 155.22 156.25 Td (2020. ) Tj ET Q q 0 0 0 rg BT 179.51 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.29 156.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 198.63 156.25 Td (business ) Tj ET Q q 0 0 0 rg BT 234.30 156.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 257.20 156.25 Td (with ) Tj ET Q q 0 0 0 rg BT 276.76 156.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 306.86 156.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.42 156.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 375.97 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.97 156.25 Td (next ) Tj ET Q q 0 0 0 rg BT 408.97 156.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 420.75 156.25 Td (to ) Tj ET Q q 0 0 0 rg BT 430.32 156.25 Td (24 ) Tj ET Q q 0 0 0 rg BT 442.10 156.25 Td (months ) Tj ET Q q 0 0 0 rg BT 473.34 156.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 504.00 156.25 Td (to ) Tj ET Q q 0 0 0 rg BT 513.56 156.25 Td (a ) Tj ET Q q 0 0 0 rg BT 519.78 156.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 76.04 144.25 Td (on ) Tj ET Q q 0 0 0 rg BT 88.14 144.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 111.91 144.25 Td (Holdings) Tj ET Q q 0 0 0 rg BT 151.17 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.27 144.25 Td (willingness ) Tj ET Q q 0 0 0 rg BT 200.93 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.47 144.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 245.13 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.01 144.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 291.55 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 301.43 144.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 334.08 144.25 Td (us ) Tj ET Q q 0 0 0 rg BT 345.08 144.25 Td (with ) Tj ET Q q 0 0 0 rg BT 364.96 144.25 Td (these ) Tj ET Q q 0 0 0 rg BT 387.62 144.25 Td (key ) Tj ET Q q 0 0 0 rg BT 404.16 144.25 Td (products ) Tj ET Q q 0 0 0 rg BT 440.70 144.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 483.91 144.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 507.13 144.25 Td (Products\) ) Tj ET Q q 0 0 0 rg BT 547.56 144.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 86.43 132.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.15 132.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 107.59 132.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 135.91 132.25 Td (to ) Tj ET Q q 0 0 0 rg BT 145.90 132.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 183.11 132.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 206.99 132.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 245.88 132.25 Td (as ) Tj ET Q q 0 0 0 rg BT 256.43 132.25 Td (a ) Tj ET Q q 0 0 0 rg BT 263.08 132.25 Td (service ) Tj ET Q q 0 0 0 rg BT 293.62 132.25 Td (provider) Tj ET Q q 0 0 0 rg BT 327.09 132.25 Td (, ) Tj ET Q q 0 0 0 rg BT 331.81 132.25 Td (or ) Tj ET Q q 0 0 0 rg BT 342.36 132.25 Td (any ) Tj ET Q q 0 0 0 rg BT 359.02 132.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 389.56 132.25 Td (by ) Tj ET Q q 0 0 0 rg BT 401.78 132.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 425.66 132.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 467.04 132.25 Td (during ) Tj ET Q q 0 0 0 rg BT 495.37 132.25 Td (that ) Tj ET Q q 0 0 0 rg BT 512.58 132.25 Td (period ) Tj ET Q q 0 0 0 rg BT 540.35 132.25 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 89.62 120.25 Td (under ) Tj ET Q q 0 0 0 rg BT 114.20 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.22 120.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 171.11 120.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 217.06 120.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.64 120.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 247.32 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.34 120.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 287.02 120.25 Td (it ) Tj ET Q q 0 0 0 rg BT 294.38 120.25 Td (char) Tj ET Q q 0 0 0 rg BT 311.41 120.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 326.54 120.25 Td (us ) Tj ET Q q 0 0 0 rg BT 337.24 120.25 Td (for ) Tj ET Q q 0 0 0 rg BT 350.70 120.25 Td (these ) Tj ET Q q 0 0 0 rg BT 373.05 120.25 Td (key ) Tj ET Q q 0 0 0 rg BT 389.30 120.25 Td (products ) Tj ET Q q 0 0 0 rg BT 425.54 120.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.78 120.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 478.29 120.25 Td (could ) Tj ET Q q 0 0 0 rg BT 502.31 120.25 Td (have ) Tj ET Q q 0 0 0 rg BT 523.00 120.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.24 120.25 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 82.54 108.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 112.25 108.25 Td (on ) Tj ET Q q 0 0 0 rg BT 124.75 108.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.58 108.25 Td (business ) Tj ET Q q 0 0 0 rg BT 176.97 108.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.91 108.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.74 108.25 Td (results ) Tj ET Q q 0 0 0 rg BT 238.35 108.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.18 108.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 84.25 Td (In ) Tj ET Q q 0 0 0 rg BT 87.33 84.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 125.11 84.25 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 172.06 84.25 Td (in ) Tj ET Q q 0 0 0 rg BT 182.34 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.06 84.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 237.33 84.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.27 84.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 322.87 84.25 Td (hardware ) Tj ET Q q 0 0 0 rg BT 362.57 84.25 Td (and ) Tj ET Q q 0 0 0 rg BT 379.51 84.25 Td (software ) Tj ET Q q 0 0 0 rg BT 416.44 84.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 450.61 84.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 488.66 84.25 Td (by ) Tj ET Q q 0 0 0 rg BT 501.16 84.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.33 84.25 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.47 72.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 97.78 72.25 Td (our ) Tj ET Q q 0 0 0 rg BT 113.86 72.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 142.17 72.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.71 72.25 Td (run ) Tj ET Q q 0 0 0 rg BT 168.79 72.25 Td (our ) Tj ET Q q 0 0 0 rg BT 184.88 72.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 224.03 72.25 Td (result ) Tj ET Q q 0 0 0 rg BT 249.00 72.25 Td (in ) Tj ET Q q 0 0 0 rg BT 259.53 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.51 72.25 Td (compromise ) Tj ET Q q 0 0 0 rg BT 326.70 72.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.78 72.25 Td (confidential ) Tj ET Q q 0 0 0 rg BT 388.30 72.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 427.71 72.25 Td (data, ) Tj ET Q q 0 0 0 rg BT 449.62 72.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 469.03 72.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.57 72.25 Td (costly ) Tj ET Q q 0 0 0 rg BT 506.21 72.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 547.58 72.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 82.98 60.25 Td (our ) Tj ET Q q 0 0 0 rg BT 98.69 60.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 141.62 60.25 Td (with ) Tj ET Q q 0 0 0 rg BT 161.78 60.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.50 60.25 Td (customers. ) Tj ET Q q 0 0 0 rg BT 222.93 60.25 Td ( ) Tj ET Q q 0 0 0 rg BT 224.78 60.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 244.39 60.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 288.99 60.25 Td (interruption ) Tj ET Q q 0 0 0 rg BT 338.58 60.25 Td (in ) Tj ET Q q 0 0 0 rg BT 348.75 60.25 Td (our ) Tj ET Q q 0 0 0 rg BT 364.46 60.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 404.61 60.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 448.65 60.25 Td (may ) Tj ET Q q 0 0 0 rg BT 468.25 60.25 Td (have ) Tj ET Q q 0 0 0 rg BT 489.51 60.25 Td (a ) Tj ET Q q 0 0 0 rg BT 496.33 60.25 Td (material ) Tj ET Q q 0 0 0 rg BT 531.48 60.25 Td (adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 48.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 73.45 48.25 Td (on ) Tj ET Q q 0 0 0 rg BT 84.83 48.25 Td (our ) Tj ET Q q 0 0 0 rg BT 99.55 48.25 Td (business ) Tj ET Q q 0 0 0 rg BT 134.82 48.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.64 48.25 Td (results ) Tj ET Q q 0 0 0 rg BT 178.13 48.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.84 48.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 233.37 48.25 Td ( ) Tj ET Q q 0 0 0 rg BT 234.45 48.25 Td (As ) Tj ET Q q 0 0 0 rg BT 246.94 48.25 Td (a ) Tj ET Q q 0 0 0 rg BT 252.76 48.25 Td (result ) Tj ET Q q 0 0 0 rg BT 276.36 48.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.07 48.25 Td (our ) Tj ET Q q 0 0 0 rg BT 300.78 48.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 333.80 48.25 Td (on ) Tj ET Q q 0 0 0 rg BT 345.19 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.78 48.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 397.93 48.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.75 48.25 Td (information ) Tj ET Q q 0 0 0 rg BT 462.34 48.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 508.15 48.25 Td (infrastructure ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.05 742.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 85.92 742.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 128.31 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 143.19 742.10 Td (have ) Tj ET Q q 0 0 0 rg BT 165.28 742.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 196.83 742.10 Td (control ) Tj ET Q q 0 0 0 rg BT 228.37 742.10 Td (over ) Tj ET Q q 0 0 0 rg BT 249.36 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.79 742.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 294.12 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.77 742.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 377.75 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.30 742.10 Td (upgrades ) Tj ET Q q 0 0 0 rg BT 428.62 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.61 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.16 742.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 497.14 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.79 742.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 96.43 730.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 130.60 730.10 Td (that ) Tj ET Q q 0 0 0 rg BT 148.10 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 162.26 730.10 Td (may ) Tj ET Q q 0 0 0 rg BT 181.98 730.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 213.35 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 228.05 730.10 Td (integral ) Tj ET Q q 0 0 0 rg BT 261.10 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.38 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.09 730.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 329.69 730.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 369.95 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.78 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.61 730.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.14 706.10 Td (e have entered into a Master Services ) Tj ET Q q 0 0 0 rg BT 231.47 706.10 Td (Agreement with Capgemini U.S. LLC in which Capgemini agrees to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (business process outsourcing services and services for the migration of the current information technology systems and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (processes provided by Sears Holdings to new) Tj ET Q q 0 0 0 rg BT 230.49 682.10 Td (, state-of-art business and technology infrastructure and systems primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (provided by NetSuite Inc. \(collectively) Tj ET Q q 0 0 0 rg BT 204.64 670.10 Td (, the BPO\). ) Tj ET Q q 0 0 0 rg BT 263.33 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 271.97 670.10 Td (e expect the new infrastructure and systems will provide greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (strategic and operational flexibility) Tj ET Q q 0 0 0 rg BT 189.08 658.10 Td (, provide better control of our systems and processes, reduce our total cost of information-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (system ownership over the term of the Master Services ) Tj ET Q q 0 0 0 rg BT 271.39 646.10 Td (Agreement, and reduce some of the risks inherent in our services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (relationship with, and reduce our dependence on, Sears Holdings. Our plan and expectation is that the new infrastructure and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (systems will be operational in all material respects by the end of our 2017 fiscal year) Tj ET Q q 0 0 0 rg BT 388.01 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.33 622.10 Td (The new infrastructure and systems will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (enable us, and we currently intend, to replace many of the corporate services provided by Sears Holdings with services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (provided by Capgemini, other third-party providers, and, on a limited-basis, internally by SHO. ) Tj ET Q q 0 0 0 rg BT 436.19 598.10 Td (The replaced services could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (include tax, accounting, non-merchandise procurement, risk management and insurance, advertising and marketing, human ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (resources, loss prevention, environmental, product and human safety) Tj ET Q q 0 0 0 rg BT 323.77 574.10 Td (, facilities, information technology) Tj ET Q q 0 0 0 rg BT 461.70 574.10 Td (, online, payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (clearing, and other financial, real estate management, merchandising, and other support services. ) Tj ET Q q 0 0 0 rg BT 441.39 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.03 562.10 Td (e expect to incur increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (in corporate expenses in fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.06 550.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.06 550.10 Td ( as a result of the BPO. Selling and administrative expenses related to the BPO were $15.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (million for fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.21 538.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.21 538.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 514.10 Td (Implementation of the BPO involves significant risks for us, such as with respect to, among other things, the following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (conversion and migration of data; availability and customization of solutions; availability of Company personnel and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (resources to manage and implement the project; expansion of migration, implementation, and operational scope, cost, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (timing; future disagreements with Capgemini regarding its and our contractual rights and obligations and the contractual rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (and obligations of Capgemini's contractors \(such as NetSuite Inc.\); the ability and willingness of Capgemini to complete the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (BPO in accordance with our plans and expectations and on the timetable and at the cost to the Company that we believe we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (have negotiated with Capgemini as reflected in the Master Services ) Tj ET Q q 0 0 0 rg BT 321.08 442.10 Td (Agreement \(several key BPO conversion and migration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (milestones have not been, or will not be, met and the Company believes that Capgemini is responsible, in all significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (respects, for the delays\); the amount, quality) Tj ET Q q 0 0 0 rg BT 226.58 418.10 Td (, and timing of cooperation that we receive from Sears Holdings with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (BPO; and disruption of our day-to-day business activities. ) Tj ET Q q 0 0 0 rg BT 284.01 406.10 Td (These risks and other risks with respect to the BPO could have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.38 394.10 Td (fect on our business and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (If ) Tj ET Q q 0 0 0 rg BT 59.33 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.39 368.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 132.35 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 152.75 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.81 368.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 207.14 368.10 Td (including ) Tj ET Q q 0 0 0 rg BT 249.21 368.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 274.60 368.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 317.50 368.10 Td (were ) Tj ET Q q 0 0 0 rg BT 339.54 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.93 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 361.98 368.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 403.75 368.10 Td (it ) Tj ET Q q 0 0 0 rg BT 411.92 368.10 Td (could ) Tj ET Q q 0 0 0 rg BT 437.31 368.10 Td (have ) Tj ET Q q 0 0 0 rg BT 459.35 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.96 368.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 504.00 368.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 534.39 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 547.56 368.10 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 98.65 356.10 Td (position ) Tj ET Q q 0 0 0 rg BT 133.93 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.00 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.95 356.10 Td (business ) Tj ET Q q 0 0 0 rg BT 206.46 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.52 356.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.25 356.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 339.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 339.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.77 339.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 129.96 339.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.49 339.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 200.22 339.10 Td (from ) Tj ET Q q 0 0 0 rg BT 222.85 339.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 247.71 339.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 287.57 339.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.21 339.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 330.94 339.10 Td (V) Tj ET Q q 0 0 0 rg BT 337.05 339.10 Td (endors. ) Tj ET Q q 0 0 0 rg BT 369.41 339.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.61 339.10 Td (For ) Tj ET Q q 0 0 0 rg BT 389.69 339.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.11 339.10 Td (year ) Tj ET Q q 0 0 0 rg BT 425.51 339.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.58 339.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 501.88 339.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.88 339.10 Td (, ) Tj ET Q q 0 0 0 rg BT 527.57 339.10 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.64 327.10 Td (we ) Tj ET Q q 0 0 0 rg BT 91.01 327.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 128.13 327.10 Td (from ) Tj ET Q q 0 0 0 rg BT 150.28 327.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 174.64 327.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 216.52 327.10 Td (including ) Tj ET Q q 0 0 0 rg BT 256.99 327.10 Td (KCD ) Tj ET Q q 0 0 0 rg BT 280.81 327.10 Td (Products ) Tj ET Q q 0 0 0 rg BT 318.51 327.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.66 327.10 Td (other ) Tj ET Q q 0 0 0 rg BT 358.91 327.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 398.55 327.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 441.79 327.10 Td (for ) Tj ET Q q 0 0 0 rg BT 456.15 327.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 516.61 327.10 Td (80% ) Tj ET Q q 0 0 0 rg BT 537.65 327.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 327.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (total ) Tj ET Q q 0 0 0 rg BT 70.09 315.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 112.34 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.49 315.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 164.63 315.10 Td (from ) Tj ET Q q 0 0 0 rg BT 186.89 315.10 Td (all ) Tj ET Q q 0 0 0 rg BT 199.70 315.10 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 236.48 315.10 Td (The ) Tj ET Q q 0 0 0 rg BT 254.84 315.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 273.23 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.37 315.10 Td (or ) Tj ET Q q 0 0 0 rg BT 295.52 315.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.78 315.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 343.36 315.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.96 315.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.00 315.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 401.81 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.96 315.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 466.31 315.10 Td (made ) Tj ET Q q 0 0 0 rg BT 490.78 315.10 Td (available ) Tj ET Q q 0 0 0 rg BT 529.69 315.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.29 315.10 Td (us ) Tj ET Q q 0 0 0 rg BT 552.00 315.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 73.66 303.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 112.83 303.10 Td (could ) Tj ET Q q 0 0 0 rg BT 137.55 303.10 Td (have ) Tj ET Q q 0 0 0 rg BT 158.92 303.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.86 303.10 Td (material ) Tj ET Q q 0 0 0 rg BT 201.12 303.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 234.16 303.10 Td (ef) Tj ET Q q 0 0 0 rg BT 241.75 303.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 259.23 303.10 Td (on ) Tj ET Q q 0 0 0 rg BT 271.73 303.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.56 303.10 Td (business ) Tj ET Q q 0 0 0 rg BT 323.95 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.89 303.10 Td (results ) Tj ET Q q 0 0 0 rg BT 369.50 303.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.33 303.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 426.99 303.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 282.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 122.21 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.70 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.63 282.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 206.94 282.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 255.58 282.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 304.51 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.55 282.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 337.92 282.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 376.30 282.10 Td (have ) Tj ET Q q 0 0 0 rg BT 396.88 282.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 425.24 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.73 282.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 450.33 282.10 Td (non-Sears-branded ) Tj ET Q q 0 0 0 rg BT 527.56 282.10 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.58 270.10 Td (us ) Tj ET Q q 0 0 0 rg BT 70.77 270.10 Td (until ) Tj ET Q q 0 0 0 rg BT 91.40 270.10 Td (February ) Tj ET Q q 0 0 0 rg BT 129.80 270.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 139.60 270.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 164.40 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.70 270.10 Td (If ) Tj ET Q q 0 0 0 rg BT 175.65 270.10 Td (we ) Tj ET Q q 0 0 0 rg BT 189.61 270.10 Td (want ) Tj ET Q q 0 0 0 rg BT 211.35 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.43 270.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 258.16 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.24 270.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 306.07 270.10 Td (non-Sears-branded ) Tj ET Q q 0 0 0 rg BT 383.90 270.10 Td (products ) Tj ET Q q 0 0 0 rg BT 420.64 270.10 Td (from ) Tj ET Q q 0 0 0 rg BT 442.37 270.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 466.33 270.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 505.30 270.10 Td (after ) Tj ET Q q 0 0 0 rg BT 525.92 270.10 Td (February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 60.26 258.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 83.51 258.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.43 258.10 Td (will ) Tj ET Q q 0 0 0 rg BT 117.24 258.10 Td (need ) Tj ET Q q 0 0 0 rg BT 139.38 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.41 258.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 171.44 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.47 258.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 212.39 258.10 Td (or ) Tj ET Q q 0 0 0 rg BT 223.97 258.10 Td (renegotiate ) Tj ET Q q 0 0 0 rg BT 271.65 258.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.91 258.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 334.80 258.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 360.28 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.97 258.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 422.89 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.37 258.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 474.95 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.54 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.01 258.10 Td (Merchandising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 96.81 246.10 Td (with ) Tj ET Q q 0 0 0 rg BT 117.47 246.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 148.67 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.33 246.10 Td (non-Sears-branded ) Tj ET Q q 0 0 0 rg BT 237.75 246.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 277.57 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.46 246.10 Td (If ) Tj ET Q q 0 0 0 rg BT 290.00 246.10 Td (those ) Tj ET Q q 0 0 0 rg BT 313.99 246.10 Td (ef) Tj ET Q q 0 0 0 rg BT 321.58 246.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 342.80 246.10 Td (were ) Tj ET Q q 0 0 0 rg BT 365.11 246.10 Td (unsuccessful ) Tj ET Q q 0 0 0 rg BT 419.09 246.10 Td (we ) Tj ET Q q 0 0 0 rg BT 433.64 246.10 Td (might ) Tj ET Q q 0 0 0 rg BT 459.86 246.10 Td (not ) Tj ET Q q 0 0 0 rg BT 475.52 246.10 Td (be ) Tj ET Q q 0 0 0 rg BT 487.84 246.10 Td (able ) Tj ET Q q 0 0 0 rg BT 507.38 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.05 246.10 Td (replace ) Tj ET Q q 0 0 0 rg BT 549.79 246.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.12 234.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 127.96 234.10 Td (under ) Tj ET Q q 0 0 0 rg BT 153.02 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.53 234.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 229.31 234.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 276.02 234.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.32 234.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 345.59 234.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 390.64 234.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 417.65 234.10 Td (or ) Tj ET Q q 0 0 0 rg BT 428.27 234.10 Td (at ) Tj ET Q q 0 0 0 rg BT 437.78 234.10 Td (all ) Tj ET Q q 0 0 0 rg BT 450.07 234.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.80 234.10 Td (any ) Tj ET Q q 0 0 0 rg BT 483.53 234.10 Td (such ) Tj ET Q q 0 0 0 rg BT 504.16 234.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 539.78 234.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (have ) Tj ET Q q 0 0 0 rg BT 69.92 222.10 Td (a ) Tj ET Q q 0 0 0 rg BT 75.89 222.10 Td (material ) Tj ET Q q 0 0 0 rg BT 110.19 222.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 142.26 222.10 Td (ef) Tj ET Q q 0 0 0 rg BT 149.85 222.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 166.38 222.10 Td (on ) Tj ET Q q 0 0 0 rg BT 177.91 222.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.78 222.10 Td (prospects ) Tj ET Q q 0 0 0 rg BT 232.09 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.06 222.10 Td (results ) Tj ET Q q 0 0 0 rg BT 275.71 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.58 222.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 328.77 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.75 222.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.62 222.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 386.71 222.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.02 222.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 426.99 222.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.85 222.10 Td (business ) Tj ET Q q 0 0 0 rg BT 477.28 222.10 Td (could ) Tj ET Q q 0 0 0 rg BT 501.04 222.10 Td (be ) Tj ET Q q 0 0 0 rg BT 512.01 222.10 Td (significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 90.18 210.10 Td (as ) Tj ET Q q 0 0 0 rg BT 101.15 210.10 Td (we ) Tj ET Q q 0 0 0 rg BT 115.45 210.10 Td (would ) Tj ET Q q 0 0 0 rg BT 143.08 210.10 Td (have ) Tj ET Q q 0 0 0 rg BT 164.60 210.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.02 210.10 Td (find ) Tj ET Q q 0 0 0 rg BT 193.76 210.10 Td (new ) Tj ET Q q 0 0 0 rg BT 213.06 210.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 245.69 210.10 Td (for ) Tj ET Q q 0 0 0 rg BT 259.99 210.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.96 210.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 313.63 210.10 Td (. ) Tj ET Q q 0 0 0 rg BT 318.77 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.22 210.10 Td (W) Tj ET Q q 0 0 0 rg BT 329.86 210.10 Td (e ) Tj ET Q q 0 0 0 rg BT 336.93 210.10 Td (now ) Tj ET Q q 0 0 0 rg BT 356.79 210.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 394.97 210.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 414.54 210.10 Td (when ) Tj ET Q q 0 0 0 rg BT 438.84 210.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.26 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.11 210.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 511.33 210.10 Td (best ) Tj ET Q q 0 0 0 rg BT 530.08 210.10 Td (interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 77.00 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.27 198.10 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 129.73 198.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.56 198.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 187.49 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.32 198.10 Td (non-Sears-branded ) Tj ET Q q 0 0 0 rg BT 276.35 198.10 Td (products ) Tj ET Q q 0 0 0 rg BT 313.28 198.10 Td (from ) Tj ET Q q 0 0 0 rg BT 335.22 198.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 360.31 198.10 Td (V) Tj ET Q q 0 0 0 rg BT 366.42 198.10 Td (endors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 177.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.81 177.10 Td (vendor ) Tj ET Q q 0 0 0 rg BT 134.33 177.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 190.94 177.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.48 177.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 235.89 177.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 275.31 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.51 177.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 317.83 177.10 Td (V) Tj ET Q q 0 0 0 rg BT 323.94 177.10 Td (endors ) Tj ET Q q 0 0 0 rg BT 353.36 177.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 393.31 177.10 Td (are ) Tj ET Q q 0 0 0 rg BT 408.27 177.10 Td (not ) Tj ET Q q 0 0 0 rg BT 423.81 177.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 465.99 177.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 514.28 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.47 177.10 Td (none ) Tj ET Q q 0 0 0 rg BT 553.67 177.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.10 Td (them ) Tj ET Q q 0 0 0 rg BT 71.40 165.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 112.18 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.30 165.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 173.20 165.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.44 165.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 235.88 165.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.56 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.69 165.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 287.98 165.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 305.44 165.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 335.68 165.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 369.24 165.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 403.92 165.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.61 165.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.95 165.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 464.08 165.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 490.42 165.10 Td (on ) Tj ET Q q 0 0 0 rg BT 502.33 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 165.10 Td (willingness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.56 153.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 94.72 153.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.67 153.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.62 153.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 155.90 153.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.29 153.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 195.58 153.10 Td (us ) Tj ET Q q 0 0 0 rg BT 207.09 153.10 Td (with ) Tj ET Q q 0 0 0 rg BT 227.48 153.10 Td (suf) Tj ET Q q 0 0 0 rg BT 239.52 153.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 267.68 153.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 305.36 153.10 Td (. ) Tj ET Q q 0 0 0 rg BT 309.90 153.10 Td (As ) Tj ET Q q 0 0 0 rg BT 323.63 153.10 Td (a ) Tj ET Q q 0 0 0 rg BT 330.69 153.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 358.02 153.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.97 153.10 Td (success ) Tj ET Q q 0 0 0 rg BT 406.57 153.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 441.96 153.10 Td (on ) Tj ET Q q 0 0 0 rg BT 454.58 153.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 504.96 153.10 Td (good ) Tj ET Q q 0 0 0 rg BT 527.58 153.10 Td (relations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.15 141.10 Td (our ) Tj ET Q q 0 0 0 rg BT 86.35 141.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 120.89 141.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 155.42 141.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.73 141.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 220.03 141.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 274.01 141.10 Td (with ) Tj ET Q q 0 0 0 rg BT 294.66 141.10 Td (new ) Tj ET Q q 0 0 0 rg BT 314.19 141.10 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 351.22 141.10 Td (If ) Tj ET Q q 0 0 0 rg BT 360.75 141.10 Td (we ) Tj ET Q q 0 0 0 rg BT 375.28 141.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 391.48 141.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.13 141.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 439.99 141.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.19 141.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 493.49 141.10 Td (with ) Tj ET Q q 0 0 0 rg BT 514.14 141.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.34 141.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 83.83 129.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 127.60 129.10 Td (without ) Tj ET Q q 0 0 0 rg BT 160.82 129.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 202.38 129.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 252.81 129.10 Td (an ) Tj ET Q q 0 0 0 rg BT 264.92 129.10 Td (ef) Tj ET Q q 0 0 0 rg BT 272.51 129.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 302.38 129.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.48 129.10 Td (productive ) Tj ET Q q 0 0 0 rg BT 364.91 129.10 Td (business ) Tj ET Q q 0 0 0 rg BT 401.47 129.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 451.35 129.10 Td (with ) Tj ET Q q 0 0 0 rg BT 471.80 129.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 496.13 129.10 Td (Holdings\) ) Tj ET Q q 0 0 0 rg BT 538.79 129.10 Td (or ) Tj ET Q q 0 0 0 rg BT 549.79 129.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 79.37 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.91 117.10 Td (quantity ) Tj ET Q q 0 0 0 rg BT 130.78 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.21 117.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 193.85 117.10 Td (they ) Tj ET Q q 0 0 0 rg BT 213.16 117.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 241.93 117.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 255.42 117.10 Td (or ) Tj ET Q q 0 0 0 rg BT 265.85 117.10 Td (if ) Tj ET Q q 0 0 0 rg BT 274.06 117.10 Td (we ) Tj ET Q q 0 0 0 rg BT 287.82 117.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 316.58 117.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 348.10 117.10 Td (new ) Tj ET Q q 0 0 0 rg BT 366.86 117.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 400.62 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.05 117.10 Td (favored ) Tj ET Q q 0 0 0 rg BT 443.68 117.10 Td (brand-name ) Tj ET Q q 0 0 0 rg BT 493.54 117.10 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 548.67 117.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 77.24 105.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.20 105.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 114.38 105.10 Td (a ) Tj ET Q q 0 0 0 rg BT 121.00 105.10 Td (suf) Tj ET Q q 0 0 0 rg BT 133.04 105.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 160.77 105.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 192.95 105.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.58 105.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 239.52 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.04 105.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 302.76 105.10 Td (at ) Tj ET Q q 0 0 0 rg BT 312.16 105.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 356.53 105.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 382.59 105.10 Td (may ) Tj ET Q q 0 0 0 rg BT 402.00 105.10 Td (be ) Tj ET Q q 0 0 0 rg BT 413.62 105.10 Td (limited, ) Tj ET Q q 0 0 0 rg BT 446.63 105.10 Td (which ) Tj ET Q q 0 0 0 rg BT 473.26 105.10 Td (would ) Tj ET Q q 0 0 0 rg BT 500.44 105.10 Td (have ) Tj ET Q q 0 0 0 rg BT 521.50 105.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.13 105.10 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.48 93.10 Td (on ) Tj ET Q q 0 0 0 rg BT 92.25 93.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.35 93.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 158.33 93.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 195.83 93.10 Td (In ) Tj ET Q q 0 0 0 rg BT 206.93 93.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 244.97 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.52 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.50 93.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 297.71 93.10 Td (we ) Tj ET Q q 0 0 0 rg BT 312.14 93.10 Td (are ) Tj ET Q q 0 0 0 rg BT 327.12 93.10 Td (able ) Tj ET Q q 0 0 0 rg BT 346.54 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.09 93.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 391.51 93.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 445.39 93.10 Td (with ) Tj ET Q q 0 0 0 rg BT 465.94 93.10 Td (new ) Tj ET Q q 0 0 0 rg BT 485.37 93.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 519.80 93.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.00 93.10 Td (obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 101.46 81.10 Td (from ) Tj ET Q q 0 0 0 rg BT 122.33 81.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 165.96 81.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 199.88 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.53 81.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 265.49 81.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 301.36 81.10 Td (may ) Tj ET Q q 0 0 0 rg BT 320.00 81.10 Td (be ) Tj ET Q q 0 0 0 rg BT 330.87 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.63 81.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.50 81.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 370.70 81.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 399.91 81.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.77 81.10 Td (more ) Tj ET Q q 0 0 0 rg BT 437.75 81.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 479.17 81.10 Td (than ) Tj ET Q q 0 0 0 rg BT 497.82 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 81.10 Td (merchandise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 69.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 102.25 69.10 Td (purchase.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 742.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.77 742.25 Td (license ) Tj ET Q q 0 0 0 rg BT 95.77 742.25 Td (from ) Tj ET Q q 0 0 0 rg BT 118.45 742.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 143.92 742.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 184.38 742.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.84 742.25 Td (use ) Tj ET Q q 0 0 0 rg BT 216.41 742.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.42 742.25 Td (our ) Tj ET Q q 0 0 0 rg BT 244.55 742.25 Td (current ) Tj ET Q q 0 0 0 rg BT 277.80 742.25 Td (store ) Tj ET Q q 0 0 0 rg BT 300.48 742.25 Td (names, ) Tj ET Q q 0 0 0 rg BT 332.33 742.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 371.10 742.25 Td (domain ) Tj ET Q q 0 0 0 rg BT 404.90 742.25 Td (names, ) Tj ET Q q 0 0 0 rg BT 436.75 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.99 742.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 493.76 742.25 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 543.11 742.25 Td (used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 730.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 86.73 730.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.68 730.25 Td (products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 713.25 Td (e ) Tj ET Q q 0 0 0 rg BT 101.52 713.25 Td (license ) Tj ET Q q 0 0 0 rg BT 132.23 713.25 Td (from ) Tj ET Q q 0 0 0 rg BT 154.62 713.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 179.23 713.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 218.84 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.01 713.25 Td (use ) Tj ET Q q 0 0 0 rg BT 250.28 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.56 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.72 713.25 Td ("Sears" ) Tj ET Q q 0 0 0 rg BT 309.49 713.25 Td (trademark, ) Tj ET Q q 0 0 0 rg BT 355.47 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.64 713.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 394.70 713.25 Td (Marks, ) Tj ET Q q 0 0 0 rg BT 425.70 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.08 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.24 713.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 486.93 713.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 534.32 713.25 Td (Store," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 79.06 701.25 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 128.94 701.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 178.28 701.25 Td (Store," ) Tj ET Q q 0 0 0 rg BT 210.87 701.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 241.51 701.25 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 285.82 701.25 Td (Store," ) Tj ET Q q 0 0 0 rg BT 318.41 701.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 349.05 701.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 377.31 701.25 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 423.30 701.25 Td (Showroom," ) Tj ET Q q 0 0 0 rg BT 478.67 701.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 508.23 701.25 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 554.22 701.25 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (Hardware," ) Tj ET Q q 0 0 0 rg BT 98.78 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.50 689.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 145.52 689.25 Td (Outlet" ) Tj ET Q q 0 0 0 rg BT 177.87 689.25 Td (store ) Tj ET Q q 0 0 0 rg BT 200.59 689.25 Td (names ) Tj ET Q q 0 0 0 rg BT 229.42 689.25 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 278.74 689.25 Td (, ) Tj ET Q q 0 0 0 rg BT 284.52 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 287.80 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.30 689.25 Td ("store ) Tj ET Q q 0 0 0 rg BT 330.10 689.25 Td (names"\) ) Tj ET Q q 0 0 0 rg BT 366.33 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.05 689.25 Td (domain ) Tj ET Q q 0 0 0 rg BT 417.32 689.25 Td (names ) Tj ET Q q 0 0 0 rg BT 446.15 689.25 Td (for ) Tj ET Q q 0 0 0 rg BT 461.09 689.25 Td (websites ) Tj ET Q q 0 0 0 rg BT 498.81 689.25 Td (we ) Tj ET Q q 0 0 0 rg BT 513.75 689.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 546.45 689.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td ("domain ) Tj ET Q q 0 0 0 rg BT 86.34 677.25 Td (names"\). ) Tj ET Q q 0 0 0 rg BT 124.57 677.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.33 677.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 165.10 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.65 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.63 677.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 252.77 677.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 302.46 677.25 Td (our ) Tj ET Q q 0 0 0 rg BT 318.56 677.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 352.98 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.52 677.25 Td (use ) Tj ET Q q 0 0 0 rg BT 379.62 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.60 677.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 418.48 677.25 Td (Marks ) Tj ET Q q 0 0 0 rg BT 446.80 677.25 Td (will ) Tj ET Q q 0 0 0 rg BT 465.12 677.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 492.87 677.25 Td (February ) Tj ET Q q 0 0 0 rg BT 531.74 677.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 542.00 677.25 Td (2020 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (or) Tj ET Q q 0 0 0 rg BT 57.43 665.25 Td (, ) Tj ET Q q 0 0 0 rg BT 61.38 665.25 Td (if ) Tj ET Q q 0 0 0 rg BT 68.93 665.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 104.24 665.25 Td (for ) Tj ET Q q 0 0 0 rg BT 117.35 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.01 665.25 Td (renewal ) Tj ET Q q 0 0 0 rg BT 164.10 665.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 186.37 665.25 Td (February ) Tj ET Q q 0 0 0 rg BT 223.91 665.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 232.86 665.25 Td (2023. ) Tj ET Q q 0 0 0 rg BT 256.80 665.25 Td ( ) Tj ET Q q 0 0 0 rg BT 258.25 665.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 294.70 665.25 Td (to ) Tj ET Q q 0 0 0 rg BT 303.92 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.58 665.25 Td (Store ) Tj ET Q q 0 0 0 rg BT 340.13 665.25 Td (License ) Tj ET Q q 0 0 0 rg BT 372.35 665.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 422.12 665.25 Td (and ) Tj ET Q q 0 0 0 rg BT 437.90 665.25 Td (T) Tj ET Q q 0 0 0 rg BT 443.65 665.25 Td (rademark ) Tj ET Q q 0 0 0 rg BT 482.85 665.25 Td (License ) Tj ET Q q 0 0 0 rg BT 515.07 665.25 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.87 653.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 100.56 653.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.38 653.25 Td (use ) Tj ET Q q 0 0 0 rg BT 127.74 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.00 653.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 167.69 653.25 Td (trademark, ) Tj ET Q q 0 0 0 rg BT 213.76 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.02 653.25 Td (store ) Tj ET Q q 0 0 0 rg BT 251.49 653.25 Td (names, ) Tj ET Q q 0 0 0 rg BT 282.58 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.05 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.31 653.25 Td (domain ) Tj ET Q q 0 0 0 rg BT 348.34 653.25 Td (names ) Tj ET Q q 0 0 0 rg BT 376.92 653.25 Td (\(except ) Tj ET Q q 0 0 0 rg BT 409.38 653.25 Td (as ) Tj ET Q q 0 0 0 rg BT 420.75 653.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 459.33 653.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.15 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.40 653.25 Td (next ) Tj ET Q q 0 0 0 rg BT 505.66 653.25 Td (sentence\) ) Tj ET Q q 0 0 0 rg BT 546.45 653.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 76.25 641.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.80 641.25 Td (2029, ) Tj ET Q q 0 0 0 rg BT 110.07 641.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 140.17 641.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.71 641.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 187.58 641.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 235.44 641.25 Td (rights. ) Tj ET Q q 0 0 0 rg BT 262.49 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 264.26 641.25 Td (In ) Tj ET Q q 0 0 0 rg BT 274.36 641.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 321.09 641.25 Td (with ) Tj ET Q q 0 0 0 rg BT 340.64 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.62 641.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 389.88 641.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 436.07 641.25 Td (our ) Tj ET Q q 0 0 0 rg BT 451.17 641.25 Td (license ) Tj ET Q q 0 0 0 rg BT 480.70 641.25 Td (from ) Tj ET Q q 0 0 0 rg BT 501.91 641.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.34 641.25 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.34 629.25 Td (use ) Tj ET Q q 0 0 0 rg BT 74.72 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.00 629.25 Td (domain ) Tj ET Q q 0 0 0 rg BT 121.05 629.25 Td (name ) Tj ET Q q 0 0 0 rg BT 144.77 629.25 Td ("searsoutlet.com" ) Tj ET Q q 0 0 0 rg BT 217.47 629.25 Td (on ) Tj ET Q q 0 0 0 rg BT 229.53 629.25 Td (a ) Tj ET Q q 0 0 0 rg BT 236.02 629.25 Td (web ) Tj ET Q q 0 0 0 rg BT 254.74 629.25 Td (platform ) Tj ET Q q 0 0 0 rg BT 291.23 629.25 Td (not ) Tj ET Q q 0 0 0 rg BT 306.07 629.25 Td (operated ) Tj ET Q q 0 0 0 rg BT 342.55 629.25 Td (by ) Tj ET Q q 0 0 0 rg BT 354.61 629.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 378.33 629.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 417.06 629.25 Td (will ) Tj ET Q q 0 0 0 rg BT 434.67 629.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 461.71 629.25 Td (on ) Tj ET Q q 0 0 0 rg BT 473.77 629.25 Td (February ) Tj ET Q q 0 0 0 rg BT 511.93 629.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 521.49 629.25 Td (2020. ) Tj ET Q q 0 0 0 rg BT 546.05 629.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.10 629.25 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 91.99 617.25 Td (information ) Tj ET Q q 0 0 0 rg BT 141.70 617.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 182.52 617.25 Td (our ) Tj ET Q q 0 0 0 rg BT 198.35 617.25 Td (license ) Tj ET Q q 0 0 0 rg BT 228.61 617.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 253.89 617.25 Td (see ) Tj ET Q q 0 0 0 rg BT 269.16 617.25 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 305.17 617.25 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 362.12 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.88 617.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.63 617.25 Td (ransactions" ) Tj ET Q q 0 0 0 rg BT 436.20 617.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.48 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.19 617.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 483.69 617.25 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 510.09 617.25 Td (Statement. ) Tj ET Q q 0 0 0 rg BT 555.08 617.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 596.25 Td (If ) Tj ET Q q 0 0 0 rg BT 94.59 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.24 596.25 Td (value ) Tj ET Q q 0 0 0 rg BT 133.33 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.09 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.74 596.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 182.84 596.25 Td (trademark, ) Tj ET Q q 0 0 0 rg BT 228.30 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.95 596.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 266.50 596.25 Td (Marks, ) Tj ET Q q 0 0 0 rg BT 296.98 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.63 596.25 Td (store ) Tj ET Q q 0 0 0 rg BT 333.51 596.25 Td (names, ) Tj ET Q q 0 0 0 rg BT 363.99 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 374.75 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.40 596.25 Td (domain ) Tj ET Q q 0 0 0 rg BT 421.83 596.25 Td (names ) Tj ET Q q 0 0 0 rg BT 449.81 596.25 Td (diminishes, ) Tj ET Q q 0 0 0 rg BT 498.08 596.25 Td (if ) Tj ET Q q 0 0 0 rg BT 506.62 596.25 Td (we ) Tj ET Q q 0 0 0 rg BT 520.71 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 535.35 596.25 Td (unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 58.76 584.25 Td (extend, ) Tj ET Q q 0 0 0 rg BT 89.40 584.25 Td (renew) Tj ET Q q 0 0 0 rg BT 113.17 584.25 Td (, ) Tj ET Q q 0 0 0 rg BT 117.16 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 126.97 584.25 Td (renegotiate ) Tj ET Q q 0 0 0 rg BT 172.87 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.56 584.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 247.70 584.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 296.11 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.81 584.25 Td (Store ) Tj ET Q q 0 0 0 rg BT 332.40 584.25 Td (License ) Tj ET Q q 0 0 0 rg BT 364.64 584.25 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 416.94 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 426.75 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.34 584.25 Td (T) Tj ET Q q 0 0 0 rg BT 446.10 584.25 Td (rademark ) Tj ET Q q 0 0 0 rg BT 485.33 584.25 Td (License ) Tj ET Q q 0 0 0 rg BT 517.58 584.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.15 572.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 111.43 572.25 Td (terms, ) Tj ET Q q 0 0 0 rg BT 138.79 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 149.77 572.25 Td (at ) Tj ET Q q 0 0 0 rg BT 159.63 572.25 Td (all, ) Tj ET Q q 0 0 0 rg BT 174.77 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 185.75 572.25 Td (if ) Tj ET Q q 0 0 0 rg BT 194.50 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.93 572.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 251.44 572.25 Td (with ) Tj ET Q q 0 0 0 rg BT 271.87 572.25 Td (an ) Tj ET Q q 0 0 0 rg BT 283.95 572.25 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 329.92 572.25 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 376.99 572.25 Td (with ) Tj ET Q q 0 0 0 rg BT 397.42 572.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 428.38 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 438.80 572.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 463.11 572.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 502.42 572.25 Td (one ) Tj ET Q q 0 0 0 rg BT 519.50 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 530.48 572.25 Td (more ) Tj ET Q q 0 0 0 rg BT 553.67 572.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.74 560.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 120.96 560.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 135.31 560.25 Td (other ) Tj ET Q q 0 0 0 rg BT 158.54 560.25 Td (then-available ) Tj ET Q q 0 0 0 rg BT 217.87 560.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 243.34 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 253.80 560.25 Td (use ) Tj ET Q q 0 0 0 rg BT 269.82 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.73 560.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 308.53 560.25 Td (Marks, ) Tj ET Q q 0 0 0 rg BT 339.27 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.18 560.25 Td (store ) Tj ET Q q 0 0 0 rg BT 376.31 560.25 Td (names, ) Tj ET Q q 0 0 0 rg BT 407.04 560.25 Td (or ) Tj ET Q q 0 0 0 rg BT 418.06 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.97 560.25 Td (domain ) Tj ET Q q 0 0 0 rg BT 465.66 560.25 Td (names\) ) Tj ET Q q 0 0 0 rg BT 497.22 560.25 Td (were ) Tj ET Q q 0 0 0 rg BT 519.34 560.25 Td (rejected ) Tj ET Q q 0 0 0 rg BT 553.67 560.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 90.99 548.25 Td (terminated, ) Tj ET Q q 0 0 0 rg BT 138.86 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 154.80 548.25 Td (prospects ) Tj ET Q q 0 0 0 rg BT 195.18 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.23 548.25 Td (results ) Tj ET Q q 0 0 0 rg BT 240.96 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.90 548.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 296.17 548.25 Td (could ) Tj ET Q q 0 0 0 rg BT 320.99 548.25 Td (be ) Tj ET Q q 0 0 0 rg BT 333.04 548.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 373.97 548.25 Td (af) Tj ET Q q 0 0 0 rg BT 381.56 548.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 408.60 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.65 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 441.59 548.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 469.75 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 480.14 548.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 512.18 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 528.12 548.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.99 536.25 Td (be ) Tj ET Q q 0 0 0 rg BT 87.71 536.25 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 129.03 536.25 Td (as ) Tj ET Q q 0 0 0 rg BT 140.64 536.25 Td (it ) Tj ET Q q 0 0 0 rg BT 149.47 536.25 Td (would ) Tj ET Q q 0 0 0 rg BT 177.75 536.25 Td (require ) Tj ET Q q 0 0 0 rg BT 209.34 536.25 Td (us ) Tj ET Q q 0 0 0 rg BT 221.51 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.57 536.25 Td (stop ) Tj ET Q q 0 0 0 rg BT 252.52 536.25 Td (using ) Tj ET Q q 0 0 0 rg BT 277.47 536.25 Td (one ) Tj ET Q q 0 0 0 rg BT 295.18 536.25 Td (or ) Tj ET Q q 0 0 0 rg BT 306.79 536.25 Td (more ) Tj ET Q q 0 0 0 rg BT 330.61 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.22 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.72 536.25 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 423.74 536.25 Td (names ) Tj ET Q q 0 0 0 rg BT 452.57 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.62 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 480.23 536.25 Td (stores, ) Tj ET Q q 0 0 0 rg BT 509.34 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.40 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 537.00 536.25 Td (online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 90.60 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.54 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.82 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.65 524.25 Td (product ) Tj ET Q q 0 0 0 rg BT 166.69 524.25 Td (advertising.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 83.13 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.55 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 112.08 503.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 162.39 503.25 Td (with ) Tj ET Q q 0 0 0 rg BT 183.26 503.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 235.25 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.66 503.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 272.53 503.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 313.40 503.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 347.61 503.25 Td (early ) Tj ET Q q 0 0 0 rg BT 371.24 503.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 422.67 503.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 467.98 503.25 Td (that ) Tj ET Q q 0 0 0 rg BT 487.19 503.25 Td (are ) Tj ET Q q 0 0 0 rg BT 503.60 503.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 536.13 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 547.55 503.25 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (control ) Tj ET Q q 0 0 0 rg BT 83.07 491.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 105.25 491.25 Td (if ) Tj ET Q q 0 0 0 rg BT 115.47 491.25 Td (triggered, ) Tj ET Q q 0 0 0 rg BT 159.31 491.25 Td (could ) Tj ET Q q 0 0 0 rg BT 186.20 491.25 Td (have ) Tj ET Q q 0 0 0 rg BT 209.76 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 218.88 491.25 Td (material ) Tj ET Q q 0 0 0 rg BT 257.44 491.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 292.65 491.25 Td (ef) Tj ET Q q 0 0 0 rg BT 300.24 491.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 319.34 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 334.02 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 352.59 491.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 382.26 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.16 491.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 428.82 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 447.39 491.25 Td (business ) Tj ET Q q 0 0 0 rg BT 486.53 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.21 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 524.78 491.25 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 462.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.62 462.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 151.72 462.25 Td (with ) Tj ET Q q 0 0 0 rg BT 172.07 462.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 221.86 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.76 462.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 256.99 462.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 296.23 462.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 328.23 462.25 Td (various ) Tj ET Q q 0 0 0 rg BT 360.24 462.25 Td (default ) Tj ET Q q 0 0 0 rg BT 390.57 462.25 Td (and ) Tj ET Q q 0 0 0 rg BT 407.58 462.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 456.25 462.25 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 502.99 462.25 Td (some ) Tj ET Q q 0 0 0 rg BT 526.67 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 537.57 462.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.20 450.25 Td (not ) Tj ET Q q 0 0 0 rg BT 79.46 450.25 Td (within ) Tj ET Q q 0 0 0 rg BT 107.51 450.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.33 450.25 Td (control. ) Tj ET Q q 0 0 0 rg BT 156.64 450.25 Td (For ) Tj ET Q q 0 0 0 rg BT 173.02 450.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 211.89 450.25 Td (under ) Tj ET Q q 0 0 0 rg BT 237.14 450.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.85 450.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 313.77 450.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 363.19 450.25 Td (if ) Tj ET Q q 0 0 0 rg BT 371.79 450.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 383.71 450.25 Td (an ) Tj ET Q q 0 0 0 rg BT 395.64 450.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 413.23 450.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 444.04 450.25 Td (third ) Tj ET Q q 0 0 0 rg BT 465.41 450.25 Td (party ) Tj ET Q q 0 0 0 rg BT 488.45 450.25 Td (acquires ) Tj ET Q q 0 0 0 rg BT 524.25 450.25 Td (all ) Tj ET Q q 0 0 0 rg BT 536.74 450.25 Td (rights, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (title, ) Tj ET Q q 0 0 0 rg BT 70.20 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 87.29 438.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 119.38 438.25 Td (in ) Tj ET Q q 0 0 0 rg BT 129.80 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.89 438.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.32 438.25 Td (one ) Tj ET Q q 0 0 0 rg BT 174.41 438.25 Td (or ) Tj ET Q q 0 0 0 rg BT 185.39 438.25 Td (more ) Tj ET Q q 0 0 0 rg BT 208.59 438.25 Td (\(but ) Tj ET Q q 0 0 0 rg BT 227.35 438.25 Td (not ) Tj ET Q q 0 0 0 rg BT 242.78 438.25 Td (all\) ) Tj ET Q q 0 0 0 rg BT 258.75 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.73 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.60 438.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 308.36 438.25 Td (Marks, ) Tj ET Q q 0 0 0 rg BT 339.06 438.25 Td (then ) Tj ET Q q 0 0 0 rg BT 358.93 438.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 408.80 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.78 438.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 444.09 438.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 483.41 438.25 Td (may ) Tj ET Q q 0 0 0 rg BT 503.28 438.25 Td (terminate ) Tj ET Q q 0 0 0 rg BT 543.69 438.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 93.35 426.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.43 426.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 121.62 426.25 Td (to ) Tj ET Q q 0 0 0 rg BT 132.70 426.25 Td (us ) Tj ET Q q 0 0 0 rg BT 144.90 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.42 426.25 Td (products ) Tj ET Q q 0 0 0 rg BT 198.16 426.25 Td (that ) Tj ET Q q 0 0 0 rg BT 216.46 426.25 Td (are ) Tj ET Q q 0 0 0 rg BT 231.96 426.25 Td (branded ) Tj ET Q q 0 0 0 rg BT 267.47 426.25 Td (with ) Tj ET Q q 0 0 0 rg BT 288.55 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.07 426.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 328.49 426.25 Td (Marks ) Tj ET Q q 0 0 0 rg BT 357.34 426.25 Td (that ) Tj ET Q q 0 0 0 rg BT 375.64 426.25 Td (were ) Tj ET Q q 0 0 0 rg BT 398.37 426.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 430.00 426.25 Td (to ) Tj ET Q q 0 0 0 rg BT 441.08 426.25 Td (such ) Tj ET Q q 0 0 0 rg BT 462.71 426.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 509.90 426.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.64 426.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 543.16 426.25 Td (if ) Tj ET Q q 0 0 0 rg BT 552.57 426.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.09 414.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 98.07 414.25 Td (third ) Tj ET Q q 0 0 0 rg BT 119.62 414.25 Td (party ) Tj ET Q q 0 0 0 rg BT 142.82 414.25 Td (acquires ) Tj ET Q q 0 0 0 rg BT 178.80 414.25 Td (all ) Tj ET Q q 0 0 0 rg BT 191.45 414.25 Td (rights, ) Tj ET Q q 0 0 0 rg BT 219.39 414.25 Td (title, ) Tj ET Q q 0 0 0 rg BT 240.10 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.20 414.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.30 414.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.73 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 316.83 414.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.27 414.25 Td (all ) Tj ET Q q 0 0 0 rg BT 339.93 414.25 Td (of ) Tj ET Q q 0 0 0 rg BT 350.92 414.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.79 414.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 389.57 414.25 Td (Marks, ) Tj ET Q q 0 0 0 rg BT 420.28 414.25 Td (then ) Tj ET Q q 0 0 0 rg BT 440.16 414.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 490.03 414.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.02 414.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.34 414.25 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.34 402.25 Td (terminate ) Tj ET Q q 0 0 0 rg BT 109.72 402.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.56 402.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 186.58 402.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 233.63 402.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.03 402.25 Td (its ) Tj ET Q q 0 0 0 rg BT 256.10 402.25 Td (entirety) Tj ET Q q 0 0 0 rg BT 285.99 402.25 Td (. ) Tj ET Q q 0 0 0 rg BT 291.11 402.25 Td ( ) Tj ET Q q 0 0 0 rg BT 293.73 402.25 Td (See ) Tj ET Q q 0 0 0 rg BT 310.79 402.25 Td ("The ) Tj ET Q q 0 0 0 rg BT 333.04 402.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 351.21 402.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.16 402.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 385.90 402.25 Td (Products ) Tj ET Q q 0 0 0 rg BT 423.52 402.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.92 402.25 Td (other ) Tj ET Q q 0 0 0 rg BT 457.08 402.25 Td (retailers, ) Tj ET Q q 0 0 0 rg BT 494.41 402.25 Td (including ) Tj ET Q q 0 0 0 rg BT 534.80 402.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.82 390.25 Td (our ) Tj ET Q q 0 0 0 rg BT 77.13 390.25 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 129.83 390.25 Td (may ) Tj ET Q q 0 0 0 rg BT 150.03 390.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 191.33 390.25 Td (af) Tj ET Q q 0 0 0 rg BT 198.92 390.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 216.89 390.25 Td (our ) Tj ET Q q 0 0 0 rg BT 233.21 390.25 Td (results ) Tj ET Q q 0 0 0 rg BT 262.30 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.62 390.25 Td (operations" ) Tj ET Q q 0 0 0 rg BT 322.34 390.25 Td (in ) Tj ET Q q 0 0 0 rg BT 333.11 390.25 Td (this ) Tj ET Q q 0 0 0 rg BT 350.54 390.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 371.85 390.25 Td (1A) Tj ET Q q 0 0 0 rg BT 383.52 390.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.51 390.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 427.81 390.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 452.45 390.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 493.91 390.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 512.44 390.25 Td (on ) Tj ET Q q 0 0 0 rg BT 525.43 390.25 Td (March ) Tj ET Q q 0 0 0 rg BT 554.51 390.25 Td (9, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 71.22 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.26 378.25 Td (its ) Tj ET Q q 0 0 0 rg BT 92.43 378.25 Td (Craftsman ) Tj ET Q q 0 0 0 rg BT 135.80 378.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 160.28 378.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.78 378.25 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 201.49 378.25 Td (Black ) Tj ET Q q 0 0 0 rg BT 226.53 378.25 Td (& ) Tj ET Q q 0 0 0 rg BT 236.03 378.25 Td (Decker) Tj ET Q q 0 0 0 rg BT 264.49 378.25 Td (, ) Tj ET Q q 0 0 0 rg BT 268.71 378.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 285.69 378.25 Td ( ) Tj ET Q q 0 0 0 rg BT 287.41 378.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 341.61 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.54 378.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 416.87 378.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 463.01 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.16 378.25 Td (our ) Tj ET Q q 0 0 0 rg BT 494.21 378.25 Td (other ) Tj ET Q q 0 0 0 rg BT 516.47 378.25 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.65 366.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 119.25 366.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.95 366.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 153.99 366.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 193.03 366.25 Td (may ) Tj ET Q q 0 0 0 rg BT 212.63 366.25 Td (also ) Tj ET Q q 0 0 0 rg BT 231.11 366.25 Td (be ) Tj ET Q q 0 0 0 rg BT 242.92 366.25 Td (terminated ) Tj ET Q q 0 0 0 rg BT 288.06 366.25 Td (by ) Tj ET Q q 0 0 0 rg BT 300.43 366.25 Td (either ) Tj ET Q q 0 0 0 rg BT 325.57 366.25 Td (party ) Tj ET Q q 0 0 0 rg BT 348.49 366.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 370.87 366.25 Td (a ) Tj ET Q q 0 0 0 rg BT 377.68 366.25 Td (material ) Tj ET Q q 0 0 0 rg BT 412.82 366.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 441.84 366.25 Td (if ) Tj ET Q q 0 0 0 rg BT 450.32 366.25 Td (breaching ) Tj ET Q q 0 0 0 rg BT 492.12 366.25 Td (party ) Tj ET Q q 0 0 0 rg BT 515.04 366.25 Td (fails ) Tj ET Q q 0 0 0 rg BT 534.64 366.25 Td (to ) Tj ET Q q 0 0 0 rg BT 544.79 366.25 Td (cure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (such ) Tj ET Q q 0 0 0 rg BT 70.49 354.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 99.80 354.25 Td (within30 ) Tj ET Q q 0 0 0 rg BT 140.52 354.25 Td (days ) Tj ET Q q 0 0 0 rg BT 161.51 354.25 Td (following ) Tj ET Q q 0 0 0 rg BT 203.05 354.25 Td (written ) Tj ET Q q 0 0 0 rg BT 234.04 354.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 261.14 354.25 Td (of ) Tj ET Q q 0 0 0 rg BT 272.13 354.25 Td (such ) Tj ET Q q 0 0 0 rg BT 293.12 354.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 322.42 354.25 Td (or) Tj ET Q q 0 0 0 rg BT 330.35 354.25 Td (, ) Tj ET Q q 0 0 0 rg BT 335.52 354.25 Td (if ) Tj ET Q q 0 0 0 rg BT 344.29 354.25 Td (such ) Tj ET Q q 0 0 0 rg BT 365.28 354.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 394.58 354.25 Td (is ) Tj ET Q q 0 0 0 rg BT 403.91 354.25 Td (not ) Tj ET Q q 0 0 0 rg BT 419.35 354.25 Td (curable, ) Tj ET Q q 0 0 0 rg BT 453.94 354.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 506.58 354.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 529.25 354.25 Td (delivery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.93 342.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 86.47 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.91 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.23 342.25 Td (non-breaching ) Tj ET Q q 0 0 0 rg BT 171.09 342.25 Td (party) Tj ET Q q 0 0 0 rg BT 194.41 342.25 Td (s ) Tj ET Q q 0 0 0 rg BT 200.41 342.25 Td (intention ) Tj ET Q q 0 0 0 rg BT 238.06 342.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.95 342.25 Td (terminate. ) Tj ET Q q 0 0 0 rg BT 290.31 342.25 Td ( ) Tj ET Q q 0 0 0 rg BT 292.26 342.25 Td (The ) Tj ET Q q 0 0 0 rg BT 309.91 342.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 371.54 342.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 418.07 342.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 454.61 342.25 Td (that ) Tj ET Q q 0 0 0 rg BT 471.71 342.25 Td (neither ) Tj ET Q q 0 0 0 rg BT 501.58 342.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.34 342.25 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (nor ) Tj ET Q q 0 0 0 rg BT 65.10 330.25 Td (SHO ) Tj ET Q q 0 0 0 rg BT 87.38 330.25 Td (may ) Tj ET Q q 0 0 0 rg BT 106.88 330.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 141.90 330.25 Td (its ) Tj ET Q q 0 0 0 rg BT 153.63 330.25 Td (express ) Tj ET Q q 0 0 0 rg BT 185.89 330.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 234.26 330.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 259.32 330.25 Td (if ) Tj ET Q q 0 0 0 rg BT 267.70 330.25 Td (it ) Tj ET Q q 0 0 0 rg BT 275.53 330.25 Td (or ) Tj ET Q q 0 0 0 rg BT 286.13 330.25 Td (its ) Tj ET Q q 0 0 0 rg BT 297.86 330.25 Td (af) Tj ET Q q 0 0 0 rg BT 305.45 330.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 334.93 330.25 Td (have ) Tj ET Q q 0 0 0 rg BT 356.08 330.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 381.12 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.17 330.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 423.44 330.25 Td (with ) Tj ET Q q 0 0 0 rg BT 443.50 330.25 Td (any ) Tj ET Q q 0 0 0 rg BT 460.21 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.81 330.25 Td (its ) Tj ET Q q 0 0 0 rg BT 482.54 330.25 Td (material ) Tj ET Q q 0 0 0 rg BT 517.57 330.25 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 318.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 136.43 318.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 183.35 318.25 Td (and ) Tj ET Q q 0 0 0 rg BT 200.29 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.01 318.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 243.60 318.25 Td (is ) Tj ET Q q 0 0 0 rg BT 252.77 318.25 Td (continuing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 289.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.47 289.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.39 289.25 Td (a ) Tj ET Q q 0 0 0 rg BT 141.47 289.25 Td (number ) Tj ET Q q 0 0 0 rg BT 174.67 289.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.64 289.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.61 289.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 249.79 289.25 Td (with ) Tj ET Q q 0 0 0 rg BT 270.21 289.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 320.07 289.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.05 289.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 355.35 289.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 394.67 289.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 426.74 289.25 Td (cross-termination ) Tj ET Q q 0 0 0 rg BT 499.37 289.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 543.68 289.25 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 277.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 69.77 277.25 Td (if ) Tj ET Q q 0 0 0 rg BT 78.65 277.25 Td (a ) Tj ET Q q 0 0 0 rg BT 85.87 277.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 115.29 277.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.39 277.25 Td (or ) Tj ET Q q 0 0 0 rg BT 137.50 277.25 Td (default ) Tj ET Q q 0 0 0 rg BT 168.04 277.25 Td (under ) Tj ET Q q 0 0 0 rg BT 193.58 277.25 Td (one ) Tj ET Q q 0 0 0 rg BT 210.79 277.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.90 277.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.89 277.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 285.20 277.25 Td (by ) Tj ET Q q 0 0 0 rg BT 297.97 277.25 Td (one ) Tj ET Q q 0 0 0 rg BT 315.18 277.25 Td (party ) Tj ET Q q 0 0 0 rg BT 338.51 277.25 Td (were ) Tj ET Q q 0 0 0 rg BT 360.71 277.25 Td (to ) Tj ET Q q 0 0 0 rg BT 371.26 277.25 Td (result ) Tj ET Q q 0 0 0 rg BT 396.25 277.25 Td (in ) Tj ET Q q 0 0 0 rg BT 406.81 277.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.80 277.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 470.67 277.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.78 277.25 Td (such ) Tj ET Q q 0 0 0 rg BT 502.88 277.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 549.80 277.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 265.25 Td (other ) Tj ET Q q 0 0 0 rg BT 73.33 265.25 Td (party ) Tj ET Q q 0 0 0 rg BT 97.17 265.25 Td (may ) Tj ET Q q 0 0 0 rg BT 117.67 265.25 Td (terminate ) Tj ET Q q 0 0 0 rg BT 158.72 265.25 Td (a ) Tj ET Q q 0 0 0 rg BT 166.45 265.25 Td (number ) Tj ET Q q 0 0 0 rg BT 200.28 265.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.90 265.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.40 265.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 270.68 265.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 319.50 265.25 Td (between ) Tj ET Q q 0 0 0 rg BT 356.10 265.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.61 265.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 404.05 265.25 Td (If ) Tj ET Q q 0 0 0 rg BT 414.00 265.25 Td (one ) Tj ET Q q 0 0 0 rg BT 431.72 265.25 Td (or ) Tj ET Q q 0 0 0 rg BT 443.34 265.25 Td (more ) Tj ET Q q 0 0 0 rg BT 467.18 265.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.79 265.25 Td (our ) Tj ET Q q 0 0 0 rg BT 495.41 265.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 544.23 265.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.19 253.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.00 253.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 134.14 253.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 173.29 253.25 Td (were ) Tj ET Q q 0 0 0 rg BT 195.19 253.25 Td (to ) Tj ET Q q 0 0 0 rg BT 205.45 253.25 Td (be ) Tj ET Q q 0 0 0 rg BT 217.36 253.25 Td (terminated ) Tj ET Q q 0 0 0 rg BT 262.60 253.25 Td (earlier ) Tj ET Q q 0 0 0 rg BT 290.61 253.25 Td (than ) Tj ET Q q 0 0 0 rg BT 310.30 253.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 348.87 253.25 Td (anticipated, ) Tj ET Q q 0 0 0 rg BT 397.72 253.25 Td (it ) Tj ET Q q 0 0 0 rg BT 405.75 253.25 Td (could ) Tj ET Q q 0 0 0 rg BT 430.44 253.25 Td (have ) Tj ET Q q 0 0 0 rg BT 451.80 253.25 Td (a ) Tj ET Q q 0 0 0 rg BT 458.71 253.25 Td (material ) Tj ET Q q 0 0 0 rg BT 493.95 253.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 526.96 253.25 Td (ef) Tj ET Q q 0 0 0 rg BT 534.55 253.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 552.01 253.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.98 241.25 Td (prospects ) Tj ET Q q 0 0 0 rg BT 106.91 241.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.50 241.25 Td (results ) Tj ET Q q 0 0 0 rg BT 153.76 241.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.25 241.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 210.06 241.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.65 241.25 Td (our ) Tj ET Q q 0 0 0 rg BT 244.13 241.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 272.84 241.25 Td (to ) Tj ET Q q 0 0 0 rg BT 283.77 241.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 316.35 241.25 Td (our ) Tj ET Q q 0 0 0 rg BT 332.83 241.25 Td (business ) Tj ET Q q 0 0 0 rg BT 369.88 241.25 Td (would ) Tj ET Q q 0 0 0 rg BT 398.04 241.25 Td (be ) Tj ET Q q 0 0 0 rg BT 410.63 241.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 463.77 241.25 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 504.97 241.25 Td (For ) Tj ET Q q 0 0 0 rg BT 522.01 241.25 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.25 Td (information ) Tj ET Q q 0 0 0 rg BT 99.34 229.25 Td (see ) Tj ET Q q 0 0 0 rg BT 114.73 229.25 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 150.87 229.25 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 207.94 229.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.82 229.25 Td (T) Tj ET Q q 0 0 0 rg BT 230.57 229.25 Td (ransactions" ) Tj ET Q q 0 0 0 rg BT 282.27 229.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.67 229.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.52 229.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 330.14 229.25 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 356.66 229.25 Td (Statement. ) Tj ET Q q 0 0 0 rg BT 401.77 229.25 Td ( ) Tj ET Q q 0 0 0 rg BT 404.21 229.25 Td (The ) Tj ET Q q 0 0 0 rg BT 422.38 229.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 469.01 229.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 510.51 229.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.58 229.25 Td (Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.33 217.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 123.10 217.25 Td (with ) Tj ET Q q 0 0 0 rg BT 143.23 217.25 Td (a ) Tj ET Q q 0 0 0 rg BT 150.02 217.25 Td (syndicate ) Tj ET Q q 0 0 0 rg BT 190.14 217.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.82 217.25 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 234.54 217.25 Td (including ) Tj ET Q q 0 0 0 rg BT 274.67 217.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 298.13 217.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.29 217.25 Td (America, ) Tj ET Q q 0 0 0 rg BT 347.57 217.25 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 371.86 217.25 Td (as ) Tj ET Q q 0 0 0 rg BT 382.54 217.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 442.10 217.25 Td (agent ) Tj ET Q q 0 0 0 rg BT 466.11 217.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.90 217.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 522.44 217.25 Td (agent ) Tj ET Q q 0 0 0 rg BT 546.45 217.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.25 Td ("Senior ) Tj ET Q q 0 0 0 rg BT 80.93 205.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 100.56 205.25 Td ( ) Tj ET Q q 0 0 0 rg BT 102.15 205.25 Td (Facility"\), ) Tj ET Q q 0 0 0 rg BT 144.21 205.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 180.24 205.25 Td (that ) Tj ET Q q 0 0 0 rg BT 196.82 205.25 Td (an ) Tj ET Q q 0 0 0 rg BT 207.85 205.25 Td ("Event ) Tj ET Q q 0 0 0 rg BT 236.85 205.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.78 205.25 Td (Default" ) Tj ET Q q 0 0 0 rg BT 282.44 205.25 Td (would ) Tj ET Q q 0 0 0 rg BT 309.03 205.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 332.83 205.25 Td (with ) Tj ET Q q 0 0 0 rg BT 352.20 205.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.00 205.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 422.57 205.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 459.71 205.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.08 205.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.89 205.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 510.24 205.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 529.87 205.25 Td ( ) Tj ET Q q 0 0 0 rg BT 531.46 205.25 Td (Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.25 Td (if ) Tj ET Q q 0 0 0 rg BT 57.15 193.25 Td (SHC ) Tj ET Q q 0 0 0 rg BT 78.14 193.25 Td (or ) Tj ET Q q 0 0 0 rg BT 88.01 193.25 Td (its ) Tj ET Q q 0 0 0 rg BT 99.00 193.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 147.76 193.25 Td (terminated ) Tj ET Q q 0 0 0 rg BT 192.06 193.25 Td (each ) Tj ET Q q 0 0 0 rg BT 211.91 193.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.79 193.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.54 193.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 296.73 193.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 345.19 193.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.95 193.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 394.03 193.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 442.49 193.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.25 193.25 Td (Store ) Tj ET Q q 0 0 0 rg BT 478.90 193.25 Td (License ) Tj ET Q q 0 0 0 rg BT 511.19 193.25 Td (Agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.93 181.25 Td (T) Tj ET Q q 0 0 0 rg BT 70.69 181.25 Td (rademark ) Tj ET Q q 0 0 0 rg BT 111.90 181.25 Td (License ) Tj ET Q q 0 0 0 rg BT 145.70 181.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 196.08 181.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.51 181.25 Td (T) Tj ET Q q 0 0 0 rg BT 216.92 181.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 229.83 181.25 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 263.63 181.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 311.52 181.25 Td (between ) Tj ET Q q 0 0 0 rg BT 348.30 181.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.98 181.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 406.33 181.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.23 181.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 449.35 181.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 489.49 181.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 508.50 181.25 Td ("T) Tj ET Q q 0 0 0 rg BT 517.99 181.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 530.89 181.25 Td (Sharing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.25 Td (Agreement"\), ) Tj ET Q q 0 0 0 rg BT 107.52 169.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.64 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.54 169.25 Td (Employee ) Tj ET Q q 0 0 0 rg BT 185.50 169.25 Td (T) Tj ET Q q 0 0 0 rg BT 191.26 169.25 Td (ransition ) Tj ET Q q 0 0 0 rg BT 229.93 169.25 Td (and ) Tj ET Q q 0 0 0 rg BT 247.24 169.25 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 310.92 169.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 347.66 169.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 395.77 169.25 Td (between ) Tj ET Q q 0 0 0 rg BT 432.77 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.67 169.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 491.24 169.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.36 169.25 Td (SHMC. ) Tj ET Q q 0 0 0 rg BT 543.89 169.25 Td ( ) Tj ET Q q 0 0 0 rg BT 547.57 169.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td ("Management's ) Tj ET Q q 0 0 0 rg BT 114.05 157.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 160.51 157.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.95 157.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 214.52 157.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.42 157.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 265.21 157.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 307.78 157.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.79 157.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 356.81 157.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.71 157.25 Td (Operations--Senior ) Tj ET Q q 0 0 0 rg BT 446.36 157.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 465.99 157.25 Td ( ) Tj ET Q q 0 0 0 rg BT 468.56 157.25 Td (Facility" ) Tj ET Q q 0 0 0 rg BT 505.77 157.25 Td (in ) Tj ET Q q 0 0 0 rg BT 516.11 157.25 Td (this ) Tj ET Q q 0 0 0 rg BT 532.57 157.25 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 79.22 145.25 Td (on ) Tj ET Q q 0 0 0 rg BT 91.72 145.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 115.89 145.25 Td (10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 121.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.34 121.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 85.19 121.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.25 121.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 117.55 121.25 Td (Products ) Tj ET Q q 0 0 0 rg BT 155.96 121.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.47 121.25 Td (other ) Tj ET Q q 0 0 0 rg BT 188.88 121.25 Td (retailers, ) Tj ET Q q 0 0 0 rg BT 227.00 121.25 Td (including ) Tj ET Q q 0 0 0 rg BT 268.19 121.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 298.82 121.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.88 121.25 Td (our ) Tj ET Q q 0 0 0 rg BT 325.07 121.25 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 377.08 121.25 Td (may ) Tj ET Q q 0 0 0 rg BT 396.03 121.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 436.08 121.25 Td (af) Tj ET Q q 0 0 0 rg BT 444.23 121.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 460.96 121.25 Td (our ) Tj ET Q q 0 0 0 rg BT 477.14 121.25 Td (results ) Tj ET Q q 0 0 0 rg BT 506.11 121.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.18 121.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 104.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 109.27 104.25 Td (Products ) Tj ET Q q 0 0 0 rg BT 146.92 104.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 190.11 104.25 Td (for ) Tj ET Q q 0 0 0 rg BT 204.42 104.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 264.83 104.25 Td (51% ) Tj ET Q q 0 0 0 rg BT 285.82 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.80 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.79 104.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 365.98 104.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 400.28 104.25 Td (during ) Tj ET Q q 0 0 0 rg BT 429.04 104.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 453.35 104.25 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.21 104.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.21 104.25 Td (. ) Tj ET Q q 0 0 0 rg BT 498.37 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 501.02 104.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.33 104.25 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (has ) Tj ET Q q 0 0 0 rg BT 66.10 92.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 96.01 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.05 92.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 136.99 92.25 Td (several ) Tj ET Q q 0 0 0 rg BT 168.57 92.25 Td (other ) Tj ET Q q 0 0 0 rg BT 192.38 92.25 Td (retailers, ) Tj ET Q q 0 0 0 rg BT 230.35 92.25 Td (including ) Tj ET Q q 0 0 0 rg BT 271.39 92.25 Td (several ) Tj ET Q q 0 0 0 rg BT 302.97 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.56 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 331.16 92.25 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 384.14 92.25 Td (with ) Tj ET Q q 0 0 0 rg BT 405.18 92.25 Td (a ) Tj ET Q q 0 0 0 rg BT 412.88 92.25 Td (number ) Tj ET Q q 0 0 0 rg BT 446.70 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 458.29 92.25 Td (Craftsman- ) Tj ET Q q 0 0 0 rg BT 506.54 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.25 92.25 Td (DieHard-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (branded ) Tj ET Q q 0 0 0 rg BT 83.89 80.25 Td (products ) Tj ET Q q 0 0 0 rg BT 120.50 80.25 Td (that ) Tj ET Q q 0 0 0 rg BT 137.68 80.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 182.07 80.25 Td (were ) Tj ET Q q 0 0 0 rg BT 203.68 80.25 Td (only ) Tj ET Q q 0 0 0 rg BT 223.64 80.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 242.49 80.25 Td (through ) Tj ET Q q 0 0 0 rg BT 275.78 80.25 Td (af) Tj ET Q q 0 0 0 rg BT 283.36 80.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 312.76 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.26 80.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 347.10 80.25 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 388.45 80.25 Td ( ) Tj ET Q q 0 0 0 rg BT 390.63 80.25 Td (If ) Tj ET Q q 0 0 0 rg BT 399.47 80.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 423.31 80.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 462.16 80.25 Td (continues ) Tj ET Q q 0 0 0 rg BT 502.66 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.62 80.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 541.47 80.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (retailers, ) Tj ET Q q 0 0 0 rg BT 87.77 68.25 Td (including ) Tj ET Q q 0 0 0 rg BT 129.10 68.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.00 68.25 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 199.28 68.25 Td (with ) Tj ET Q q 0 0 0 rg BT 220.62 68.25 Td (Craftsman- ) Tj ET Q q 0 0 0 rg BT 269.17 68.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.17 68.25 Td (DieHard-branded ) Tj ET Q q 0 0 0 rg BT 360.70 68.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 401.20 68.25 Td (or ) Tj ET Q q 0 0 0 rg BT 413.10 68.25 Td (begins ) Tj ET Q q 0 0 0 rg BT 442.77 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 454.11 68.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 484.35 68.25 Td (other ) Tj ET Q q 0 0 0 rg BT 508.46 68.25 Td (retailers ) Tj ET Q q 0 0 0 rg BT 544.23 68.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (Kenmore-branded ) Tj ET Q q 0 0 0 rg BT 124.74 56.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 164.18 56.25 Td (our ) Tj ET Q q 0 0 0 rg BT 180.01 56.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 214.16 56.25 Td (may ) Tj ET Q q 0 0 0 rg BT 233.88 56.25 Td (be ) Tj ET Q q 0 0 0 rg BT 245.81 56.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 286.63 56.25 Td (af) Tj ET Q q 0 0 0 rg BT 294.22 56.25 Td (fected.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream 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 85.50 730.10 Td (On May 26, 2016 Sears Holdings announced that it would explore alternatives for its Kenmore, Craftsman, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (Diehard businesses and further expand the presence of these brands. On ) Tj ET Q q 0 0 0 rg BT 341.35 718.10 Td (August 25, 2016 Sears Holdings announced that it was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (continuing to explore alternatives for these businesses by evaluating potential partnerships or other transactions. On March 9, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (2017 Sears Holdings announced that it had completed its sale to Stanley Black& Decker) Tj ET Q q 0 0 0 rg BT 405.13 694.10 Td (, Inc. of Sears Holdings' Craftsman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (business \(the "Stanley Purchase"\), including the Craftsman brand name and related intellectual property rights. ) Tj ET Q q 0 0 0 rg BT 497.63 682.10 Td (The Stanley ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (Purchase provides Stanley Black & Decker) Tj ET Q q 0 0 0 rg BT 222.10 670.10 Td (, Inc. with the rights to develop, manufacture, and sell Craftsman-branded products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (in non-Sears Holdings and non-Company retail, industrial, and online sales channels across the U.S. and in other countries. ) Tj ET Q q 0 0 0 rg BT 546.62 658.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (part of the agreement, Sears Holdings will continue to of) Tj ET Q q 0 0 0 rg BT 276.48 646.10 Td (fer Craftsman-branded products, sourced from existing suppliers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (through its current retail channels, including the Company) Tj ET Q q 0 0 0 rg BT 282.13 634.10 Td (, via a perpetual license from Stanley Black & Decker) Tj ET Q q 0 0 0 rg BT 497.75 634.10 Td (, Inc. ) Tj ET Q q 0 0 0 rg BT 522.84 634.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (Company believes that the Stanley Purchase will enable Stanley Black & Decker) Tj ET Q q 0 0 0 rg BT 373.17 622.10 Td (, Inc. to significantly increase Craftsman sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (through the Company's competitors, such as ) Tj ET Q q 0 0 0 rg BT 228.60 610.10 Td (The Home Depot and Lowe) Tj ET Q q 0 0 0 rg BT 343.01 610.10 Td (s.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 593.10 Td (In ) Tj ET Q q 0 0 0 rg BT 95.43 593.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 140.91 593.10 Td (with ) Tj ET Q q 0 0 0 rg BT 160.29 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.11 593.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 205.71 593.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 243.41 593.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 266.67 593.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 304.95 593.10 Td (has ) Tj ET Q q 0 0 0 rg BT 319.88 593.10 Td (waived ) Tj ET Q q 0 0 0 rg BT 350.36 593.10 Td (its ) Tj ET Q q 0 0 0 rg BT 361.41 593.10 Td (right ) Tj ET Q q 0 0 0 rg BT 381.90 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.28 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.10 593.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 466.33 593.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 512.36 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.74 593.10 Td (terminate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (solely ) Tj ET Q q 0 0 0 rg BT 74.89 581.10 Td (as ) Tj ET Q q 0 0 0 rg BT 84.71 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.65 581.10 Td (result ) Tj ET Q q 0 0 0 rg BT 114.37 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.20 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.91 581.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 169.41 581.10 Td (Purchase, ) Tj ET Q q 0 0 0 rg BT 209.50 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.22 581.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 269.30 581.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 293.58 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.85 581.10 Td (buy ) Tj ET Q q 0 0 0 rg BT 319.35 581.10 Td (from ) Tj ET Q q 0 0 0 rg BT 340.29 581.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 363.45 581.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 401.62 581.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 453.65 581.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 487.36 581.10 Td (with ) Tj ET Q q 0 0 0 rg BT 506.63 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.35 581.10 Td (Craftsman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (brand. ) Tj ET Q q 0 0 0 rg BT 77.06 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.36 569.10 Td (For ) Tj ET Q q 0 0 0 rg BT 95.54 569.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 137.83 569.10 Td (information ) Tj ET Q q 0 0 0 rg BT 187.33 569.10 Td (see ) Tj ET Q q 0 0 0 rg BT 202.39 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.91 569.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 263.78 569.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 296.62 569.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 326.13 569.10 Td (on ) Tj ET Q q 0 0 0 rg BT 338.42 569.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 362.39 569.10 Td (8-K ) Tj ET Q q 0 0 0 rg BT 380.23 569.10 Td (\(File ) Tj ET Q q 0 0 0 rg BT 401.42 569.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 418.43 569.10 Td (001-35641\) ) Tj ET Q q 0 0 0 rg BT 467.38 569.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 488.00 569.10 Td (with ) Tj ET Q q 0 0 0 rg BT 508.08 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.59 569.10 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.05 557.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 109.58 557.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 163.26 557.10 Td (on ) Tj ET Q q 0 0 0 rg BT 176.37 557.10 Td (March ) Tj ET Q q 0 0 0 rg BT 205.57 557.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 216.18 557.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 239.29 557.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 280.72 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.36 557.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 347.90 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.10 557.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 400.09 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.64 557.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 455.18 557.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 517.59 557.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 73.66 545.10 Td (as ) Tj ET Q q 0 0 0 rg BT 84.49 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.32 545.10 Td (March ) Tj ET Q q 0 0 0 rg BT 123.91 545.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 133.91 545.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 156.41 545.10 Td (among ) Tj ET Q q 0 0 0 rg BT 186.13 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.85 545.10 Td (Company) Tj ET Q q 0 0 0 rg BT 239.08 545.10 Td (, ) Tj ET Q q 0 0 0 rg BT 244.08 545.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 268.25 545.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 309.92 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.85 545.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 359.35 545.10 Td (Black ) Tj ET Q q 0 0 0 rg BT 385.17 545.10 Td (& ) Tj ET Q q 0 0 0 rg BT 395.45 545.10 Td (Decker) Tj ET Q q 0 0 0 rg BT 423.77 545.10 Td (. ) Tj ET Q q 0 0 0 rg BT 428.77 545.10 Td (Inc. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 528.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 118.39 528.10 Td (with ) Tj ET Q q 0 0 0 rg BT 138.68 528.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 163.96 528.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 204.25 528.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 235.64 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 252.59 528.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 280.64 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.92 528.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 323.42 528.10 Td (into ) Tj ET Q q 0 0 0 rg BT 342.04 528.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 373.43 528.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 422.03 528.10 Td (areas.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 504.10 Td (Currently) Tj ET Q q 0 0 0 rg BT 123.18 504.10 Td (, ) Tj ET Q q 0 0 0 rg BT 128.47 504.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 152.93 504.10 Td (full-line ) Tj ET Q q 0 0 0 rg BT 187.94 504.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 216.57 504.10 Td (Kmart ) Tj ET Q q 0 0 0 rg BT 244.91 504.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 273.54 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.78 504.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 320.78 504.10 Td (specialty ) Tj ET Q q 0 0 0 rg BT 359.12 504.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 382.46 504.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 408.59 504.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 438.04 504.10 Td (by ) Tj ET Q q 0 0 0 rg BT 450.84 504.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 475.30 504.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 514.77 504.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 531.45 504.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 71.75 492.10 Td (that ) Tj ET Q q 0 0 0 rg BT 90.11 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 105.68 492.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 136.82 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.96 492.10 Td (ours. ) Tj ET Q q 0 0 0 rg BT 171.05 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.17 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 193.08 492.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 255.69 492.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 303.48 492.10 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 342.40 492.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 357.15 492.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 388.84 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.98 492.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 439.44 492.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 486.97 492.10 Td (from ) Tj ET Q q 0 0 0 rg BT 509.77 492.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 545.35 492.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 96.56 480.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 124.17 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.23 480.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 183.26 480.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 210.88 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.28 480.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 259.99 480.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 283.14 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.20 480.10 Td (from ) Tj ET Q q 0 0 0 rg BT 322.25 480.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 351.54 480.10 Td (new ) Tj ET Q q 0 0 0 rg BT 370.81 480.10 Td (home ) Tj ET Q q 0 0 0 rg BT 395.65 480.10 Td (appliance, ) Tj ET Q q 0 0 0 rg BT 439.08 480.10 Td (patio, ) Tj ET Q q 0 0 0 rg BT 464.19 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.24 480.10 Td (Craftsman ) Tj ET Q q 0 0 0 rg BT 525.52 480.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 547.57 480.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 80.09 468.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 134.00 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.17 468.10 Td (new ) Tj ET Q q 0 0 0 rg BT 165.21 468.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 193.59 468.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 221.97 468.10 Td (that ) Tj ET Q q 0 0 0 rg BT 240.35 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 255.94 468.10 Td (located ) Tj ET Q q 0 0 0 rg BT 288.19 468.10 Td (within ) Tj ET Q q 0 0 0 rg BT 317.13 468.10 Td (two ) Tj ET Q q 0 0 0 rg BT 335.51 468.10 Td (miles ) Tj ET Q q 0 0 0 rg BT 360.56 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.28 468.10 Td (an ) Tj ET Q q 0 0 0 rg BT 385.10 468.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 426.24 468.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 451.29 468.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 491.34 468.10 Td (store. ) Tj ET Q q 0 0 0 rg BT 516.42 468.10 Td (These ) Tj ET Q q 0 0 0 rg BT 543.68 468.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 99.19 456.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 145.56 456.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 175.25 456.10 Td (our ) Tj ET Q q 0 0 0 rg BT 190.51 456.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 217.98 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.69 456.10 Td (open ) Tj ET Q q 0 0 0 rg BT 249.05 456.10 Td (new ) Tj ET Q q 0 0 0 rg BT 267.64 456.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 292.89 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.26 456.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 325.07 456.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 354.20 456.10 Td (types ) Tj ET Q q 0 0 0 rg BT 377.23 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.48 456.10 Td (products ) Tj ET Q q 0 0 0 rg BT 423.85 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.55 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.69 456.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 485.71 456.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 508.18 456.10 Td (that ) Tj ET Q q 0 0 0 rg BT 525.10 456.10 Td (we ) Tj ET Q q 0 0 0 rg BT 538.68 456.10 Td (might ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 90.88 444.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 127.25 444.10 Td (as ) Tj ET Q q 0 0 0 rg BT 138.08 444.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 173.36 444.10 Td (tar) Tj ET Q q 0 0 0 rg BT 183.73 444.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 202.34 444.10 Td (for ) Tj ET Q q 0 0 0 rg BT 216.50 444.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 259.54 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.48 444.10 Td (may ) Tj ET Q q 0 0 0 rg BT 296.20 444.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 317.59 444.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.42 444.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 364.25 444.10 Td (potential. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 420.10 Td (In connection with the Company) Tj ET Q q 0 0 0 rg BT 219.36 420.10 Td (s operation of its websites, the Company has agreed in the Services ) Tj ET Q q 0 0 0 rg BT 490.13 420.10 Td (Agreement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (limit its marketing ef) Tj ET Q q 0 0 0 rg BT 133.47 408.10 Td (forts to users located within specified Zip-Code based territories and to pay to Sears Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (commissions on sales transacted on the Company's websites that result in deliveries outside the specified Zip-Code based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (territories.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.59 358.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.13 358.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 105.43 358.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 134.08 358.10 Td (company ) Tj ET Q q 0 0 0 rg BT 173.83 358.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 210.80 358.10 Td (from ) Tj ET Q q 0 0 0 rg BT 233.33 358.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 258.65 358.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 301.47 358.10 Td (we ) Tj ET Q q 0 0 0 rg BT 315.11 358.10 Td (may ) Tj ET Q q 0 0 0 rg BT 334.86 358.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 381.82 358.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 423.79 358.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 446.32 358.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 485.54 358.10 Td (from ) Tj ET Q q 0 0 0 rg BT 508.07 358.10 Td (a ) Tj ET Q q 0 0 0 rg BT 515.60 358.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 553.67 358.10 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.78 346.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 113.96 346.10 Td (power ) Tj ET Q q 0 0 0 rg BT 141.46 346.10 Td (we ) Tj ET Q q 0 0 0 rg BT 155.07 346.10 Td (enjoyed ) Tj ET Q q 0 0 0 rg BT 189.23 346.10 Td (pre-Separation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 322.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 107.03 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.34 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.09 322.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 176.88 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 190.07 322.10 Td (were ) Tj ET Q q 0 0 0 rg BT 211.03 322.10 Td (able ) Tj ET Q q 0 0 0 rg BT 229.22 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.53 322.10 Td (take ) Tj ET Q q 0 0 0 rg BT 256.71 322.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 298.78 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.64 322.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 331.83 322.10 Td (Holdings) Tj ET Q q 0 0 0 rg BT 371.09 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.62 322.10 Td (size ) Tj ET Q q 0 0 0 rg BT 389.69 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.66 322.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 451.07 322.10 Td (power ) Tj ET Q q 0 0 0 rg BT 477.59 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.90 322.10 Td (procuring ) Tj ET Q q 0 0 0 rg BT 527.31 322.10 Td (services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.74 310.10 Td (advertising, ) Tj ET Q q 0 0 0 rg BT 139.15 310.10 Td (shipping ) Tj ET Q q 0 0 0 rg BT 176.06 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.97 310.10 Td (receiving, ) Tj ET Q q 0 0 0 rg BT 235.14 310.10 Td (logistics, ) Tj ET Q q 0 0 0 rg BT 273.45 310.10 Td (store ) Tj ET Q q 0 0 0 rg BT 295.36 310.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 348.35 310.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 389.42 310.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 430.76 310.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 460.99 310.10 Td (support, ) Tj ET Q q 0 0 0 rg BT 495.96 310.10 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 539.25 310.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.61 298.10 Td (debit ) Tj ET Q q 0 0 0 rg BT 87.29 298.10 Td (card ) Tj ET Q q 0 0 0 rg BT 106.17 298.10 Td (interchange ) Tj ET Q q 0 0 0 rg BT 154.49 298.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 172.26 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.38 298.10 Td (other ) Tj ET Q q 0 0 0 rg BT 210.60 298.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 246.98 298.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 289.78 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.67 298.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 350.61 298.10 Td (we ) Tj ET Q q 0 0 0 rg BT 363.95 298.10 Td (have ) Tj ET Q q 0 0 0 rg BT 384.50 298.10 Td (been ) Tj ET Q q 0 0 0 rg BT 405.05 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 411.17 298.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 442.28 298.10 Td (company ) Tj ET Q q 0 0 0 rg BT 480.61 298.10 Td (than ) Tj ET Q q 0 0 0 rg BT 499.50 298.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 522.84 298.10 Td (Holdings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 286.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.99 286.10 Td (do ) Tj ET Q q 0 0 0 rg BT 77.41 286.10 Td (not ) Tj ET Q q 0 0 0 rg BT 92.60 286.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 107.23 286.10 Td (have ) Tj ET Q q 0 0 0 rg BT 128.52 286.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 153.70 286.10 Td (access ) Tj ET Q q 0 0 0 rg BT 181.65 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.84 286.10 Td (all ) Tj ET Q q 0 0 0 rg BT 204.25 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.00 286.10 Td (these ) Tj ET Q q 0 0 0 rg BT 237.96 286.10 Td (services ) Tj ET Q q 0 0 0 rg BT 272.58 286.10 Td (from ) Tj ET Q q 0 0 0 rg BT 294.43 286.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.40 286.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 351.47 286.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.88 286.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 388.52 286.10 Td (that ) Tj ET Q q 0 0 0 rg BT 405.93 286.10 Td (are ) Tj ET Q q 0 0 0 rg BT 420.55 286.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 469.60 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.80 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.43 286.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 519.06 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.80 286.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.23 274.10 Td (were ) Tj ET Q q 0 0 0 rg BT 89.39 274.10 Td (available ) Tj ET Q q 0 0 0 rg BT 128.22 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.73 274.10 Td (us ) Tj ET Q q 0 0 0 rg BT 150.35 274.10 Td (as ) Tj ET Q q 0 0 0 rg BT 161.42 274.10 Td (part ) Tj ET Q q 0 0 0 rg BT 179.70 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.76 274.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 215.16 274.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 254.56 274.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 276.74 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.25 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.20 274.10 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 350.20 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.33 274.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 392.84 274.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 417.24 274.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 456.64 274.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 497.70 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.21 274.10 Td (shrink ) Tj ET Q q 0 0 0 rg BT 535.95 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 546.46 274.10 Td (size ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.63 262.10 Td (its ) Tj ET Q q 0 0 0 rg BT 78.76 262.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 116.43 262.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 156.89 262.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 197.90 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.37 262.10 Td (worsen, ) Tj ET Q q 0 0 0 rg BT 242.44 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.45 262.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 305.56 262.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 359.35 262.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.81 262.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 404.16 262.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 443.52 262.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 480.64 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.10 262.10 Td (make ) Tj ET Q q 0 0 0 rg BT 515.45 262.10 Td (available ) Tj ET Q q 0 0 0 rg BT 554.22 262.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (us ) Tj ET Q q 0 0 0 rg BT 61.11 250.10 Td (at ) Tj ET Q q 0 0 0 rg BT 71.04 250.10 Td (least ) Tj ET Q q 0 0 0 rg BT 92.08 250.10 Td (some ) Tj ET Q q 0 0 0 rg BT 115.90 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.94 250.10 Td (these ) Tj ET Q q 0 0 0 rg BT 150.20 250.10 Td (services ) Tj ET Q q 0 0 0 rg BT 185.12 250.10 Td (on ) Tj ET Q q 0 0 0 rg BT 197.84 250.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 238.30 250.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 265.74 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.85 250.10 Td (As ) Tj ET Q q 0 0 0 rg BT 281.68 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.83 250.10 Td (result ) Tj ET Q q 0 0 0 rg BT 313.76 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 328.13 250.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 348.06 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.56 250.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 395.70 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.20 250.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 442.77 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.82 250.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 494.31 250.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 544.23 250.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 74.23 238.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 113.98 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.83 238.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 145.67 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.52 238.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 184.59 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.88 238.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 234.60 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.01 238.10 Td (its ) Tj ET Q q 0 0 0 rg BT 258.53 238.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 305.48 238.10 Td (power ) Tj ET Q q 0 0 0 rg BT 333.54 238.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 364.38 238.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.13 238.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 405.52 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.37 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.66 238.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 449.74 238.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.80 238.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 492.54 238.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 532.28 238.10 Td (may ) Tj ET Q q 0 0 0 rg BT 552.57 238.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 79.18 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.98 226.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 127.43 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.23 226.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 176.79 226.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.47 226.10 Td (us ) Tj ET Q q 0 0 0 rg BT 203.38 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.62 226.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 272.18 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.64 226.10 Td (services ) Tj ET Q q 0 0 0 rg BT 324.87 226.10 Td (we ) Tj ET Q q 0 0 0 rg BT 339.55 226.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 360.34 226.10 Td (on ) Tj ET Q q 0 0 0 rg BT 373.36 226.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 431.36 226.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 477.13 226.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 504.87 226.10 Td (which ) Tj ET Q q 0 0 0 rg BT 532.33 226.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 550.35 226.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 80.54 214.10 Td (is ) Tj ET Q q 0 0 0 rg BT 89.38 214.10 Td (growing\). ) Tj ET Q q 0 0 0 rg BT 130.71 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.72 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 141.35 214.10 Td (e ) Tj ET Q q 0 0 0 rg BT 147.96 214.10 Td (will ) Tj ET Q q 0 0 0 rg BT 165.69 214.10 Td (also ) Tj ET Q q 0 0 0 rg BT 183.96 214.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 220.56 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.51 214.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 250.45 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.39 214.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 291.44 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 306.94 214.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 331.87 214.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 377.91 214.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 431.18 214.10 Td (with ) Tj ET Q q 0 0 0 rg BT 451.13 214.10 Td (many ) Tj ET Q q 0 0 0 rg BT 475.52 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.01 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.51 214.10 Td (most ) Tj ET Q q 0 0 0 rg BT 523.13 214.10 Td (important ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 86.30 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 202.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 122.14 202.10 Td (these ) Tj ET Q q 0 0 0 rg BT 145.33 202.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 178.80 202.10 Td (we ) Tj ET Q q 0 0 0 rg BT 193.10 202.10 Td (may ) Tj ET Q q 0 0 0 rg BT 212.96 202.10 Td (be ) Tj ET Q q 0 0 0 rg BT 225.05 202.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 254.35 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.77 202.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 292.41 202.10 Td (goods, ) Tj ET Q q 0 0 0 rg BT 321.44 202.10 Td (technology) Tj ET Q q 0 0 0 rg BT 365.23 202.10 Td (, ) Tj ET Q q 0 0 0 rg BT 370.37 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.45 202.10 Td (services ) Tj ET Q q 0 0 0 rg BT 422.31 202.10 Td (at ) Tj ET Q q 0 0 0 rg BT 432.17 202.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 458.69 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.77 202.10 Td (on ) Tj ET Q q 0 0 0 rg BT 488.41 202.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 513.27 202.10 Td (as ) Tj ET Q q 0 0 0 rg BT 524.25 202.10 Td (favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 190.10 Td (those ) Tj ET Q q 0 0 0 rg BT 83.94 190.10 Td (available ) Tj ET Q q 0 0 0 rg BT 122.53 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.81 190.10 Td (us ) Tj ET Q q 0 0 0 rg BT 144.20 190.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 166.14 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.41 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.13 190.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 238.89 190.10 Td (which ) Tj ET Q q 0 0 0 rg BT 265.83 190.10 Td (could ) Tj ET Q q 0 0 0 rg BT 290.55 190.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 325.80 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.63 190.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 364.13 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.07 190.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 410.22 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.05 190.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 473.17 190.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 166.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 166.10 Td (may ) Tj ET Q q 0 0 0 rg BT 85.15 166.10 Td (have ) Tj ET Q q 0 0 0 rg BT 107.51 166.10 Td (been ) Tj ET Q q 0 0 0 rg BT 129.88 166.10 Td (able ) Tj ET Q q 0 0 0 rg BT 150.02 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.72 166.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 192.51 166.10 Td (better ) Tj ET Q q 0 0 0 rg BT 218.75 166.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 244.46 166.10 Td (from ) Tj ET Q q 0 0 0 rg BT 267.38 166.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 286.65 166.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 318.46 166.10 Td (third ) Tj ET Q q 0 0 0 rg BT 341.39 166.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 372.09 166.10 Td (than ) Tj ET Q q 0 0 0 rg BT 393.92 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.62 166.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 435.32 166.10 Td (we ) Tj ET Q q 0 0 0 rg BT 449.36 166.10 Td (received ) Tj ET Q q 0 0 0 rg BT 486.14 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.41 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.78 166.10 Td (agreements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.79 154.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 95.07 154.10 Td (Holdings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 52.00 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 54.50 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 57.00 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.50 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.00 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 64.50 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.00 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 130.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.51 130.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 149.51 130.10 Td (related ) Tj ET Q q 0 0 0 rg BT 178.18 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.42 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.10 130.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 247.83 130.10 Td (including ) Tj ET Q q 0 0 0 rg BT 287.07 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.75 130.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 335.77 130.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 384.16 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.84 130.10 Td (Store ) Tj ET Q q 0 0 0 rg BT 420.41 130.10 Td (License ) Tj ET Q q 0 0 0 rg BT 452.65 130.10 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 504.93 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.50 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 524.26 130.10 Td (rademark ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (License ) Tj ET Q q 0 0 0 rg BT 83.60 118.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 134.39 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.47 118.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 213.47 118.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 264.25 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.55 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.63 118.10 Td (Retail ) Tj ET Q q 0 0 0 rg BT 326.38 118.10 Td (Establishment ) Tj ET Q q 0 0 0 rg BT 386.05 118.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 434.33 118.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 462.07 118.10 Td (than ) Tj ET Q q 0 0 0 rg BT 483.15 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.23 118.10 Td (post-Separation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 102.09 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.92 106.10 Td (these ) Tj ET Q q 0 0 0 rg BT 134.51 106.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 184.59 106.10 Td (which ) Tj ET Q q 0 0 0 rg BT 211.08 106.10 Td (have ) Tj ET Q q 0 0 0 rg BT 232.00 106.10 Td (been ) Tj ET Q q 0 0 0 rg BT 252.93 106.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 292.19 106.10 Td (by ) Tj ET Q q 0 0 0 rg BT 304.23 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.05 106.10 Td (Audit ) Tj ET Q q 0 0 0 rg BT 342.87 106.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 389.36 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.74 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.00 106.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 460.63 106.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 487.12 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.50 106.10 Td (Directors\), ) Tj ET Q q 0 0 0 rg BT 542.58 106.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 78.95 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.54 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.13 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.15 94.10 Td (context ) Tj ET Q q 0 0 0 rg BT 147.39 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.53 94.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.77 94.10 Td (parent-subsidiary ) Tj ET Q q 0 0 0 rg BT 238.01 94.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 288.03 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.27 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.86 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.88 94.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 361.45 94.10 Td (context ) Tj ET Q q 0 0 0 rg BT 393.69 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.83 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.86 94.10 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 467.93 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.12 94.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 519.45 94.10 Td (, ) Tj ET Q q 0 0 0 rg BT 524.76 94.10 Td (they ) Tj ET Q q 0 0 0 rg BT 544.78 94.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (not ) Tj ET Q q 0 0 0 rg BT 64.54 82.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 103.45 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.93 82.10 Td (best ) Tj ET Q q 0 0 0 rg BT 136.30 82.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 160.78 82.10 Td (that ) Tj ET Q q 0 0 0 rg BT 178.03 82.10 Td (could ) Tj ET Q q 0 0 0 rg BT 202.51 82.10 Td (have ) Tj ET Q q 0 0 0 rg BT 223.65 82.10 Td (been ) Tj ET Q q 0 0 0 rg BT 244.79 82.10 Td (available ) Tj ET Q q 0 0 0 rg BT 283.14 82.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.18 82.10 Td (us ) Tj ET Q q 0 0 0 rg BT 304.34 82.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.04 82.10 Td (third ) Tj ET Q q 0 0 0 rg BT 347.19 82.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 378.60 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.70 82.10 Td (The ) Tj ET Q q 0 0 0 rg BT 398.51 82.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 422.99 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.58 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.06 82.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 495.86 82.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 539.77 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.81 82.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (context ) Tj ET Q q 0 0 0 rg BT 81.05 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.50 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.84 70.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 150.72 70.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 175.04 70.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 187.44 70.10 Td (among ) Tj ET Q q 0 0 0 rg BT 216.78 70.10 Td (other ) Tj ET Q q 0 0 0 rg BT 239.44 70.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 268.51 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.84 70.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 320.51 70.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 350.95 70.10 Td (needed ) Tj ET Q q 0 0 0 rg BT 381.38 70.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.28 70.10 Td (be ) Tj ET Q q 0 0 0 rg BT 402.84 70.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 426.61 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.51 70.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 482.50 70.10 Td (with ) Tj ET Q q 0 0 0 rg BT 502.40 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.74 70.10 Td (Separation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (indemnification, ) Tj ET Q q 0 0 0 rg BT 117.69 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.51 58.10 Td (other ) Tj ET Q q 0 0 0 rg BT 157.43 58.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 204.26 58.10 Td (among ) Tj ET Q q 0 0 0 rg BT 233.85 58.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 257.89 58.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 296.94 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.75 58.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 327.52 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.34 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.93 58.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 386.30 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.00 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.60 58.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 461.17 58.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 517.42 58.10 Td (between ) Tj ET Q q 0 0 0 rg BT 553.11 58.10 Td (us ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.85 742.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 89.42 742.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 127.99 742.10 Td (following ) Tj ET Q q 0 0 0 rg BT 168.79 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.91 742.10 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 230.08 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.99 742.10 Td (For ) Tj ET Q q 0 0 0 rg BT 247.79 742.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 289.69 742.10 Td (information ) Tj ET Q q 0 0 0 rg BT 338.81 742.10 Td (see ) Tj ET Q q 0 0 0 rg BT 353.49 742.10 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 388.91 742.10 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 445.26 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.47 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 467.23 742.10 Td (ransactions" ) Tj ET Q q 0 0 0 rg BT 518.20 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.89 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.02 742.10 Td (2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 75.89 730.10 Td (Statement. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 706.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.59 706.10 Td (may ) Tj ET Q q 0 0 0 rg BT 84.30 706.10 Td (not ) Tj ET Q q 0 0 0 rg BT 100.14 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 112.08 706.10 Td (able ) Tj ET Q q 0 0 0 rg BT 131.80 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.08 706.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 173.46 706.10 Td (successfully ) Tj ET Q q 0 0 0 rg BT 225.39 706.10 Td (future ) Tj ET Q q 0 0 0 rg BT 253.46 706.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 303.18 706.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 339.02 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.08 706.10 Td (other ) Tj ET Q q 0 0 0 rg BT 381.25 706.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 418.75 706.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.04 706.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 464.32 706.10 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 507.11 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 52.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 54.50 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 57.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.50 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 64.50 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 682.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 118.93 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.71 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 147.48 682.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 196.46 682.10 Td (with ) Tj ET Q q 0 0 0 rg BT 217.68 682.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 242.79 682.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 285.40 682.10 Td (such ) Tj ET Q q 0 0 0 rg BT 307.17 682.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.95 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.61 682.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 371.17 682.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 421.54 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.20 682.10 Td (Store ) Tj ET Q q 0 0 0 rg BT 461.76 682.10 Td (License ) Tj ET Q q 0 0 0 rg BT 495.53 682.10 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 549.79 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 670.10 Td (rademark ) Tj ET Q q 0 0 0 rg BT 94.60 670.10 Td (License ) Tj ET Q q 0 0 0 rg BT 126.93 670.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 175.45 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.47 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.28 670.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 266.50 670.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 315.02 670.10 Td (were ) Tj ET Q q 0 0 0 rg BT 336.04 670.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 364.27 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.64 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.01 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.81 670.10 Td (context ) Tj ET Q q 0 0 0 rg BT 427.83 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.75 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 443.78 670.10 Td (parent-subsidiary ) Tj ET Q q 0 0 0 rg BT 514.79 670.10 Td (relationship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.85 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.54 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.67 658.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 123.34 658.10 Td (context ) Tj ET Q q 0 0 0 rg BT 155.69 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.93 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.06 658.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 227.73 658.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 254.52 658.10 Td (than ) Tj ET Q q 0 0 0 rg BT 274.65 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.78 658.10 Td (post-Separation ) Tj ET Q q 0 0 0 rg BT 355.46 658.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 408.91 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.60 658.10 Td (these ) Tj ET Q q 0 0 0 rg BT 443.06 658.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 494.00 658.10 Td (which ) Tj ET Q q 0 0 0 rg BT 521.35 658.10 Td (have ) Tj ET Q q 0 0 0 rg BT 543.14 658.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 88.69 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 100.68 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.44 646.10 Td (Audit ) Tj ET Q q 0 0 0 rg BT 139.21 646.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 185.63 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.95 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.15 646.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 256.72 646.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 283.14 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.46 646.10 Td (Directors\). ) Tj ET Q q 0 0 0 rg BT 338.48 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.33 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 348.96 646.10 Td (e ) Tj ET Q q 0 0 0 rg BT 355.39 646.10 Td (may ) Tj ET Q q 0 0 0 rg BT 374.59 646.10 Td (be ) Tj ET Q q 0 0 0 rg BT 386.02 646.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 414.66 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.42 646.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 451.41 646.10 Td (expeditious ) Tj ET Q q 0 0 0 rg BT 499.50 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.92 646.10 Td (economical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 91.74 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.31 634.10 Td (future ) Tj ET Q q 0 0 0 rg BT 128.43 634.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 163.46 634.10 Td (that ) Tj ET Q q 0 0 0 rg BT 180.69 634.10 Td (could ) Tj ET Q q 0 0 0 rg BT 205.15 634.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 226.27 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 246.30 634.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 276.86 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.88 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.34 634.10 Td (following ) Tj ET Q q 0 0 0 rg BT 342.47 634.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 376.65 634.10 Td (among ) Tj ET Q q 0 0 0 rg BT 406.11 634.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 435.29 634.10 Td (which ) Tj ET Q q 0 0 0 rg BT 461.97 634.10 Td (also ) Tj ET Q q 0 0 0 rg BT 480.32 634.10 Td (could ) Tj ET Q q 0 0 0 rg BT 504.78 634.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 547.56 634.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.33 622.10 Td (af) Tj ET Q q 0 0 0 rg BT 97.92 622.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 115.42 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.27 622.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 159.33 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.63 622.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 203.80 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.65 622.10 Td (business: ) Tj ET Q q 0 0 0 rg BT 258.83 622.10 Td (business ) Tj ET Q q 0 0 0 rg BT 295.24 622.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 350.53 622.10 Td (that ) Tj ET Q q 0 0 0 rg BT 368.04 622.10 Td (may ) Tj ET Q q 0 0 0 rg BT 387.77 622.10 Td (be ) Tj ET Q q 0 0 0 rg BT 399.73 622.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 439.44 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.74 622.10 Td (both ) Tj ET Q q 0 0 0 rg BT 470.03 622.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 494.21 622.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 533.39 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.35 622.10 Td (us; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.79 610.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 95.34 610.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 126.19 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.70 610.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 175.09 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.49 610.10 Td (services ) Tj ET Q q 0 0 0 rg BT 221.77 610.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 246.50 610.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 286.24 610.10 Td (has ) Tj ET Q q 0 0 0 rg BT 302.64 610.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 332.36 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.20 610.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 376.82 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.67 610.10 Td (us; ) Tj ET Q q 0 0 0 rg BT 402.41 610.10 Td (labor) Tj ET Q q 0 0 0 rg BT 422.56 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.13 610.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 445.91 610.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 487.86 610.10 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 521.19 610.10 Td (real ) Tj ET Q q 0 0 0 rg BT 539.25 610.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 93.41 598.10 Td (sublease ) Tj ET Q q 0 0 0 rg BT 130.09 598.10 Td (obligations\) ) Tj ET Q q 0 0 0 rg BT 180.67 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.91 598.10 Td (other ) Tj ET Q q 0 0 0 rg BT 221.27 598.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 253.50 598.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 283.53 598.10 Td (from ) Tj ET Q q 0 0 0 rg BT 305.77 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.79 598.10 Td (Separation; ) Tj ET Q q 0 0 0 rg BT 369.14 598.10 Td (defense ) Tj ET Q q 0 0 0 rg BT 402.48 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.72 598.10 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 485.85 598.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 515.87 598.10 Td (from ) Tj ET Q q 0 0 0 rg BT 538.11 598.10 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 80.45 586.10 Td (by ) Tj ET Q q 0 0 0 rg BT 94.20 586.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 119.61 586.10 Td (Holdings; ) Tj ET Q q 0 0 0 rg BT 162.81 586.10 Td (major ) Tj ET Q q 0 0 0 rg BT 189.88 586.10 Td (business ) Tj ET Q q 0 0 0 rg BT 227.52 586.10 Td (combinations ) Tj ET Q q 0 0 0 rg BT 285.15 586.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 327.23 586.10 Td (us; ) Tj ET Q q 0 0 0 rg BT 342.65 586.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 385.27 586.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 424.56 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.74 586.10 Td (recruiting; ) Tj ET Q q 0 0 0 rg BT 488.14 586.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 517.59 586.10 Td (intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (property ) Tj ET Q q 0 0 0 rg BT 86.17 574.10 Td (rights; ) Tj ET Q q 0 0 0 rg BT 114.52 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.53 574.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 156.76 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.88 574.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 196.37 574.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 221.94 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.51 574.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 266.96 574.10 Td (multi-channel ) Tj ET Q q 0 0 0 rg BT 325.29 574.10 Td (retailing; ) Tj ET Q q 0 0 0 rg BT 364.18 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.41 574.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 431.98 574.10 Td (between ) Tj ET Q q 0 0 0 rg BT 468.08 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.21 574.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 510.33 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.56 574.10 Td (websites ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 562.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 90.60 562.10 Td (Holdings) Tj ET Q q 0 0 0 rg BT 129.86 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.36 562.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 158.19 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.13 562.10 Td (websites.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (If Sears Holdings' seeks the protection of the U.S. bankruptcy laws, our ability to operate our business and our financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (performance could be materially and adversely af) Tj ET Q q 0 0 0 rg BT 253.17 526.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 502.10 Td (If Sears Holdings' seeks the protection of the U.S. bankruptcy laws, the automatic-stay provisions of the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (Bankruptcy Code could prohibit SHO) Tj ET Q q 0 0 0 rg BT 203.93 490.10 Td (s attempts to collect \(including by set of) Tj ET Q q 0 0 0 rg BT 363.99 490.10 Td (f\) amounts due from Sears Holdings that arose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (prior to its filing of a bankruptcy petition, and Sears Holdings) Tj ET Q q 0 0 0 rg BT 299.18 478.10 Td (s unpaid pre-petition obligations to SHO could become general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (unsecured creditor claims of Sears Holdings that could become relatively valueless. Examples of Sears Holdings' unpaid pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (petition obligations to SHO could include \(1\) amounts that Sears Holdings collects on behalf of, but does not remit to, SHO, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (such as vendor subsidies, credit card income, and merchandise credits, \(2\) amounts that SHO pays to Sears Holdings to pay to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (others on SHO's behalf but that Sears Holdings does not pay) Tj ET Q q 0 0 0 rg BT 290.62 430.10 Td (, such as for SHO merchandise purchases from third parties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (occupancy costs, and utilities, and \(3\) accounting adjustments and credits, such as Outlet merchandise cost credits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 394.10 Td (e ) Tj ET Q q 0 0 0 rg BT 100.46 394.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 131.23 394.10 Td (on ) Tj ET Q q 0 0 0 rg BT 143.11 394.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 166.66 394.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 205.22 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.88 394.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 247.32 394.10 Td (us ) Tj ET Q q 0 0 0 rg BT 258.10 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 277.76 394.10 Td (key ) Tj ET Q q 0 0 0 rg BT 294.09 394.10 Td (products ) Tj ET Q q 0 0 0 rg BT 330.41 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.74 394.10 Td (services ) Tj ET Q q 0 0 0 rg BT 380.83 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.50 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.60 394.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 444.25 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.47 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.69 394.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 507.97 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.86 394.10 Td (For ) Tj ET Q q 0 0 0 rg BT 525.63 394.10 Td (example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.72 382.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 101.48 382.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.80 382.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.80 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.91 382.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.52 382.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 200.16 382.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 236.69 382.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.24 382.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 307.57 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.01 382.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 341.78 382.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 383.05 382.10 Td (including ) Tj ET Q q 0 0 0 rg BT 422.94 382.10 Td (Kenmore, ) Tj ET Q q 0 0 0 rg BT 464.75 382.10 Td (Craftsman, ) Tj ET Q q 0 0 0 rg BT 511.02 382.10 Td (DieHard ) Tj ET Q q 0 0 0 rg BT 547.56 382.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.91 370.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 112.70 370.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 156.09 370.10 Td (for ) Tj ET Q q 0 0 0 rg BT 170.61 370.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 231.23 370.10 Td (80% ) Tj ET Q q 0 0 0 rg BT 252.42 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.61 370.10 Td (total ) Tj ET Q q 0 0 0 rg BT 284.24 370.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 326.53 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.72 370.10 Td (all ) Tj ET Q q 0 0 0 rg BT 350.57 370.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 391.76 370.10 Td (from ) Tj ET Q q 0 0 0 rg BT 414.05 370.10 Td (all ) Tj ET Q q 0 0 0 rg BT 426.91 370.10 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 463.93 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.79 370.10 Td (If ) Tj ET Q q 0 0 0 rg BT 476.30 370.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 500.82 370.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 540.35 370.10 Td (seeks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.28 358.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 105.39 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.29 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.08 358.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 148.43 358.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 194.98 358.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 217.38 358.10 Td (a ) Tj ET Q q 0 0 0 rg BT 223.38 358.10 Td (court ) Tj ET Q q 0 0 0 rg BT 245.50 358.10 Td (could, ) Tj ET Q q 0 0 0 rg BT 271.78 358.10 Td (among ) Tj ET Q q 0 0 0 rg BT 300.56 358.10 Td (other ) Tj ET Q q 0 0 0 rg BT 322.68 358.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 351.19 358.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 378.87 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.76 358.10 Td (require ) Tj ET Q q 0 0 0 rg BT 418.65 358.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 441.87 358.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 480.11 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.46 358.10 Td (reject ) Tj ET Q q 0 0 0 rg BT 513.23 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 523.12 358.10 Td (otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (terminate ) Tj ET Q q 0 0 0 rg BT 89.34 346.10 Td (one ) Tj ET Q q 0 0 0 rg BT 105.85 346.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.26 346.10 Td (more ) Tj ET Q q 0 0 0 rg BT 138.88 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.29 346.10 Td (its ) Tj ET Q q 0 0 0 rg BT 160.81 346.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 194.55 346.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 242.16 346.10 Td (with ) Tj ET Q q 0 0 0 rg BT 262.02 346.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 275.49 346.10 Td (including ) Tj ET Q q 0 0 0 rg BT 315.34 346.10 Td (without ) Tj ET Q q 0 0 0 rg BT 347.97 346.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 388.93 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.23 346.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 464.83 346.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 513.83 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.12 346.10 Td (Services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 100.20 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.19 334.10 Td (Store ) Tj ET Q q 0 0 0 rg BT 141.07 334.10 Td (License ) Tj ET Q q 0 0 0 rg BT 175.11 334.10 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 229.70 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.91 334.10 Td (store ) Tj ET Q q 0 0 0 rg BT 271.13 334.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 298.78 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.99 334.10 Td (subleases ) Tj ET Q q 0 0 0 rg BT 358.54 334.10 Td (\(many ) Tj ET Q q 0 0 0 rg BT 387.86 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.96 334.10 Td (which ) Tj ET Q q 0 0 0 rg BT 428.18 334.10 Td (are ) Tj ET Q q 0 0 0 rg BT 444.16 334.10 Td (subleased ) Tj ET Q q 0 0 0 rg BT 486.81 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.36 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.47 334.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 547.56 334.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (franchisees\). ) Tj ET Q q 0 0 0 rg BT 102.42 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.53 322.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 128.31 322.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 167.09 322.10 Td (could ) Tj ET Q q 0 0 0 rg BT 191.42 322.10 Td (also ) Tj ET Q q 0 0 0 rg BT 209.65 322.10 Td (choose, ) Tj ET Q q 0 0 0 rg BT 242.03 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 252.47 322.10 Td (be ) Tj ET Q q 0 0 0 rg BT 264.03 322.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 301.96 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 311.85 322.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 327.85 322.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 355.79 322.10 Td (such ) Tj ET Q q 0 0 0 rg BT 376.24 322.10 Td (as ) Tj ET Q q 0 0 0 rg BT 386.68 322.10 Td (its ) Tj ET Q q 0 0 0 rg BT 398.25 322.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 423.14 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.03 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.36 322.10 Td (Kenmore ) Tj ET Q q 0 0 0 rg BT 486.68 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.24 322.10 Td (Diehard ) Tj ET Q q 0 0 0 rg BT 537.56 322.10 Td (marks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.90 310.10 Td (its ) Tj ET Q q 0 0 0 rg BT 79.30 310.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 122.80 310.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 148.53 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.27 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.44 310.10 Td (Craftsman ) Tj ET Q q 0 0 0 rg BT 219.05 310.10 Td (mark ) Tj ET Q q 0 0 0 rg BT 242.56 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.95 310.10 Td (its ) Tj ET Q q 0 0 0 rg BT 272.36 310.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 298.09 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.83 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.00 310.10 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 371.38 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.77 310.10 Td (service ) Tj ET Q q 0 0 0 rg BT 420.05 310.10 Td (names ) Tj ET Q q 0 0 0 rg BT 448.55 310.10 Td (under ) Tj ET Q q 0 0 0 rg BT 474.28 310.10 Td (which ) Tj ET Q q 0 0 0 rg BT 501.67 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 516.29 310.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 548.67 310.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 74.96 298.10 Td (that ) Tj ET Q q 0 0 0 rg BT 92.08 298.10 Td (are ) Tj ET Q q 0 0 0 rg BT 106.42 298.10 Td (used ) Tj ET Q q 0 0 0 rg BT 126.88 298.10 Td (by ) Tj ET Q q 0 0 0 rg BT 139.01 298.10 Td (us ) Tj ET Q q 0 0 0 rg BT 150.03 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.93 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.28 298.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 214.17 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.63 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.09 298.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 278.61 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.52 298.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 316.76 298.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 340.54 298.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 381.15 298.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 427.72 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.63 298.10 Td (its ) Tj ET Q q 0 0 0 rg BT 449.20 298.10 Td (creditors. ) Tj ET Q q 0 0 0 rg BT 488.82 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.95 298.10 Td (If ) Tj ET Q q 0 0 0 rg BT 499.73 298.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 523.52 298.10 Td (Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 96.31 286.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 143.15 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.32 286.10 Td (us ) Tj ET Q q 0 0 0 rg BT 164.60 286.10 Td (are ) Tj ET Q q 0 0 0 rg BT 179.20 286.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 224.35 286.10 Td (or ) Tj ET Q q 0 0 0 rg BT 235.07 286.10 Td (assigned ) Tj ET Q q 0 0 0 rg BT 271.90 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.07 286.10 Td (others ) Tj ET Q q 0 0 0 rg BT 308.90 286.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.62 286.10 Td (if ) Tj ET Q q 0 0 0 rg BT 328.12 286.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 352.17 286.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 391.23 286.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 411.40 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.57 286.10 Td (third ) Tj ET Q q 0 0 0 rg BT 442.85 286.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 471.90 286.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 497.07 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.24 286.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 532.96 286.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.35 286.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (use ) Tj ET Q q 0 0 0 rg BT 65.93 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 76.82 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.14 274.10 Td (course ) Tj ET Q q 0 0 0 rg BT 121.34 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.78 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.21 274.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 188.71 274.10 Td (we ) Tj ET Q q 0 0 0 rg BT 203.47 274.10 Td (could ) Tj ET Q q 0 0 0 rg BT 228.79 274.10 Td (be ) Tj ET Q q 0 0 0 rg BT 241.34 274.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 284.98 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.52 274.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 343.94 274.10 Td (af) Tj ET Q q 0 0 0 rg BT 351.53 274.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 381.56 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.98 274.10 Td (A) Tj ET Q q 0 0 0 rg BT 390.65 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.75 274.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 442.95 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.39 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 470.82 274.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 519.46 274.10 Td (with ) Tj ET Q q 0 0 0 rg BT 540.34 274.10 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 88.70 262.10 Td (could ) Tj ET Q q 0 0 0 rg BT 113.44 262.10 Td (require ) Tj ET Q q 0 0 0 rg BT 144.29 262.10 Td (us ) Tj ET Q q 0 0 0 rg BT 155.71 262.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 168.51 262.10 Td (among ) Tj ET Q q 0 0 0 rg BT 198.26 262.10 Td (other ) Tj ET Q q 0 0 0 rg BT 221.33 262.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 250.81 262.10 Td (find ) Tj ET Q q 0 0 0 rg BT 269.45 262.10 Td (dif) Tj ET Q q 0 0 0 rg BT 280.38 262.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 306.22 262.10 Td (service ) Tj ET Q q 0 0 0 rg BT 337.06 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.03 262.10 Td (product ) Tj ET Q q 0 0 0 rg BT 387.10 262.10 Td (providers, ) Tj ET Q q 0 0 0 rg BT 429.90 262.10 Td (possibly ) Tj ET Q q 0 0 0 rg BT 465.77 262.10 Td (on ) Tj ET Q q 0 0 0 rg BT 478.30 262.10 Td (short ) Tj ET Q q 0 0 0 rg BT 500.83 262.10 Td (notice. ) Tj ET Q q 0 0 0 rg BT 530.29 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.82 262.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 555.89 262.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.37 250.10 Td (are ) Tj ET Q q 0 0 0 rg BT 77.78 250.10 Td (able ) Tj ET Q q 0 0 0 rg BT 96.64 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.63 250.10 Td (find ) Tj ET Q q 0 0 0 rg BT 124.94 250.10 Td (replacement ) Tj ET Q q 0 0 0 rg BT 176.00 250.10 Td (products ) Tj ET Q q 0 0 0 rg BT 212.65 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.29 250.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 266.21 250.10 Td (these ) Tj ET Q q 0 0 0 rg BT 288.96 250.10 Td (products ) Tj ET Q q 0 0 0 rg BT 325.60 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.25 250.10 Td (services ) Tj ET Q q 0 0 0 rg BT 376.66 250.10 Td (may ) Tj ET Q q 0 0 0 rg BT 396.08 250.10 Td (not ) Tj ET Q q 0 0 0 rg BT 411.07 250.10 Td (be ) Tj ET Q q 0 0 0 rg BT 422.71 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.25 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.67 250.10 Td (same ) Tj ET Q q 0 0 0 rg BT 470.42 250.10 Td (type ) Tj ET Q q 0 0 0 rg BT 489.85 250.10 Td (or ) Tj ET Q q 0 0 0 rg BT 500.38 250.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 530.36 250.10 Td (as ) Tj ET Q q 0 0 0 rg BT 540.90 250.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (which ) Tj ET Q q 0 0 0 rg BT 75.71 238.10 Td (are ) Tj ET Q q 0 0 0 rg BT 89.68 238.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 127.55 238.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 164.86 238.10 Td (by ) Tj ET Q q 0 0 0 rg BT 176.63 238.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 200.06 238.10 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 241.00 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.77 238.10 Td (If ) Tj ET Q q 0 0 0 rg BT 251.20 238.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.63 238.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.60 238.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 305.91 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.46 238.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 337.21 238.10 Td (into ) Tj ET Q q 0 0 0 rg BT 354.54 238.10 Td (new ) Tj ET Q q 0 0 0 rg BT 372.97 238.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 410.83 238.10 Td (for ) Tj ET Q q 0 0 0 rg BT 424.26 238.10 Td (replacement ) Tj ET Q q 0 0 0 rg BT 474.88 238.10 Td (products ) Tj ET Q q 0 0 0 rg BT 511.09 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.30 238.10 Td (services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.54 226.10 Td (new ) Tj ET Q q 0 0 0 rg BT 82.03 226.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 119.95 226.10 Td (may ) Tj ET Q q 0 0 0 rg BT 139.00 226.10 Td (have ) Tj ET Q q 0 0 0 rg BT 159.70 226.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 183.75 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.01 226.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 243.51 226.10 Td (that ) Tj ET Q q 0 0 0 rg BT 260.33 226.10 Td (are ) Tj ET Q q 0 0 0 rg BT 274.36 226.10 Td (less ) Tj ET Q q 0 0 0 rg BT 291.19 226.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 330.77 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.38 226.10 Td (us ) Tj ET Q q 0 0 0 rg BT 351.10 226.10 Td (than ) Tj ET Q q 0 0 0 rg BT 370.14 226.10 Td (those ) Tj ET Q q 0 0 0 rg BT 393.08 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.68 226.10 Td (which ) Tj ET Q q 0 0 0 rg BT 428.95 226.10 Td (we ) Tj ET Q q 0 0 0 rg BT 442.44 226.10 Td (are ) Tj ET Q q 0 0 0 rg BT 456.47 226.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 494.39 226.10 Td (bound. ) Tj ET Q q 0 0 0 rg BT 523.72 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.55 226.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 538.70 226.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (products ) Tj ET Q q 0 0 0 rg BT 86.83 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.17 214.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 141.77 214.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 184.65 214.10 Td (if ) Tj ET Q q 0 0 0 rg BT 193.65 214.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 219.31 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 229.99 214.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 260.66 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.99 214.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 305.04 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.38 214.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 360.26 214.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 400.91 214.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 423.81 214.10 Td (from ) Tj ET Q q 0 0 0 rg BT 446.14 214.10 Td (less ) Tj ET Q q 0 0 0 rg BT 464.04 214.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 504.69 214.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 539.78 214.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (could ) Tj ET Q q 0 0 0 rg BT 74.22 202.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 117.25 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.19 202.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 175.01 202.10 Td (af) Tj ET Q q 0 0 0 rg BT 182.60 202.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 200.08 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.91 202.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 243.96 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.24 202.10 Td (do ) Tj ET Q q 0 0 0 rg BT 266.74 202.10 Td (business ) Tj ET Q q 0 0 0 rg BT 303.13 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.07 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 335.90 202.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.38 202.10 Td (performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 178.10 Td (If Sears Holdings seeks the protection of the U.S. bankruptcy laws, the consequences to the Company with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (its rights under the Senior ) Tj ET Q q 0 0 0 rg BT 154.77 166.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 174.40 166.10 Td ( Facility could be materially adverse. For example, \(1\) the lenders under the Senior ) Tj ET Q q 0 0 0 rg BT 511.24 166.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 530.87 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (Facility could become uncomfortable lending to the Company due to its close contractual relationships with Sears Holdings, \(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (the Senior ) Tj ET Q q 0 0 0 rg BT 92.27 142.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 111.90 142.10 Td ( Facility provides for significant lender discretion, such as the ability to reduce loan advance-rates, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (reduce the amounts that the Company could borrow) Tj ET Q q 0 0 0 rg BT 256.30 130.10 Td (, \(3\) the lenders could assert that they have no obligation to extend to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (Company additional loans on the basis that the Company has suf) Tj ET Q q 0 0 0 rg BT 308.17 118.10 Td (fered a Material ) Tj ET Q q 0 0 0 rg BT 378.41 118.10 Td (Adverse Ef) Tj ET Q q 0 0 0 rg BT 423.48 118.10 Td (fect, and \(4\) Sears Holdings) Tj ET Q q 0 0 0 rg BT 542.62 118.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (rejection or termination of all of the agreements between the Company and Sears Holdings specified in the Senior ) Tj ET Q q 0 0 0 rg BT 507.15 106.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 526.78 106.10 Td ( Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (would be an Event of Default under the Senior ) Tj ET Q q 0 0 0 rg BT 246.94 94.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 266.57 94.10 Td ( Facility that would permit the lenders to accelerate and immediately call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (due all of the Company's outstanding loans.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream 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 49.50 742.25 Td (Risks ) Tj ET Q q 0 0 0 rg BT 75.34 742.25 Td (Relating ) Tj ET Q q 0 0 0 rg BT 113.95 742.25 Td (to ) Tj ET Q q 0 0 0 rg BT 124.78 742.25 Td (Our) Tj ET Q q 0 0 0 rg BT 142.38 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.88 742.25 Td (Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (If ) Tj ET Q q 0 0 0 rg BT 58.46 718.25 Td (we ) Tj ET Q q 0 0 0 rg BT 71.31 718.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 86.94 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 96.46 718.25 Td (of) Tj ET Q q 0 0 0 rg BT 104.61 718.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 118.01 718.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 172.53 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.83 718.25 Td (services ) Tj ET Q q 0 0 0 rg BT 223.78 718.25 Td (that ) Tj ET Q q 0 0 0 rg BT 241.64 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.83 718.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 301.24 718.25 Td (want, ) Tj ET Q q 0 0 0 rg BT 325.49 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 341.69 718.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 363.43 718.25 Td (may ) Tj ET Q q 0 0 0 rg BT 382.38 718.25 Td (be ) Tj ET Q q 0 0 0 rg BT 393.56 718.25 Td (limited, ) Tj ET Q q 0 0 0 rg BT 426.13 718.25 Td (which ) Tj ET Q q 0 0 0 rg BT 452.88 718.25 Td (would ) Tj ET Q q 0 0 0 rg BT 479.63 718.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 509.14 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.34 718.25 Td (revenues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.56 706.25 Td (profits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 682.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.84 682.25 Td (order ) Tj ET Q q 0 0 0 rg BT 120.95 682.25 Td (for ) Tj ET Q q 0 0 0 rg BT 135.62 682.25 Td (our ) Tj ET Q q 0 0 0 rg BT 151.96 682.25 Td (business ) Tj ET Q q 0 0 0 rg BT 188.86 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.64 682.25 Td (be ) Tj ET Q q 0 0 0 rg BT 212.09 682.25 Td (successful, ) Tj ET Q q 0 0 0 rg BT 258.70 682.25 Td (we ) Tj ET Q q 0 0 0 rg BT 273.37 682.25 Td (must ) Tj ET Q q 0 0 0 rg BT 295.83 682.25 Td (identify) Tj ET Q q 0 0 0 rg BT 326.28 682.25 Td (, ) Tj ET Q q 0 0 0 rg BT 331.79 682.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 359.79 682.25 Td (supplies ) Tj ET Q q 0 0 0 rg BT 395.58 682.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 409.42 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 426.87 682.25 Td (of) Tj ET Q q 0 0 0 rg BT 435.02 682.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 449.13 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.91 682.25 Td (our ) Tj ET Q q 0 0 0 rg BT 476.25 682.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 522.31 682.25 Td (attractive, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (innovative ) Tj ET Q q 0 0 0 rg BT 93.22 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.18 670.25 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 159.57 670.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 211.62 670.25 Td (on ) Tj ET Q q 0 0 0 rg BT 223.13 670.25 Td (a ) Tj ET Q q 0 0 0 rg BT 229.08 670.25 Td (continuous ) Tj ET Q q 0 0 0 rg BT 274.48 670.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 298.49 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 300.00 670.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 317.07 670.25 Td (products ) Tj ET Q q 0 0 0 rg BT 353.02 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.97 670.25 Td (services ) Tj ET Q q 0 0 0 rg BT 402.69 670.25 Td (must ) Tj ET Q q 0 0 0 rg BT 423.65 670.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 451.27 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.00 670.25 Td (desires ) Tj ET Q q 0 0 0 rg BT 494.28 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.13 670.25 Td (our ) Tj ET Q q 0 0 0 rg BT 518.97 670.25 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (whose ) Tj ET Q q 0 0 0 rg BT 78.02 658.25 Td (preferences ) Tj ET Q q 0 0 0 rg BT 127.06 658.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.81 658.25 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 185.48 658.25 Td (hardware ) Tj ET Q q 0 0 0 rg BT 225.65 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.05 658.25 Td (lawn ) Tj ET Q q 0 0 0 rg BT 265.46 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.87 658.25 Td (garden ) Tj ET Q q 0 0 0 rg BT 313.04 658.25 Td (products ) Tj ET Q q 0 0 0 rg BT 350.45 658.25 Td (may ) Tj ET Q q 0 0 0 rg BT 370.64 658.25 Td (change ) Tj ET Q q 0 0 0 rg BT 401.92 658.25 Td (in ) Tj ET Q q 0 0 0 rg BT 412.67 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.85 658.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 457.20 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 460.17 658.25 Td (If ) Tj ET Q q 0 0 0 rg BT 469.80 658.25 Td (we ) Tj ET Q q 0 0 0 rg BT 484.43 658.25 Td (misjudge ) Tj ET Q q 0 0 0 rg BT 524.06 658.25 Td (either ) Tj ET Q q 0 0 0 rg BT 549.79 658.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 83.46 646.25 Td (for ) Tj ET Q q 0 0 0 rg BT 97.42 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.94 646.25 Td (products ) Tj ET Q q 0 0 0 rg BT 148.68 646.25 Td (we ) Tj ET Q q 0 0 0 rg BT 162.64 646.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 178.83 646.25 Td (or ) Tj ET Q q 0 0 0 rg BT 189.46 646.25 Td (our ) Tj ET Q q 0 0 0 rg BT 205.10 646.25 Td (customers' ) Tj ET Q q 0 0 0 rg BT 249.75 646.25 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 295.93 646.25 Td (habits ) Tj ET Q q 0 0 0 rg BT 322.11 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 338.86 646.25 Td (tastes, ) Tj ET Q q 0 0 0 rg BT 365.87 646.25 Td (we ) Tj ET Q q 0 0 0 rg BT 379.84 646.25 Td (may ) Tj ET Q q 0 0 0 rg BT 399.36 646.25 Td (be ) Tj ET Q q 0 0 0 rg BT 411.10 646.25 Td (faced ) Tj ET Q q 0 0 0 rg BT 435.04 646.25 Td (with ) Tj ET Q q 0 0 0 rg BT 455.13 646.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 483.53 646.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 530.26 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 540.89 646.25 Td (some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (products ) Tj ET Q q 0 0 0 rg BT 86.59 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.68 634.25 Td (missed ) Tj ET Q q 0 0 0 rg BT 134.12 634.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 189.54 634.25 Td (for ) Tj ET Q q 0 0 0 rg BT 203.86 634.25 Td (products ) Tj ET Q q 0 0 0 rg BT 240.95 634.25 Td (we ) Tj ET Q q 0 0 0 rg BT 255.26 634.25 Td (chose ) Tj ET Q q 0 0 0 rg BT 280.69 634.25 Td (not ) Tj ET Q q 0 0 0 rg BT 296.12 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.55 634.25 Td (of) Tj ET Q q 0 0 0 rg BT 314.70 634.25 Td (fer) Tj ET Q q 0 0 0 rg BT 325.25 634.25 Td (. ) Tj ET Q q 0 0 0 rg BT 330.40 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 333.05 634.25 Td (In ) Tj ET Q q 0 0 0 rg BT 344.04 634.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 381.97 634.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.95 634.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 420.04 634.25 Td (may ) Tj ET Q q 0 0 0 rg BT 439.91 634.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 471.44 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 482.42 634.25 Td (we ) Tj ET Q q 0 0 0 rg BT 496.74 634.25 Td (may ) Tj ET Q q 0 0 0 rg BT 516.61 634.25 Td (be ) Tj ET Q q 0 0 0 rg BT 528.70 634.25 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.09 622.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 76.79 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.83 622.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 145.17 622.25 Td (we ) Tj ET Q q 0 0 0 rg BT 159.65 622.25 Td (have ) Tj ET Q q 0 0 0 rg BT 181.34 622.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 218.59 622.25 Td (at ) Tj ET Q q 0 0 0 rg BT 228.62 622.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 254.20 622.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 283.40 622.25 Td (increasing ) Tj ET Q q 0 0 0 rg BT 327.31 622.25 Td (our ) Tj ET Q q 0 0 0 rg BT 343.45 622.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 384.59 622.25 Td (markdowns ) Tj ET Q q 0 0 0 rg BT 434.07 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.32 622.25 Td (promotional ) Tj ET Q q 0 0 0 rg BT 503.02 622.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 544.23 622.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (would ) Tj ET Q q 0 0 0 rg BT 77.00 610.25 Td (have ) Tj ET Q q 0 0 0 rg BT 98.38 610.25 Td (a ) Tj ET Q q 0 0 0 rg BT 105.32 610.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 141.69 610.25 Td (ef) Tj ET Q q 0 0 0 rg BT 149.28 610.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 166.76 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 179.26 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 195.09 610.25 Td (business ) Tj ET Q q 0 0 0 rg BT 231.48 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 248.42 610.25 Td (results ) Tj ET Q q 0 0 0 rg BT 277.03 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.86 610.25 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.45 586.25 Td (business ) Tj ET Q q 0 0 0 rg BT 105.74 586.25 Td (has ) Tj ET Q q 0 0 0 rg BT 122.46 586.25 Td (been ) Tj ET Q q 0 0 0 rg BT 144.17 586.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.01 586.25 Td (will ) Tj ET Q q 0 0 0 rg BT 179.29 586.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 217.68 586.25 Td (to ) Tj ET Q q 0 0 0 rg BT 227.73 586.25 Td (be ) Tj ET Q q 0 0 0 rg BT 239.44 586.25 Td (af) Tj ET Q q 0 0 0 rg BT 247.59 586.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 274.29 586.25 Td (by ) Tj ET Q q 0 0 0 rg BT 286.00 586.25 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 330.50 586.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 372.20 586.25 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 420.59 586.25 Td (a ) Tj ET Q q 0 0 0 rg BT 427.87 586.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 457.92 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.52 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.57 586.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 522.50 586.25 Td (to ) Tj ET Q q 0 0 0 rg BT 532.55 586.25 Td (sustain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (its ) Tj ET Q q 0 0 0 rg BT 61.72 574.25 Td (recovery) Tj ET Q q 0 0 0 rg BT 96.32 574.25 Td (, ) Tj ET Q q 0 0 0 rg BT 101.59 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 109.36 574.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 146.56 574.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 178.76 574.25 Td (in ) Tj ET Q q 0 0 0 rg BT 189.87 574.25 Td (consumer-spending ) Tj ET Q q 0 0 0 rg BT 273.76 574.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 299.29 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.62 574.25 Td (other ) Tj ET Q q 0 0 0 rg BT 342.06 574.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 390.11 574.25 Td (including ) Tj ET Q q 0 0 0 rg BT 432.34 574.25 Td (inflation, ) Tj ET Q q 0 0 0 rg BT 473.17 574.25 Td (could ) Tj ET Q q 0 0 0 rg BT 498.72 574.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 518.70 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.25 574.25 Td (reduced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 88.66 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.72 562.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 130.90 562.25 Td (margins, ) Tj ET Q q 0 0 0 rg BT 169.80 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.86 562.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 232.01 562.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 262.28 562.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.24 562.25 Td (results ) Tj ET Q q 0 0 0 rg BT 308.97 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.80 562.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 538.25 Td (Many ) Tj ET Q q 0 0 0 rg BT 97.44 538.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 138.42 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.97 538.25 Td (other ) Tj ET Q q 0 0 0 rg BT 177.63 538.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 206.95 538.25 Td (are ) Tj ET Q q 0 0 0 rg BT 221.27 538.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 252.26 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.71 538.25 Td (our ) Tj ET Q q 0 0 0 rg BT 278.15 538.25 Td (control, ) Tj ET Q q 0 0 0 rg BT 311.08 538.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 353.47 538.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 394.45 538.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 440.43 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.98 538.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 495.20 538.25 Td (levels, ) Tj ET Q q 0 0 0 rg BT 523.13 538.25 Td (consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.52 526.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 116.31 526.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 141.66 526.25 Td (availability) Tj ET Q q 0 0 0 rg BT 185.99 526.25 Td (, ) Tj ET Q q 0 0 0 rg BT 191.08 526.25 Td (inflation, ) Tj ET Q q 0 0 0 rg BT 230.04 526.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 282.62 526.25 Td (levels, ) Tj ET Q q 0 0 0 rg BT 311.03 526.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 345.29 526.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 367.31 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.33 526.25 Td (remodels, ) Tj ET Q q 0 0 0 rg BT 426.07 526.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 451.43 526.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 485.68 526.25 Td (turnover) Tj ET Q q 0 0 0 rg BT 519.16 526.25 Td (, ) Tj ET Q q 0 0 0 rg BT 524.25 526.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 89.88 514.25 Td (delinquency ) Tj ET Q q 0 0 0 rg BT 141.36 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.41 514.25 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 206.00 514.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 229.98 514.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 271.47 514.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 291.30 514.25 Td (levels, ) Tj ET Q q 0 0 0 rg BT 319.74 514.25 Td (fuel ) Tj ET Q q 0 0 0 rg BT 337.89 514.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 360.51 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.56 514.25 Td (other ) Tj ET Q q 0 0 0 rg BT 400.71 514.25 Td (challenges ) Tj ET Q q 0 0 0 rg BT 445.53 514.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 484.23 514.25 Td (af) Tj ET Q q 0 0 0 rg BT 491.82 514.25 Td (fecting ) Tj ET Q q 0 0 0 rg BT 522.20 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.02 514.25 Td (global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (economy) Tj ET Q q 0 0 0 rg BT 85.51 502.25 Td (, ) Tj ET Q q 0 0 0 rg BT 89.95 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.12 502.25 Td (full ) Tj ET Q q 0 0 0 rg BT 119.95 502.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 149.11 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.39 502.25 Td (which ) Tj ET Q q 0 0 0 rg BT 185.77 502.25 Td (on ) Tj ET Q q 0 0 0 rg BT 197.72 502.25 Td (our ) Tj ET Q q 0 0 0 rg BT 213.00 502.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 251.34 502.25 Td (results ) Tj ET Q q 0 0 0 rg BT 279.39 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.67 502.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 333.27 502.25 Td (and ) Tj ET Q q 0 0 0 rg BT 349.66 502.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.59 502.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 426.31 502.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 454.91 502.25 Td (be ) Tj ET Q q 0 0 0 rg BT 466.29 502.25 Td (predicted ) Tj ET Q q 0 0 0 rg BT 505.44 502.25 Td (with ) Tj ET Q q 0 0 0 rg BT 525.17 502.25 Td (certainty) Tj ET Q q 0 0 0 rg BT 559.50 502.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (These ) Tj ET Q q 0 0 0 rg BT 76.47 490.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 118.44 490.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 163.19 490.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 204.60 490.25 Td (af) Tj ET Q q 0 0 0 rg BT 212.19 490.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 230.27 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.58 490.25 Td (disposable ) Tj ET Q q 0 0 0 rg BT 290.89 490.25 Td (income ) Tj ET Q q 0 0 0 rg BT 323.42 490.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 349.83 490.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 363.76 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.29 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.60 490.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 422.46 490.25 Td (available ) Tj ET Q q 0 0 0 rg BT 461.64 490.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 475.01 490.25 Td (our ) Tj ET Q q 0 0 0 rg BT 491.43 490.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 537.57 490.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.95 478.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 94.84 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.85 478.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 140.73 478.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 175.62 478.25 Td (for ) Tj ET Q q 0 0 0 rg BT 190.51 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 207.08 478.25 Td (merchandise. ) Tj ET Q q 0 0 0 rg BT 262.63 478.25 Td (Also ) Tj ET Q q 0 0 0 rg BT 284.76 478.25 Td (af) Tj ET Q q 0 0 0 rg BT 292.34 478.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 320.00 478.25 Td (are ) Tj ET Q q 0 0 0 rg BT 335.44 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 352.01 478.25 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 389.40 478.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 412.63 478.25 Td (which ) Tj ET Q q 0 0 0 rg BT 440.31 478.25 Td (we ) Tj ET Q q 0 0 0 rg BT 455.20 478.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 487.31 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 498.32 478.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 532.10 478.25 Td (us ) Tj ET Q q 0 0 0 rg BT 544.23 478.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.13 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.88 466.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 143.90 466.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 161.76 466.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 195.73 466.25 Td (could ) Tj ET Q q 0 0 0 rg BT 220.25 466.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 240.33 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 250.42 466.25 Td (change ) Tj ET Q q 0 0 0 rg BT 281.04 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.56 466.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 320.09 466.25 Td (under ) Tj ET Q q 0 0 0 rg BT 345.17 466.25 Td (which ) Tj ET Q q 0 0 0 rg BT 371.91 466.25 Td (they ) Tj ET Q q 0 0 0 rg BT 391.44 466.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 407.63 466.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 448.27 466.25 Td (or ) Tj ET Q q 0 0 0 rg BT 458.91 466.25 Td (other ) Tj ET Q q 0 0 0 rg BT 481.76 466.25 Td (services ) Tj ET Q q 0 0 0 rg BT 516.28 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.37 466.25 Td (us ) Tj ET Q q 0 0 0 rg BT 537.57 466.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (could ) Tj ET Q q 0 0 0 rg BT 75.19 454.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 120.31 454.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 150.99 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 167.79 454.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.24 454.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 249.98 454.25 Td (In ) Tj ET Q q 0 0 0 rg BT 261.78 454.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 300.52 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.21 454.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 353.01 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 364.81 454.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 399.93 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.18 454.25 Td (access ) Tj ET Q q 0 0 0 rg BT 440.19 454.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 473.43 454.25 Td (, ) Tj ET Q q 0 0 0 rg BT 479.40 454.25 Td (or ) Tj ET Q q 0 0 0 rg BT 491.20 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.89 454.25 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 553.68 454.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 86.16 442.25 Td (could ) Tj ET Q q 0 0 0 rg BT 110.88 442.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 130.03 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.31 442.25 Td (their ) Tj ET Q q 0 0 0 rg BT 161.14 442.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 189.73 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.01 442.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 230.27 442.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 271.10 442.25 Td (or ) Tj ET Q q 0 0 0 rg BT 281.93 442.25 Td (other ) Tj ET Q q 0 0 0 rg BT 304.97 442.25 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 418.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.62 418.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 129.80 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.32 418.25 Td (international ) Tj ET Q q 0 0 0 rg BT 200.93 418.25 Td (political ) Tj ET Q q 0 0 0 rg BT 236.78 418.25 Td (situation ) Tj ET Q q 0 0 0 rg BT 274.29 418.25 Td (also ) Tj ET Q q 0 0 0 rg BT 293.48 418.25 Td (af) Tj ET Q q 0 0 0 rg BT 301.07 418.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 323.02 418.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 364.97 418.25 Td (confidence. ) Tj ET Q q 0 0 0 rg BT 414.19 418.25 Td (The ) Tj ET Q q 0 0 0 rg BT 432.81 418.25 Td (threat, ) Tj ET Q q 0 0 0 rg BT 461.15 418.25 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 499.21 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 510.62 418.25 Td (escalation ) Tj ET Q q 0 0 0 rg BT 553.68 418.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (terrorism, ) Tj ET Q q 0 0 0 rg BT 91.61 406.25 Td (military ) Tj ET Q q 0 0 0 rg BT 126.22 406.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 163.60 406.25 Td (or ) Tj ET Q q 0 0 0 rg BT 174.89 406.25 Td (other ) Tj ET Q q 0 0 0 rg BT 198.38 406.25 Td (hostilities ) Tj ET Q q 0 0 0 rg BT 240.23 406.25 Td (could ) Tj ET Q q 0 0 0 rg BT 265.40 406.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 285.00 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.73 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 303.12 406.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 340.49 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 351.22 406.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 393.05 406.25 Td (spending. ) Tj ET Q q 0 0 0 rg BT 433.96 406.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 454.13 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.41 406.25 Td (these ) Tj ET Q q 0 0 0 rg BT 488.91 406.25 Td (events ) Tj ET Q q 0 0 0 rg BT 517.41 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.80 406.25 Td (factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.72 394.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 99.94 394.25 Td (us ) Tj ET Q q 0 0 0 rg BT 111.84 394.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.62 394.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 158.38 394.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 199.71 394.25 Td (markdowns ) Tj ET Q q 0 0 0 rg BT 249.38 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.83 394.25 Td (promotional ) Tj ET Q q 0 0 0 rg BT 318.71 394.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 360.32 394.25 Td (thereby ) Tj ET Q q 0 0 0 rg BT 393.31 394.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 431.30 394.25 Td (our ) Tj ET Q q 0 0 0 rg BT 447.64 394.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 471.76 394.25 Td (mar) Tj ET Q q 0 0 0 rg BT 487.13 394.25 Td (gins ) Tj ET Q q 0 0 0 rg BT 506.80 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.25 394.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (If ) Tj ET Q q 0 0 0 rg BT 59.22 358.25 Td (we ) Tj ET Q q 0 0 0 rg BT 72.83 358.25 Td (do ) Tj ET Q q 0 0 0 rg BT 85.33 358.25 Td (not ) Tj ET Q q 0 0 0 rg BT 101.17 358.25 Td (successfully ) Tj ET Q q 0 0 0 rg BT 153.11 358.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 188.39 358.25 Td (our ) Tj ET Q q 0 0 0 rg BT 205.34 358.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 246.73 358.25 Td (levels, ) Tj ET Q q 0 0 0 rg BT 274.49 358.25 Td (our ) Tj ET Q q 0 0 0 rg BT 291.44 358.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 333.39 358.25 Td (results ) Tj ET Q q 0 0 0 rg BT 363.12 358.25 Td (will ) Tj ET Q q 0 0 0 rg BT 380.63 358.25 Td (be ) Tj ET Q q 0 0 0 rg BT 392.57 358.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 433.38 358.25 Td (af) Tj ET Q q 0 0 0 rg BT 441.53 358.25 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 334.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 334.25 Td (e ) Tj ET Q q 0 0 0 rg BT 86.70 334.25 Td (must ) Tj ET Q q 0 0 0 rg BT 107.78 334.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 144.40 334.25 Td (suf) Tj ET Q q 0 0 0 rg BT 156.44 334.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 183.61 334.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 223.56 334.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 248.52 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.93 334.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 288.98 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 303.94 334.25 Td (business ) Tj ET Q q 0 0 0 rg BT 339.46 334.25 Td (successfully) Tj ET Q q 0 0 0 rg BT 387.68 334.25 Td (. ) Tj ET Q q 0 0 0 rg BT 391.81 334.25 Td (However) Tj ET Q q 0 0 0 rg BT 428.06 334.25 Td (, ) Tj ET Q q 0 0 0 rg BT 432.19 334.25 Td (we ) Tj ET Q q 0 0 0 rg BT 445.48 334.25 Td (also ) Tj ET Q q 0 0 0 rg BT 463.22 334.25 Td (must ) Tj ET Q q 0 0 0 rg BT 484.29 334.25 Td (avoid ) Tj ET Q q 0 0 0 rg BT 508.14 334.25 Td (accumulating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.67 322.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 120.07 322.25 Td (as ) Tj ET Q q 0 0 0 rg BT 131.48 322.25 Td (we ) Tj ET Q q 0 0 0 rg BT 146.21 322.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 167.05 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.90 322.25 Td (minimize ) Tj ET Q q 0 0 0 rg BT 218.75 322.25 Td (out-of-stock ) Tj ET Q q 0 0 0 rg BT 270.70 322.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 297.10 322.25 Td (across ) Tj ET Q q 0 0 0 rg BT 325.16 322.25 Td (all ) Tj ET Q q 0 0 0 rg BT 338.23 322.25 Td (product ) Tj ET Q q 0 0 0 rg BT 371.85 322.25 Td (categories ) Tj ET Q q 0 0 0 rg BT 415.45 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.97 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 443.82 322.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 481.88 322.25 Td (in-stock ) Tj ET Q q 0 0 0 rg BT 517.17 322.25 Td (levels. ) Tj ET Q q 0 0 0 rg BT 546.07 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.92 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 557.56 322.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 86.69 310.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.21 310.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 115.51 310.25 Td (on ) Tj ET Q q 0 0 0 rg BT 128.26 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.45 310.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 173.20 310.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 218.16 310.25 Td (portions ) Tj ET Q q 0 0 0 rg BT 253.69 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.78 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 280.86 310.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 321.93 310.25 Td (through ) Tj ET Q q 0 0 0 rg BT 355.79 310.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 380.21 310.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 422.13 310.25 Td (which ) Tj ET Q q 0 0 0 rg BT 449.32 310.25 Td (obtains ) Tj ET Q q 0 0 0 rg BT 480.96 310.25 Td (a ) Tj ET Q q 0 0 0 rg BT 488.15 310.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 533.11 310.25 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.66 298.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 101.81 298.25 Td (from ) Tj ET Q q 0 0 0 rg BT 124.07 298.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 158.56 298.25 Td (located ) Tj ET Q q 0 0 0 rg BT 190.26 298.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 221.97 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.01 298.25 Td (United ) Tj ET Q q 0 0 0 rg BT 267.06 298.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 296.27 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 299.09 298.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 324.70 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.86 298.25 Td (these ) Tj ET Q q 0 0 0 rg BT 359.23 298.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 393.71 298.25 Td (often ) Tj ET Q q 0 0 0 rg BT 417.09 298.25 Td (require ) Tj ET Q q 0 0 0 rg BT 448.23 298.25 Td (us ) Tj ET Q q 0 0 0 rg BT 459.95 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 470.55 298.25 Td (provide, ) Tj ET Q q 0 0 0 rg BT 506.42 298.25 Td (through ) Tj ET Q q 0 0 0 rg BT 540.36 298.25 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 91.73 286.25 Td (lengthy ) Tj ET Q q 0 0 0 rg BT 124.78 286.25 Td (advance ) Tj ET Q q 0 0 0 rg BT 160.60 286.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 188.09 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.48 286.25 Td (our ) Tj ET Q q 0 0 0 rg BT 215.87 286.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 271.13 286.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.97 286.25 Td (order ) Tj ET Q q 0 0 0 rg BT 306.12 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.96 286.25 Td (be ) Tj ET Q q 0 0 0 rg BT 329.46 286.25 Td (able ) Tj ET Q q 0 0 0 rg BT 349.17 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.01 286.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 389.74 286.25 Td (products ) Tj ET Q q 0 0 0 rg BT 427.24 286.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.07 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.35 286.25 Td (quantities ) Tj ET Q q 0 0 0 rg BT 495.29 286.25 Td (we ) Tj ET Q q 0 0 0 rg BT 510.01 286.25 Td (request. ) Tj ET Q q 0 0 0 rg BT 544.23 286.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 81.14 274.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 116.11 274.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 130.25 274.25 Td (through ) Tj ET Q q 0 0 0 rg BT 164.12 274.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 188.54 274.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 230.46 274.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.00 274.25 Td (order ) Tj ET Q q 0 0 0 rg BT 264.85 274.25 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 320.64 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 337.83 274.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 360.58 274.25 Td (into ) Tj ET Q q 0 0 0 rg BT 378.89 274.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 417.18 274.25 Td (order ) Tj ET Q q 0 0 0 rg BT 441.04 274.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 479.89 274.25 Td (for ) Tj ET Q q 0 0 0 rg BT 494.30 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.28 274.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 547.57 274.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (manufacture ) Tj ET Q q 0 0 0 rg BT 101.12 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.10 262.25 Td (such ) Tj ET Q q 0 0 0 rg BT 131.08 262.25 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 185.76 262.25 Td (well ) Tj ET Q q 0 0 0 rg BT 204.63 262.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.06 262.25 Td (advance ) Tj ET Q q 0 0 0 rg BT 248.46 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.45 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.31 262.25 Td (time ) Tj ET Q q 0 0 0 rg BT 291.74 262.25 Td (these ) Tj ET Q q 0 0 0 rg BT 313.93 262.25 Td (products ) Tj ET Q q 0 0 0 rg BT 350.02 262.25 Td (will ) Tj ET Q q 0 0 0 rg BT 367.23 262.25 Td (be ) Tj ET Q q 0 0 0 rg BT 378.32 262.25 Td (of) Tj ET Q q 0 0 0 rg BT 386.47 262.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 408.66 262.25 Td (for ) Tj ET Q q 0 0 0 rg BT 421.97 262.25 Td (sale. ) Tj ET Q q 0 0 0 rg BT 441.30 262.25 Td (As ) Tj ET Q q 0 0 0 rg BT 454.06 262.25 Td (a ) Tj ET Q q 0 0 0 rg BT 460.15 262.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 486.52 262.25 Td (we ) Tj ET Q q 0 0 0 rg BT 499.83 262.25 Td (may ) Tj ET Q q 0 0 0 rg BT 518.70 262.25 Td (experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 250.25 Td (ficulty ) Tj ET Q q 0 0 0 rg BT 88.20 250.25 Td (in ) Tj ET Q q 0 0 0 rg BT 97.65 250.25 Td (responding ) Tj ET Q q 0 0 0 rg BT 143.76 250.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.21 250.25 Td (a ) Tj ET Q q 0 0 0 rg BT 159.32 250.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 197.65 250.25 Td (retail ) Tj ET Q q 0 0 0 rg BT 219.86 250.25 Td (environment, ) Tj ET Q q 0 0 0 rg BT 274.58 250.25 Td (which ) Tj ET Q q 0 0 0 rg BT 300.69 250.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 327.90 250.25 Td (us ) Tj ET Q q 0 0 0 rg BT 338.47 250.25 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 382.34 250.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.79 250.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 425.67 250.25 Td (in ) Tj ET Q q 0 0 0 rg BT 435.12 250.25 Td (price ) Tj ET Q q 0 0 0 rg BT 456.77 250.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.88 250.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 513.43 250.25 Td (preferences. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (If ) Tj ET Q q 0 0 0 rg BT 58.76 238.25 Td (we ) Tj ET Q q 0 0 0 rg BT 73.01 238.25 Td (do ) Tj ET Q q 0 0 0 rg BT 85.61 238.25 Td (not ) Tj ET Q q 0 0 0 rg BT 100.99 238.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 144.66 238.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 186.13 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.94 238.25 Td (future ) Tj ET Q q 0 0 0 rg BT 227.41 238.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 261.66 238.25 Td (for ) Tj ET Q q 0 0 0 rg BT 275.92 238.25 Td (a ) Tj ET Q q 0 0 0 rg BT 282.96 238.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 323.86 238.25 Td (product ) Tj ET Q q 0 0 0 rg BT 357.01 238.25 Td (or ) Tj ET Q q 0 0 0 rg BT 367.93 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.75 238.25 Td (time ) Tj ET Q q 0 0 0 rg BT 403.12 238.25 Td (it ) Tj ET Q q 0 0 0 rg BT 411.27 238.25 Td (will ) Tj ET Q q 0 0 0 rg BT 429.42 238.25 Td (take ) Tj ET Q q 0 0 0 rg BT 448.68 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.05 238.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 486.64 238.25 Td (new ) Tj ET Q q 0 0 0 rg BT 505.90 238.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 543.58 238.25 Td (, ) Tj ET Q q 0 0 0 rg BT 548.67 238.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.33 226.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 116.15 226.25 Td (will ) Tj ET Q q 0 0 0 rg BT 134.21 226.25 Td (not ) Tj ET Q q 0 0 0 rg BT 149.49 226.25 Td (be ) Tj ET Q q 0 0 0 rg BT 161.42 226.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 209.46 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 226.39 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.22 226.25 Td (results ) Tj ET Q q 0 0 0 rg BT 270.83 226.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.66 226.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 325.82 226.25 Td (may ) Tj ET Q q 0 0 0 rg BT 345.54 226.25 Td (be ) Tj ET Q q 0 0 0 rg BT 357.47 226.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 401.62 226.25 Td (impacted.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (If ) Tj ET Q q 0 0 0 rg BT 59.41 202.25 Td (we ) Tj ET Q q 0 0 0 rg BT 73.21 202.25 Td (are ) Tj ET Q q 0 0 0 rg BT 89.23 202.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 120.26 202.25 Td (to ) Tj ET Q q 0 0 0 rg BT 130.73 202.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 167.29 202.25 Td (ef) Tj ET Q q 0 0 0 rg BT 174.88 202.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 211.43 202.25 Td (in ) Tj ET Q q 0 0 0 rg BT 222.46 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.93 202.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 266.74 202.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 316.07 202.25 Td (retail ) Tj ET Q q 0 0 0 rg BT 340.43 202.25 Td (industry) Tj ET Q q 0 0 0 rg BT 373.96 202.25 Td (, ) Tj ET Q q 0 0 0 rg BT 379.15 202.25 Td (our ) Tj ET Q q 0 0 0 rg BT 396.29 202.25 Td (business ) Tj ET Q q 0 0 0 rg BT 434.00 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 452.25 202.25 Td (results ) Tj ET Q q 0 0 0 rg BT 482.17 202.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.19 202.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 539.22 202.25 Td (could ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.44 190.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 105.60 190.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 146.41 190.25 Td (af) Tj ET Q q 0 0 0 rg BT 154.56 190.25 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 166.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.36 166.25 Td (retail ) Tj ET Q q 0 0 0 rg BT 111.72 166.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 146.31 166.25 Td (is ) Tj ET Q q 0 0 0 rg BT 154.79 166.25 Td (intensely ) Tj ET Q q 0 0 0 rg BT 192.71 166.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 241.73 166.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.98 166.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 285.35 166.25 Td (fragmented. ) Tj ET Q q 0 0 0 rg BT 335.20 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.01 166.25 Td (In ) Tj ET Q q 0 0 0 rg BT 347.16 166.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 384.25 166.25 Td (there ) Tj ET Q q 0 0 0 rg BT 406.05 166.25 Td (are ) Tj ET Q q 0 0 0 rg BT 420.07 166.25 Td (few ) Tj ET Q q 0 0 0 rg BT 436.87 166.25 Td (barriers ) Tj ET Q q 0 0 0 rg BT 469.22 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.81 166.25 Td (entry ) Tj ET Q q 0 0 0 rg BT 501.17 166.25 Td (into ) Tj ET Q q 0 0 0 rg BT 518.55 166.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.69 166.25 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 72.38 154.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 95.82 154.25 Td (and ) Tj ET Q q 0 0 0 rg BT 113.15 154.25 Td (new ) Tj ET Q q 0 0 0 rg BT 132.71 154.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 182.82 154.25 Td (may ) Tj ET Q q 0 0 0 rg BT 202.93 154.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 225.81 154.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.04 154.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 264.92 154.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 288.36 154.25 Td (at ) Tj ET Q q 0 0 0 rg BT 298.47 154.25 Td (any ) Tj ET Q q 0 0 0 rg BT 315.81 154.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 338.98 154.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.66 154.25 Td (W) Tj ET Q q 0 0 0 rg BT 350.30 154.25 Td (e ) Tj ET Q q 0 0 0 rg BT 357.64 154.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 394.41 154.25 Td (with ) Tj ET Q q 0 0 0 rg BT 415.08 154.25 Td (a ) Tj ET Q q 0 0 0 rg BT 422.42 154.25 Td (wide ) Tj ET Q q 0 0 0 rg BT 444.75 154.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 475.41 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.64 154.25 Td (retailers, ) Tj ET Q q 0 0 0 rg BT 524.24 154.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (department ) Tj ET Q q 0 0 0 rg BT 98.40 142.25 Td (stores, ) Tj ET Q q 0 0 0 rg BT 128.16 142.25 Td (discounters, ) Tj ET Q q 0 0 0 rg BT 180.13 142.25 Td (mass ) Tj ET Q q 0 0 0 rg BT 204.05 142.25 Td (merchandisers, ) Tj ET Q q 0 0 0 rg BT 268.23 142.25 Td (hardware ) Tj ET Q q 0 0 0 rg BT 309.35 142.25 Td (stores, ) Tj ET Q q 0 0 0 rg BT 339.11 142.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 391.91 142.25 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 426.65 142.25 Td (home ) Tj ET Q q 0 0 0 rg BT 452.79 142.25 Td (improvement ) Tj ET Q q 0 0 0 rg BT 510.03 142.25 Td (stores, ) Tj ET Q q 0 0 0 rg BT 539.79 142.25 Td (home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (appliance ) Tj ET Q q 0 0 0 rg BT 89.23 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.09 130.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 145.39 130.25 Td (electronics ) Tj ET Q q 0 0 0 rg BT 190.12 130.25 Td (retailers, ) Tj ET Q q 0 0 0 rg BT 226.24 130.25 Td (auto ) Tj ET Q q 0 0 0 rg BT 244.88 130.25 Td (service ) Tj ET Q q 0 0 0 rg BT 274.62 130.25 Td (providers, ) Tj ET Q q 0 0 0 rg BT 316.31 130.25 Td (specialty ) Tj ET Q q 0 0 0 rg BT 353.27 130.25 Td (retailers, ) Tj ET Q q 0 0 0 rg BT 389.39 130.25 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 430.80 130.25 Td (clubs ) Tj ET Q q 0 0 0 rg BT 453.33 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.19 130.25 Td (many ) Tj ET Q q 0 0 0 rg BT 492.83 130.25 Td (other ) Tj ET Q q 0 0 0 rg BT 514.79 130.25 Td (competitors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.44 118.25 Td (on ) Tj ET Q q 0 0 0 rg BT 101.62 118.25 Td (a ) Tj ET Q q 0 0 0 rg BT 108.24 118.25 Td (national, ) Tj ET Q q 0 0 0 rg BT 145.13 118.25 Td (regional ) Tj ET Q q 0 0 0 rg BT 180.07 118.25 Td (or ) Tj ET Q q 0 0 0 rg BT 190.57 118.25 Td (local ) Tj ET Q q 0 0 0 rg BT 212.19 118.25 Td (level. ) Tj ET Q q 0 0 0 rg BT 236.30 118.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 261.25 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.76 118.25 Td (our ) Tj ET Q q 0 0 0 rg BT 287.27 118.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 336.66 118.25 Td (are ) Tj ET Q q 0 0 0 rg BT 351.04 118.25 Td (actively ) Tj ET Q q 0 0 0 rg BT 384.87 118.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 420.36 118.25 Td (in ) Tj ET Q q 0 0 0 rg BT 430.32 118.25 Td (new ) Tj ET Q q 0 0 0 rg BT 449.16 118.25 Td (store ) Tj ET Q q 0 0 0 rg BT 470.77 118.25 Td (expansion. ) Tj ET Q q 0 0 0 rg BT 516.00 118.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.18 118.25 Td (Online ) Tj ET Q q 0 0 0 rg BT 547.57 118.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (catalog ) Tj ET Q q 0 0 0 rg BT 80.87 106.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 128.09 106.25 Td (which ) Tj ET Q q 0 0 0 rg BT 155.03 106.25 Td (handle ) Tj ET Q q 0 0 0 rg BT 184.19 106.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 214.46 106.25 Td (lines ) Tj ET Q q 0 0 0 rg BT 235.85 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.68 106.25 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 302.21 106.25 Td (also ) Tj ET Q q 0 0 0 rg BT 320.82 106.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 357.19 106.25 Td (with ) Tj ET Q q 0 0 0 rg BT 377.47 106.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 391.36 106.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 82.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 82.25 Td (e ) Tj ET Q q 0 0 0 rg BT 87.01 82.25 Td (may ) Tj ET Q q 0 0 0 rg BT 106.17 82.25 Td (not ) Tj ET Q q 0 0 0 rg BT 120.88 82.25 Td (be ) Tj ET Q q 0 0 0 rg BT 132.25 82.25 Td (able ) Tj ET Q q 0 0 0 rg BT 150.85 82.25 Td (to ) Tj ET Q q 0 0 0 rg BT 160.56 82.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 196.37 82.25 Td (successfully ) Tj ET Q q 0 0 0 rg BT 247.18 82.25 Td (against ) Tj ET Q q 0 0 0 rg BT 277.44 82.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 311.04 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.42 82.25 Td (future ) Tj ET Q q 0 0 0 rg BT 353.23 82.25 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 404.88 82.25 Td ( ) Tj ET Q q 0 0 0 rg BT 406.81 82.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 431.53 82.25 Td (of ) Tj ET Q q 0 0 0 rg BT 441.79 82.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.06 82.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 506.21 82.25 Td (have ) Tj ET Q q 0 0 0 rg BT 527.02 82.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 89.19 70.25 Td (that ) Tj ET Q q 0 0 0 rg BT 106.11 70.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.24 70.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 172.72 70.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 202.41 70.25 Td (than ) Tj ET Q q 0 0 0 rg BT 221.55 70.25 Td (ours ) Tj ET Q q 0 0 0 rg BT 240.70 70.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.07 70.25 Td (may ) Tj ET Q q 0 0 0 rg BT 276.21 70.25 Td (be ) Tj ET Q q 0 0 0 rg BT 287.58 70.25 Td (able ) Tj ET Q q 0 0 0 rg BT 306.16 70.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.87 70.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 353.33 70.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 393.58 70.25 Td (at ) Tj ET Q q 0 0 0 rg BT 402.73 70.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 427.42 70.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 449.35 70.25 Td (and ) Tj ET Q q 0 0 0 rg BT 465.72 70.25 Td (better ) Tj ET Q q 0 0 0 rg BT 490.41 70.25 Td (endure ) Tj ET Q q 0 0 0 rg BT 519.54 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 533.69 70.25 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.64 58.25 Td (future ) Tj ET Q q 0 0 0 rg BT 87.33 58.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 129.01 58.25 Td (downturns. ) Tj ET Q q 0 0 0 rg BT 176.54 58.25 Td ( ) Tj ET Q q 0 0 0 rg BT 178.73 58.25 Td (As ) Tj ET Q q 0 0 0 rg BT 192.65 58.25 Td (a ) Tj ET Q q 0 0 0 rg BT 199.90 58.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 227.42 58.25 Td (our ) Tj ET Q q 0 0 0 rg BT 243.56 58.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 265.81 58.25 Td (may ) Tj ET Q q 0 0 0 rg BT 285.83 58.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 317.52 58.25 Td (if ) Tj ET Q q 0 0 0 rg BT 326.43 58.25 Td (we ) Tj ET Q q 0 0 0 rg BT 340.90 58.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 370.37 58.25 Td (of) Tj ET Q q 0 0 0 rg BT 378.52 58.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 392.42 58.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 442.44 58.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 469.13 58.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.71 58.25 Td (our ) Tj ET Q q 0 0 0 rg BT 495.85 58.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 539.21 58.25 Td (or ) Tj ET Q q 0 0 0 rg BT 550.35 58.25 Td (we ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream 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 49.50 742.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.83 742.10 Td (be ) Tj ET Q q 0 0 0 rg BT 80.37 742.10 Td (required ) Tj ET Q q 0 0 0 rg BT 115.80 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.69 742.10 Td (accept ) Tj ET Q q 0 0 0 rg BT 153.33 742.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 178.21 742.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 202.53 742.10 Td (mar) Tj ET Q q 0 0 0 rg BT 217.90 742.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 239.18 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.29 742.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 258.95 742.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 308.27 742.10 Td (may ) Tj ET Q q 0 0 0 rg BT 327.60 742.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 361.37 742.10 Td (more ) Tj ET Q q 0 0 0 rg BT 384.02 742.10 Td (quickly ) Tj ET Q q 0 0 0 rg BT 416.13 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.01 742.10 Td (new ) Tj ET Q q 0 0 0 rg BT 444.78 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 455.22 742.10 Td (emer) Tj ET Q q 0 0 0 rg BT 475.03 742.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 494.92 742.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 547.57 742.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 90.88 730.10 Td (preferences ) Tj ET Q q 0 0 0 rg BT 139.45 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.39 730.10 Td (may ) Tj ET Q q 0 0 0 rg BT 176.11 730.10 Td (have ) Tj ET Q q 0 0 0 rg BT 197.48 730.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 227.74 730.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 268.00 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.27 730.10 Td (devote ) Tj ET Q q 0 0 0 rg BT 307.43 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.71 730.10 Td (promotion ) Tj ET Q q 0 0 0 rg BT 361.87 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.81 730.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 396.86 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.69 730.10 Td (products ) Tj ET Q q 0 0 0 rg BT 444.63 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.57 730.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 706.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.19 706.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 124.48 706.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 174.33 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 185.29 706.10 Td (new ) Tj ET Q q 0 0 0 rg BT 204.59 706.10 Td (entrants ) Tj ET Q q 0 0 0 rg BT 238.87 706.10 Td (into ) Tj ET Q q 0 0 0 rg BT 257.06 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 273.03 706.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 308.44 706.10 Td (may ) Tj ET Q q 0 0 0 rg BT 328.29 706.10 Td (use ) Tj ET Q q 0 0 0 rg BT 344.25 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 351.32 706.10 Td (number ) Tj ET Q q 0 0 0 rg BT 384.50 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.47 706.10 Td (dif) Tj ET Q q 0 0 0 rg BT 406.40 706.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 432.34 706.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 472.74 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.15 706.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 519.66 706.10 Td (against ) Tj ET Q q 0 0 0 rg BT 550.62 706.10 Td (us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.77 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.49 694.10 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 670.10 Td (Expansion ) Tj ET Q q 0 0 0 rg BT 130.22 670.10 Td (into ) Tj ET Q q 0 0 0 rg BT 148.27 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.99 670.10 Td (suburban ) Tj ET Q q 0 0 0 rg BT 202.15 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.09 670.10 Td (rural ) Tj ET Q q 0 0 0 rg BT 240.47 670.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 262.95 670.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 285.99 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.27 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 323.21 670.10 Td (many ) Tj ET Q q 0 0 0 rg BT 347.92 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.75 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 374.58 670.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 400.41 670.10 Td (operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 658.10 Td (Lower ) Tj ET Q q 0 0 0 rg BT 114.10 658.10 Td (pricing, ) Tj ET Q q 0 0 0 rg BT 147.42 658.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 196.01 658.10 Td (with ) Tj ET Q q 0 0 0 rg BT 216.29 658.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 247.11 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.38 658.10 Td (new) Tj ET Q q 0 0 0 rg BT 273.40 658.10 Td (, ) Tj ET Q q 0 0 0 rg BT 278.40 658.10 Td (in-box ) Tj ET Q q 0 0 0 rg BT 307.00 658.10 Td (appliances;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 646.10 Td (Expanding ) Tj ET Q q 0 0 0 rg BT 131.33 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.04 646.10 Td (of) Tj ET Q q 0 0 0 rg BT 154.19 646.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 180.57 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.40 646.10 Td (free ) Tj ET Q q 0 0 0 rg BT 209.44 646.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 244.70 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.64 646.10 Td (installation ) Tj ET Q q 0 0 0 rg BT 308.58 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.41 646.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 372.44 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.38 646.10 Td (other ) Tj ET Q q 0 0 0 rg BT 412.42 646.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 453.80 646.10 Td (benefits;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 634.10 Td (Expanding ) Tj ET Q q 0 0 0 rg BT 131.33 634.10 Td (online ) Tj ET Q q 0 0 0 rg BT 158.82 634.10 Td (sales;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 622.10 Td (Extension ) Tj ET Q q 0 0 0 rg BT 128.00 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.83 622.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 164.09 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.37 622.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 217.41 622.10 Td (on ) Tj ET Q q 0 0 0 rg BT 229.91 622.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 254.63 622.10 Td (more ) Tj ET Q q 0 0 0 rg BT 277.68 622.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 317.93 622.10 Td (than ) Tj ET Q q 0 0 0 rg BT 337.65 622.10 Td (we ) Tj ET Q q 0 0 0 rg BT 351.81 622.10 Td (of) Tj ET Q q 0 0 0 rg BT 359.96 622.10 Td (fer; ) Tj ET Q q 0 0 0 rg BT 376.33 622.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 610.10 Td (Lar) Tj ET Q q 0 0 0 rg BT 99.20 610.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 114.36 610.10 Td (store ) Tj ET Q q 0 0 0 rg BT 136.19 610.10 Td (size, ) Tj ET Q q 0 0 0 rg BT 156.63 610.10 Td (which ) Tj ET Q q 0 0 0 rg BT 183.46 610.10 Td (may ) Tj ET Q q 0 0 0 rg BT 203.06 610.10 Td (result ) Tj ET Q q 0 0 0 rg BT 227.67 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.84 610.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 267.99 610.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 315.36 610.10 Td (ef) Tj ET Q q 0 0 0 rg BT 322.95 610.10 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 366.15 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 376.87 610.10 Td (innovative ) Tj ET Q q 0 0 0 rg BT 421.47 610.10 Td (store ) Tj ET Q q 0 0 0 rg BT 443.30 610.10 Td (formats, ) Tj ET Q q 0 0 0 rg BT 478.74 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.57 610.10 Td (use ) Tj ET Q q 0 0 0 rg BT 511.29 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.02 610.10 Td (disruptive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 598.10 Td (technology) Tj ET Q q 0 0 0 rg BT 129.28 598.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 574.10 Td (Competition ) Tj ET Q q 0 0 0 rg BT 124.73 574.10 Td (from ) Tj ET Q q 0 0 0 rg BT 146.89 574.10 Td (any ) Tj ET Q q 0 0 0 rg BT 164.06 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.11 574.10 Td (these ) Tj ET Q q 0 0 0 rg BT 198.38 574.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 231.10 574.10 Td (could ) Tj ET Q q 0 0 0 rg BT 256.04 574.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 280.98 574.10 Td (us ) Tj ET Q q 0 0 0 rg BT 292.59 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.10 574.10 Td (lose ) Tj ET Q q 0 0 0 rg BT 321.93 574.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 344.64 574.10 Td (area ) Tj ET Q q 0 0 0 rg BT 364.02 574.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 390.34 574.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 412.51 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.67 574.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 475.44 574.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 510.92 574.10 Td (expenditures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 562.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 89.48 562.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 118.35 562.10 Td (any ) Tj ET Q q 0 0 0 rg BT 135.29 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.12 562.10 Td (which ) Tj ET Q q 0 0 0 rg BT 173.06 562.10 Td (could ) Tj ET Q q 0 0 0 rg BT 197.78 562.10 Td (have ) Tj ET Q q 0 0 0 rg BT 219.15 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.09 562.10 Td (material ) Tj ET Q q 0 0 0 rg BT 261.35 562.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 294.39 562.10 Td (ef) Tj ET Q q 0 0 0 rg BT 301.98 562.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 319.46 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 331.96 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.79 562.10 Td (business ) Tj ET Q q 0 0 0 rg BT 384.18 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.12 562.10 Td (results ) Tj ET Q q 0 0 0 rg BT 429.73 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.56 562.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.54 538.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.35 538.10 Td (results ) Tj ET Q q 0 0 0 rg BT 136.94 538.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.63 538.10 Td (tied ) Tj ET Q q 0 0 0 rg BT 167.99 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.69 538.10 Td (part ) Tj ET Q q 0 0 0 rg BT 195.73 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 204.87 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.01 538.10 Td (success ) Tj ET Q q 0 0 0 rg BT 250.92 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.61 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.43 538.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 307.23 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.15 538.10 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 375.24 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.16 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.30 538.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 441.56 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.25 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.06 538.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 497.86 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.79 538.10 Td (franchisees ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 526.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 98.40 526.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 140.34 526.10 Td (their ) Tj ET Q q 0 0 0 rg BT 162.29 526.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 188.68 526.10 Td (profitably ) Tj ET Q q 0 0 0 rg BT 231.18 526.10 Td (could ) Tj ET Q q 0 0 0 rg BT 256.46 526.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 297.27 526.10 Td (af) Tj ET Q q 0 0 0 rg BT 305.42 526.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 322.91 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.86 526.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 381.81 526.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 502.10 Td (As ) Tj ET Q q 0 0 0 rg BT 87.19 502.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.09 502.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 146.76 502.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.76 502.10 Td (, ) Tj ET Q q 0 0 0 rg BT 171.83 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.63 502.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 231.41 502.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 267.87 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.77 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.56 502.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 319.46 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.81 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 345.72 502.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 392.73 502.10 Td (business ) Tj ET Q q 0 0 0 rg BT 429.19 502.10 Td (were ) Tj ET Q q 0 0 0 rg BT 451.20 502.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 488.19 502.10 Td (by ) Tj ET Q q 0 0 0 rg BT 500.77 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 516.67 502.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 547.56 502.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 96.75 490.10 Td (that ) Tj ET Q q 0 0 0 rg BT 114.03 490.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 130.20 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.80 490.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 186.41 490.10 Td (on ) Tj ET Q q 0 0 0 rg BT 198.69 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.41 490.10 Td (consignment ) Tj ET Q q 0 0 0 rg BT 258.79 490.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 283.57 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.85 490.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 303.68 490.10 Td (dealers) Tj ET Q q 0 0 0 rg BT 334.58 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.86 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.58 490.10 Td (franchisees) Tj ET Q q 0 0 0 rg BT 401.14 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.42 490.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 431.25 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.31 490.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 478.02 490.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 518.07 490.10 Td (their ) Tj ET Q q 0 0 0 rg BT 538.67 490.10 Td (stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (profitably ) Tj ET Q q 0 0 0 rg BT 91.39 478.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 126.62 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 139.07 478.10 Td (various ) Tj ET Q q 0 0 0 rg BT 170.97 478.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 203.14 478.10 Td (including ) Tj ET Q q 0 0 0 rg BT 243.37 478.10 Td (their ) Tj ET Q q 0 0 0 rg BT 264.15 478.10 Td (business ) Tj ET Q q 0 0 0 rg BT 300.50 478.10 Td (abilities, ) Tj ET Q q 0 0 0 rg BT 337.12 478.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 374.55 478.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 422.55 478.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 466.11 478.10 Td (their ) Tj ET Q q 0 0 0 rg BT 486.89 478.10 Td (access ) Tj ET Q q 0 0 0 rg BT 514.89 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.12 478.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 550.34 478.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.05 466.10 Td (capital\), ) Tj ET Q q 0 0 0 rg BT 123.32 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.32 466.10 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 184.10 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.21 466.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 238.19 466.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 263.85 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.07 466.10 Td (general ) Tj ET Q q 0 0 0 rg BT 311.28 466.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 351.94 466.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 397.89 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.68 466.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 424.79 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.91 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.91 466.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 489.58 466.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 518.57 466.10 Td (are ) Tj ET Q q 0 0 0 rg BT 532.56 466.10 Td (beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.40 454.10 Td (control ) Tj ET Q q 0 0 0 rg BT 95.41 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.43 454.10 Td (both ) Tj ET Q q 0 0 0 rg BT 126.89 454.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 149.58 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.71 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 182.72 454.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 213.72 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.85 454.10 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 281.01 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.69 454.10 Td (If ) Tj ET Q q 0 0 0 rg BT 293.04 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.06 454.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 340.06 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.18 454.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 404.84 454.10 Td (are ) Tj ET Q q 0 0 0 rg BT 419.73 454.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 449.08 454.10 Td (or ) Tj ET Q q 0 0 0 rg BT 460.09 454.10 Td (unwilling ) Tj ET Q q 0 0 0 rg BT 501.11 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.58 454.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 543.68 454.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 75.60 442.10 Td (profitably) Tj ET Q q 0 0 0 rg BT 114.39 442.10 Td (, ) Tj ET Q q 0 0 0 rg BT 119.66 442.10 Td (this ) Tj ET Q q 0 0 0 rg BT 136.88 442.10 Td (could ) Tj ET Q q 0 0 0 rg BT 161.86 442.10 Td (have ) Tj ET Q q 0 0 0 rg BT 183.51 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.72 442.10 Td (material ) Tj ET Q q 0 0 0 rg BT 226.25 442.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 259.56 442.10 Td (ef) Tj ET Q q 0 0 0 rg BT 267.15 442.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 284.90 442.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.67 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 313.77 442.10 Td (business ) Tj ET Q q 0 0 0 rg BT 350.44 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.65 442.10 Td (results ) Tj ET Q q 0 0 0 rg BT 396.53 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.63 442.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 452.05 442.10 Td (including ) Tj ET Q q 0 0 0 rg BT 492.60 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.59 442.10 Td (necessity ) Tj ET Q q 0 0 0 rg BT 547.01 442.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (we ) Tj ET Q q 0 0 0 rg BT 62.72 430.10 Td (record ) Tj ET Q q 0 0 0 rg BT 89.82 430.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 131.37 430.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 169.03 430.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 212.26 430.10 Td (for ) Tj ET Q q 0 0 0 rg BT 225.48 430.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 250.93 430.10 Td (on ) Tj ET Q q 0 0 0 rg BT 262.49 430.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 305.13 430.10 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 354.16 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.72 430.10 Td (During ) Tj ET Q q 0 0 0 rg BT 385.61 430.10 Td (our ) Tj ET Q q 0 0 0 rg BT 400.50 430.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 422.06 430.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 445.28 430.10 Td (year ) Tj ET Q q 0 0 0 rg BT 464.05 430.10 Td (we ) Tj ET Q q 0 0 0 rg BT 477.27 430.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 508.25 430.10 Td (into ) Tj ET Q q 0 0 0 rg BT 525.37 430.10 Td (franchise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 98.10 418.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 146.13 418.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 168.91 418.10 Td (or ) Tj ET Q q 0 0 0 rg BT 179.74 418.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 221.12 418.10 Td (terminated, ) Tj ET Q q 0 0 0 rg BT 268.88 418.10 Td (franchises ) Tj ET Q q 0 0 0 rg BT 311.91 418.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.19 418.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 334.69 418.10 Td (locations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 394.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.58 394.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 120.60 394.10 Td (if ) Tj ET Q q 0 0 0 rg BT 128.46 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.53 394.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 173.60 394.10 Td (are ) Tj ET Q q 0 0 0 rg BT 187.55 394.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 215.96 394.10 Td (or ) Tj ET Q q 0 0 0 rg BT 226.03 394.10 Td (unwilling ) Tj ET Q q 0 0 0 rg BT 266.12 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.64 394.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 306.82 394.10 Td (their ) Tj ET Q q 0 0 0 rg BT 326.89 394.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 351.97 394.10 Td (profitably ) Tj ET Q q 0 0 0 rg BT 393.15 394.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.23 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.75 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.94 394.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 450.67 394.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 492.42 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 511.94 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.02 394.10 Td (concepts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.80 382.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 109.93 382.10 Td (we ) Tj ET Q q 0 0 0 rg BT 124.46 382.10 Td (may ) Tj ET Q q 0 0 0 rg BT 144.54 382.10 Td (be ) Tj ET Q q 0 0 0 rg BT 156.84 382.10 Td (required ) Tj ET Q q 0 0 0 rg BT 193.01 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.66 382.10 Td (take ) Tj ET Q q 0 0 0 rg BT 223.17 382.10 Td (over ) Tj ET Q q 0 0 0 rg BT 243.81 382.10 Td (one ) Tj ET Q q 0 0 0 rg BT 261.11 382.10 Td (or ) Tj ET Q q 0 0 0 rg BT 272.30 382.10 Td (more ) Tj ET Q q 0 0 0 rg BT 295.71 382.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 321.90 382.10 Td (from ) Tj ET Q q 0 0 0 rg BT 344.20 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.40 382.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 391.57 382.10 Td (from ) Tj ET Q q 0 0 0 rg BT 413.88 382.10 Td (time ) Tj ET Q q 0 0 0 rg BT 434.51 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.15 382.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 468.29 382.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 507.06 382.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.43 382.10 Td (at ) Tj ET Q q 0 0 0 rg BT 522.51 382.10 Td (any ) Tj ET Q q 0 0 0 rg BT 539.81 382.10 Td (given ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 71.82 370.10 Td (we ) Tj ET Q q 0 0 0 rg BT 85.52 370.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 116.99 370.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 176.80 370.10 Td (3-5% ) Tj ET Q q 0 0 0 rg BT 200.50 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.88 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.25 370.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 249.96 370.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 296.44 370.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 323.48 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 333.86 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.34 370.10 Td (result ) Tj ET Q q 0 0 0 rg BT 364.60 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.98 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 390.35 370.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 417.39 370.10 Td (such ) Tj ET Q q 0 0 0 rg BT 437.77 370.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 463.14 370.10 Td (over ) Tj ET Q q 0 0 0 rg BT 482.96 370.10 Td (from ) Tj ET Q q 0 0 0 rg BT 504.44 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.82 370.10 Td (authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (dealers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.35 334.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 99.97 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.71 334.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 167.10 334.10 Td (may ) Tj ET Q q 0 0 0 rg BT 186.50 334.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 220.89 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 237.52 334.10 Td (business ) Tj ET Q q 0 0 0 rg BT 274.71 334.10 Td (or ) Tj ET Q q 0 0 0 rg BT 285.78 334.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 322.40 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.03 334.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 361.20 334.10 Td (by ) Tj ET Q q 0 0 0 rg BT 372.82 334.10 Td (failing ) Tj ET Q q 0 0 0 rg BT 402.22 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.18 334.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 443.79 334.10 Td (with ) Tj ET Q q 0 0 0 rg BT 463.75 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.38 334.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 522.01 334.10 Td (standards ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.89 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.84 322.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 105.89 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.95 322.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 165.34 322.10 Td (agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 94.18 298.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 124.62 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.19 298.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 188.29 298.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 219.84 298.10 Td (their ) Tj ET Q q 0 0 0 rg BT 240.30 298.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 265.76 298.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 302.32 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.23 298.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 338.78 298.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 386.44 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.01 298.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 441.78 298.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 491.94 298.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 539.60 298.10 Td (, ) Tj ET Q q 0 0 0 rg BT 544.23 298.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 62.74 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 64.59 286.10 Td (If ) Tj ET Q q 0 0 0 rg BT 73.10 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 88.28 286.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 118.45 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.74 286.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 181.57 286.10 Td (do ) Tj ET Q q 0 0 0 rg BT 193.42 286.10 Td (not ) Tj ET Q q 0 0 0 rg BT 208.04 286.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 239.89 286.10 Td (with ) Tj ET Q q 0 0 0 rg BT 259.52 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.70 286.10 Td (established ) Tj ET Q q 0 0 0 rg BT 320.98 286.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 360.60 286.10 Td (concepts ) Tj ET Q q 0 0 0 rg BT 397.43 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.72 286.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 453.34 286.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.52 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.59 286.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 501.66 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.29 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.35 286.10 Td (franchise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.58 274.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 87.75 274.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 138.53 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.61 274.10 Td (business ) Tj ET Q q 0 0 0 rg BT 191.25 274.10 Td (may ) Tj ET Q q 0 0 0 rg BT 211.21 274.10 Td (be ) Tj ET Q q 0 0 0 rg BT 223.40 274.10 Td (damaged. ) Tj ET Q q 0 0 0 rg BT 264.74 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.29 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 275.93 274.10 Td (e ) Tj ET Q q 0 0 0 rg BT 283.11 274.10 Td (may ) Tj ET Q q 0 0 0 rg BT 303.08 274.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 326.37 274.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 371.33 274.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 414.07 274.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 439.32 274.10 Td (including ) Tj ET Q q 0 0 0 rg BT 479.84 274.10 Td (time-consuming ) Tj ET Q q 0 0 0 rg BT 547.58 274.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 91.60 262.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 132.32 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.20 262.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 174.29 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 189.73 262.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 214.62 262.10 Td (under ) Tj ET Q q 0 0 0 rg BT 239.50 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.83 262.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 280.36 262.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 328.01 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.56 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.88 262.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 397.64 262.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 447.78 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.89 262.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 504.49 262.10 Td (as ) Tj ET Q q 0 0 0 rg BT 514.93 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.48 262.10 Td (franchisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 65.03 250.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.77 250.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 136.08 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.72 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.92 250.10 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 216.26 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.13 250.10 Td (Franchisees ) Tj ET Q q 0 0 0 rg BT 271.20 250.10 Td (may ) Tj ET Q q 0 0 0 rg BT 292.28 250.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 334.46 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.54 250.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 404.93 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.13 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 434.33 250.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 482.63 250.10 Td (under ) Tj ET Q q 0 0 0 rg BT 509.27 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.35 250.10 Td (franchise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 98.44 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.29 238.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.02 238.10 Td (us ) Tj ET Q q 0 0 0 rg BT 160.33 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 171.51 238.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 194.92 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.11 238.10 Td (defending ) Tj ET Q q 0 0 0 rg BT 249.51 238.10 Td (these ) Tj ET Q q 0 0 0 rg BT 273.46 238.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 302.98 238.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 323.32 238.10 Td (if ) Tj ET Q q 0 0 0 rg BT 332.84 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.47 238.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 377.98 238.10 Td (are ) Tj ET Q q 0 0 0 rg BT 393.60 238.10 Td (successful, ) Tj ET Q q 0 0 0 rg BT 440.61 238.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 464.02 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 475.21 238.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 522.49 238.10 Td (with ) Tj ET Q q 0 0 0 rg BT 543.67 238.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (compliance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 202.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.84 202.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 120.62 202.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.45 202.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.40 202.10 Td (franchisor ) Tj ET Q q 0 0 0 rg BT 181.44 202.10 Td (we ) Tj ET Q q 0 0 0 rg BT 195.61 202.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.32 202.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 241.15 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.44 202.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 294.49 202.10 Td (by ) Tj ET Q q 0 0 0 rg BT 306.99 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.71 202.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 354.03 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 359.78 202.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 379.50 202.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 432.57 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.51 202.10 Td (are ) Tj ET Q q 0 0 0 rg BT 464.23 202.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 495.06 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 505.34 202.10 Td (state ) Tj ET Q q 0 0 0 rg BT 526.17 202.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 547.01 202.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 78.94 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.83 190.10 Td (of) Tj ET Q q 0 0 0 rg BT 100.97 190.10 Td (fer) Tj ET Q q 0 0 0 rg BT 111.67 190.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.84 190.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 133.06 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.17 190.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 196.94 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.94 190.10 Td (franchises ) Tj ET Q q 0 0 0 rg BT 249.14 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.25 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.14 190.10 Td (refusal ) Tj ET Q q 0 0 0 rg BT 308.02 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.46 190.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 343.56 190.10 Td (franchises. ) Tj ET Q q 0 0 0 rg BT 388.27 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.82 190.10 Td (The ) Tj ET Q q 0 0 0 rg BT 407.04 190.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 434.80 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 444.25 190.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 475.91 190.10 Td (with ) Tj ET Q q 0 0 0 rg BT 495.36 190.10 Td (these ) Tj ET Q q 0 0 0 rg BT 517.58 190.10 Td (regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.03 178.10 Td (any ) Tj ET Q q 0 0 0 rg BT 77.23 178.10 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 125.54 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 136.62 178.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.16 178.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 174.91 178.10 Td (required ) Tj ET Q q 0 0 0 rg BT 210.98 178.10 Td (approvals ) Tj ET Q q 0 0 0 rg BT 252.62 178.10 Td (could ) Tj ET Q q 0 0 0 rg BT 277.59 178.10 Td (result ) Tj ET Q q 0 0 0 rg BT 302.56 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.10 178.10 Td (a ) Tj ET Q q 0 0 0 rg BT 320.29 178.10 Td (ban ) Tj ET Q q 0 0 0 rg BT 337.49 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.57 178.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 392.42 178.10 Td (suspension ) Tj ET Q q 0 0 0 rg BT 439.07 178.10 Td (on ) Tj ET Q q 0 0 0 rg BT 451.83 178.10 Td (future ) Tj ET Q q 0 0 0 rg BT 478.46 178.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 517.86 178.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 542.56 178.10 Td (fines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 166.10 Td (require ) Tj ET Q q 0 0 0 rg BT 91.15 166.10 Td (us ) Tj ET Q q 0 0 0 rg BT 102.54 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.82 166.10 Td (make ) Tj ET Q q 0 0 0 rg BT 136.97 166.10 Td (a ) Tj ET Q q 0 0 0 rg BT 143.91 166.10 Td (rescission ) Tj ET Q q 0 0 0 rg BT 185.85 166.10 Td (of) Tj ET Q q 0 0 0 rg BT 194.00 166.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 207.60 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.87 166.10 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 267.85 166.10 Td (any ) Tj ET Q q 0 0 0 rg BT 284.79 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.62 166.10 Td (which ) Tj ET Q q 0 0 0 rg BT 322.56 166.10 Td (could ) Tj ET Q q 0 0 0 rg BT 347.27 166.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 388.09 166.10 Td (af) Tj ET Q q 0 0 0 rg BT 395.68 166.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 413.16 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 428.99 166.10 Td (business ) Tj ET Q q 0 0 0 rg BT 465.38 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.32 166.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 522.59 166.10 Td (results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 142.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 91.17 142.10 Td (may ) Tj ET Q q 0 0 0 rg BT 110.89 142.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 150.06 142.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.78 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.28 142.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 202.54 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.37 142.10 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 250.05 142.10 Td (which ) Tj ET Q q 0 0 0 rg BT 277.56 142.10 Td (could ) Tj ET Q q 0 0 0 rg BT 302.83 142.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 343.65 142.10 Td (af) Tj ET Q q 0 0 0 rg BT 351.80 142.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 369.29 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.24 142.10 Td (results ) Tj ET Q q 0 0 0 rg BT 415.97 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.80 142.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 118.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 89.97 118.10 Td (business ) Tj ET Q q 0 0 0 rg BT 126.27 118.10 Td (is ) Tj ET Q q 0 0 0 rg BT 135.35 118.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 172.76 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.95 118.10 Td (customers' ) Tj ET Q q 0 0 0 rg BT 227.72 118.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 266.24 118.10 Td (patterns, ) Tj ET Q q 0 0 0 rg BT 302.81 118.10 Td (which ) Tj ET Q q 0 0 0 rg BT 329.66 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.85 118.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 358.37 118.10 Td (are ) Tj ET Q q 0 0 0 rg BT 372.99 118.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 403.73 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.92 118.10 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 456.88 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.73 118.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 515.01 118.10 Td (longer) Tj ET Q q 0 0 0 rg BT 540.35 118.10 Td (-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 90.96 106.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 137.72 106.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 155.86 106.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 177.89 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.92 106.10 Td (results ) Tj ET Q q 0 0 0 rg BT 223.63 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.55 106.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 278.79 106.10 Td (have ) Tj ET Q q 0 0 0 rg BT 300.26 106.10 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 342.83 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.21 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.01 106.10 Td (past ) Tj ET Q q 0 0 0 rg BT 386.71 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.74 106.10 Td (we ) Tj ET Q q 0 0 0 rg BT 418.00 106.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 446.68 106.10 Td (them ) Tj ET Q q 0 0 0 rg BT 469.27 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.64 106.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 516.66 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.03 106.10 Td (fluctuate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 94.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 102.82 94.10 Td (A) Tj ET Q q 0 0 0 rg BT 109.49 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.99 94.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 142.25 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.08 94.10 Td (other ) Tj ET Q q 0 0 0 rg BT 176.13 94.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 205.84 94.10 Td (af) Tj ET Q q 0 0 0 rg BT 213.43 94.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 230.91 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.74 94.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 268.68 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.62 94.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 323.10 94.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 378.62 94.10 Td (including ) Tj ET Q q 0 0 0 rg BT 418.89 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.61 94.10 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 70.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 70.10 Td (Actions ) Tj ET Q q 0 0 0 rg BT 119.93 70.10 Td (by ) Tj ET Q q 0 0 0 rg BT 133.24 70.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.89 70.10 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 202.92 70.10 Td (including ) Tj ET Q q 0 0 0 rg BT 244.01 70.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 279.54 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.19 70.10 Td (new ) Tj ET Q q 0 0 0 rg BT 311.17 70.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 337.81 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.91 70.10 Td (our ) Tj ET Q q 0 0 0 rg BT 365.56 70.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 400.54 70.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 423.84 70.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 447.69 70.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.34 70.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 494.86 70.10 Td (to ) Tj ET Q q 0 0 0 rg BT 505.96 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.49 70.10 Td (way ) Tj ET Q q 0 0 0 rg BT 541.47 70.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 58.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 135.21 58.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 169.37 58.10 Td (business ) Tj ET Q q 0 0 0 rg BT 205.76 58.10 Td (online;) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream 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 67.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td (Increases ) Tj ET Q q 0 0 0 rg BT 124.94 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.96 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.42 742.10 Td (level ) Tj ET Q q 0 0 0 rg BT 171.10 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.67 742.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 217.80 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 230.04 742.10 Td (promotional ) Tj ET Q q 0 0 0 rg BT 281.17 742.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 311.73 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.31 742.10 Td (new-in-box ) Tj ET Q q 0 0 0 rg BT 370.65 742.10 Td (appliances ) Tj ET Q q 0 0 0 rg BT 415.09 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.11 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.57 742.10 Td (industry) Tj ET Q q 0 0 0 rg BT 471.70 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.44 742.10 Td (which ) Tj ET Q q 0 0 0 rg BT 503.13 742.10 Td (could ) Tj ET Q q 0 0 0 rg BT 527.59 742.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.78 730.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 136.59 730.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 166.31 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 182.14 730.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 204.07 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.90 730.10 Td (out-of-box ) Tj ET Q q 0 0 0 rg BT 260.17 730.10 Td (appliances ) Tj ET Q q 0 0 0 rg BT 304.88 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.81 730.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 365.41 730.10 Td (mar) Tj ET Q q 0 0 0 rg BT 380.77 730.10 Td (gin;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.06 718.10 Td (Extent ) Tj ET Q q 0 0 0 rg BT 131.17 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.96 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 167.40 718.10 Td (we ) Tj ET Q q 0 0 0 rg BT 181.07 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 195.29 718.10 Td (able ) Tj ET Q q 0 0 0 rg BT 213.95 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.74 718.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 259.61 718.10 Td (profitable ) Tj ET Q q 0 0 0 rg BT 300.50 718.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 321.94 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.28 718.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 384.82 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.27 718.10 Td (services ) Tj ET Q q 0 0 0 rg BT 435.49 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 447.50 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 462.84 718.10 Td (transactional ) Tj ET Q q 0 0 0 rg BT 515.93 718.10 Td (ecommerce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 706.10 Td (websites ) Tj ET Q q 0 0 0 rg BT 122.44 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.72 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.43 706.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 183.82 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.98 706.10 Td (have ) Tj ET Q q 0 0 0 rg BT 219.36 706.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 253.51 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.79 706.10 Td (generate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.06 694.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 150.07 694.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.09 694.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 219.08 694.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 263.85 694.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 288.09 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.44 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.67 694.10 Td (various ) Tj ET Q q 0 0 0 rg BT 344.13 694.10 Td (types ) Tj ET Q q 0 0 0 rg BT 367.25 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.60 694.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 417.94 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 434.96 694.10 Td (we ) Tj ET Q q 0 0 0 rg BT 448.64 694.10 Td (need ) Tj ET Q q 0 0 0 rg BT 469.53 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.33 694.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 495.23 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 508.91 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.15 694.10 Td (profitable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 682.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 125.76 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.59 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.42 682.10 Td (stores;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 670.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 122.44 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.72 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.55 670.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 201.58 670.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 235.73 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.67 670.10 Td (mix;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 658.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 106.90 658.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 132.73 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.24 658.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 203.84 658.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 226.91 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.64 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.04 658.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 292.78 658.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 319.18 658.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 363.36 658.10 Td (disagreements ) Tj ET Q q 0 0 0 rg BT 423.63 658.10 Td (between ) Tj ET Q q 0 0 0 rg BT 460.02 658.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 483.09 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.60 658.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.33 658.10 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 646.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 126.32 646.10 Td (their ) Tj ET Q q 0 0 0 rg BT 147.14 646.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 190.17 646.10 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 253.22 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.38 646.10 Td (these ) Tj ET Q q 0 0 0 rg BT 290.43 646.10 Td (costs\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 634.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 122.44 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.72 634.10 Td (population ) Tj ET Q q 0 0 0 rg BT 177.99 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.93 634.10 Td (other ) Tj ET Q q 0 0 0 rg BT 217.98 634.10 Td (demographics;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.26 622.10 Td (iming ) Tj ET Q q 0 0 0 rg BT 117.09 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.03 622.10 Td (ef) Tj ET Q q 0 0 0 rg BT 141.62 622.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 188.54 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.37 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.20 622.10 Td (promotional ) Tj ET Q q 0 0 0 rg BT 266.58 622.10 Td (events; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 610.10 Td (eather ) Tj ET Q q 0 0 0 rg BT 120.29 610.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 166.18 610.10 Td (including ) Tj ET Q q 0 0 0 rg BT 205.68 610.10 Td (level ) Tj ET Q q 0 0 0 rg BT 226.83 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.89 610.10 Td (rainfall, ) Tj ET Q q 0 0 0 rg BT 269.99 610.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 317.80 610.10 Td (drought, ) Tj ET Q q 0 0 0 rg BT 353.13 610.10 Td (level ) Tj ET Q q 0 0 0 rg BT 374.29 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.35 610.10 Td (snowfall, ) Tj ET Q q 0 0 0 rg BT 423.01 610.10 Td (average ) Tj ET Q q 0 0 0 rg BT 455.82 610.10 Td (temperature, ) Tj ET Q q 0 0 0 rg BT 507.79 610.10 Td (major ) Tj ET Q q 0 0 0 rg BT 532.84 610.10 Td (storms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.44 598.10 Td (delays ) Tj ET Q q 0 0 0 rg BT 130.49 598.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 143.26 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.09 598.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 193.24 598.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 206.02 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.73 598.10 Td (start ) Tj ET Q q 0 0 0 rg BT 240.45 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.28 598.10 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 287.66 598.10 Td (changes; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.09 586.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 152.11 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.48 586.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 202.62 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.32 586.10 Td (new ) Tj ET Q q 0 0 0 rg BT 237.02 586.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 263.39 586.10 Td (that ) Tj ET Q q 0 0 0 rg BT 281.43 586.10 Td (can ) Tj ET Q q 0 0 0 rg BT 298.34 586.10 Td (be ) Tj ET Q q 0 0 0 rg BT 310.82 586.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 348.29 586.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 399.09 586.10 Td (by ) Tj ET Q q 0 0 0 rg BT 412.13 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.39 586.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 469.32 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.79 586.10 Td (by ) Tj ET Q q 0 0 0 rg BT 499.83 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 516.20 586.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 547.56 586.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 574.10 Td (franchisees; ) Tj ET Q q 0 0 0 rg BT 135.75 574.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 562.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.55 562.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 134.38 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.21 562.10 Td (online ) Tj ET Q q 0 0 0 rg BT 172.70 562.10 Td (shopping ) Tj ET Q q 0 0 0 rg BT 211.87 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.15 562.10 Td (which ) Tj ET Q q 0 0 0 rg BT 249.09 562.10 Td (we ) Tj ET Q q 0 0 0 rg BT 263.25 562.10 Td (may ) Tj ET Q q 0 0 0 rg BT 282.97 562.10 Td (not ) Tj ET Q q 0 0 0 rg BT 298.24 562.10 Td (be ) Tj ET Q q 0 0 0 rg BT 310.18 562.10 Td (able ) Tj ET Q q 0 0 0 rg BT 329.34 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.62 562.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 361.00 562.10 Td (participate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 538.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 121.34 538.10 Td (, ) Tj ET Q q 0 0 0 rg BT 126.19 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.88 538.10 Td (results ) Tj ET Q q 0 0 0 rg BT 170.34 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.35 538.10 Td (any ) Tj ET Q q 0 0 0 rg BT 201.15 538.10 Td (one ) Tj ET Q q 0 0 0 rg BT 217.94 538.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 248.61 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.30 538.10 Td (year ) Tj ET Q q 0 0 0 rg BT 278.86 538.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.42 538.10 Td (not ) Tj ET Q q 0 0 0 rg BT 308.55 538.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 355.33 538.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 397.12 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.80 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.37 538.10 Td (results ) Tj ET Q q 0 0 0 rg BT 450.84 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.97 538.10 Td (be ) Tj ET Q q 0 0 0 rg BT 472.76 538.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 510.65 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 524.67 538.10 Td (any ) Tj ET Q q 0 0 0 rg BT 541.46 538.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 79.94 526.10 Td (or ) Tj ET Q q 0 0 0 rg BT 90.40 526.10 Td (year) Tj ET Q q 0 0 0 rg BT 107.21 526.10 Td (, ) Tj ET Q q 0 0 0 rg BT 111.84 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.41 526.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 177.18 526.10 Td (store ) Tj ET Q q 0 0 0 rg BT 198.74 526.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 220.31 526.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.10 526.10 Td (any ) Tj ET Q q 0 0 0 rg BT 250.67 526.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 291.11 526.10 Td (future ) Tj ET Q q 0 0 0 rg BT 317.11 526.10 Td (period ) Tj ET Q q 0 0 0 rg BT 344.79 526.10 Td (may ) Tj ET Q q 0 0 0 rg BT 364.13 526.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 399.02 526.10 Td (or ) Tj ET Q q 0 0 0 rg BT 409.48 526.10 Td (decrease. ) Tj ET Q q 0 0 0 rg BT 448.52 526.10 Td (For ) Tj ET Q q 0 0 0 rg BT 464.54 526.10 Td (more ) Tj ET Q q 0 0 0 rg BT 487.21 526.10 Td (information ) Tj ET Q q 0 0 0 rg BT 536.56 526.10 Td (on ) Tj ET Q q 0 0 0 rg BT 548.68 526.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (results ) Tj ET Q q 0 0 0 rg BT 77.33 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.37 514.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 133.25 514.10 Td (see ) Tj ET Q q 0 0 0 rg BT 147.73 514.10 Td ("Management's ) Tj ET Q q 0 0 0 rg BT 211.43 514.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 257.04 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.81 514.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 309.53 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.58 514.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 358.51 514.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 400.23 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.39 514.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 447.56 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.60 514.10 Td (Operations" ) Tj ET Q q 0 0 0 rg BT 507.28 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.78 514.10 Td (this ) Tj ET Q q 0 0 0 rg BT 532.56 514.10 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 79.22 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.72 502.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 115.89 502.10 Td (10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (ESL) Tj ET Q q 0 0 0 rg BT 67.47 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.11 478.10 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 124.70 478.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 143.73 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.93 478.10 Td (its ) Tj ET Q q 0 0 0 rg BT 174.02 478.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 221.11 478.10 Td (af) Tj ET Q q 0 0 0 rg BT 229.25 478.10 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 262.17 478.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 290.37 478.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 327.46 478.10 Td (may ) Tj ET Q q 0 0 0 rg BT 347.32 478.10 Td (be ) Tj ET Q q 0 0 0 rg BT 359.40 478.10 Td (dif) Tj ET Q q 0 0 0 rg BT 370.32 478.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 397.40 478.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.04 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.46 478.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 472.55 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.52 478.10 Td (other ) Tj ET Q q 0 0 0 rg BT 507.83 478.10 Td (stockholders, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 466.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.16 466.10 Td (able ) Tj ET Q q 0 0 0 rg BT 100.87 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.15 466.10 Td (exert ) Tj ET Q q 0 0 0 rg BT 134.20 466.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 181.72 466.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 223.10 466.10 Td (over ) Tj ET Q q 0 0 0 rg BT 243.37 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.33 466.10 Td (Company) Tj ET Q q 0 0 0 rg BT 299.40 466.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 442.10 Td (According ) Tj ET Q q 0 0 0 rg BT 115.85 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.26 442.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 159.67 442.10 Td (available ) Tj ET Q q 0 0 0 rg BT 197.40 442.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 248.75 442.10 Td (ESL) Tj ET Q q 0 0 0 rg BT 266.16 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.80 442.10 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 320.26 442.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 337.17 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.24 442.10 Td (its ) Tj ET Q q 0 0 0 rg BT 364.33 442.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 409.85 442.10 Td (af) Tj ET Q q 0 0 0 rg BT 417.44 442.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 446.29 442.10 Td (including ) Tj ET Q q 0 0 0 rg BT 485.70 442.10 Td (Edward ) Tj ET Q q 0 0 0 rg BT 518.44 442.10 Td (S. ) Tj ET Q q 0 0 0 rg BT 528.14 442.10 Td (Lampert ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (\(together) Tj ET Q q 0 0 0 rg BT 85.19 430.10 Td (, ) Tj ET Q q 0 0 0 rg BT 89.75 430.10 Td ("ESL"\) ) Tj ET Q q 0 0 0 rg BT 121.08 430.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 144.24 430.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 204.06 430.10 Td (57% ) Tj ET Q q 0 0 0 rg BT 224.44 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.83 430.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.21 430.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 298.93 430.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 325.98 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.36 430.10 Td (common ) Tj ET Q q 0 0 0 rg BT 373.41 430.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 399.07 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.67 430.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 450.01 430.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.56 430.10 Td (ESL) Tj ET Q q 0 0 0 rg BT 471.97 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.03 430.10 Td (could ) Tj ET Q q 0 0 0 rg BT 498.30 430.10 Td (have ) Tj ET Q q 0 0 0 rg BT 519.23 430.10 Td (substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 88.62 418.10 Td (over ) Tj ET Q q 0 0 0 rg BT 108.31 418.10 Td (many) Tj ET Q q 0 0 0 rg BT 129.88 418.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.30 418.10 Td (if ) Tj ET Q q 0 0 0 rg BT 142.33 418.10 Td (not ) Tj ET Q q 0 0 0 rg BT 157.03 418.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 171.44 418.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 201.69 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.39 418.10 Td (be ) Tj ET Q q 0 0 0 rg BT 222.75 418.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 246.32 418.10 Td (or ) Tj ET Q q 0 0 0 rg BT 256.57 418.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 295.70 418.10 Td (by ) Tj ET Q q 0 0 0 rg BT 307.62 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 322.87 418.10 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 377.84 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.20 418.10 Td (will ) Tj ET Q q 0 0 0 rg BT 411.67 418.10 Td (have ) Tj ET Q q 0 0 0 rg BT 432.47 418.10 Td (a ) Tj ET Q q 0 0 0 rg BT 438.83 418.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 482.96 418.10 Td (voice ) Tj ET Q q 0 0 0 rg BT 506.54 418.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.24 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.37 418.10 Td (election ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 406.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 97.82 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.75 406.10 Td (any ) Tj ET Q q 0 0 0 rg BT 131.69 406.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 181.96 406.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 222.79 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 229.73 406.10 Td (change ) Tj ET Q q 0 0 0 rg BT 260.54 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.38 406.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 304.70 406.10 Td (among ) Tj ET Q q 0 0 0 rg BT 334.42 406.10 Td (other ) Tj ET Q q 0 0 0 rg BT 357.46 406.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 389.40 406.10 Td (af) Tj ET Q q 0 0 0 rg BT 396.99 406.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 427.25 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.97 406.10 Td (Company) Tj ET Q q 0 0 0 rg BT 480.20 406.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 382.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.65 382.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 127.07 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.50 382.10 Td (ESL, ) Tj ET Q q 0 0 0 rg BT 161.88 382.10 Td (which ) Tj ET Q q 0 0 0 rg BT 189.42 382.10 Td (has ) Tj ET Q q 0 0 0 rg BT 205.85 382.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 256.73 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.61 382.10 Td (other ) Tj ET Q q 0 0 0 rg BT 291.25 382.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 337.12 382.10 Td (\(including, ) Tj ET Q q 0 0 0 rg BT 383.82 382.10 Td (according ) Tj ET Q q 0 0 0 rg BT 426.35 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.22 382.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 473.10 382.10 Td (available ) Tj ET Q q 0 0 0 rg BT 512.29 382.10 Td (information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 93.69 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.56 370.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 164.85 370.10 Td (48% ) Tj ET Q q 0 0 0 rg BT 185.71 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.58 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.33 370.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 260.52 370.10 Td (common ) Tj ET Q q 0 0 0 rg BT 298.05 370.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 321.69 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.56 370.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 356.75 370.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 395.95 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 406.82 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.68 370.10 Td (January ) Tj ET Q q 0 0 0 rg BT 451.31 370.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 466.34 370.10 Td (2017\) ) Tj ET Q q 0 0 0 rg BT 492.21 370.10 Td (may ) Tj ET Q q 0 0 0 rg BT 511.96 370.10 Td (from ) Tj ET Q q 0 0 0 rg BT 533.93 370.10 Td (time ) Tj ET Q q 0 0 0 rg BT 554.24 370.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (time ) Tj ET Q q 0 0 0 rg BT 69.77 358.10 Td (dif) Tj ET Q q 0 0 0 rg BT 80.70 358.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 94.30 358.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 118.74 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.57 358.10 Td (be ) Tj ET Q q 0 0 0 rg BT 141.51 358.10 Td (opposed ) Tj ET Q q 0 0 0 rg BT 177.34 358.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 190.12 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.83 358.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 240.66 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.49 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 267.32 358.10 Td (other ) Tj ET Q q 0 0 0 rg BT 290.36 358.10 Td (stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 334.10 Td (Edward ) Tj ET Q q 0 0 0 rg BT 105.60 334.10 Td (S. ) Tj ET Q q 0 0 0 rg BT 116.16 334.10 Td (Lampert ) Tj ET Q q 0 0 0 rg BT 152.53 334.10 Td (is ) Tj ET Q q 0 0 0 rg BT 161.70 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.42 334.10 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 218.35 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.18 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.90 334.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 270.84 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.78 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.49 334.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 327.21 334.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 369.69 334.10 Td (Of) Tj ET Q q 0 0 0 rg BT 380.06 334.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 400.88 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.71 334.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 435.87 334.10 Td (Holdings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 310.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.26 310.10 Td (may ) Tj ET Q q 0 0 0 rg BT 83.64 310.10 Td (be ) Tj ET Q q 0 0 0 rg BT 95.25 310.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 126.30 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.25 310.10 Td (product ) Tj ET Q q 0 0 0 rg BT 170.09 310.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 203.36 310.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 232.20 310.10 Td (if ) Tj ET Q q 0 0 0 rg BT 240.47 310.10 Td (people ) Tj ET Q q 0 0 0 rg BT 269.29 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 280.35 310.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 323.63 310.10 Td (are ) Tj ET Q q 0 0 0 rg BT 339.13 310.10 Td (harmed ) Tj ET Q q 0 0 0 rg BT 372.97 310.10 Td (by ) Tj ET Q q 0 0 0 rg BT 384.57 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.52 310.10 Td (products ) Tj ET Q q 0 0 0 rg BT 437.25 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 450.53 310.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 466.58 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.64 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.59 310.10 Td (services ) Tj ET Q q 0 0 0 rg BT 526.96 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 540.24 310.10 Td (of) Tj ET Q q 0 0 0 rg BT 548.39 310.10 Td (fer) Tj ET Q q 0 0 0 rg BT 559.50 310.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 286.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 96.87 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.30 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.61 286.10 Td (products ) Tj ET Q q 0 0 0 rg BT 158.14 286.10 Td (we ) Tj ET Q q 0 0 0 rg BT 171.90 286.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 187.88 286.10 Td (may ) Tj ET Q q 0 0 0 rg BT 207.19 286.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 237.05 286.10 Td (us ) Tj ET Q q 0 0 0 rg BT 248.04 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.91 286.10 Td (product ) Tj ET Q q 0 0 0 rg BT 290.55 286.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 323.76 286.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 351.96 286.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 384.59 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.47 286.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 430.44 286.10 Td (injury) Tj ET Q q 0 0 0 rg BT 453.67 286.10 Td (, ) Tj ET Q q 0 0 0 rg BT 458.27 286.10 Td (death, ) Tj ET Q q 0 0 0 rg BT 484.52 286.10 Td (or ) Tj ET Q q 0 0 0 rg BT 494.94 286.10 Td (property ) Tj ET Q q 0 0 0 rg BT 530.92 286.10 Td (damage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 78.96 274.10 Td (by ) Tj ET Q q 0 0 0 rg BT 91.22 274.10 Td (such ) Tj ET Q q 0 0 0 rg BT 111.80 274.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 151.00 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.69 274.10 Td (may ) Tj ET Q q 0 0 0 rg BT 187.16 274.10 Td (require ) Tj ET Q q 0 0 0 rg BT 217.73 274.10 Td (us ) Tj ET Q q 0 0 0 rg BT 228.88 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.91 274.10 Td (take ) Tj ET Q q 0 0 0 rg BT 257.82 274.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 288.40 274.10 Td (such ) Tj ET Q q 0 0 0 rg BT 308.99 274.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.57 274.10 Td (product ) Tj ET Q q 0 0 0 rg BT 352.37 274.10 Td (recalls. ) Tj ET Q q 0 0 0 rg BT 382.72 274.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 422.76 274.10 Td (we ) Tj ET Q q 0 0 0 rg BT 436.67 274.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 473.92 274.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 507.28 274.10 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 550.35 274.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 78.43 262.10 Td (be ) Tj ET Q q 0 0 0 rg BT 90.14 262.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 119.62 262.10 Td (that ) Tj ET Q q 0 0 0 rg BT 136.89 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.49 262.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 190.85 262.10 Td (will ) Tj ET Q q 0 0 0 rg BT 208.68 262.10 Td (be ) Tj ET Q q 0 0 0 rg BT 220.40 262.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 258.20 262.10 Td (for ) Tj ET Q q 0 0 0 rg BT 272.14 262.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 311.63 262.10 Td (actually ) Tj ET Q q 0 0 0 rg BT 345.55 262.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 381.14 262.10 Td (or ) Tj ET Q q 0 0 0 rg BT 391.75 262.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.02 262.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 449.61 262.10 Td (will ) Tj ET Q q 0 0 0 rg BT 467.44 262.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 504.15 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.20 262.10 Td (be ) Tj ET Q q 0 0 0 rg BT 525.91 262.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 250.10 Td (us ) Tj ET Q q 0 0 0 rg BT 71.17 250.10 Td (on ) Tj ET Q q 0 0 0 rg BT 83.67 250.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 141.15 250.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 186.40 250.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 213.62 250.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.45 250.10 Td (at ) Tj ET Q q 0 0 0 rg BT 234.16 250.10 Td (all.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 226.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 226.10 Td (may ) Tj ET Q q 0 0 0 rg BT 85.15 226.10 Td (be ) Tj ET Q q 0 0 0 rg BT 97.52 226.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 129.33 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.03 226.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 176.28 226.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 216.44 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.92 226.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 280.63 226.10 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 335.49 226.10 Td (These ) Tj ET Q q 0 0 0 rg BT 362.85 226.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 415.22 226.10 Td (may ) Tj ET Q q 0 0 0 rg BT 435.36 226.10 Td (be ) Tj ET Q q 0 0 0 rg BT 447.72 226.10 Td (af) Tj ET Q q 0 0 0 rg BT 455.87 226.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 483.22 226.10 Td (by ) Tj ET Q q 0 0 0 rg BT 495.58 226.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 532.40 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 543.67 226.10 Td (laws ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.56 214.10 Td (government ) Tj ET Q q 0 0 0 rg BT 118.95 214.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 168.13 214.10 Td (or ) Tj ET Q q 0 0 0 rg BT 179.52 214.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 215.91 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.75 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.03 214.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 296.18 214.10 Td (thereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 190.10 Td (From ) Tj ET Q q 0 0 0 rg BT 96.06 190.10 Td (time ) Tj ET Q q 0 0 0 rg BT 116.22 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.38 190.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 149.04 190.10 Td (we ) Tj ET Q q 0 0 0 rg BT 163.09 190.10 Td (may ) Tj ET Q q 0 0 0 rg BT 182.69 190.10 Td (be ) Tj ET Q q 0 0 0 rg BT 194.52 190.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 231.90 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.06 190.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 277.23 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.05 190.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 337.54 190.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 368.25 190.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 401.18 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.34 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 427.06 190.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 465.84 190.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 495.42 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.14 190.10 Td (which ) Tj ET Q q 0 0 0 rg BT 532.97 190.10 Td (may ) Tj ET Q q 0 0 0 rg BT 552.57 190.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.54 178.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 111.24 178.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.28 178.10 Td (reputations ) Tj ET Q q 0 0 0 rg BT 177.97 178.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.89 178.10 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 236.36 178.10 Td (application ) Tj ET Q q 0 0 0 rg BT 283.05 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.64 178.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 314.23 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.93 178.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 377.05 178.10 Td (against ) Tj ET Q q 0 0 0 rg BT 407.64 178.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 447.65 178.10 Td (defendants. ) Tj ET Q q 0 0 0 rg BT 495.56 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 504.20 178.10 Td (e ) Tj ET Q q 0 0 0 rg BT 510.90 178.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.37 178.10 Td (impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (by ) Tj ET Q q 0 0 0 rg BT 63.46 166.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 91.85 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.58 166.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 146.15 166.10 Td (including ) Tj ET Q q 0 0 0 rg BT 187.88 166.10 Td (class-action ) Tj ET Q q 0 0 0 rg BT 239.04 166.10 Td (allegations ) Tj ET Q q 0 0 0 rg BT 286.31 166.10 Td (brought ) Tj ET Q q 0 0 0 rg BT 321.38 166.10 Td (under ) Tj ET Q q 0 0 0 rg BT 348.10 166.10 Td (various ) Tj ET Q q 0 0 0 rg BT 381.50 166.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 424.33 166.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 468.83 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.22 166.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 541.17 166.10 Td (laws, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.38 154.10 Td (wage ) Tj ET Q q 0 0 0 rg BT 112.58 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.12 154.10 Td (hour ) Tj ET Q q 0 0 0 rg BT 149.55 154.10 Td (laws. ) Tj ET Q q 0 0 0 rg BT 172.48 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.43 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 183.07 154.10 Td (e ) Tj ET Q q 0 0 0 rg BT 189.61 154.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 223.37 154.10 Td (business ) Tj ET Q q 0 0 0 rg BT 259.36 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.24 154.10 Td (all ) Tj ET Q q 0 0 0 rg BT 281.34 154.10 Td (fifty ) Tj ET Q q 0 0 0 rg BT 300.66 154.10 Td (states. ) Tj ET Q q 0 0 0 rg BT 327.48 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 329.58 154.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 354.46 154.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 406.00 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.88 154.10 Td (which ) Tj ET Q q 0 0 0 rg BT 442.42 154.10 Td (we ) Tj ET Q q 0 0 0 rg BT 456.19 154.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 487.71 154.10 Td (aggressively ) Tj ET Q q 0 0 0 rg BT 539.80 154.10 Td (apply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 70.24 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 87.10 142.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 133.38 142.10 Td (against ) Tj ET Q q 0 0 0 rg BT 164.12 142.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 204.28 142.10 Td (defendants. ) Tj ET Q q 0 0 0 rg BT 252.51 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.93 142.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 274.00 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.19 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.82 142.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 334.00 142.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 387.50 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.24 142.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 436.77 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.62 142.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 497.13 142.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 550.35 142.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 78.68 130.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 122.29 130.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 152.59 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.33 130.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 202.63 130.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 239.59 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.45 130.10 Td (any ) Tj ET Q q 0 0 0 rg BT 267.42 130.10 Td (such ) Tj ET Q q 0 0 0 rg BT 288.28 130.10 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 341.07 130.10 Td (An ) Tj ET Q q 0 0 0 rg BT 355.82 130.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 406.10 130.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 443.06 130.10 Td (could ) Tj ET Q q 0 0 0 rg BT 467.81 130.10 Td (have ) Tj ET Q q 0 0 0 rg BT 489.22 130.10 Td (a ) Tj ET Q q 0 0 0 rg BT 496.18 130.10 Td (material ) Tj ET Q q 0 0 0 rg BT 531.47 130.10 Td (adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.53 118.10 Td (on ) Tj ET Q q 0 0 0 rg BT 92.34 118.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.48 118.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 147.69 118.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.48 118.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 226.07 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.32 118.10 Td (results ) Tj ET Q q 0 0 0 rg BT 272.25 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.39 118.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 330.36 118.10 Td (In ) Tj ET Q q 0 0 0 rg BT 341.50 118.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 379.59 118.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 422.94 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.09 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.12 118.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 486.36 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.51 118.10 Td (any ) Tj ET Q q 0 0 0 rg BT 514.76 118.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 553.68 118.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.45 106.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 147.11 106.10 Td (these ) Tj ET Q q 0 0 0 rg BT 170.51 106.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 221.68 106.10 Td (could ) Tj ET Q q 0 0 0 rg BT 246.75 106.10 Td (result ) Tj ET Q q 0 0 0 rg BT 271.81 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.44 106.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 328.07 106.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 350.92 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.21 106.10 Td (may ) Tj ET Q q 0 0 0 rg BT 388.28 106.10 Td (require ) Tj ET Q q 0 0 0 rg BT 419.45 106.10 Td (that ) Tj ET Q q 0 0 0 rg BT 437.29 106.10 Td (we ) Tj ET Q q 0 0 0 rg BT 451.80 106.10 Td (devote ) Tj ET Q q 0 0 0 rg BT 481.31 106.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 526.94 106.10 Td (time ) Tj ET Q q 0 0 0 rg BT 547.56 106.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 89.94 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.40 94.10 Td (defend ) Tj ET Q q 0 0 0 rg BT 130.29 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.30 94.10 Td (Company) Tj ET Q q 0 0 0 rg BT 184.53 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.71 94.10 Td (Further) Tj ET Q q 0 0 0 rg BT 218.75 94.10 Td (, ) Tj ET Q q 0 0 0 rg BT 223.93 94.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 258.82 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.28 94.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 326.94 94.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 374.06 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.51 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.41 94.10 Td (United ) Tj ET Q q 0 0 0 rg BT 429.31 94.10 Td (States ) Tj ET Q q 0 0 0 rg BT 455.88 94.10 Td (could ) Tj ET Q q 0 0 0 rg BT 480.77 94.10 Td (have ) Tj ET Q q 0 0 0 rg BT 502.33 94.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 535.55 94.10 Td (ef) Tj ET Q q 0 0 0 rg BT 543.14 94.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.81 82.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.44 82.10 Td (business ) Tj ET Q q 0 0 0 rg BT 113.64 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.38 82.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 161.02 82.10 Td (us ) Tj ET Q q 0 0 0 rg BT 172.21 82.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.30 82.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 224.59 82.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 267.99 82.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 301.13 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.43 82.10 Td (For ) Tj ET Q q 0 0 0 rg BT 319.63 82.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 358.31 82.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 396.72 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.47 82.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 456.87 82.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 483.61 82.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 532.57 82.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 82.28 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.52 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.64 70.10 Td (franchisor) Tj ET Q q 0 0 0 rg BT 150.98 70.10 Td (-franchisee ) Tj ET Q q 0 0 0 rg BT 199.30 70.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 250.42 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.11 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.23 70.10 Td (fast-food ) Tj ET Q q 0 0 0 rg BT 318.23 70.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 354.92 70.10 Td (could ) Tj ET Q q 0 0 0 rg BT 381.04 70.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 413.83 70.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.51 70.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 467.73 70.10 Td (or ) Tj ET Q q 0 0 0 rg BT 479.97 70.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 522.19 70.10 Td (af) Tj ET Q q 0 0 0 rg BT 529.78 70.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 548.67 70.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 103.10 58.10 Td (with ) Tj ET Q q 0 0 0 rg BT 123.38 58.10 Td (our ) Tj ET Q q 0 0 0 rg BT 139.21 58.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 190.58 58.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 221.40 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.34 58.10 Td (franchisees.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (If ) Tj ET Q q 0 0 0 rg BT 59.82 742.25 Td (we ) Tj ET Q q 0 0 0 rg BT 74.03 742.25 Td (do ) Tj ET Q q 0 0 0 rg BT 87.13 742.25 Td (not ) Tj ET Q q 0 0 0 rg BT 103.57 742.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 143.90 742.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.78 742.25 Td (security ) Tj ET Q q 0 0 0 rg BT 195.10 742.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.53 742.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.08 742.25 Td (customer) Tj ET Q q 0 0 0 rg BT 261.31 742.25 Td (, ) Tj ET Q q 0 0 0 rg BT 266.91 742.25 Td (associate, ) Tj ET Q q 0 0 0 rg BT 309.72 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.38 742.25 Td (company ) Tj ET Q q 0 0 0 rg BT 368.70 742.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 423.76 742.25 Td (we ) Tj ET Q q 0 0 0 rg BT 437.97 742.25 Td (could ) Tj ET Q q 0 0 0 rg BT 463.84 742.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 499.16 742.25 Td (our ) Tj ET Q q 0 0 0 rg BT 516.71 742.25 Td (reputation, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 74.23 730.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 121.75 730.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 165.93 730.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 190.93 730.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.99 730.25 Td (become ) Tj ET Q q 0 0 0 rg BT 242.58 730.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 273.97 730.25 Td (to ) Tj ET Q q 0 0 0 rg BT 284.25 730.25 Td (litigation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 706.25 Td (In ) Tj ET Q q 0 0 0 rg BT 83.01 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.92 706.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 134.48 706.25 Td (course ) Tj ET Q q 0 0 0 rg BT 163.26 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.28 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 190.29 706.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 229.37 706.25 Td (we ) Tj ET Q q 0 0 0 rg BT 243.71 706.25 Td (collect, ) Tj ET Q q 0 0 0 rg BT 275.55 706.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 310.72 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.84 706.25 Td (store ) Tj ET Q q 0 0 0 rg BT 349.97 706.25 Td (a ) Tj ET Q q 0 0 0 rg BT 357.09 706.25 Td (lar) Tj ET Q q 0 0 0 rg BT 367.46 706.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 379.58 706.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 412.26 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.27 706.25 Td (customer) Tj ET Q q 0 0 0 rg BT 459.53 706.25 Td (, ) Tj ET Q q 0 0 0 rg BT 464.71 706.25 Td (associate, ) Tj ET Q q 0 0 0 rg BT 505.99 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.11 706.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 102.24 694.25 Td (including ) Tj ET Q q 0 0 0 rg BT 143.04 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.05 694.25 Td (information ) Tj ET Q q 0 0 0 rg BT 231.29 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 248.75 694.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 286.78 694.25 Td (personal ) Tj ET Q q 0 0 0 rg BT 323.68 694.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 376.42 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 379.45 694.25 Td (Until ) Tj ET Q q 0 0 0 rg BT 403.03 694.25 Td (we ) Tj ET Q q 0 0 0 rg BT 417.72 694.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 457.40 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.64 694.25 Td (implementation ) Tj ET Q q 0 0 0 rg BT 538.43 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 694.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (BPO ) Tj ET Q q 0 0 0 rg BT 71.27 682.25 Td (we ) Tj ET Q q 0 0 0 rg BT 85.25 682.25 Td (will ) Tj ET Q q 0 0 0 rg BT 103.12 682.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 139.87 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.97 682.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 167.83 682.25 Td (heavily ) Tj ET Q q 0 0 0 rg BT 199.58 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 211.90 682.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 235.87 682.25 Td (Holdings) Tj ET Q q 0 0 0 rg BT 275.13 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.45 682.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 317.53 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.29 682.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 402.70 682.25 Td (hardware ) Tj ET Q q 0 0 0 rg BT 442.21 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.97 682.25 Td (software ) Tj ET Q q 0 0 0 rg BT 495.72 682.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 529.70 682.25 Td (\(such ) Tj ET Q q 0 0 0 rg BT 553.68 682.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.01 670.25 Td (point-of-sale ) Tj ET Q q 0 0 0 rg BT 119.40 670.25 Td (system ) Tj ET Q q 0 0 0 rg BT 150.47 670.25 Td (used ) Tj ET Q q 0 0 0 rg BT 172.09 670.25 Td (by ) Tj ET Q q 0 0 0 rg BT 185.39 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.90 670.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 243.08 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.81 670.25 Td (our ) Tj ET Q q 0 0 0 rg BT 277.43 670.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 309.04 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.77 670.25 Td (franchisees\) ) Tj ET Q q 0 0 0 rg BT 378.37 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 396.10 670.25 Td (related ) Tj ET Q q 0 0 0 rg BT 426.60 670.25 Td (security ) Tj ET Q q 0 0 0 rg BT 461.55 670.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 496.51 670.25 Td (\(collectively ) Tj ET Q q 0 0 0 rg BT 549.78 670.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 78.71 658.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 118.86 658.25 Td (Systems"\) ) Tj ET Q q 0 0 0 rg BT 163.08 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 174.33 658.25 Td (collect, ) Tj ET Q q 0 0 0 rg BT 206.95 658.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 242.91 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.82 658.25 Td (store ) Tj ET Q q 0 0 0 rg BT 283.73 658.25 Td (this ) Tj ET Q q 0 0 0 rg BT 301.65 658.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 354.84 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 358.31 658.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 383.44 658.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 423.58 658.25 Td (Systems ) Tj ET Q q 0 0 0 rg BT 460.39 658.25 Td (are ) Tj ET Q q 0 0 0 rg BT 476.07 658.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 507.87 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 519.12 658.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 553.68 658.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (interruption ) Tj ET Q q 0 0 0 rg BT 99.76 646.25 Td (from ) Tj ET Q q 0 0 0 rg BT 122.24 646.25 Td (power ) Tj ET Q q 0 0 0 rg BT 150.28 646.25 Td (outages, ) Tj ET Q q 0 0 0 rg BT 186.38 646.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 227.19 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.67 646.25 Td (telecommunications ) Tj ET Q q 0 0 0 rg BT 328.25 646.25 Td (failures, ) Tj ET Q q 0 0 0 rg BT 363.78 646.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 404.59 646.25 Td (viruses, ) Tj ET Q q 0 0 0 rg BT 438.47 646.25 Td (security ) Tj ET Q q 0 0 0 rg BT 473.17 646.25 Td (breaches, ) Tj ET Q q 0 0 0 rg BT 513.69 646.25 Td (catastrophic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (events ) Tj ET Q q 0 0 0 rg BT 77.66 634.25 Td (such ) Tj ET Q q 0 0 0 rg BT 98.60 634.25 Td (as ) Tj ET Q q 0 0 0 rg BT 109.54 634.25 Td (fires, ) Tj ET Q q 0 0 0 rg BT 132.42 634.25 Td (tornadoes ) Tj ET Q q 0 0 0 rg BT 173.90 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.95 634.25 Td (hurricanes, ) Tj ET Q q 0 0 0 rg BT 237.71 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.75 634.25 Td (usage ) Tj ET Q q 0 0 0 rg BT 280.13 634.25 Td (errors ) Tj ET Q q 0 0 0 rg BT 306.06 634.25 Td (by ) Tj ET Q q 0 0 0 rg BT 318.67 634.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 342.94 634.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 384.02 634.25 Td (associates, ) Tj ET Q q 0 0 0 rg BT 429.12 634.25 Td (our ) Tj ET Q q 0 0 0 rg BT 445.06 634.25 Td (associates, ) Tj ET Q q 0 0 0 rg BT 490.15 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.20 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.03 634.25 Td (associates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.32 622.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.15 622.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 106.96 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.89 622.25 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 173.86 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 176.17 622.25 Td (The ) Tj ET Q q 0 0 0 rg BT 194.21 622.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 218.37 622.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 257.53 622.25 Td (Systems ) Tj ET Q q 0 0 0 rg BT 293.37 622.25 Td (may ) Tj ET Q q 0 0 0 rg BT 313.08 622.25 Td (be ) Tj ET Q q 0 0 0 rg BT 325.01 622.25 Td (compromised ) Tj ET Q q 0 0 0 rg BT 381.94 622.25 Td (as ) Tj ET Q q 0 0 0 rg BT 392.76 622.25 Td (a ) Tj ET Q q 0 0 0 rg BT 399.70 622.25 Td (result ) Tj ET Q q 0 0 0 rg BT 424.41 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.23 622.25 Td (criminal ) Tj ET Q q 0 0 0 rg BT 471.04 622.25 Td (activity) Tj ET Q q 0 0 0 rg BT 500.39 622.25 Td (, ) Tj ET Q q 0 0 0 rg BT 505.38 622.25 Td (negligence, ) Tj ET Q q 0 0 0 rg BT 553.68 622.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (otherwise. ) Tj ET Q q 0 0 0 rg BT 93.69 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 96.29 610.25 Td (Threats ) Tj ET Q q 0 0 0 rg BT 129.09 610.25 Td (may ) Tj ET Q q 0 0 0 rg BT 149.11 610.25 Td (result ) Tj ET Q q 0 0 0 rg BT 174.14 610.25 Td (from ) Tj ET Q q 0 0 0 rg BT 196.39 610.25 Td (human ) Tj ET Q q 0 0 0 rg BT 226.41 610.25 Td (error) Tj ET Q q 0 0 0 rg BT 245.44 610.25 Td (, ) Tj ET Q q 0 0 0 rg BT 250.75 610.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 277.16 610.25 Td (or ) Tj ET Q q 0 0 0 rg BT 288.30 610.25 Td (malice ) Tj ET Q q 0 0 0 rg BT 317.76 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 330.56 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.59 610.25 Td (part ) Tj ET Q q 0 0 0 rg BT 363.95 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.09 610.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 399.55 610.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 440.84 610.25 Td (associates, ) Tj ET Q q 0 0 0 rg BT 486.13 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 502.27 610.25 Td (associates, ) Tj ET Q q 0 0 0 rg BT 547.56 610.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.19 598.25 Td (associates ) Tj ET Q q 0 0 0 rg BT 104.65 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.46 598.25 Td (our ) Tj ET Q q 0 0 0 rg BT 129.26 598.25 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 161.55 598.25 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 210.50 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 226.41 598.25 Td (other ) Tj ET Q q 0 0 0 rg BT 248.44 598.25 Td (third ) Tj ET Q q 0 0 0 rg BT 268.80 598.25 Td (parties, ) Tj ET Q q 0 0 0 rg BT 299.43 598.25 Td (or ) Tj ET Q q 0 0 0 rg BT 309.23 598.25 Td (may ) Tj ET Q q 0 0 0 rg BT 327.92 598.25 Td (result ) Tj ET Q q 0 0 0 rg BT 351.61 598.25 Td (from ) Tj ET Q q 0 0 0 rg BT 372.53 598.25 Td (accidental ) Tj ET Q q 0 0 0 rg BT 414.53 598.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 469.87 598.25 Td (failure. ) Tj ET Q q 0 0 0 rg BT 499.94 598.25 Td ( ) Tj ET Q q 0 0 0 rg BT 501.09 598.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 519.78 598.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (compromise ) Tj ET Q q 0 0 0 rg BT 101.01 586.25 Td (or ) Tj ET Q q 0 0 0 rg BT 111.41 586.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 140.13 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.54 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.83 586.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 188.56 586.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 227.31 586.25 Td (Systems ) Tj ET Q q 0 0 0 rg BT 262.72 586.25 Td (could ) Tj ET Q q 0 0 0 rg BT 287.01 586.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 339.08 586.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 372.24 586.25 Td (our ) Tj ET Q q 0 0 0 rg BT 387.65 586.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 430.26 586.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.78 586.25 Td (result ) Tj ET Q q 0 0 0 rg BT 471.07 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 480.92 586.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 522.98 586.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 547.56 586.25 Td (lost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 73.72 574.25 Td (fines, ) Tj ET Q q 0 0 0 rg BT 97.93 574.25 Td (government ) Tj ET Q q 0 0 0 rg BT 147.97 574.25 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 208.30 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.02 574.25 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 260.07 574.25 Td (against, ) Tj ET Q q 0 0 0 rg BT 293.17 574.25 Td (or ) Tj ET Q q 0 0 0 rg BT 303.78 574.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 344.93 574.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 385.53 574.25 Td (af) Tj ET Q q 0 0 0 rg BT 393.11 574.25 Td (fecting, ) Tj ET Q q 0 0 0 rg BT 425.65 574.25 Td (SHO. ) Tj ET Q q 0 0 0 rg BT 450.27 574.25 Td (The ) Tj ET Q q 0 0 0 rg BT 468.09 574.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 511.47 574.25 Td (environment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (related ) Tj ET Q q 0 0 0 rg BT 78.90 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.88 562.25 Td (information ) Tj ET Q q 0 0 0 rg BT 138.28 562.25 Td (security ) Tj ET Q q 0 0 0 rg BT 172.14 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.77 562.25 Td (privacy ) Tj ET Q q 0 0 0 rg BT 220.96 562.25 Td (is ) Tj ET Q q 0 0 0 rg BT 229.82 562.25 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 280.89 562.25 Td (rigorous ) Tj ET Q q 0 0 0 rg BT 316.42 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.05 562.25 Td (complex, ) Tj ET Q q 0 0 0 rg BT 372.19 562.25 Td (with ) Tj ET Q q 0 0 0 rg BT 392.16 562.25 Td (new ) Tj ET Q q 0 0 0 rg BT 411.02 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.65 562.25 Td (constantly ) Tj ET Q q 0 0 0 rg BT 470.96 562.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 509.81 562.25 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 92.97 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 103.13 550.25 Td (our ) Tj ET Q q 0 0 0 rg BT 118.84 550.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 157.62 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.44 550.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 222.91 550.25 Td (with ) Tj ET Q q 0 0 0 rg BT 243.07 550.25 Td (those ) Tj ET Q q 0 0 0 rg BT 266.56 550.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 321.14 550.25 Td (could ) Tj ET Q q 0 0 0 rg BT 345.74 550.25 Td (result ) Tj ET Q q 0 0 0 rg BT 370.34 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 380.50 550.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 422.87 550.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 447.75 550.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.61 550.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 499.51 550.25 Td (, ) Tj ET Q q 0 0 0 rg BT 504.39 550.25 Td (several ) Tj ET Q q 0 0 0 rg BT 535.09 550.25 Td (recent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 77.38 538.25 Td (publicized ) Tj ET Q q 0 0 0 rg BT 121.35 538.25 Td (data-security ) Tj ET Q q 0 0 0 rg BT 175.32 538.25 Td (breaches ) Tj ET Q q 0 0 0 rg BT 212.62 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.38 538.25 Td (cyber ) Tj ET Q q 0 0 0 rg BT 253.91 538.25 Td (attacks ) Tj ET Q q 0 0 0 rg BT 284.00 538.25 Td (at ) Tj ET Q q 0 0 0 rg BT 293.54 538.25 Td (other ) Tj ET Q q 0 0 0 rg BT 316.41 538.25 Td (lar) Tj ET Q q 0 0 0 rg BT 326.77 538.25 Td (ge, ) Tj ET Q q 0 0 0 rg BT 341.03 538.25 Td (nationwide ) Tj ET Q q 0 0 0 rg BT 387.79 538.25 Td (retail ) Tj ET Q q 0 0 0 rg BT 410.66 538.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 455.74 538.25 Td (have ) Tj ET Q q 0 0 0 rg BT 476.94 538.25 Td (heightened ) Tj ET Q q 0 0 0 rg BT 523.14 538.25 Td (consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (awareness ) Tj ET Q q 0 0 0 rg BT 93.92 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.58 526.25 Td (this ) Tj ET Q q 0 0 0 rg BT 123.36 526.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 146.69 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.46 526.25 Td (may ) Tj ET Q q 0 0 0 rg BT 185.01 526.25 Td (embolden ) Tj ET Q q 0 0 0 rg BT 227.78 526.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 275.55 526.25 Td (or ) Tj ET Q q 0 0 0 rg BT 287.21 526.25 Td (groups ) Tj ET Q q 0 0 0 rg BT 317.77 526.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.88 526.25 Td (tar) Tj ET Q q 0 0 0 rg BT 339.24 526.25 Td (get ) Tj ET Q q 0 0 0 rg BT 354.79 526.25 Td (SHO ) Tj ET Q q 0 0 0 rg BT 378.13 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.90 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.45 526.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 436.44 526.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 476.44 526.25 Td (Systems. ) Tj ET Q q 0 0 0 rg BT 515.37 526.25 Td (There ) Tj ET Q q 0 0 0 rg BT 542.02 526.25 Td (is ) Tj ET Q q 0 0 0 rg BT 552.02 526.25 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 90.70 514.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.04 514.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.70 514.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 157.68 514.25 Td (on ) Tj ET Q q 0 0 0 rg BT 170.02 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.58 514.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 208.58 514.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 247.59 514.25 Td (Systems ) Tj ET Q q 0 0 0 rg BT 283.26 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.04 514.25 Td (related ) Tj ET Q q 0 0 0 rg BT 329.58 514.25 Td (security ) Tj ET Q q 0 0 0 rg BT 363.58 514.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 403.12 514.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 441.01 514.25 Td (by ) Tj ET Q q 0 0 0 rg BT 453.35 514.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 477.35 514.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 516.36 514.25 Td (will ) Tj ET Q q 0 0 0 rg BT 534.25 514.25 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (information ) Tj ET Q q 0 0 0 rg BT 98.31 502.25 Td (against ) Tj ET Q q 0 0 0 rg BT 128.23 502.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 182.03 502.25 Td (access ) Tj ET Q q 0 0 0 rg BT 209.16 502.25 Td (or ) Tj ET Q q 0 0 0 rg BT 219.08 502.25 Td (that ) Tj ET Q q 0 0 0 rg BT 235.68 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.49 502.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 272.74 502.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 311.01 502.25 Td (Systems ) Tj ET Q q 0 0 0 rg BT 345.95 502.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.98 502.25 Td (related ) Tj ET Q q 0 0 0 rg BT 390.78 502.25 Td (security ) Tj ET Q q 0 0 0 rg BT 424.03 502.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 462.83 502.25 Td (are ) Tj ET Q q 0 0 0 rg BT 476.63 502.25 Td (adequate ) Tj ET Q q 0 0 0 rg BT 513.76 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.14 502.25 Td (safeguard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (against ) Tj ET Q q 0 0 0 rg BT 80.84 490.25 Td (data-security ) Tj ET Q q 0 0 0 rg BT 135.50 490.25 Td (breaches. ) Tj ET Q q 0 0 0 rg BT 175.99 490.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.00 490.25 Td (If ) Tj ET Q q 0 0 0 rg BT 188.68 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.91 490.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 228.58 490.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 268.27 490.25 Td (Systems ) Tj ET Q q 0 0 0 rg BT 304.62 490.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 350.94 490.25 Td (a ) Tj ET Q q 0 0 0 rg BT 358.39 490.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 403.62 490.25 Td (data-security ) Tj ET Q q 0 0 0 rg BT 458.28 490.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 487.94 490.25 Td (\(Kmart, ) Tj ET Q q 0 0 0 rg BT 522.33 490.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 552.00 490.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 73.49 478.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 114.99 478.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 160.64 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.75 478.25 Td (October ) Tj ET Q q 0 0 0 rg BT 205.29 478.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 227.62 478.25 Td (that ) Tj ET Q q 0 0 0 rg BT 244.95 478.25 Td (its ) Tj ET Q q 0 0 0 rg BT 256.73 478.25 Td (payment-data ) Tj ET Q q 0 0 0 rg BT 313.48 478.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 347.48 478.25 Td (had ) Tj ET Q q 0 0 0 rg BT 364.25 478.25 Td (been ) Tj ET Q q 0 0 0 rg BT 385.46 478.25 Td (breached\), ) Tj ET Q q 0 0 0 rg BT 429.70 478.25 Td (or ) Tj ET Q q 0 0 0 rg BT 440.36 478.25 Td (if ) Tj ET Q q 0 0 0 rg BT 448.80 478.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 472.80 478.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 511.80 478.25 Td (or ) Tj ET Q q 0 0 0 rg BT 522.46 478.25 Td (SHO ) Tj ET Q q 0 0 0 rg BT 544.80 478.25 Td (fails ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.48 466.25 Td (detect ) Tj ET Q q 0 0 0 rg BT 87.56 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.20 466.25 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 161.71 466.25 Td (respond ) Tj ET Q q 0 0 0 rg BT 196.58 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.56 466.25 Td (a ) Tj ET Q q 0 0 0 rg BT 215.20 466.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 260.61 466.25 Td (data-security ) Tj ET Q q 0 0 0 rg BT 315.46 466.25 Td (breach, ) Tj ET Q q 0 0 0 rg BT 347.81 466.25 Td (with ) Tj ET Q q 0 0 0 rg BT 368.79 466.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 400.31 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.29 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 427.82 466.25 Td (customer) Tj ET Q q 0 0 0 rg BT 464.08 466.25 Td (, ) Tj ET Q q 0 0 0 rg BT 469.78 466.25 Td (associate, ) Tj ET Q q 0 0 0 rg BT 511.58 466.25 Td (or ) Tj ET Q q 0 0 0 rg BT 523.11 466.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 101.23 454.25 Td (we ) Tj ET Q q 0 0 0 rg BT 114.90 454.25 Td (could ) Tj ET Q q 0 0 0 rg BT 139.13 454.25 Td (be ) Tj ET Q q 0 0 0 rg BT 150.58 454.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 185.37 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.16 454.25 Td (government ) Tj ET Q q 0 0 0 rg BT 244.94 454.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 296.92 454.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 327.26 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.71 454.25 Td (private ) Tj ET Q q 0 0 0 rg BT 373.49 454.25 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 414.11 454.25 Td ( ) Tj ET Q q 0 0 0 rg BT 416.13 454.25 Td (In ) Tj ET Q q 0 0 0 rg BT 426.47 454.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 463.76 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 479.10 454.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 521.67 454.25 Td (could ) Tj ET Q q 0 0 0 rg BT 545.90 454.25 Td (lose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 95.86 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.14 442.25 Td (our ) Tj ET Q q 0 0 0 rg BT 121.97 442.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 150.02 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 160.30 442.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 190.56 442.25 Td (their ) Tj ET Q q 0 0 0 rg BT 211.39 442.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 263.60 442.25 Td (which ) Tj ET Q q 0 0 0 rg BT 290.54 442.25 Td (could ) Tj ET Q q 0 0 0 rg BT 315.26 442.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 339.96 442.25 Td (them ) Tj ET Q q 0 0 0 rg BT 362.46 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.74 442.25 Td (stop ) Tj ET Q q 0 0 0 rg BT 391.91 442.25 Td (shopping ) Tj ET Q q 0 0 0 rg BT 431.08 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 451.36 442.25 Td (us ) Tj ET Q q 0 0 0 rg BT 462.75 442.25 Td (altogether) Tj ET Q q 0 0 0 rg BT 502.18 442.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 418.25 Td (When ) Tj ET Q q 0 0 0 rg BT 98.75 418.25 Td (we ) Tj ET Q q 0 0 0 rg BT 113.29 418.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 152.82 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 167.91 418.25 Td (implementation ) Tj ET Q q 0 0 0 rg BT 233.55 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.75 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.85 418.25 Td (BPO ) Tj ET Q q 0 0 0 rg BT 282.18 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.38 418.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 332.93 418.25 Td (will ) Tj ET Q q 0 0 0 rg BT 351.36 418.25 Td (be ) Tj ET Q q 0 0 0 rg BT 363.67 418.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 394.88 418.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.53 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.62 418.25 Td (same ) Tj ET Q q 0 0 0 rg BT 444.05 418.25 Td (information-system ) Tj ET Q q 0 0 0 rg BT 525.24 418.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 547.01 418.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (are ) Tj ET Q q 0 0 0 rg BT 63.99 406.25 Td (described ) Tj ET Q q 0 0 0 rg BT 104.59 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 114.65 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.15 406.25 Td (preceding ) Tj ET Q q 0 0 0 rg BT 170.85 406.25 Td (paragraph. ) Tj ET Q q 0 0 0 rg BT 215.61 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.90 406.25 Td (See ) Tj ET Q q 0 0 0 rg BT 234.62 406.25 Td ("W) Tj ET Q q 0 0 0 rg BT 247.34 406.25 Td (e ) Tj ET Q q 0 0 0 rg BT 254.06 406.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 271.89 406.25 Td (on ) Tj ET Q q 0 0 0 rg BT 284.17 406.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 308.11 406.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 347.07 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.79 406.25 Td (other ) Tj ET Q q 0 0 0 rg BT 386.62 406.25 Td (third ) Tj ET Q q 0 0 0 rg BT 407.79 406.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 436.72 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.79 406.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 479.61 406.25 Td (us ) Tj ET Q q 0 0 0 rg BT 490.79 406.25 Td (with ) Tj ET Q q 0 0 0 rg BT 510.85 406.25 Td (key ) Tj ET Q q 0 0 0 rg BT 527.57 406.25 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.72 394.25 Td (services ) Tj ET Q q 0 0 0 rg BT 101.72 394.25 Td (in ) Tj ET Q q 0 0 0 rg BT 112.28 394.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 158.94 394.25 Td (with ) Tj ET Q q 0 0 0 rg BT 179.50 394.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.50 394.25 Td (administration ) Tj ET Q q 0 0 0 rg BT 255.06 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.17 394.25 Td (many ) Tj ET Q q 0 0 0 rg BT 291.18 394.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 321.72 394.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 353.38 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 364.50 394.25 Td (our ) Tj ET Q q 0 0 0 rg BT 380.62 394.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 419.79 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 437.02 394.25 Td (we ) Tj ET Q q 0 0 0 rg BT 451.46 394.25 Td (may ) Tj ET Q q 0 0 0 rg BT 471.47 394.25 Td (be ) Tj ET Q q 0 0 0 rg BT 483.69 394.25 Td (required ) Tj ET Q q 0 0 0 rg BT 519.79 394.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.35 394.25 Td (develop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.45 382.25 Td (own ) Tj ET Q q 0 0 0 rg BT 85.30 382.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 119.59 382.25 Td (quickly ) Tj ET Q q 0 0 0 rg BT 152.21 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.61 382.25 Td (order ) Tj ET Q q 0 0 0 rg BT 186.33 382.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.73 382.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 225.99 382.25 Td (such ) Tj ET Q q 0 0 0 rg BT 246.95 382.25 Td (dependence" ) Tj ET Q q 0 0 0 rg BT 300.84 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 311.24 382.25 Td (this ) Tj ET Q q 0 0 0 rg BT 328.31 382.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 349.26 382.25 Td (1A) Tj ET Q q 0 0 0 rg BT 360.93 382.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.55 382.25 Td (for ) Tj ET Q q 0 0 0 rg BT 377.83 382.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 420.45 382.25 Td (information ) Tj ET Q q 0 0 0 rg BT 470.28 382.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.34 382.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 508.86 382.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 549.79 382.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (implementation ) Tj ET Q q 0 0 0 rg BT 114.76 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.59 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.31 370.25 Td (BPO.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (If ) Tj ET Q q 0 0 0 rg BT 59.40 346.25 Td (we ) Tj ET Q q 0 0 0 rg BT 73.18 346.25 Td (are ) Tj ET Q q 0 0 0 rg BT 89.19 346.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 120.21 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 130.66 346.25 Td (renew ) Tj ET Q q 0 0 0 rg BT 158.34 346.25 Td (or ) Tj ET Q q 0 0 0 rg BT 169.91 346.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 193.70 346.25 Td (into ) Tj ET Q q 0 0 0 rg BT 212.49 346.25 Td (new ) Tj ET Q q 0 0 0 rg BT 231.84 346.25 Td (store ) Tj ET Q q 0 0 0 rg BT 254.52 346.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 281.63 346.25 Td (on ) Tj ET Q q 0 0 0 rg BT 294.87 346.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 344.19 346.25 Td (terms, ) Tj ET Q q 0 0 0 rg BT 372.15 346.25 Td (our ) Tj ET Q q 0 0 0 rg BT 389.28 346.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 428.62 346.25 Td (or ) Tj ET Q q 0 0 0 rg BT 440.19 346.25 Td (results ) Tj ET Q q 0 0 0 rg BT 470.09 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.10 346.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 527.12 346.25 Td (could ) Tj ET Q q 0 0 0 rg BT 552.57 346.25 Td (be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 93.65 334.25 Td (impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 310.25 Td (A) Tj ET Q q 0 0 0 rg BT 78.67 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.55 310.25 Td (small ) Tj ET Q q 0 0 0 rg BT 106.09 310.25 Td (number ) Tj ET Q q 0 0 0 rg BT 139.51 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.72 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 166.93 310.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 193.14 310.25 Td (are ) Tj ET Q q 0 0 0 rg BT 208.22 310.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.88 310.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 257.86 310.25 Td (where ) Tj ET Q q 0 0 0 rg BT 285.16 310.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 309.70 310.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 349.25 310.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 388.22 310.25 Td (operates ) Tj ET Q q 0 0 0 rg BT 424.41 310.25 Td (one ) Tj ET Q q 0 0 0 rg BT 441.73 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.94 310.25 Td (its ) Tj ET Q q 0 0 0 rg BT 465.26 310.25 Td (stores. ) Tj ET Q q 0 0 0 rg BT 493.97 310.25 Td (In ) Tj ET Q q 0 0 0 rg BT 505.18 310.25 Td (such ) Tj ET Q q 0 0 0 rg BT 526.38 310.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 550.36 310.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 81.19 298.25 Td (into ) Tj ET Q q 0 0 0 rg BT 99.01 298.25 Td (a ) Tj ET Q q 0 0 0 rg BT 105.71 298.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 127.96 298.25 Td (or ) Tj ET Q q 0 0 0 rg BT 138.55 298.25 Td (sublease ) Tj ET Q q 0 0 0 rg BT 174.69 298.25 Td (with ) Tj ET Q q 0 0 0 rg BT 194.73 298.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 218.66 298.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 257.59 298.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 271.51 298.25 Td (one ) Tj ET Q q 0 0 0 rg BT 288.21 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 298.81 298.25 Td (its ) Tj ET Q q 0 0 0 rg BT 310.52 298.25 Td (subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 363.33 298.25 Td (for ) Tj ET Q q 0 0 0 rg BT 377.25 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.73 298.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 422.88 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.47 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.95 298.25 Td (space ) Tj ET Q q 0 0 0 rg BT 472.42 298.25 Td (in ) Tj ET Q q 0 0 0 rg BT 482.47 298.25 Td (which ) Tj ET Q q 0 0 0 rg BT 509.17 298.25 Td (our ) Tj ET Q q 0 0 0 rg BT 524.76 298.25 Td (store ) Tj ET Q q 0 0 0 rg BT 546.46 298.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 80.57 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.66 286.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 112.74 286.25 Td (rent ) Tj ET Q q 0 0 0 rg BT 129.94 286.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 162.12 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.55 286.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 194.86 286.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 233.17 286.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 246.48 286.25 Td (one ) Tj ET Q q 0 0 0 rg BT 262.57 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 272.54 286.25 Td (its ) Tj ET Q q 0 0 0 rg BT 283.64 286.25 Td (subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 335.83 286.25 Td (on ) Tj ET Q q 0 0 0 rg BT 347.48 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.34 286.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 385.21 286.25 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 428.50 286.25 Td (in ) Tj ET Q q 0 0 0 rg BT 437.93 286.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 483.45 286.25 Td (with ) Tj ET Q q 0 0 0 rg BT 502.87 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.74 286.25 Td (Separation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (If ) Tj ET Q q 0 0 0 rg BT 58.06 274.25 Td (we ) Tj ET Q q 0 0 0 rg BT 71.61 274.25 Td (are ) Tj ET Q q 0 0 0 rg BT 85.72 274.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 114.27 274.25 Td (to ) Tj ET Q q 0 0 0 rg BT 123.95 274.25 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 162.49 274.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 188.27 274.25 Td (or ) Tj ET Q q 0 0 0 rg BT 198.49 274.25 Td (subleases ) Tj ET Q q 0 0 0 rg BT 238.16 274.25 Td (with ) Tj ET Q q 0 0 0 rg BT 257.83 274.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 281.39 274.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 319.96 274.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 333.52 274.25 Td (one ) Tj ET Q q 0 0 0 rg BT 349.85 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.08 274.25 Td (its ) Tj ET Q q 0 0 0 rg BT 371.42 274.25 Td (subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 423.87 274.25 Td (on ) Tj ET Q q 0 0 0 rg BT 435.76 274.25 Td (commercially ) Tj ET Q q 0 0 0 rg BT 492.64 274.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 537.29 274.25 Td (terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 262.25 Td (at ) Tj ET Q q 0 0 0 rg BT 70.05 262.25 Td (all, ) Tj ET Q q 0 0 0 rg BT 85.04 262.25 Td (we ) Tj ET Q q 0 0 0 rg BT 99.20 262.25 Td (may ) Tj ET Q q 0 0 0 rg BT 118.92 262.25 Td (be ) Tj ET Q q 0 0 0 rg BT 130.86 262.25 Td (forced ) Tj ET Q q 0 0 0 rg BT 158.89 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.17 262.25 Td (close ) Tj ET Q q 0 0 0 rg BT 192.22 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.94 262.25 Td (af) Tj ET Q q 0 0 0 rg BT 214.52 262.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 241.45 262.25 Td (stores, ) Tj ET Q q 0 0 0 rg BT 269.78 262.25 Td (which ) Tj ET Q q 0 0 0 rg BT 296.72 262.25 Td (could ) Tj ET Q q 0 0 0 rg BT 321.43 262.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 365.58 262.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 395.30 262.25 Td (our ) Tj ET Q q 0 0 0 rg BT 411.13 262.25 Td (results ) Tj ET Q q 0 0 0 rg BT 439.73 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.56 262.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 238.25 Td (As ) Tj ET Q q 0 0 0 rg BT 86.51 238.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.24 238.25 Td (January28, ) Tj ET Q q 0 0 0 rg BT 147.73 238.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.73 238.25 Td (, ) Tj ET Q q 0 0 0 rg BT 173.63 238.25 Td (we ) Tj ET Q q 0 0 0 rg BT 188.69 238.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 217.07 238.25 Td (79 ) Tj ET Q q 0 0 0 rg BT 230.47 238.25 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 310.51 238.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 335.57 238.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 363.96 238.25 Td (store ) Tj ET Q q 0 0 0 rg BT 386.79 238.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 426.29 238.25 Td (under ) Tj ET Q q 0 0 0 rg BT 452.46 238.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 495.29 238.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 544.22 238.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (landlords ) Tj ET Q q 0 0 0 rg BT 88.69 226.25 Td (that ) Tj ET Q q 0 0 0 rg BT 105.66 226.25 Td (are ) Tj ET Q q 0 0 0 rg BT 119.84 226.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 137.42 226.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 167.72 226.25 Td (with ) Tj ET Q q 0 0 0 rg BT 187.47 226.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 211.10 226.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 252.24 226.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 279.20 226.25 Td (29 ) Tj ET Q q 0 0 0 rg BT 291.17 226.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 329.25 226.25 Td (with ) Tj ET Q q 0 0 0 rg BT 349.00 226.25 Td (landlords ) Tj ET Q q 0 0 0 rg BT 388.19 226.25 Td (af) Tj ET Q q 0 0 0 rg BT 395.78 226.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 426.07 226.25 Td (with ) Tj ET Q q 0 0 0 rg BT 445.82 226.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 469.46 226.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 510.60 226.25 Td (operated ) Tj ET Q q 0 0 0 rg BT 547.00 226.25 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 88.77 214.25 Td (that ) Tj ET Q q 0 0 0 rg BT 106.93 214.25 Td (were ) Tj ET Q q 0 0 0 rg BT 129.53 214.25 Td (co-located ) Tj ET Q q 0 0 0 rg BT 174.33 214.25 Td (with ) Tj ET Q q 0 0 0 rg BT 195.28 214.25 Td (a ) Tj ET Q q 0 0 0 rg BT 202.88 214.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 227.01 214.25 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 271.27 214.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.88 214.25 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 331.46 214.25 Td (store ) Tj ET Q q 0 0 0 rg BT 354.07 214.25 Td (which ) Tj ET Q q 0 0 0 rg BT 381.67 214.25 Td (were ) Tj ET Q q 0 0 0 rg BT 404.27 214.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 432.42 214.25 Td (by ) Tj ET Q q 0 0 0 rg BT 445.59 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.97 214.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 508.57 214.25 Td (segment, ) Tj ET Q q 0 0 0 rg BT 547.57 214.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 78.68 202.25 Td (two ) Tj ET Q q 0 0 0 rg BT 96.20 202.25 Td (buildings. ) Tj ET Q q 0 0 0 rg BT 138.45 202.25 Td ( ) Tj ET Q q 0 0 0 rg BT 140.41 202.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 190.31 202.25 Td (, ) Tj ET Q q 0 0 0 rg BT 195.33 202.25 Td (we ) Tj ET Q q 0 0 0 rg BT 209.51 202.25 Td (are ) Tj ET Q q 0 0 0 rg BT 224.24 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.97 202.25 Td (obligor ) Tj ET Q q 0 0 0 rg BT 270.38 202.25 Td (on ) Tj ET Q q 0 0 0 rg BT 282.90 202.25 Td (28 ) Tj ET Q q 0 0 0 rg BT 295.42 202.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 321.81 202.25 Td (which ) Tj ET Q q 0 0 0 rg BT 348.77 202.25 Td (are ) Tj ET Q q 0 0 0 rg BT 363.50 202.25 Td (sublet ) Tj ET Q q 0 0 0 rg BT 389.91 202.25 Td (to ) Tj ET Q q 0 0 0 rg BT 400.20 202.25 Td (our ) Tj ET Q q 0 0 0 rg BT 416.05 202.25 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 463.55 202.25 Td (that ) Tj ET Q q 0 0 0 rg BT 481.06 202.25 Td (are ) Tj ET Q q 0 0 0 rg BT 495.79 202.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 513.38 202.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 544.22 202.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 73.37 190.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 112.25 190.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.90 190.25 Td (five ) Tj ET Q q 0 0 0 rg BT 146.66 190.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 172.75 190.25 Td (are ) Tj ET Q q 0 0 0 rg BT 187.17 190.25 Td (sublet ) Tj ET Q q 0 0 0 rg BT 213.26 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.25 190.25 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 270.44 190.25 Td (with ) Tj ET Q q 0 0 0 rg BT 290.43 190.25 Td (landlords ) Tj ET Q q 0 0 0 rg BT 329.86 190.25 Td (af) Tj ET Q q 0 0 0 rg BT 337.44 190.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 367.97 190.25 Td (with ) Tj ET Q q 0 0 0 rg BT 387.96 190.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 411.83 190.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 453.22 190.25 Td (one ) Tj ET Q q 0 0 0 rg BT 469.87 190.25 Td (location ) Tj ET Q q 0 0 0 rg BT 504.29 190.25 Td (is ) Tj ET Q q 0 0 0 rg BT 513.17 190.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 540.37 190.25 Td (by ) Tj ET Q q 0 0 0 rg BT 552.58 190.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 100.25 178.25 Td (owner) Tj ET Q q 0 0 0 rg BT 124.84 178.25 Td (, ) Tj ET Q q 0 0 0 rg BT 129.22 178.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.54 178.25 Td (three ) Tj ET Q q 0 0 0 rg BT 167.41 178.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 205.39 178.25 Td (are ) Tj ET Q q 0 0 0 rg BT 219.48 178.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 246.34 178.25 Td (by ) Tj ET Q q 0 0 0 rg BT 258.22 178.25 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 307.58 178.25 Td ( ) Tj ET Q q 0 0 0 rg BT 309.46 178.25 Td (If ) Tj ET Q q 0 0 0 rg BT 318.00 178.25 Td (our ) Tj ET Q q 0 0 0 rg BT 333.21 178.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 351.19 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 361.40 178.25 Td (leasing ) Tj ET Q q 0 0 0 rg BT 391.61 178.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 425.15 178.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 450.36 178.25 Td (increases, ) Tj ET Q q 0 0 0 rg BT 491.39 178.25 Td (we ) Tj ET Q q 0 0 0 rg BT 504.93 178.25 Td (may ) Tj ET Q q 0 0 0 rg BT 524.03 178.25 Td (be ) Tj ET Q q 0 0 0 rg BT 535.34 178.25 Td (unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.86 166.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 99.42 166.25 Td (our ) Tj ET Q q 0 0 0 rg BT 116.33 166.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 151.58 166.25 Td (store ) Tj ET Q q 0 0 0 rg BT 174.59 166.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 214.27 166.25 Td (as ) Tj ET Q q 0 0 0 rg BT 226.18 166.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 253.64 166.25 Td (expire. ) Tj ET Q q 0 0 0 rg BT 284.70 166.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 303.83 166.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 355.18 166.25 Td (may ) Tj ET Q q 0 0 0 rg BT 375.97 166.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 408.42 166.25 Td (if ) Tj ET Q q 0 0 0 rg BT 418.11 166.25 Td (we ) Tj ET Q q 0 0 0 rg BT 433.35 166.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 450.25 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.61 166.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 485.17 166.25 Td (into ) Tj ET Q q 0 0 0 rg BT 504.31 166.25 Td (new ) Tj ET Q q 0 0 0 rg BT 524.54 166.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 552.00 166.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 99.23 154.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 123.97 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 134.82 154.25 Td (at ) Tj ET Q q 0 0 0 rg BT 144.55 154.25 Td (all, ) Tj ET Q q 0 0 0 rg BT 159.57 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 170.42 154.25 Td (we ) Tj ET Q q 0 0 0 rg BT 184.60 154.25 Td (may ) Tj ET Q q 0 0 0 rg BT 204.34 154.25 Td (not ) Tj ET Q q 0 0 0 rg BT 219.64 154.25 Td (be ) Tj ET Q q 0 0 0 rg BT 231.60 154.25 Td (able ) Tj ET Q q 0 0 0 rg BT 250.78 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 261.08 154.25 Td (locate ) Tj ET Q q 0 0 0 rg BT 287.47 154.25 Td (suitable ) Tj ET Q q 0 0 0 rg BT 321.09 154.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 365.81 154.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 391.66 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 402.51 154.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 445.02 154.25 Td (sites ) Tj ET Q q 0 0 0 rg BT 465.32 154.25 Td (for ) Tj ET Q q 0 0 0 rg BT 479.50 154.25 Td (new-store ) Tj ET Q q 0 0 0 rg BT 521.45 154.25 Td (expansion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.70 142.25 Td (a ) Tj ET Q q 0 0 0 rg BT 66.56 142.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 94.53 142.25 Td (manner) Tj ET Q q 0 0 0 rg BT 123.97 142.25 Td (. ) Tj ET Q q 0 0 0 rg BT 128.89 142.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 183.80 142.25 Td (87 ) Tj ET Q q 0 0 0 rg BT 196.22 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.97 142.25 Td (our ) Tj ET Q q 0 0 0 rg BT 222.72 142.25 Td (149 ) Tj ET Q q 0 0 0 rg BT 240.14 142.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 264.23 142.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 291.64 142.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 317.94 142.25 Td (will ) Tj ET Q q 0 0 0 rg BT 335.92 142.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 363.33 142.25 Td (within ) Tj ET Q q 0 0 0 rg BT 391.31 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.95 142.25 Td (next ) Tj ET Q q 0 0 0 rg BT 425.58 142.25 Td (three ) Tj ET Q q 0 0 0 rg BT 447.99 142.25 Td (years ) Tj ET Q q 0 0 0 rg BT 471.51 142.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 490.87 142.25 Td (with ) Tj ET Q q 0 0 0 rg BT 511.07 142.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 541.81 142.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.01 142.25 Td (27 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.02 130.25 Td (these ) Tj ET Q q 0 0 0 rg BT 82.76 130.25 Td (locations, ) Tj ET Q q 0 0 0 rg BT 123.55 130.25 Td (we ) Tj ET Q q 0 0 0 rg BT 137.41 130.25 Td (do ) Tj ET Q q 0 0 0 rg BT 149.60 130.25 Td (not ) Tj ET Q q 0 0 0 rg BT 164.57 130.25 Td (have ) Tj ET Q q 0 0 0 rg BT 185.64 130.25 Td (lease-renewal ) Tj ET Q q 0 0 0 rg BT 242.79 130.25 Td (rights. ) Tj ET Q q 0 0 0 rg BT 270.26 130.25 Td ( ) Tj ET Q q 0 0 0 rg BT 271.97 130.25 Td (A) Tj ET Q q 0 0 0 rg BT 278.64 130.25 Td ( ) Tj ET Q q 0 0 0 rg BT 280.83 130.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 309.11 130.25 Td (to ) Tj ET Q q 0 0 0 rg BT 319.08 130.25 Td (renew ) Tj ET Q q 0 0 0 rg BT 345.70 130.25 Td (or ) Tj ET Q q 0 0 0 rg BT 356.22 130.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 378.40 130.25 Td (into ) Tj ET Q q 0 0 0 rg BT 396.15 130.25 Td (new ) Tj ET Q q 0 0 0 rg BT 415.00 130.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 441.07 130.25 Td (could ) Tj ET Q q 0 0 0 rg BT 465.48 130.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 494.31 130.25 Td (our ) Tj ET Q q 0 0 0 rg BT 509.83 130.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 547.56 130.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 93.65 118.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 123.36 118.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.19 118.25 Td (results ) Tj ET Q q 0 0 0 rg BT 167.80 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.63 118.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 94.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.68 94.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.80 94.25 Td (as ) Tj ET Q q 0 0 0 rg BT 145.98 94.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.16 94.25 Td (January28, ) Tj ET Q q 0 0 0 rg BT 206.10 94.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.10 94.25 Td (, ) Tj ET Q q 0 0 0 rg BT 231.45 94.25 Td (our ) Tj ET Q q 0 0 0 rg BT 247.63 94.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 272.14 94.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 319.42 94.25 Td (business ) Tj ET Q q 0 0 0 rg BT 356.16 94.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 384.00 94.25 Td (35 ) Tj ET Q q 0 0 0 rg BT 396.85 94.25 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 476.33 94.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 515.29 94.25 Td (under ) Tj ET Q q 0 0 0 rg BT 540.90 94.25 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (term ) Tj ET Q q 0 0 0 rg BT 70.54 82.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 118.78 82.25 Td (with ) Tj ET Q q 0 0 0 rg BT 139.27 82.25 Td (landlords ) Tj ET Q q 0 0 0 rg BT 179.20 82.25 Td (that ) Tj ET Q q 0 0 0 rg BT 196.91 82.25 Td (are ) Tj ET Q q 0 0 0 rg BT 211.83 82.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 229.42 82.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 260.45 82.25 Td (with ) Tj ET Q q 0 0 0 rg BT 280.94 82.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 305.31 82.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 344.70 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.85 82.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 389.54 82.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 397.26 82.25 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 476.61 82.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 515.43 82.25 Td (under ) Tj ET Q q 0 0 0 rg BT 540.91 82.25 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (term ) Tj ET Q q 0 0 0 rg BT 70.17 70.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 118.04 70.25 Td (with ) Tj ET Q q 0 0 0 rg BT 138.17 70.25 Td (landlords ) Tj ET Q q 0 0 0 rg BT 177.73 70.25 Td (af) Tj ET Q q 0 0 0 rg BT 185.32 70.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 215.98 70.25 Td (with ) Tj ET Q q 0 0 0 rg BT 236.10 70.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 260.11 70.25 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 301.62 70.25 Td ( ) Tj ET Q q 0 0 0 rg BT 303.45 70.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 353.35 70.25 Td (, ) Tj ET Q q 0 0 0 rg BT 358.19 70.25 Td (we ) Tj ET Q q 0 0 0 rg BT 372.20 70.25 Td (are ) Tj ET Q q 0 0 0 rg BT 386.75 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.31 70.25 Td (obligor ) Tj ET Q q 0 0 0 rg BT 432.54 70.25 Td (on ) Tj ET Q q 0 0 0 rg BT 444.88 70.25 Td (an ) Tj ET Q q 0 0 0 rg BT 456.66 70.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 499.00 70.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 511.34 70.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 537.56 70.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.47 58.25 Td (sublet ) Tj ET Q q 0 0 0 rg BT 91.11 58.25 Td (to ) Tj ET Q q 0 0 0 rg BT 101.65 58.25 Td (our ) Tj ET Q q 0 0 0 rg BT 117.74 58.25 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 167.98 58.25 Td (If ) Tj ET Q q 0 0 0 rg BT 177.40 58.25 Td (our ) Tj ET Q q 0 0 0 rg BT 193.49 58.25 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 241.23 58.25 Td (are ) Tj ET Q q 0 0 0 rg BT 256.19 58.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 285.61 58.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.15 58.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 333.90 58.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.87 58.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 389.96 58.25 Td (under ) Tj ET Q q 0 0 0 rg BT 415.49 58.25 Td (either ) Tj ET Q q 0 0 0 rg BT 441.01 58.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.10 58.25 Td (sublease ) Tj ET Q q 0 0 0 rg BT 493.74 58.25 Td (or ) Tj ET Q q 0 0 0 rg BT 504.83 58.25 Td (assigned ) Tj ET Q q 0 0 0 rg BT 542.03 58.25 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 108.08 46.25 Td (we ) Tj ET Q q 0 0 0 rg BT 121.96 46.25 Td (will ) Tj ET Q q 0 0 0 rg BT 139.73 46.25 Td (be ) Tj ET Q q 0 0 0 rg BT 151.38 46.25 Td (required ) Tj ET Q q 0 0 0 rg BT 186.92 46.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.91 46.25 Td (make ) Tj ET Q q 0 0 0 rg BT 220.78 46.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 261.33 46.25 Td (under ) Tj ET Q q 0 0 0 rg BT 286.31 46.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.75 46.25 Td (lease. ) Tj ET Q q 0 0 0 rg BT 325.45 46.25 Td (In ) Tj ET Q q 0 0 0 rg BT 335.99 46.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 373.48 46.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 395.70 46.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.13 46.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 452.89 46.25 Td (of ) Tj ET Q q 0 0 0 rg BT 463.44 46.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.87 46.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 503.42 46.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 525.62 46.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 548.67 46.25 Td (our ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 97.54 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 112.81 742.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 161.43 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.15 742.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 211.98 742.10 Td (into ) Tj ET Q q 0 0 0 rg BT 230.60 742.10 Td (new ) Tj ET Q q 0 0 0 rg BT 250.33 742.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 277.27 742.10 Td (with ) Tj ET Q q 0 0 0 rg BT 298.11 742.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 332.84 742.10 Td (landlords. ) Tj ET Q q 0 0 0 rg BT 375.63 742.10 Td (If ) Tj ET Q q 0 0 0 rg BT 385.35 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 401.75 742.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 449.79 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 465.06 742.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 494.78 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 505.63 742.10 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 545.34 742.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 75.23 730.10 Td (with ) Tj ET Q q 0 0 0 rg BT 94.87 730.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 128.39 730.10 Td (landlords ) Tj ET Q q 0 0 0 rg BT 167.46 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.32 730.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 236.15 730.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 280.77 730.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 307.34 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 317.53 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 326.60 730.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 340.95 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.14 730.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 402.97 730.10 Td (may ) Tj ET Q q 0 0 0 rg BT 422.04 730.10 Td (be ) Tj ET Q q 0 0 0 rg BT 433.34 730.10 Td (required ) Tj ET Q q 0 0 0 rg BT 468.51 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.15 730.10 Td (move ) Tj ET Q q 0 0 0 rg BT 502.22 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.41 730.10 Td (close ) Tj ET Q q 0 0 0 rg BT 534.81 730.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.11 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.71 718.10 Td (stores. ) Tj ET Q q 0 0 0 rg BT 103.82 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.59 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 112.26 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.54 718.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 142.90 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.96 718.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 190.22 718.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 230.82 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.43 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.48 718.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 273.74 718.10 Td (into ) Tj ET Q q 0 0 0 rg BT 291.58 718.10 Td (new ) Tj ET Q q 0 0 0 rg BT 310.51 718.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 336.66 718.10 Td (by ) Tj ET Q q 0 0 0 rg BT 348.94 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.54 718.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 411.80 718.10 Td (could ) Tj ET Q q 0 0 0 rg BT 436.29 718.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 480.21 718.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 509.70 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.31 718.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.69 718.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 682.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.17 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.58 682.10 Td (number ) Tj ET Q q 0 0 0 rg BT 127.53 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.27 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.89 682.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 179.17 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 193.24 682.10 Td (both ) Tj ET Q q 0 0 0 rg BT 213.42 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 229.16 682.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 256.56 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.41 682.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 320.25 682.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 345.99 682.10 Td (were ) Tj ET Q q 0 0 0 rg BT 367.82 682.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 411.88 682.10 Td (by ) Tj ET Q q 0 0 0 rg BT 424.28 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.13 682.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 472.96 682.10 Td (into ) Tj ET Q q 0 0 0 rg BT 490.92 682.10 Td (by ) Tj ET Q q 0 0 0 rg BT 503.33 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 510.17 682.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 553.69 682.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 74.51 670.10 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 117.04 670.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 142.61 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.18 670.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 202.08 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.76 670.10 Td (these ) Tj ET Q q 0 0 0 rg BT 237.66 670.10 Td (leases, ) Tj ET Q q 0 0 0 rg BT 267.39 670.10 Td (we ) Tj ET Q q 0 0 0 rg BT 282.41 670.10 Td (will ) Tj ET Q q 0 0 0 rg BT 301.32 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 314.11 670.10 Td (required ) Tj ET Q q 0 0 0 rg BT 350.78 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.91 670.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 385.25 670.10 Td (into ) Tj ET Q q 0 0 0 rg BT 404.16 670.10 Td (new ) Tj ET Q q 0 0 0 rg BT 424.17 670.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 451.40 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 472.53 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.10 670.10 Td (landlords ) Tj ET Q q 0 0 0 rg BT 528.67 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 543.69 670.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 93.08 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.10 658.10 Td (we ) Tj ET Q q 0 0 0 rg BT 126.35 658.10 Td (may ) Tj ET Q q 0 0 0 rg BT 147.16 658.10 Td (be ) Tj ET Q q 0 0 0 rg BT 160.19 658.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 190.44 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.81 658.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 225.38 658.10 Td (into ) Tj ET Q q 0 0 0 rg BT 244.53 658.10 Td (new ) Tj ET Q q 0 0 0 rg BT 264.78 658.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 292.25 658.10 Td (as ) Tj ET Q q 0 0 0 rg BT 304.17 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 312.19 658.10 Td (company ) Tj ET Q q 0 0 0 rg BT 352.44 658.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 404.90 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 427.93 658.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 453.18 658.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 493.44 658.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.03 658.10 Td (commercially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 95.06 646.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 122.58 646.10 Td (or ) Tj ET Q q 0 0 0 rg BT 133.72 646.10 Td (at ) Tj ET Q q 0 0 0 rg BT 143.74 646.10 Td (all. ) Tj ET Q q 0 0 0 rg BT 159.04 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.84 646.10 Td (Further) Tj ET Q q 0 0 0 rg BT 190.88 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 196.19 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.43 646.10 Td (number ) Tj ET Q q 0 0 0 rg BT 236.78 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.92 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 264.05 646.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 290.74 646.10 Td (were ) Tj ET Q q 0 0 0 rg BT 312.97 646.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 345.20 646.10 Td (into ) Tj ET Q q 0 0 0 rg BT 363.56 646.10 Td (at ) Tj ET Q q 0 0 0 rg BT 373.58 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.83 646.10 Td (time ) Tj ET Q q 0 0 0 rg BT 401.40 646.10 Td (when ) Tj ET Q q 0 0 0 rg BT 425.87 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.89 646.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 490.89 646.10 Td (real ) Tj ET Q q 0 0 0 rg BT 508.68 646.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 534.25 646.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.52 634.10 Td (depressed. ) Tj ET Q q 0 0 0 rg BT 113.91 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.12 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.76 634.10 Td (e ) Tj ET Q q 0 0 0 rg BT 133.66 634.10 Td (may ) Tj ET Q q 0 0 0 rg BT 154.34 634.10 Td (be ) Tj ET Q q 0 0 0 rg BT 167.25 634.10 Td (required ) Tj ET Q q 0 0 0 rg BT 204.03 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.27 634.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 238.72 634.10 Td (into ) Tj ET Q q 0 0 0 rg BT 257.74 634.10 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 310.09 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 331.33 634.10 Td (landlords ) Tj ET Q q 0 0 0 rg BT 372.01 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.14 634.10 Td (new ) Tj ET Q q 0 0 0 rg BT 407.26 634.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 434.60 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.84 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.52 634.10 Td (future ) Tj ET Q q 0 0 0 rg BT 488.87 634.10 Td (at ) Tj ET Q q 0 0 0 rg BT 499.55 634.10 Td (times ) Tj ET Q q 0 0 0 rg BT 524.68 634.10 Td (when ) Tj ET Q q 0 0 0 rg BT 549.80 634.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.84 622.10 Td (real ) Tj ET Q q 0 0 0 rg BT 115.97 622.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 140.88 622.10 Td (market ) Tj ET Q q 0 0 0 rg BT 170.78 622.10 Td (has ) Tj ET Q q 0 0 0 rg BT 186.26 622.10 Td (rebounded ) Tj ET Q q 0 0 0 rg BT 230.61 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.19 622.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 272.10 622.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 312.57 622.10 Td (are ) Tj ET Q q 0 0 0 rg BT 326.92 622.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 366.26 622.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 393.95 622.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.76 622.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 457.10 622.10 Td (real ) Tj ET Q q 0 0 0 rg BT 474.23 622.10 Td (estate. ) Tj ET Q q 0 0 0 rg BT 501.63 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.78 622.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 533.69 622.10 Td (leasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.00 610.10 Td (could ) Tj ET Q q 0 0 0 rg BT 96.72 610.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 140.87 610.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 170.58 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.41 610.10 Td (results ) Tj ET Q q 0 0 0 rg BT 215.02 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.85 610.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (If ) Tj ET Q q 0 0 0 rg BT 59.54 586.10 Td (we ) Tj ET Q q 0 0 0 rg BT 73.46 586.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 90.17 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.76 586.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 128.57 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.95 586.10 Td (ef) Tj ET Q q 0 0 0 rg BT 154.54 586.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 191.21 586.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 220.15 586.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 264.65 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.79 586.10 Td (product ) Tj ET Q q 0 0 0 rg BT 310.28 586.10 Td (from ) Tj ET Q q 0 0 0 rg BT 333.10 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.37 586.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 385.41 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.79 586.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 434.37 586.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 489.96 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.56 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.83 586.10 Td (customers, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 574.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.40 574.10 Td (results ) Tj ET Q q 0 0 0 rg BT 138.13 574.10 Td (will ) Tj ET Q q 0 0 0 rg BT 155.64 574.10 Td (be ) Tj ET Q q 0 0 0 rg BT 167.58 574.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 208.39 574.10 Td (af) Tj ET Q q 0 0 0 rg BT 216.54 574.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 87.98 550.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 117.54 550.10 Td (control ) Tj ET Q q 0 0 0 rg BT 148.78 550.10 Td (all ) Tj ET Q q 0 0 0 rg BT 161.68 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.92 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.04 550.10 Td (various ) Tj ET Q q 0 0 0 rg BT 220.38 550.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 250.50 550.10 Td (that ) Tj ET Q q 0 0 0 rg BT 268.40 550.10 Td (might ) Tj ET Q q 0 0 0 rg BT 294.64 550.10 Td (af) Tj ET Q q 0 0 0 rg BT 302.23 550.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 320.12 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 336.36 550.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 364.82 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.16 550.10 Td (ef) Tj ET Q q 0 0 0 rg BT 389.75 550.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 419.86 550.10 Td (procurement ) Tj ET Q q 0 0 0 rg BT 473.30 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.53 550.10 Td (supplies ) Tj ET Q q 0 0 0 rg BT 520.22 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.46 550.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (from ) Tj ET Q q 0 0 0 rg BT 70.98 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 86.36 538.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 122.56 538.10 Td (including ) Tj ET Q q 0 0 0 rg BT 162.38 538.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 186.08 538.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 227.29 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.77 538.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 278.58 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.96 538.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 341.53 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.35 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 366.73 538.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 411.82 538.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 429.41 538.10 Td (utilization ) Tj ET Q q 0 0 0 rg BT 472.00 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.38 538.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 513.30 538.10 Td (imports ) Tj ET Q q 0 0 0 rg BT 545.90 538.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 78.51 526.10 Td (us ) Tj ET Q q 0 0 0 rg BT 90.87 526.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 136.53 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.77 526.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 170.13 526.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 214.68 526.10 Td (with ) Tj ET Q q 0 0 0 rg BT 235.93 526.10 Td (products ) Tj ET Q q 0 0 0 rg BT 273.83 526.10 Td (manufactured ) Tj ET Q q 0 0 0 rg BT 332.26 526.10 Td (abroad, ) Tj ET Q q 0 0 0 rg BT 365.43 526.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 409.17 526.10 Td (among ) Tj ET Q q 0 0 0 rg BT 439.85 526.10 Td (other ) Tj ET Q q 0 0 0 rg BT 463.86 526.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 494.27 526.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 516.63 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.42 526.10 Td (damage, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (destruction ) Tj ET Q q 0 0 0 rg BT 96.04 514.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.48 514.10 Td (confiscation ) Tj ET Q q 0 0 0 rg BT 157.46 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.90 514.10 Td (products ) Tj ET Q q 0 0 0 rg BT 204.45 514.10 Td (while ) Tj ET Q q 0 0 0 rg BT 228.77 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.66 514.10 Td (transit ) Tj ET Q q 0 0 0 rg BT 265.76 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.65 514.10 Td (our ) Tj ET Q q 0 0 0 rg BT 291.09 514.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 319.03 514.10 Td (work ) Tj ET Q q 0 0 0 rg BT 341.69 514.10 Td (stoppages ) Tj ET Q q 0 0 0 rg BT 383.23 514.10 Td (including ) Tj ET Q q 0 0 0 rg BT 423.11 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 433.55 514.10 Td (a ) Tj ET Q q 0 0 0 rg BT 440.10 514.10 Td (result ) Tj ET Q q 0 0 0 rg BT 464.42 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.86 514.10 Td (events ) Tj ET Q q 0 0 0 rg BT 502.52 514.10 Td (such ) Tj ET Q q 0 0 0 rg BT 522.96 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.40 514.10 Td (strikes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (transportation ) Tj ET Q q 0 0 0 rg BT 108.04 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.48 502.10 Td (other ) Tj ET Q q 0 0 0 rg BT 149.02 502.10 Td (delays ) Tj ET Q q 0 0 0 rg BT 177.57 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.34 502.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 231.90 502.10 Td (including ) Tj ET Q q 0 0 0 rg BT 272.67 502.10 Td (as ) Tj ET Q q 0 0 0 rg BT 284.00 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.43 502.10 Td (result ) Tj ET Q q 0 0 0 rg BT 316.65 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.98 502.10 Td (heightened ) Tj ET Q q 0 0 0 rg BT 374.85 502.10 Td (security ) Tj ET Q q 0 0 0 rg BT 409.50 502.10 Td (screening ) Tj ET Q q 0 0 0 rg BT 450.81 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.25 502.10 Td (inspection ) Tj ET Q q 0 0 0 rg BT 512.35 502.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 553.67 502.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (other ) Tj ET Q q 0 0 0 rg BT 71.97 490.10 Td (port-of-entry ) Tj ET Q q 0 0 0 rg BT 125.54 490.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 170.23 490.10 Td (or ) Tj ET Q q 0 0 0 rg BT 180.49 490.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 226.84 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.54 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.68 490.10 Td (United ) Tj ET Q q 0 0 0 rg BT 279.82 490.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 308.13 490.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 326.70 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.95 490.10 Td (freight ) Tj ET Q q 0 0 0 rg BT 365.53 490.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 412.44 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.80 490.10 Td (freight ) Tj ET Q q 0 0 0 rg BT 457.37 490.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 475.40 490.10 Td (increases. ) Tj ET Q q 0 0 0 rg BT 516.47 490.10 Td (In ) Tj ET Q q 0 0 0 rg BT 526.72 490.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (if ) Tj ET Q q 0 0 0 rg BT 58.06 478.10 Td (we ) Tj ET Q q 0 0 0 rg BT 72.17 478.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 117.92 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.80 478.10 Td (shortage ) Tj ET Q q 0 0 0 rg BT 161.13 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.91 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.79 478.10 Td (popular ) Tj ET Q q 0 0 0 rg BT 211.79 478.10 Td (item, ) Tj ET Q q 0 0 0 rg BT 234.51 478.10 Td (we ) Tj ET Q q 0 0 0 rg BT 248.62 478.10 Td (may ) Tj ET Q q 0 0 0 rg BT 268.29 478.10 Td (be ) Tj ET Q q 0 0 0 rg BT 280.17 478.10 Td (required ) Tj ET Q q 0 0 0 rg BT 315.94 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.17 478.10 Td (arrange ) Tj ET Q q 0 0 0 rg BT 358.59 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 372.70 478.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 415.14 478.10 Td (quantities ) Tj ET Q q 0 0 0 rg BT 456.47 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.25 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.91 478.10 Td (item, ) Tj ET Q q 0 0 0 rg BT 504.63 478.10 Td (if ) Tj ET Q q 0 0 0 rg BT 513.19 478.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 554.23 478.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.81 466.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 101.88 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.53 466.10 Td (us ) Tj ET Q q 0 0 0 rg BT 124.29 466.10 Td (through ) Tj ET Q q 0 0 0 rg BT 158.27 466.10 Td (airfreight, ) Tj ET Q q 0 0 0 rg BT 200.85 466.10 Td (which ) Tj ET Q q 0 0 0 rg BT 228.16 466.10 Td (is ) Tj ET Q q 0 0 0 rg BT 237.70 466.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 290.56 466.10 Td (more ) Tj ET Q q 0 0 0 rg BT 313.98 466.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 356.83 466.10 Td (than ) Tj ET Q q 0 0 0 rg BT 376.92 466.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 413.67 466.10 Td (shipping ) Tj ET Q q 0 0 0 rg BT 450.99 466.10 Td (by ) Tj ET Q q 0 0 0 rg BT 463.86 466.10 Td (sea. ) Tj ET Q q 0 0 0 rg BT 481.37 466.10 Td (As ) Tj ET Q q 0 0 0 rg BT 495.35 466.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.66 466.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 530.25 466.10 Td (we ) Tj ET Q q 0 0 0 rg BT 544.78 466.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (not ) Tj ET Q q 0 0 0 rg BT 64.60 454.10 Td (be ) Tj ET Q q 0 0 0 rg BT 76.36 454.10 Td (able ) Tj ET Q q 0 0 0 rg BT 95.34 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.44 454.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 132.76 454.10 Td (suf) Tj ET Q q 0 0 0 rg BT 144.80 454.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 172.67 454.10 Td (freight ) Tj ET Q q 0 0 0 rg BT 201.65 454.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 237.28 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 249.60 454.10 Td (a ) Tj ET Q q 0 0 0 rg BT 256.37 454.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 284.24 454.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 306.56 454.10 Td (or ) Tj ET Q q 0 0 0 rg BT 317.22 454.10 Td (at ) Tj ET Q q 0 0 0 rg BT 326.76 454.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 366.83 454.10 Td (shipping ) Tj ET Q q 0 0 0 rg BT 403.61 454.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 424.81 454.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 444.07 454.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 484.97 454.10 Td (we ) Tj ET Q q 0 0 0 rg BT 498.96 454.10 Td (may ) Tj ET Q q 0 0 0 rg BT 518.50 454.10 Td (not ) Tj ET Q q 0 0 0 rg BT 533.60 454.10 Td (be ) Tj ET Q q 0 0 0 rg BT 545.36 454.10 Td (able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 442.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 87.83 442.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 119.19 442.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 172.22 442.10 Td (from ) Tj ET Q q 0 0 0 rg BT 194.16 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.99 442.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 244.15 442.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.98 442.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 285.25 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 301.08 442.10 Td (products ) Tj ET Q q 0 0 0 rg BT 338.02 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.29 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.12 442.10 Td (customers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 418.10 Td (e ) Tj ET Q q 0 0 0 rg BT 86.68 418.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 103.84 418.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 125.45 418.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 148.71 418.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 186.99 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.04 418.10 Td (other ) Tj ET Q q 0 0 0 rg BT 225.19 418.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 269.57 418.10 Td (land-based ) Tj ET Q q 0 0 0 rg BT 314.49 418.10 Td (carriers ) Tj ET Q q 0 0 0 rg BT 346.07 418.10 Td (for ) Tj ET Q q 0 0 0 rg BT 359.34 418.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 411.48 418.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 453.65 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.03 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 477.97 418.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 502.91 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.95 418.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 564.50 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 406.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.65 406.10 Td (we ) Tj ET Q q 0 0 0 rg BT 119.63 406.10 Td (are ) Tj ET Q q 0 0 0 rg BT 135.15 406.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 166.79 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.88 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.41 406.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 218.12 406.10 Td (including ) Tj ET Q q 0 0 0 rg BT 259.20 406.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 283.07 406.10 Td (disputes, ) Tj ET Q q 0 0 0 rg BT 321.66 406.10 Td (union ) Tj ET Q q 0 0 0 rg BT 347.75 406.10 Td (or) Tj ET Q q 0 0 0 rg BT 355.90 406.10 Td (ganizing ) Tj ET Q q 0 0 0 rg BT 393.65 406.10 Td (activity) Tj ET Q q 0 0 0 rg BT 422.99 406.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.80 406.10 Td (inclement ) Tj ET Q q 0 0 0 rg BT 471.55 406.10 Td (weather ) Tj ET Q q 0 0 0 rg BT 506.51 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.26 406.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (transportation ) Tj ET Q q 0 0 0 rg BT 107.20 394.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 131.85 394.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 175.10 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 195.04 394.10 Td (such ) Tj ET Q q 0 0 0 rg BT 215.52 394.10 Td (carriers' ) Tj ET Q q 0 0 0 rg BT 249.46 394.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 277.16 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.10 394.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 319.80 394.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 354.72 394.10 Td (services ) Tj ET Q q 0 0 0 rg BT 389.08 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.02 394.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 420.61 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.09 394.10 Td (inbound ) Tj ET Q q 0 0 0 rg BT 471.03 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.62 394.10 Td (outbound ) Tj ET Q q 0 0 0 rg BT 527.55 394.10 Td (shipping ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 77.51 382.10 Td (In ) Tj ET Q q 0 0 0 rg BT 88.58 382.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 126.59 382.10 Td (if ) Tj ET Q q 0 0 0 rg BT 135.43 382.10 Td (there ) Tj ET Q q 0 0 0 rg BT 158.16 382.10 Td (was ) Tj ET Q q 0 0 0 rg BT 176.45 382.10 Td (an ) Tj ET Q q 0 0 0 rg BT 188.62 382.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 224.12 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.63 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.59 382.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 268.43 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.50 382.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 297.79 382.10 Td (above ) Tj ET Q q 0 0 0 rg BT 324.40 382.10 Td (current ) Tj ET Q q 0 0 0 rg BT 355.46 382.10 Td (levels, ) Tj ET Q q 0 0 0 rg BT 384.02 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.98 382.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 417.82 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.34 382.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 458.84 382.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 512.11 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.63 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 538.70 382.10 Td (stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.85 370.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 85.42 370.10 Td (which ) Tj ET Q q 0 0 0 rg BT 112.00 370.10 Td (could ) Tj ET Q q 0 0 0 rg BT 136.35 370.10 Td (have ) Tj ET Q q 0 0 0 rg BT 157.36 370.10 Td (an ) Tj ET Q q 0 0 0 rg BT 168.93 370.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 201.60 370.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 230.95 370.10 Td (on ) Tj ET Q q 0 0 0 rg BT 243.08 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.54 370.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 305.66 370.10 Td (. ) Tj ET Q q 0 0 0 rg BT 310.30 370.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 340.75 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.67 370.10 Td (procure ) Tj ET Q q 0 0 0 rg BT 383.34 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.91 370.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 429.81 370.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 482.47 370.10 Td (either ) Tj ET Q q 0 0 0 rg BT 507.37 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.28 370.10 Td (us ) Tj ET Q q 0 0 0 rg BT 528.31 370.10 Td (or ) Tj ET Q q 0 0 0 rg BT 538.77 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.68 370.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 92.55 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 102.83 358.10 Td (a ) Tj ET Q q 0 0 0 rg BT 109.78 358.10 Td (timely) Tj ET Q q 0 0 0 rg BT 134.68 358.10 Td (, ) Tj ET Q q 0 0 0 rg BT 139.69 358.10 Td (ef) Tj ET Q q 0 0 0 rg BT 147.27 358.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 176.98 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.92 358.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 250.30 358.10 Td (viable ) Tj ET Q q 0 0 0 rg BT 277.23 358.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 309.72 358.10 Td (could ) Tj ET Q q 0 0 0 rg BT 334.45 358.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 368.04 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 383.88 358.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 426.93 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.87 358.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 484.69 358.10 Td (af) Tj ET Q q 0 0 0 rg BT 492.28 358.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 509.77 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.60 358.10 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.33 346.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 98.10 346.10 Td (any ) Tj ET Q q 0 0 0 rg BT 115.04 346.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 150.30 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.57 346.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 209.19 346.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 231.69 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.63 346.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 287.22 346.10 Td (could ) Tj ET Q q 0 0 0 rg BT 311.94 346.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 352.76 346.10 Td (af) Tj ET Q q 0 0 0 rg BT 360.34 346.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 377.83 346.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.66 346.10 Td (future ) Tj ET Q q 0 0 0 rg BT 420.04 346.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 457.52 346.10 Td (performance.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 83.55 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.26 322.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 128.28 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.77 322.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 186.94 322.10 Td (ef) Tj ET Q q 0 0 0 rg BT 194.52 322.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 224.09 322.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 259.81 322.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 296.08 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.35 322.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 357.49 322.10 Td (with ) Tj ET Q q 0 0 0 rg BT 378.21 322.10 Td (Section404 ) Tj ET Q q 0 0 0 rg BT 429.19 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.45 322.10 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 508.93 322.10 Td (could ) Tj ET Q q 0 0 0 rg BT 534.64 322.10 Td (have ) Tj ET Q q 0 0 0 rg BT 557.01 322.10 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (material ) Tj ET Q q 0 0 0 rg BT 86.44 310.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 120.04 310.10 Td (ef) Tj ET Q q 0 0 0 rg BT 127.63 310.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 145.12 310.10 Td (on ) Tj ET Q q 0 0 0 rg BT 158.18 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.13 310.10 Td (business ) Tj ET Q q 0 0 0 rg BT 212.64 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.71 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.98 310.10 Td (market ) Tj ET Q q 0 0 0 rg BT 277.37 310.10 Td (price ) Tj ET Q q 0 0 0 rg BT 300.42 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.25 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.20 310.10 Td (common ) Tj ET Q q 0 0 0 rg BT 366.26 310.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 286.10 Td (As ) Tj ET Q q 0 0 0 rg BT 87.23 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 94.29 286.10 Td (public ) Tj ET Q q 0 0 0 rg BT 121.90 286.10 Td (company) Tj ET Q q 0 0 0 rg BT 157.91 286.10 Td (, ) Tj ET Q q 0 0 0 rg BT 163.03 286.10 Td (we ) Tj ET Q q 0 0 0 rg BT 177.31 286.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.13 286.10 Td (required ) Tj ET Q q 0 0 0 rg BT 228.07 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.46 286.10 Td (document ) Tj ET Q q 0 0 0 rg BT 280.52 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.57 286.10 Td (test ) Tj ET Q q 0 0 0 rg BT 314.08 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 330.03 286.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 363.19 286.10 Td (control ) Tj ET Q q 0 0 0 rg BT 394.13 286.10 Td (over ) Tj ET Q q 0 0 0 rg BT 414.52 286.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 452.12 286.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 491.39 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.79 286.10 Td (order ) Tj ET Q q 0 0 0 rg BT 525.51 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.90 286.10 Td (satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.47 274.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 119.42 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.50 274.10 Td (Section404 ) Tj ET Q q 0 0 0 rg BT 180.75 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.83 274.10 Td (Sarbanes-Oxley) Tj ET Q q 0 0 0 rg BT 255.05 274.10 Td (, ) Tj ET Q q 0 0 0 rg BT 260.30 274.10 Td (which ) Tj ET Q q 0 0 0 rg BT 287.49 274.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 322.45 274.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 351.86 274.10 Td (management ) Tj ET Q q 0 0 0 rg BT 405.70 274.10 Td (assessments ) Tj ET Q q 0 0 0 rg BT 456.78 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.86 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.83 274.10 Td (ef) Tj ET Q q 0 0 0 rg BT 490.42 274.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 537.59 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.67 274.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 82.68 262.10 Td (control ) Tj ET Q q 0 0 0 rg BT 113.65 262.10 Td (over ) Tj ET Q q 0 0 0 rg BT 134.06 262.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.68 262.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 210.98 262.10 Td (along ) Tj ET Q q 0 0 0 rg BT 235.84 262.10 Td (with ) Tj ET Q q 0 0 0 rg BT 256.26 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 263.34 262.10 Td (report ) Tj ET Q q 0 0 0 rg BT 289.86 262.10 Td (by ) Tj ET Q q 0 0 0 rg BT 302.50 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.47 262.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 369.98 262.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 412.05 262.10 Td (public ) Tj ET Q q 0 0 0 rg BT 439.69 262.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 486.20 262.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 506.06 262.10 Td (that ) Tj ET Q q 0 0 0 rg BT 523.69 262.10 Td (addresses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.52 250.10 Td (ef) Tj ET Q q 0 0 0 rg BT 71.11 250.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 117.33 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.47 250.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 159.81 250.10 Td (control ) Tj ET Q q 0 0 0 rg BT 189.94 250.10 Td (over ) Tj ET Q q 0 0 0 rg BT 209.51 250.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 246.30 250.10 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 287.26 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.93 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 294.34 250.10 Td (esting ) Tj ET Q q 0 0 0 rg BT 320.03 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.27 250.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 385.84 250.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 418.19 250.10 Td (control ) Tj ET Q q 0 0 0 rg BT 448.32 250.10 Td (can ) Tj ET Q q 0 0 0 rg BT 464.00 250.10 Td (divert ) Tj ET Q q 0 0 0 rg BT 489.12 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 504.26 250.10 Td (management) Tj ET Q q 0 0 0 rg BT 558.13 250.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (attention ) Tj ET Q q 0 0 0 rg BT 87.76 238.10 Td (from ) Tj ET Q q 0 0 0 rg BT 110.46 238.10 Td (other ) Tj ET Q q 0 0 0 rg BT 134.28 238.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 166.98 238.10 Td (that ) Tj ET Q q 0 0 0 rg BT 185.24 238.10 Td (are ) Tj ET Q q 0 0 0 rg BT 200.72 238.10 Td (also ) Tj ET Q q 0 0 0 rg BT 220.10 238.10 Td (important ) Tj ET Q q 0 0 0 rg BT 262.25 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.29 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.78 238.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 329.81 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.41 238.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.01 238.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 397.67 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.70 238.10 Td (The ) Tj ET Q q 0 0 0 rg BT 419.51 238.10 Td (imposition ) Tj ET Q q 0 0 0 rg BT 465.56 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.16 238.10 Td (these ) Tj ET Q q 0 0 0 rg BT 500.98 238.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 548.68 238.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (increased, ) Tj ET Q q 0 0 0 rg BT 92.46 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.61 226.10 Td (may ) Tj ET Q q 0 0 0 rg BT 129.53 226.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 166.67 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.15 226.10 Td (increase, ) Tj ET Q q 0 0 0 rg BT 215.11 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.15 226.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 253.29 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.44 226.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 308.12 226.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 356.92 226.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 379.63 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.77 226.10 Td (make ) Tj ET Q q 0 0 0 rg BT 421.13 226.10 Td (some ) Tj ET Q q 0 0 0 rg BT 444.95 226.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 483.75 226.10 Td (more ) Tj ET Q q 0 0 0 rg BT 507.01 226.10 Td (dif) Tj ET Q q 0 0 0 rg BT 517.93 226.10 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 544.24 226.10 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (consuming ) Tj ET Q q 0 0 0 rg BT 95.84 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.72 214.10 Td (costly) Tj ET Q q 0 0 0 rg BT 135.96 214.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.73 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.37 214.10 Td (e ) Tj ET Q q 0 0 0 rg BT 156.26 214.10 Td (may ) Tj ET Q q 0 0 0 rg BT 175.92 214.10 Td (not ) Tj ET Q q 0 0 0 rg BT 191.15 214.10 Td (be ) Tj ET Q q 0 0 0 rg BT 203.04 214.10 Td (able ) Tj ET Q q 0 0 0 rg BT 222.14 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.37 214.10 Td (conclude ) Tj ET Q q 0 0 0 rg BT 270.91 214.10 Td (on ) Tj ET Q q 0 0 0 rg BT 283.36 214.10 Td (an ) Tj ET Q q 0 0 0 rg BT 295.25 214.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 330.47 214.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 352.92 214.10 Td (that ) Tj ET Q q 0 0 0 rg BT 370.37 214.10 Td (we ) Tj ET Q q 0 0 0 rg BT 384.47 214.10 Td (have ) Tj ET Q q 0 0 0 rg BT 405.80 214.10 Td (ef) Tj ET Q q 0 0 0 rg BT 413.39 214.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 443.04 214.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 476.03 214.10 Td (control ) Tj ET Q q 0 0 0 rg BT 506.80 214.10 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 214.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 89.62 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.86 202.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 149.28 202.10 Td (with ) Tj ET Q q 0 0 0 rg BT 170.53 202.10 Td (Section404. ) Tj ET Q q 0 0 0 rg BT 223.98 202.10 Td (If ) Tj ET Q q 0 0 0 rg BT 234.11 202.10 Td (we ) Tj ET Q q 0 0 0 rg BT 249.23 202.10 Td (are ) Tj ET Q q 0 0 0 rg BT 264.90 202.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 295.02 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.26 202.10 Td (conclude ) Tj ET Q q 0 0 0 rg BT 345.82 202.10 Td (that ) Tj ET Q q 0 0 0 rg BT 364.28 202.10 Td (we ) Tj ET Q q 0 0 0 rg BT 379.40 202.10 Td (have ) Tj ET Q q 0 0 0 rg BT 401.74 202.10 Td (ef) Tj ET Q q 0 0 0 rg BT 409.33 202.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 440.00 202.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 474.00 202.10 Td (control ) Tj ET Q q 0 0 0 rg BT 505.79 202.10 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 202.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 90.97 190.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 129.40 190.10 Td (could ) Tj ET Q q 0 0 0 rg BT 153.94 190.10 Td (lose ) Tj ET Q q 0 0 0 rg BT 172.37 190.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 218.55 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.65 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 244.29 190.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 279.93 190.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 317.23 190.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 369.26 190.10 Td (which ) Tj ET Q q 0 0 0 rg BT 396.02 190.10 Td (would ) Tj ET Q q 0 0 0 rg BT 423.34 190.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 448.43 190.10 Td (have ) Tj ET Q q 0 0 0 rg BT 469.63 190.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.38 190.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 512.58 190.10 Td (ef) Tj ET Q q 0 0 0 rg BT 520.16 190.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 537.47 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.79 190.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.01 178.10 Td (price ) Tj ET Q q 0 0 0 rg BT 102.19 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.70 178.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.22 178.10 Td (common ) Tj ET Q q 0 0 0 rg BT 165.40 178.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 191.20 178.10 Td (In ) Tj ET Q q 0 0 0 rg BT 201.72 178.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 239.18 178.10 Td (if ) Tj ET Q q 0 0 0 rg BT 247.47 178.10 Td (we ) Tj ET Q q 0 0 0 rg BT 261.32 178.10 Td (do ) Tj ET Q q 0 0 0 rg BT 273.51 178.10 Td (not ) Tj ET Q q 0 0 0 rg BT 288.47 178.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 325.65 178.10 Td (ef) Tj ET Q q 0 0 0 rg BT 333.24 178.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 362.63 178.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 395.36 178.10 Td (controls, ) Tj ET Q q 0 0 0 rg BT 432.26 178.10 Td (we ) Tj ET Q q 0 0 0 rg BT 446.11 178.10 Td (may ) Tj ET Q q 0 0 0 rg BT 465.52 178.10 Td (not ) Tj ET Q q 0 0 0 rg BT 480.48 178.10 Td (be ) Tj ET Q q 0 0 0 rg BT 492.11 178.10 Td (able ) Tj ET Q q 0 0 0 rg BT 510.95 178.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.92 178.10 Td (accurately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (report ) Tj ET Q q 0 0 0 rg BT 75.75 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 91.46 166.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 128.81 166.10 Td (information ) Tj ET Q q 0 0 0 rg BT 178.40 166.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.77 166.10 Td (a ) Tj ET Q q 0 0 0 rg BT 197.58 166.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 225.51 166.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 250.39 166.10 Td (which ) Tj ET Q q 0 0 0 rg BT 277.20 166.10 Td (could ) Tj ET Q q 0 0 0 rg BT 301.79 166.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 324.71 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.30 166.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 370.00 166.10 Td (price ) Tj ET Q q 0 0 0 rg BT 392.36 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.07 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 418.77 166.10 Td (common ) Tj ET Q q 0 0 0 rg BT 456.14 166.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 482.12 166.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 510.60 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 526.31 166.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 554.23 166.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 70.40 154.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 112.42 154.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 143.59 154.10 Td (or ) Tj ET Q q 0 0 0 rg BT 153.95 154.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 197.62 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.97 154.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 254.43 154.10 Td (listing ) Tj ET Q q 0 0 0 rg BT 281.46 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.49 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.73 154.10 Td (NASDAQ ) Tj ET Q q 0 0 0 rg BT 351.42 154.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 382.33 154.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 413.23 154.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.59 154.10 Td (any ) Tj ET Q q 0 0 0 rg BT 440.05 154.10 Td (other ) Tj ET Q q 0 0 0 rg BT 462.62 154.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 485.76 154.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 525.54 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 537.56 154.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 142.10 Td (common ) Tj ET Q q 0 0 0 rg BT 102.83 142.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 126.43 142.10 Td (may ) Tj ET Q q 0 0 0 rg BT 146.15 142.10 Td (be ) Tj ET Q q 0 0 0 rg BT 158.09 142.10 Td (listed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (Risks ) Tj ET Q q 0 0 0 rg BT 75.34 118.10 Td (Relating ) Tj ET Q q 0 0 0 rg BT 113.95 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.78 118.10 Td (our) Tj ET Q q 0 0 0 rg BT 139.60 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.10 118.10 Td (Indebtedness) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 94.10 Td (e ) Tj ET Q q 0 0 0 rg BT 63.89 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 81.25 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 97.51 94.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 148.21 94.10 Td (may ) Tj ET Q q 0 0 0 rg BT 167.23 94.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 191.26 94.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 234.74 94.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 256.26 94.10 Td (which ) Tj ET Q q 0 0 0 rg BT 283.07 94.10 Td (could ) Tj ET Q q 0 0 0 rg BT 307.65 94.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 361.69 94.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 391.26 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 407.51 94.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 455.47 94.10 Td (, ) Tj ET Q q 0 0 0 rg BT 459.77 94.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 480.47 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.72 94.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 524.08 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.66 94.10 Td (pursue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.89 82.10 Td (business ) Tj ET Q q 0 0 0 rg BT 118.40 82.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 177.86 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.92 82.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 226.19 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.47 82.10 Td (value ) Tj ET Q q 0 0 0 rg BT 266.18 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.01 82.10 Td (your ) Tj ET Q q 0 0 0 rg BT 298.41 82.10 Td (investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 58.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.61 58.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 137.32 58.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.32 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.94 58.10 Td (we ) Tj ET Q q 0 0 0 rg BT 178.21 58.10 Td (had ) Tj ET Q q 0 0 0 rg BT 197.26 58.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 259.63 58.10 Td ($26.8million ) Tj ET Q q 0 0 0 rg BT 318.14 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.08 58.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 352.91 58.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 406.35 58.10 Td (While ) Tj ET Q q 0 0 0 rg BT 435.40 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.23 58.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 503.51 58.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 548.67 58.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 102.46 46.10 Td (include ) Tj ET Q q 0 0 0 rg BT 133.19 46.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 178.93 46.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.23 46.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.87 46.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 231.72 46.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.80 46.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 262.65 46.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 303.94 46.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 359.40 46.10 Td (they ) Tj ET Q q 0 0 0 rg BT 377.92 46.10 Td (do ) Tj ET Q q 0 0 0 rg BT 389.22 46.10 Td (not ) Tj ET Q q 0 0 0 rg BT 403.31 46.10 Td (completely ) Tj ET Q q 0 0 0 rg BT 449.04 46.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 480.33 46.10 Td (us ) Tj ET Q q 0 0 0 rg BT 490.52 46.10 Td (or ) Tj ET Q q 0 0 0 rg BT 500.15 46.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.79 46.10 Td (subsidiaries ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.39 742.10 Td (incurring ) Tj ET Q q 0 0 0 rg BT 110.50 742.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 152.94 742.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 172.61 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.84 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.51 742.10 Td (future ) Tj ET Q q 0 0 0 rg BT 223.84 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.73 742.10 Td (do ) Tj ET Q q 0 0 0 rg BT 253.19 742.10 Td (not ) Tj ET Q q 0 0 0 rg BT 268.42 742.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 300.85 742.10 Td (us ) Tj ET Q q 0 0 0 rg BT 312.20 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 322.98 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 338.76 742.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 388.43 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 410.32 742.10 Td (incurring ) Tj ET Q q 0 0 0 rg BT 449.43 742.10 Td (other ) Tj ET Q q 0 0 0 rg BT 472.43 742.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 519.33 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 536.78 742.10 Td (do ) Tj ET Q q 0 0 0 rg BT 549.23 742.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (constitute ) Tj ET Q q 0 0 0 rg BT 91.27 730.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 148.32 730.10 Td (which ) Tj ET Q q 0 0 0 rg BT 175.65 730.10 Td (could ) Tj ET Q q 0 0 0 rg BT 200.76 730.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 236.41 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.52 730.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 273.30 730.10 Td (described ) Tj ET Q q 0 0 0 rg BT 314.51 730.10 Td (below ) Tj ET Q q 0 0 0 rg BT 341.84 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.17 730.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 378.72 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.39 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 412.82 730.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 437.11 730.10 Td (In ) Tj ET Q q 0 0 0 rg BT 448.33 730.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 486.50 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 501.05 730.10 Td (may) Tj ET Q q 0 0 0 rg BT 517.62 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 523.01 730.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.23 730.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.48 718.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 126.43 718.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 161.96 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.96 718.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 221.40 718.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 257.49 718.10 Td (under ) Tj ET Q q 0 0 0 rg BT 283.04 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.03 718.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 326.31 718.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 345.94 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.72 718.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 382.05 718.10 Td (without ) Tj ET Q q 0 0 0 rg BT 415.38 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.38 718.10 Td (consent ) Tj ET Q q 0 0 0 rg BT 463.71 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.82 718.10 Td (any ) Tj ET Q q 0 0 0 rg BT 492.03 718.10 Td (person ) Tj ET Q q 0 0 0 rg BT 521.47 718.10 Td (other ) Tj ET Q q 0 0 0 rg BT 544.80 718.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.29 706.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 111.31 706.10 Td (agreeing ) Tj ET Q q 0 0 0 rg BT 148.31 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.66 706.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 191.78 706.10 Td (all ) Tj ET Q q 0 0 0 rg BT 204.35 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.25 706.10 Td (any ) Tj ET Q q 0 0 0 rg BT 232.26 706.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 263.72 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.62 706.10 Td (such ) Tj ET Q q 0 0 0 rg BT 295.52 706.10 Td (increase, ) Tj ET Q q 0 0 0 rg BT 333.35 706.10 Td (by ) Tj ET Q q 0 0 0 rg BT 345.92 706.10 Td (an ) Tj ET Q q 0 0 0 rg BT 357.93 706.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 390.50 706.10 Td (not ) Tj ET Q q 0 0 0 rg BT 405.85 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.20 706.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 446.53 706.10 Td ($100million. ) Tj ET Q q 0 0 0 rg BT 502.99 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.56 706.10 Td (For ) Tj ET Q q 0 0 0 rg BT 522.03 706.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (information ) Tj ET Q q 0 0 0 rg BT 99.29 694.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 140.18 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.97 694.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 183.08 694.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 202.71 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.29 694.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 238.41 694.10 Td (see, ) Tj ET Q q 0 0 0 rg BT 256.26 694.10 Td ("Management) Tj ET Q q 0 0 0 rg BT 315.32 694.10 Td (s ) Tj ET Q q 0 0 0 rg BT 321.79 694.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 368.25 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.70 694.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 422.27 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.18 694.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 472.96 694.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 515.54 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.56 694.10 Td (Results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.82 682.10 Td (OperationsSenior ) Tj ET Q q 0 0 0 rg BT 141.36 682.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 160.99 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.98 682.10 Td (Facility" ) Tj ET Q q 0 0 0 rg BT 199.61 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.38 682.10 Td (this ) Tj ET Q q 0 0 0 rg BT 225.39 682.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 256.82 682.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 286.03 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 298.02 682.10 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 323.07 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.92 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 342.46 682.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 374.45 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.77 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 400.09 682.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 419.30 682.10 Td (or ) Tj ET Q q 0 0 0 rg BT 429.63 682.10 Td (such ) Tj ET Q q 0 0 0 rg BT 449.95 682.10 Td (other ) Tj ET Q q 0 0 0 rg BT 472.49 682.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 518.93 682.10 Td (could ) Tj ET Q q 0 0 0 rg BT 543.14 682.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (important ) Tj ET Q q 0 0 0 rg BT 90.88 670.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 148.36 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.52 670.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 194.46 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.29 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.12 670.10 Td (common ) Tj ET Q q 0 0 0 rg BT 258.61 670.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 284.72 670.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 327.49 670.10 Td (but ) Tj ET Q q 0 0 0 rg BT 342.77 670.10 Td (not ) Tj ET Q q 0 0 0 rg BT 358.05 670.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 388.88 670.10 Td (to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.10 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.58 646.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 130.29 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.22 646.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 170.48 646.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 218.07 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.00 646.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 261.03 646.10 Td (may ) Tj ET Q q 0 0 0 rg BT 281.40 646.10 Td (be ) Tj ET Q q 0 0 0 rg BT 293.99 646.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 335.18 646.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 373.33 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.26 646.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 420.19 646.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 455.00 646.10 Td (on ) Tj ET Q q 0 0 0 rg BT 468.15 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.74 646.10 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 537.19 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.67 646.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 634.10 Td (indebtedness;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.10 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.82 622.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 128.76 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.92 622.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 166.31 622.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 208.68 622.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 248.84 622.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.88 622.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 310.80 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.52 622.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 355.57 622.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 412.12 622.10 Td (working ) Tj ET Q q 0 0 0 rg BT 447.83 622.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 479.37 622.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 508.41 622.10 Td (expenditures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 610.10 Td (product ) Tj ET Q q 0 0 0 rg BT 118.15 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.09 610.10 Td (service ) Tj ET Q q 0 0 0 rg BT 165.90 610.10 Td (development, ) Tj ET Q q 0 0 0 rg BT 222.55 610.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 275.32 610.10 Td (general ) Tj ET Q q 0 0 0 rg BT 307.25 610.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 347.50 610.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 385.55 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.49 610.10 Td (other ) Tj ET Q q 0 0 0 rg BT 425.54 610.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 463.59 610.10 Td (may ) Tj ET Q q 0 0 0 rg BT 483.31 610.10 Td (be ) Tj ET Q q 0 0 0 rg BT 495.25 610.10 Td (impaired;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.10 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 598.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.92 598.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 137.07 598.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 168.34 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.05 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.76 598.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 214.91 598.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 235.62 598.10 Td (from ) Tj ET Q q 0 0 0 rg BT 257.44 598.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 301.47 598.10 Td (could ) Tj ET Q q 0 0 0 rg BT 326.07 598.10 Td (be ) Tj ET Q q 0 0 0 rg BT 337.89 598.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 378.58 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.74 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.34 598.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 440.15 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.86 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.46 598.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 503.38 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.20 598.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 552.01 598.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.93 586.10 Td (debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.10 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 99.26 574.10 Td (may ) Tj ET Q q 0 0 0 rg BT 118.98 574.10 Td (be ) Tj ET Q q 0 0 0 rg BT 130.92 574.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 182.29 574.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 226.99 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.27 574.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 278.64 574.10 Td (downturns ) Tj ET Q q 0 0 0 rg BT 323.36 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.30 574.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 379.45 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 389.72 574.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 421.66 574.10 Td (rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.10 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.93 562.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 142.87 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.15 562.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 190.64 562.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.80 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.74 562.10 Td (reacting ) Tj ET Q q 0 0 0 rg BT 256.44 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.72 562.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 301.43 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.71 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.54 562.10 Td (business ) Tj ET Q q 0 0 0 rg BT 363.93 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.87 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.58 562.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 418.63 562.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 453.90 562.10 Td (may ) Tj ET Q q 0 0 0 rg BT 473.62 562.10 Td (be ) Tj ET Q q 0 0 0 rg BT 485.56 562.10 Td (limited;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.10 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 550.10 Td (we ) Tj ET Q q 0 0 0 rg BT 99.26 550.10 Td (may ) Tj ET Q q 0 0 0 rg BT 118.98 550.10 Td (be ) Tj ET Q q 0 0 0 rg BT 130.92 550.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 159.51 550.10 Td (at ) Tj ET Q q 0 0 0 rg BT 169.23 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.16 550.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 225.87 550.10 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 280.57 550.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 313.05 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.33 550.10 Td (other ) Tj ET Q q 0 0 0 rg BT 346.38 550.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 391.64 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.92 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.75 550.10 Td (industry) Tj ET Q q 0 0 0 rg BT 449.88 550.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.52 526.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 97.74 526.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 116.82 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.16 526.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 153.17 526.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 190.52 526.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.09 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.99 526.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 289.78 526.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 333.23 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.14 526.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 399.60 526.10 Td (that ) Tj ET Q q 0 0 0 rg BT 418.06 526.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 439.30 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.09 526.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 501.77 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.68 526.10 Td (could ) Tj ET Q q 0 0 0 rg BT 544.80 526.10 Td (lead ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 514.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 93.38 514.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 152.54 514.10 Td (if ) Tj ET Q q 0 0 0 rg BT 161.15 514.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.75 514.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 191.14 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.42 514.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 233.35 514.10 Td (with ) Tj ET Q q 0 0 0 rg BT 253.64 514.10 Td (them.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 490.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.24 490.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 118.44 490.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 138.07 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.77 490.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 174.01 490.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 210.03 490.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 239.92 490.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 277.59 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.72 490.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 335.18 490.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 377.86 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.99 490.10 Td (other ) Tj ET Q q 0 0 0 rg BT 418.23 490.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 465.35 490.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 498.58 490.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 511.55 490.10 Td (among ) Tj ET Q q 0 0 0 rg BT 541.46 490.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 79.66 478.10 Td (an ) Tj ET Q q 0 0 0 rg BT 92.30 478.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 121.61 478.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 169.80 478.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 221.32 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.96 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.61 478.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 270.36 478.10 Td (char) Tj ET Q q 0 0 0 rg BT 287.39 478.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 300.03 478.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 339.32 478.10 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 363.36 478.10 Td (as ) Tj ET Q q 0 0 0 rg BT 374.89 478.10 Td (well ) Tj ET Q q 0 0 0 rg BT 395.32 478.10 Td (as ) Tj ET Q q 0 0 0 rg BT 406.85 478.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 452.84 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 466.05 478.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 520.91 478.10 Td (\(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 96.38 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.84 466.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 152.96 466.10 Td (indebtedness\) ) Tj ET Q q 0 0 0 rg BT 212.07 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.63 466.10 Td (liens, ) Tj ET Q q 0 0 0 rg BT 256.15 466.10 Td (mer) Tj ET Q q 0 0 0 rg BT 271.51 466.10 Td (gers, ) Tj ET Q q 0 0 0 rg BT 294.80 466.10 Td (consolidations ) Tj ET Q q 0 0 0 rg BT 356.70 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.27 466.10 Td (dissolutions, ) Tj ET Q q 0 0 0 rg BT 429.68 466.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 453.25 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.70 466.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 495.66 466.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 547.56 466.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 103.09 454.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 145.30 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.06 454.10 Td (other ) Tj ET Q q 0 0 0 rg BT 186.92 454.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 227.44 454.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 269.09 454.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 294.07 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 305.72 454.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 330.15 454.10 Td (repurchases\), ) Tj ET Q q 0 0 0 rg BT 386.49 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.25 454.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 434.77 454.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 485.85 454.10 Td (with ) Tj ET Q q 0 0 0 rg BT 506.95 454.10 Td (af) Tj ET Q q 0 0 0 rg BT 514.54 454.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 547.57 454.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td ("Management) Tj ET Q q 0 0 0 rg BT 108.56 442.10 Td (s ) Tj ET Q q 0 0 0 rg BT 114.72 442.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 160.88 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.09 442.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 214.36 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.96 442.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 264.44 442.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 306.72 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.42 442.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 355.14 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.74 442.10 Td (OperationsSenior ) Tj ET Q q 0 0 0 rg BT 447.50 442.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 467.13 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.39 442.10 Td (Facility" ) Tj ET Q q 0 0 0 rg BT 506.30 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.35 442.10 Td (this ) Tj ET Q q 0 0 0 rg BT 532.56 442.10 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 79.22 430.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.72 430.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 115.89 430.10 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 406.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 102.43 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.32 406.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 144.42 406.10 Td (with ) Tj ET Q q 0 0 0 rg BT 164.30 406.10 Td (these ) Tj ET Q q 0 0 0 rg BT 186.95 406.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.04 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.58 406.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 280.45 406.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 322.55 406.10 Td (could ) Tj ET Q q 0 0 0 rg BT 346.87 406.10 Td (result ) Tj ET Q q 0 0 0 rg BT 371.19 406.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 395.24 406.10 Td (among ) Tj ET Q q 0 0 0 rg BT 424.56 406.10 Td (other ) Tj ET Q q 0 0 0 rg BT 447.21 406.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 476.27 406.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 510.58 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.46 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 535.90 406.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.68 394.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 107.69 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.76 394.10 Td (incurrence ) Tj ET Q q 0 0 0 rg BT 167.81 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.99 394.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 221.83 394.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 278.84 394.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.02 394.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 325.08 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.72 394.10 Td (general ) Tj ET Q q 0 0 0 rg BT 367.99 394.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 409.72 394.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 456.74 394.10 Td (which ) Tj ET Q q 0 0 0 rg BT 484.03 394.10 Td (may ) Tj ET Q q 0 0 0 rg BT 504.10 394.10 Td (be ) Tj ET Q q 0 0 0 rg BT 516.39 394.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 548.68 394.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 83.06 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.60 382.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.88 382.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 133.27 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.33 382.10 Td (any ) Tj ET Q q 0 0 0 rg BT 161.51 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.58 382.10 Td (these ) Tj ET Q q 0 0 0 rg BT 195.86 382.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 238.58 382.10 Td (or ) Tj ET Q q 0 0 0 rg BT 249.65 382.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 296.82 382.10 Td (could ) Tj ET Q q 0 0 0 rg BT 321.77 382.10 Td (result ) Tj ET Q q 0 0 0 rg BT 346.73 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.24 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 364.42 382.10 Td (default ) Tj ET Q q 0 0 0 rg BT 394.92 382.10 Td (under ) Tj ET Q q 0 0 0 rg BT 420.42 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.38 382.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 463.62 382.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 483.25 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.98 382.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 519.27 382.10 Td (that ) Tj ET Q q 0 0 0 rg BT 537.00 382.10 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 77.73 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.08 370.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 123.09 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.00 370.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 163.99 370.10 Td (all ) Tj ET Q q 0 0 0 rg BT 176.12 370.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 212.13 370.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 260.93 370.10 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 305.81 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.72 370.10 Td (be ) Tj ET Q q 0 0 0 rg BT 327.29 370.10 Td (due ) Tj ET Q q 0 0 0 rg BT 343.86 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.43 370.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 396.15 370.10 Td (together ) Tj ET Q q 0 0 0 rg BT 431.05 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 450.95 370.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 484.17 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.74 370.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 530.08 370.10 Td (interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (If ) Tj ET Q q 0 0 0 rg BT 59.00 358.10 Td (we ) Tj ET Q q 0 0 0 rg BT 73.50 358.10 Td (are ) Tj ET Q q 0 0 0 rg BT 88.55 358.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 118.04 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.66 358.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 153.70 358.10 Td (such ) Tj ET Q q 0 0 0 rg BT 174.87 358.10 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 214.10 358.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 245.82 358.10 Td (having ) Tj ET Q q 0 0 0 rg BT 275.87 358.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 309.25 358.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 359.03 358.10 Td (such ) Tj ET Q q 0 0 0 rg BT 380.20 358.10 Td (as ) Tj ET Q q 0 0 0 rg BT 391.37 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.43 358.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 438.14 358.10 Td (under ) Tj ET Q q 0 0 0 rg BT 463.75 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.81 358.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 507.13 358.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 526.76 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.60 358.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 559.50 358.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (could ) Tj ET Q q 0 0 0 rg BT 74.71 346.10 Td (proceed ) Tj ET Q q 0 0 0 rg BT 109.35 346.10 Td (against ) Tj ET Q q 0 0 0 rg BT 140.67 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.89 346.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 196.08 346.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 232.95 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.16 346.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 281.70 346.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 331.64 346.10 Td (In ) Tj ET Q q 0 0 0 rg BT 342.96 346.10 Td (any ) Tj ET Q q 0 0 0 rg BT 360.40 346.10 Td (such ) Tj ET Q q 0 0 0 rg BT 381.72 346.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 404.42 346.10 Td (we ) Tj ET Q q 0 0 0 rg BT 419.08 346.10 Td (may ) Tj ET Q q 0 0 0 rg BT 439.29 346.10 Td (be ) Tj ET Q q 0 0 0 rg BT 451.73 346.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 481.38 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.15 346.10 Td (borrow ) Tj ET Q q 0 0 0 rg BT 524.03 346.10 Td (under ) Tj ET Q q 0 0 0 rg BT 549.79 346.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 77.51 334.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 97.13 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.57 334.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 132.55 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.43 334.10 Td (may ) Tj ET Q q 0 0 0 rg BT 169.08 334.10 Td (not ) Tj ET Q q 0 0 0 rg BT 184.29 334.10 Td (be ) Tj ET Q q 0 0 0 rg BT 196.16 334.10 Td (able ) Tj ET Q q 0 0 0 rg BT 215.25 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.46 334.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 250.11 334.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 286.43 334.10 Td (due ) Tj ET Q q 0 0 0 rg BT 303.30 334.10 Td (under ) Tj ET Q q 0 0 0 rg BT 328.50 334.10 Td (such ) Tj ET Q q 0 0 0 rg BT 349.27 334.10 Td (facility) Tj ET Q q 0 0 0 rg BT 376.94 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 381.87 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.13 334.10 Td (This ) Tj ET Q q 0 0 0 rg BT 404.34 334.10 Td (could ) Tj ET Q q 0 0 0 rg BT 428.99 334.10 Td (have ) Tj ET Q q 0 0 0 rg BT 450.30 334.10 Td (serious ) Tj ET Q q 0 0 0 rg BT 481.07 334.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 538.48 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.69 334.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.49 322.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 126.28 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.72 322.10 Td (results ) Tj ET Q q 0 0 0 rg BT 170.84 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.18 322.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 224.85 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.30 322.10 Td (could ) Tj ET Q q 0 0 0 rg BT 265.53 322.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 289.75 322.10 Td (us ) Tj ET Q q 0 0 0 rg BT 300.65 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.44 322.10 Td (become ) Tj ET Q q 0 0 0 rg BT 343.54 322.10 Td (bankrupt ) Tj ET Q q 0 0 0 rg BT 381.10 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 391.44 322.10 Td (insolvent. ) Tj ET Q q 0 0 0 rg BT 432.62 322.10 Td (In ) Tj ET Q q 0 0 0 rg BT 442.96 322.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 480.24 322.10 Td (these ) Tj ET Q q 0 0 0 rg BT 502.80 322.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 544.79 322.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 79.71 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 95.48 310.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 123.48 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.70 310.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 164.46 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.68 310.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 224.89 310.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 236.77 310.10 Td (that ) Tj ET Q q 0 0 0 rg BT 254.21 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 268.31 310.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 299.63 310.10 Td (would ) Tj ET Q q 0 0 0 rg BT 327.07 310.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 368.39 310.10 Td (be ) Tj ET Q q 0 0 0 rg BT 380.28 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.50 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.16 310.10 Td (best ) Tj ET Q q 0 0 0 rg BT 423.71 310.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 459.48 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.25 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.03 310.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 539.02 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 549.79 310.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (without ) Tj ET Q q 0 0 0 rg BT 82.33 298.10 Td (which ) Tj ET Q q 0 0 0 rg BT 109.05 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 124.66 298.10 Td (business ) Tj ET Q q 0 0 0 rg BT 160.83 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.54 298.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 221.48 298.10 Td (could ) Tj ET Q q 0 0 0 rg BT 245.97 298.10 Td (be ) Tj ET Q q 0 0 0 rg BT 257.69 298.10 Td (harmed. ) Tj ET Q q 0 0 0 rg BT 292.45 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.23 298.10 Td (As ) Tj ET Q q 0 0 0 rg BT 307.62 298.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.23 298.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 366.60 298.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.60 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.88 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.16 298.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 413.44 298.10 Td (was ) Tj ET Q q 0 0 0 rg BT 431.27 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.33 298.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 489.69 298.10 Td (with ) Tj ET Q q 0 0 0 rg BT 509.75 298.10 Td (all ) Tj ET Q q 0 0 0 rg BT 522.02 298.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 564.51 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.26 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.46 286.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 116.12 286.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 135.75 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.74 286.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 167.64 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 172.13 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.12 286.10 Td (See ) Tj ET Q q 0 0 0 rg BT 190.55 286.10 Td (also ) Tj ET Q q 0 0 0 rg BT 208.64 286.10 Td ("If ) Tj ET Q q 0 0 0 rg BT 221.37 286.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 245.02 286.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 285.48 286.10 Td (seeks ) Tj ET Q q 0 0 0 rg BT 309.13 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.34 286.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 365.87 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.19 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.39 286.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 410.17 286.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 457.14 286.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 479.96 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.28 286.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 522.82 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.58 286.10 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 274.10 Td (business ) Tj ET Q q 0 0 0 rg BT 101.72 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.66 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 134.49 274.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.97 274.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 224.99 274.10 Td (could ) Tj ET Q q 0 0 0 rg BT 249.71 274.10 Td (be ) Tj ET Q q 0 0 0 rg BT 261.65 274.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 304.69 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.62 274.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 362.44 274.10 Td (af) Tj ET Q q 0 0 0 rg BT 370.03 274.10 Td (fected" ) Tj ET Q q 0 0 0 rg BT 401.03 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.31 274.10 Td (this ) Tj ET Q q 0 0 0 rg BT 428.26 274.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 449.08 274.10 Td (1A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (Increases ) Tj ET Q q 0 0 0 rg BT 91.44 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 102.28 250.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 135.34 250.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 157.84 250.10 Td (would ) Tj ET Q q 0 0 0 rg BT 185.35 250.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 222.29 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.57 250.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 256.17 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.00 250.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 306.72 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.67 250.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 343.39 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.45 250.10 Td (could ) Tj ET Q q 0 0 0 rg BT 386.73 250.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 417.00 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.95 250.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 481.91 250.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 226.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.67 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.62 226.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 126.78 226.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 158.61 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.89 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.17 226.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 235.78 226.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 258.45 226.10 Td (including ) Tj ET Q q 0 0 0 rg BT 299.17 226.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 336.00 226.10 Td (under ) Tj ET Q q 0 0 0 rg BT 361.72 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.89 226.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 405.29 226.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 424.92 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.87 226.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 457.77 226.10 Td (, ) Tj ET Q q 0 0 0 rg BT 463.22 226.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 487.27 226.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 519.65 226.10 Td (at ) Tj ET Q q 0 0 0 rg BT 529.81 226.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 72.06 214.10 Td (As ) Tj ET Q q 0 0 0 rg BT 84.69 214.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.65 214.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 116.89 214.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 155.06 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.35 214.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 195.31 214.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 215.70 214.10 Td (would ) Tj ET Q q 0 0 0 rg BT 242.22 214.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 276.50 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.24 214.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 307.86 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.71 214.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 355.89 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 370.74 214.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 389.48 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.43 214.10 Td (could ) Tj ET Q q 0 0 0 rg BT 429.17 214.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 471.23 214.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 499.39 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.24 214.10 Td (profitability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.46 202.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 84.76 202.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 110.67 202.10 Td (Assuming ) Tj ET Q q 0 0 0 rg BT 152.75 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.61 202.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 194.90 202.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 214.53 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.06 202.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 248.13 202.10 Td (was ) Tj ET Q q 0 0 0 rg BT 265.21 202.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 285.62 202.10 Td (drawn ) Tj ET Q q 0 0 0 rg BT 312.14 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.44 202.10 Td (a ) Tj ET Q q 0 0 0 rg BT 327.40 202.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 364.47 202.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 395.99 202.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 419.17 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.48 202.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 450.00 202.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 482.92 202.10 Td (each ) Tj ET Q q 0 0 0 rg BT 502.76 202.10 Td (one ) Tj ET Q q 0 0 0 rg BT 518.72 202.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (point ) Tj ET Q q 0 0 0 rg BT 72.56 190.10 Td (change ) Tj ET Q q 0 0 0 rg BT 103.37 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.65 190.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 145.58 190.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 166.96 190.10 Td (would ) Tj ET Q q 0 0 0 rg BT 194.46 190.10 Td (result ) Tj ET Q q 0 0 0 rg BT 219.18 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 229.46 190.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.39 190.10 Td ($2.5million ) Tj ET Q q 0 0 0 rg BT 287.79 190.10 Td (change ) Tj ET Q q 0 0 0 rg BT 318.60 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.88 190.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 358.04 190.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 378.30 190.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 410.24 190.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 444.94 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.44 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.27 190.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 501.33 190.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 520.96 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.46 190.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 553.36 190.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 166.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.59 166.10 Td (may ) Tj ET Q q 0 0 0 rg BT 84.30 166.10 Td (have ) Tj ET Q q 0 0 0 rg BT 106.24 166.10 Td (future ) Tj ET Q q 0 0 0 rg BT 134.30 166.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 164.58 166.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 190.41 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.47 166.10 Td (may ) Tj ET Q q 0 0 0 rg BT 228.19 166.10 Td (not ) Tj ET Q q 0 0 0 rg BT 244.03 166.10 Td (be ) Tj ET Q q 0 0 0 rg BT 255.96 166.10 Td (able ) Tj ET Q q 0 0 0 rg BT 275.68 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.96 166.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 314.58 166.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 358.75 166.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 401.26 166.10 Td (on ) Tj ET Q q 0 0 0 rg BT 414.32 166.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 460.13 166.10 Td (terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 142.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 91.78 142.10 Td (reductions ) Tj ET Q q 0 0 0 rg BT 136.00 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.34 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.24 142.10 Td (available ) Tj ET Q q 0 0 0 rg BT 200.89 142.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 245.11 142.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 280.98 142.10 Td (under ) Tj ET Q q 0 0 0 rg BT 306.31 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.09 142.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 349.20 142.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 368.83 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.39 142.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 401.29 142.10 Td (, ) Tj ET Q q 0 0 0 rg BT 406.35 142.10 Td (or ) Tj ET Q q 0 0 0 rg BT 417.25 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.14 142.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 469.03 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.37 142.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 506.36 142.10 Td (or ) Tj ET Q q 0 0 0 rg BT 517.26 142.10 Td (replace ) Tj ET Q q 0 0 0 rg BT 548.68 142.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 77.79 130.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 97.42 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.21 130.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 130.11 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.41 130.10 Td (when ) Tj ET Q q 0 0 0 rg BT 159.86 130.10 Td (required ) Tj ET Q q 0 0 0 rg BT 195.97 130.10 Td (or ) Tj ET Q q 0 0 0 rg BT 207.10 130.10 Td (when ) Tj ET Q q 0 0 0 rg BT 231.55 130.10 Td (business ) Tj ET Q q 0 0 0 rg BT 268.24 130.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 312.70 130.10 Td (warrant, ) Tj ET Q q 0 0 0 rg BT 348.53 130.10 Td (could ) Tj ET Q q 0 0 0 rg BT 373.54 130.10 Td (have ) Tj ET Q q 0 0 0 rg BT 395.21 130.10 Td (a ) Tj ET Q q 0 0 0 rg BT 402.44 130.10 Td (material ) Tj ET Q q 0 0 0 rg BT 438.00 130.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 471.33 130.10 Td (ef) Tj ET Q q 0 0 0 rg BT 478.92 130.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 496.69 130.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.49 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.61 130.10 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.86 118.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 127.01 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.82 118.10 Td (results ) Tj ET Q q 0 0 0 rg BT 172.31 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.02 118.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 229.55 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.75 118.10 Td (The ) Tj ET Q q 0 0 0 rg BT 249.68 118.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 290.93 118.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 337.47 118.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 362.61 118.10 Td (market ) Tj ET Q q 0 0 0 rg BT 392.75 118.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 436.79 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.61 118.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 494.86 118.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 526.66 118.10 Td (af) Tj ET Q q 0 0 0 rg BT 534.25 118.10 Td (fecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.77 106.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 88.37 106.10 Td (industry) Tj ET Q q 0 0 0 rg BT 120.50 106.10 Td (, ) Tj ET Q q 0 0 0 rg BT 126.05 106.10 Td (as ) Tj ET Q q 0 0 0 rg BT 137.43 106.10 Td (well ) Tj ET Q q 0 0 0 rg BT 157.71 106.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.09 106.10 Td (other ) Tj ET Q q 0 0 0 rg BT 192.69 106.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 225.45 106.10 Td (may ) Tj ET Q q 0 0 0 rg BT 245.72 106.10 Td (constrain ) Tj ET Q q 0 0 0 rg BT 285.43 106.10 Td (our ) Tj ET Q q 0 0 0 rg BT 301.82 106.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 342.63 106.10 Td (abilities. ) Tj ET Q q 0 0 0 rg BT 379.85 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.90 106.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 401.51 106.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 430.12 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.95 106.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 469.54 106.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.58 106.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 555.90 106.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 90.72 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.79 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.20 94.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 146.94 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.90 94.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.51 94.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 247.58 94.10 Td (under ) Tj ET Q q 0 0 0 rg BT 272.98 94.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 327.27 94.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 376.57 94.10 Td (from ) Tj ET Q q 0 0 0 rg BT 398.63 94.10 Td (time ) Tj ET Q q 0 0 0 rg BT 419.04 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.45 94.10 Td (time ) Tj ET Q q 0 0 0 rg BT 449.85 94.10 Td (will ) Tj ET Q q 0 0 0 rg BT 468.04 94.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 499.55 94.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 522.18 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 538.14 94.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.00 82.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 145.77 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.73 82.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 208.45 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.52 82.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 245.03 82.10 Td (generally) Tj ET Q q 0 0 0 rg BT 281.58 82.10 Td (, ) Tj ET Q q 0 0 0 rg BT 286.82 82.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 328.43 82.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 372.84 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.02 82.10 Td (financial, ) Tj ET Q q 0 0 0 rg BT 430.24 82.10 Td (business ) Tj ET Q q 0 0 0 rg BT 466.87 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.05 82.10 Td (other ) Tj ET Q q 0 0 0 rg BT 507.34 82.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 539.79 82.10 Td (many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.55 70.10 Td (which ) Tj ET Q q 0 0 0 rg BT 87.71 70.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.63 70.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 134.79 70.10 Td (our ) Tj ET Q q 0 0 0 rg BT 150.84 70.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 184.38 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.90 70.10 Td (The ) Tj ET Q q 0 0 0 rg BT 205.17 70.10 Td (market ) Tj ET Q q 0 0 0 rg BT 235.65 70.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 280.04 70.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.19 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.13 70.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 378.70 70.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 423.09 70.10 Td (that ) Tj ET Q q 0 0 0 rg BT 440.80 70.10 Td (af) Tj ET Q q 0 0 0 rg BT 448.39 70.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 466.09 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.03 70.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 504.29 70.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 539.79 70.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.07 58.10 Td (a ) Tj ET Q q 0 0 0 rg BT 78.21 58.10 Td (material ) Tj ET Q q 0 0 0 rg BT 113.66 58.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 146.89 58.10 Td (ef) Tj ET Q q 0 0 0 rg BT 154.48 58.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 172.16 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.86 58.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.88 58.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 229.13 58.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.60 58.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 267.83 58.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 308.29 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 320.99 58.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 361.44 58.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 388.85 58.10 Td (if ) Tj ET Q q 0 0 0 rg BT 397.65 58.10 Td (at ) Tj ET Q q 0 0 0 rg BT 407.57 58.10 Td (all. ) Tj ET Q q 0 0 0 rg BT 422.76 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.45 58.10 Td (See ) Tj ET Q q 0 0 0 rg BT 442.59 58.10 Td (also ) Tj ET Q q 0 0 0 rg BT 461.39 58.10 Td ("If ) Tj ET Q q 0 0 0 rg BT 474.83 58.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 499.18 58.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 540.35 58.10 Td (seeks ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.18 742.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 107.19 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.98 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.67 742.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 152.91 742.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 200.36 742.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 223.66 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.45 742.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 267.47 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.71 742.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 309.60 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 325.40 742.10 Td (business ) Tj ET Q q 0 0 0 rg BT 361.75 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.66 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.45 742.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.90 742.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 484.88 742.10 Td (could ) Tj ET Q q 0 0 0 rg BT 509.57 742.10 Td (be ) Tj ET Q q 0 0 0 rg BT 521.47 742.10 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 730.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 107.25 730.10 Td (af) Tj ET Q q 0 0 0 rg BT 114.84 730.10 Td (fected) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.27 730.10 Td (" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.32 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.60 730.10 Td (this ) Tj ET Q q 0 0 0 rg BT 174.54 730.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 195.37 730.10 Td (1A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 706.10 Td (e ) Tj ET Q q 0 0 0 rg BT 86.52 706.10 Td (may ) Tj ET Q q 0 0 0 rg BT 105.19 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 116.07 706.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 144.18 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.40 706.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 180.39 706.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 221.83 706.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 261.04 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.82 706.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 310.03 706.10 Td (on ) Tj ET Q q 0 0 0 rg BT 321.48 706.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 360.68 706.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 384.34 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 394.12 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 408.90 706.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 448.11 706.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 467.32 706.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 487.10 706.10 Td (may ) Tj ET Q q 0 0 0 rg BT 505.77 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 516.65 706.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 536.47 706.10 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.14 694.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 87.11 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 102.31 694.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 139.15 694.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 185.45 694.10 Td (under ) Tj ET Q q 0 0 0 rg BT 210.09 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.17 694.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 277.68 694.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 326.21 694.10 Td (from ) Tj ET Q q 0 0 0 rg BT 347.51 694.10 Td (time ) Tj ET Q q 0 0 0 rg BT 367.15 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.79 694.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 398.93 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.79 694.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 455.14 694.10 Td (if ) Tj ET Q q 0 0 0 rg BT 463.11 694.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 502.73 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 511.27 694.10 Td (not ) Tj ET Q q 0 0 0 rg BT 525.91 694.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (when ) Tj ET Q q 0 0 0 rg BT 73.85 682.10 Td (needed, ) Tj ET Q q 0 0 0 rg BT 107.35 682.10 Td (or ) Tj ET Q q 0 0 0 rg BT 118.37 682.10 Td (is ) Tj ET Q q 0 0 0 rg BT 127.73 682.10 Td (available ) Tj ET Q q 0 0 0 rg BT 166.50 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.19 682.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 229.63 682.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 257.04 682.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.39 682.10 Td (may ) Tj ET Q q 0 0 0 rg BT 291.29 682.10 Td (be ) Tj ET Q q 0 0 0 rg BT 303.42 682.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 332.76 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.23 682.10 Td (take ) Tj ET Q q 0 0 0 rg BT 362.57 682.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 405.79 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.81 682.10 Td (business ) Tj ET Q q 0 0 0 rg BT 453.39 682.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 508.85 682.10 Td (or ) Tj ET Q q 0 0 0 rg BT 519.87 682.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 554.22 682.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 100.35 670.10 Td (pressures, ) Tj ET Q q 0 0 0 rg BT 143.71 670.10 Td (any ) Tj ET Q q 0 0 0 rg BT 161.80 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.77 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 201.86 670.10 Td (could ) Tj ET Q q 0 0 0 rg BT 227.72 670.10 Td (have ) Tj ET Q q 0 0 0 rg BT 250.25 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.33 670.10 Td (material ) Tj ET Q q 0 0 0 rg BT 294.74 670.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 328.92 670.10 Td (ef) Tj ET Q q 0 0 0 rg BT 336.51 670.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 355.14 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 368.79 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.76 670.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 425.80 670.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.43 670.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 505.85 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.93 670.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.69 670.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.07 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.48 658.10 Td (If ) Tj ET Q q 0 0 0 rg BT 107.55 658.10 Td (we ) Tj ET Q q 0 0 0 rg BT 121.62 658.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.24 658.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 165.30 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.49 658.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 203.44 658.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 223.07 658.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 263.25 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.09 658.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 310.83 658.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 332.12 658.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 356.75 658.10 Td (through ) Tj ET Q q 0 0 0 rg BT 390.27 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.90 658.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 441.19 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.93 658.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 494.33 658.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 521.74 658.10 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 646.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 118.38 646.10 Td (may ) Tj ET Q q 0 0 0 rg BT 138.09 646.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 183.89 646.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 228.61 646.10 Td (dilution.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Risks ) Tj ET Q q 0 0 0 rg BT 75.34 742.25 Td (Relating ) Tj ET Q q 0 0 0 rg BT 113.95 742.25 Td (to ) Tj ET Q q 0 0 0 rg BT 124.78 742.25 Td (Our) Tj ET Q q 0 0 0 rg BT 142.38 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.88 742.25 Td (Common ) Tj ET Q q 0 0 0 rg BT 186.82 742.25 Td (Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (If ) Tj ET Q q 0 0 0 rg BT 59.22 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.17 718.25 Td (share ) Tj ET Q q 0 0 0 rg BT 101.46 718.25 Td (price ) Tj ET Q q 0 0 0 rg BT 124.50 718.25 Td (fluctuates, ) Tj ET Q q 0 0 0 rg BT 170.06 718.25 Td (you ) Tj ET Q q 0 0 0 rg BT 187.56 718.25 Td (could ) Tj ET Q q 0 0 0 rg BT 212.84 718.25 Td (lose ) Tj ET Q q 0 0 0 rg BT 231.45 718.25 Td (all ) Tj ET Q q 0 0 0 rg BT 244.50 718.25 Td (or ) Tj ET Q q 0 0 0 rg BT 255.90 718.25 Td (a ) Tj ET Q q 0 0 0 rg BT 263.40 718.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 309.79 718.25 Td (part ) Tj ET Q q 0 0 0 rg BT 328.96 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 339.79 718.25 Td (your ) Tj ET Q q 0 0 0 rg BT 361.18 718.25 Td (investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 694.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 89.33 694.25 Td (common ) Tj ET Q q 0 0 0 rg BT 126.10 694.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 148.98 694.25 Td (trades ) Tj ET Q q 0 0 0 rg BT 174.63 694.25 Td (on ) Tj ET Q q 0 0 0 rg BT 186.41 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.40 694.25 Td (NASDAQ ) Tj ET Q q 0 0 0 rg BT 243.84 694.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 274.50 694.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 305.15 694.25 Td (under ) Tj ET Q q 0 0 0 rg BT 329.70 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.69 694.25 Td (symbol ) Tj ET Q q 0 0 0 rg BT 374.91 694.25 Td ("SHOS." ) Tj ET Q q 0 0 0 rg BT 412.92 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 414.56 694.25 Td (W) Tj ET Q q 0 0 0 rg BT 423.20 694.25 Td (e ) Tj ET Q q 0 0 0 rg BT 429.41 694.25 Td (neither ) Tj ET Q q 0 0 0 rg BT 458.95 694.25 Td (can ) Tj ET Q q 0 0 0 rg BT 474.60 694.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 506.93 694.25 Td (any ) Tj ET Q q 0 0 0 rg BT 523.14 694.25 Td (assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.03 682.25 Td (a ) Tj ET Q q 0 0 0 rg BT 74.00 682.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 104.85 682.25 Td (market ) Tj ET Q q 0 0 0 rg BT 135.15 682.25 Td (for ) Tj ET Q q 0 0 0 rg BT 149.34 682.25 Td (our ) Tj ET Q q 0 0 0 rg BT 165.20 682.25 Td (common ) Tj ET Q q 0 0 0 rg BT 202.72 682.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 226.36 682.25 Td (will ) Tj ET Q q 0 0 0 rg BT 244.45 682.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 281.41 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 291.72 682.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 313.14 682.25 Td (nor ) Tj ET Q q 0 0 0 rg BT 329.00 682.25 Td (can ) Tj ET Q q 0 0 0 rg BT 345.41 682.25 Td (we ) Tj ET Q q 0 0 0 rg BT 359.60 682.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 389.89 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.64 682.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 431.05 682.25 Td (at ) Tj ET Q q 0 0 0 rg BT 440.80 682.25 Td (which ) Tj ET Q q 0 0 0 rg BT 467.77 682.25 Td (our ) Tj ET Q q 0 0 0 rg BT 483.63 682.25 Td (common ) Tj ET Q q 0 0 0 rg BT 521.15 682.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 544.79 682.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 71.83 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 81.96 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.53 670.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 125.08 670.25 Td (The ) Tj ET Q q 0 0 0 rg BT 142.98 670.25 Td (market ) Tj ET Q q 0 0 0 rg BT 173.09 670.25 Td (price ) Tj ET Q q 0 0 0 rg BT 195.42 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.10 670.25 Td (our ) Tj ET Q q 0 0 0 rg BT 221.78 670.25 Td (common ) Tj ET Q q 0 0 0 rg BT 259.13 670.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 282.58 670.25 Td (may ) Tj ET Q q 0 0 0 rg BT 302.15 670.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 339.48 670.25 Td (widely) Tj ET Q q 0 0 0 rg BT 366.04 670.25 Td (, ) Tj ET Q q 0 0 0 rg BT 370.89 670.25 Td (depending ) Tj ET Q q 0 0 0 rg BT 414.90 670.25 Td (on ) Tj ET Q q 0 0 0 rg BT 427.25 670.25 Td (many ) Tj ET Q q 0 0 0 rg BT 451.81 670.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 483.87 670.25 Td (some ) Tj ET Q q 0 0 0 rg BT 507.32 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.00 670.25 Td (which ) Tj ET Q q 0 0 0 rg BT 544.79 670.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.44 658.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 93.38 658.25 Td (our ) Tj ET Q q 0 0 0 rg BT 109.21 658.25 Td (control, ) Tj ET Q q 0 0 0 rg BT 142.53 658.25 Td (including ) Tj ET Q q 0 0 0 rg BT 182.81 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.52 658.25 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 634.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 634.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 97.57 634.25 Td (business ) Tj ET Q q 0 0 0 rg BT 133.53 634.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 162.26 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.77 634.25 Td (market ) Tj ET Q q 0 0 0 rg BT 208.60 634.25 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 264.53 634.25 Td (may ) Tj ET Q q 0 0 0 rg BT 283.82 634.25 Td (not ) Tj ET Q q 0 0 0 rg BT 298.67 634.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 335.17 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.02 634.25 Td (fit ) Tj ET Q q 0 0 0 rg BT 355.98 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.27 634.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.22 634.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 458.83 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.23 634.25 Td (some ) Tj ET Q q 0 0 0 rg BT 492.41 634.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 545.03 634.25 Td (and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 622.25 Td (as ) Tj ET Q q 0 0 0 rg BT 90.78 622.25 Td (a ) Tj ET Q q 0 0 0 rg BT 97.72 622.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 124.94 622.25 Td (these ) Tj ET Q q 0 0 0 rg BT 147.98 622.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 201.03 622.25 Td (may ) Tj ET Q q 0 0 0 rg BT 220.75 622.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 237.13 622.25 Td (our ) Tj ET Q q 0 0 0 rg BT 252.96 622.25 Td (shares;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 610.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 109.11 610.25 Td (or ) Tj ET Q q 0 0 0 rg BT 119.94 610.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 166.30 610.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 216.01 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 226.29 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.12 610.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 282.39 610.25 Td (results ) Tj ET Q q 0 0 0 rg BT 310.99 610.25 Td (due ) Tj ET Q q 0 0 0 rg BT 327.93 610.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.21 610.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 367.92 610.25 Td (related ) Tj ET Q q 0 0 0 rg BT 397.62 610.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.90 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 423.73 610.25 Td (business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 598.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 598.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 97.37 598.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 124.79 598.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.43 598.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 170.72 598.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.91 598.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 219.42 598.25 Td (on ) Tj ET Q q 0 0 0 rg BT 231.29 598.25 Td (products ) Tj ET Q q 0 0 0 rg BT 267.60 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.90 598.25 Td (services ) Tj ET Q q 0 0 0 rg BT 317.98 598.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 355.39 598.25 Td (by ) Tj ET Q q 0 0 0 rg BT 367.26 598.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 390.79 598.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 429.32 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 445.63 598.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 473.05 598.25 Td (to ) Tj ET Q q 0 0 0 rg BT 482.70 598.25 Td (diversify ) Tj ET Q q 0 0 0 rg BT 520.11 598.25 Td (our ) Tj ET Q q 0 0 0 rg BT 535.31 598.25 Td (supply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 586.25 Td (chain;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 574.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 574.25 Td (Success ) Tj ET Q q 0 0 0 rg BT 114.11 574.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.94 574.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 153.53 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.36 574.25 Td (our ) Tj ET Q q 0 0 0 rg BT 180.19 574.25 Td (business ) Tj ET Q q 0 0 0 rg BT 216.59 574.25 Td (strategy;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 562.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 562.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 104.11 562.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 145.08 562.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.56 562.25 Td (performance, ) Tj ET Q q 0 0 0 rg BT 238.08 562.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 280.86 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.80 562.25 Td (prospects, ) Tj ET Q q 0 0 0 rg BT 340.57 562.25 Td (including ) Tj ET Q q 0 0 0 rg BT 380.84 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.56 562.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 413.06 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.89 562.25 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 469.71 562.25 Td (proceedings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 550.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 550.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 98.00 550.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 147.71 550.25 Td (with ) Tj ET Q q 0 0 0 rg BT 167.99 550.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 192.15 550.25 Td (Holdings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 538.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 538.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 109.11 538.25 Td (or ) Tj ET Q q 0 0 0 rg BT 119.94 538.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 166.30 538.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 201.01 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 211.29 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.00 538.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 246.29 538.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 285.44 538.25 Td (or ) Tj ET Q q 0 0 0 rg BT 296.27 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.99 538.25 Td (retailing ) Tj ET Q q 0 0 0 rg BT 346.81 538.25 Td (environment;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 526.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 98.00 526.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 136.60 526.25 Td (or ) Tj ET Q q 0 0 0 rg BT 147.43 526.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 176.58 526.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 215.46 526.25 Td (or ) Tj ET Q q 0 0 0 rg BT 226.29 526.25 Td (those ) Tj ET Q q 0 0 0 rg BT 249.90 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 260.73 526.25 Td (other ) Tj ET Q q 0 0 0 rg BT 283.77 526.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 329.04 526.25 Td (in ) Tj ET Q q 0 0 0 rg BT 339.32 526.25 Td (our ) Tj ET Q q 0 0 0 rg BT 355.15 526.25 Td (industry;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 514.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 98.00 514.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 126.05 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.33 514.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 163.83 514.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 209.09 514.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 249.35 514.25 Td (as ) Tj ET Q q 0 0 0 rg BT 260.18 514.25 Td (needed;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 502.25 Td (Announcements ) Tj ET Q q 0 0 0 rg BT 147.44 502.25 Td (by ) Tj ET Q q 0 0 0 rg BT 159.94 502.25 Td (us ) Tj ET Q q 0 0 0 rg BT 171.33 502.25 Td (or ) Tj ET Q q 0 0 0 rg BT 182.16 502.25 Td (our ) Tj ET Q q 0 0 0 rg BT 197.99 502.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 247.70 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.53 502.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 303.24 502.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 353.51 502.25 Td (or ) Tj ET Q q 0 0 0 rg BT 364.34 502.25 Td (dispositions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 490.25 Td (The ) Tj ET Q q 0 0 0 rg BT 98.00 490.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 126.59 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.42 490.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 177.68 490.25 Td (analysts ) Tj ET Q q 0 0 0 rg BT 212.40 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.68 490.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 247.39 490.25 Td (our ) Tj ET Q q 0 0 0 rg BT 263.22 490.25 Td (common ) Tj ET Q q 0 0 0 rg BT 300.71 490.25 Td (stock;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 478.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 116.89 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 127.17 478.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 163.54 478.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 203.26 478.25 Td (by ) Tj ET Q q 0 0 0 rg BT 215.76 478.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 256.02 478.25 Td (analysts ) Tj ET Q q 0 0 0 rg BT 290.74 478.25 Td (or ) Tj ET Q q 0 0 0 rg BT 301.57 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 317.40 478.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 345.45 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.73 478.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 377.66 478.25 Td (those ) Tj ET Q q 0 0 0 rg BT 401.27 478.25 Td (estimates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 466.25 Td (The ) Tj ET Q q 0 0 0 rg BT 98.00 466.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 138.26 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.20 466.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 178.81 466.25 Td (price ) Tj ET Q q 0 0 0 rg BT 201.29 466.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 254.32 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.15 466.25 Td (other ) Tj ET Q q 0 0 0 rg BT 288.19 466.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 337.33 466.25 Td (companies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 454.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 454.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 112.44 454.25 Td (market ) Tj ET Q q 0 0 0 rg BT 142.70 454.25 Td (fluctuations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 442.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 442.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 116.89 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 127.17 442.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 148.00 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.94 442.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 211.87 442.25 Td (af) Tj ET Q q 0 0 0 rg BT 219.46 442.25 Td (fecting ) Tj ET Q q 0 0 0 rg BT 249.72 442.25 Td (our ) Tj ET Q q 0 0 0 rg BT 265.55 442.25 Td (business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 430.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 109.11 430.25 Td (or ) Tj ET Q q 0 0 0 rg BT 119.94 430.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 166.30 430.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 188.24 430.25 Td (or ) Tj ET Q q 0 0 0 rg BT 199.07 430.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 251.58 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.41 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 278.24 430.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.39 430.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 330.99 430.25 Td (by ) Tj ET Q q 0 0 0 rg BT 343.49 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 359.32 430.25 Td (of) Tj ET Q q 0 0 0 rg BT 367.47 430.25 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 394.68 430.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 432.17 430.25 Td (or ) Tj ET Q q 0 0 0 rg BT 443.00 430.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 487.71 430.25 Td (stockholders;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 418.25 Td (T) Tj ET Q q 0 0 0 rg BT 85.36 418.25 Td (errorist ) Tj ET Q q 0 0 0 rg BT 116.74 418.25 Td (acts ) Tj ET Q q 0 0 0 rg BT 134.78 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 145.61 418.25 Td (wars; ) Tj ET Q q 0 0 0 rg BT 169.77 418.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 406.25 Td (General ) Tj ET Q q 0 0 0 rg BT 114.10 406.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 155.47 406.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 199.63 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.57 406.25 Td (other ) Tj ET Q q 0 0 0 rg BT 239.62 406.25 Td (external ) Tj ET Q q 0 0 0 rg BT 274.32 406.25 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 382.25 Td (In ) Tj ET Q q 0 0 0 rg BT 83.53 382.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 120.51 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.43 382.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 157.24 382.25 Td (market ) Tj ET Q q 0 0 0 rg BT 186.71 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.19 382.25 Td (general ) Tj ET Q q 0 0 0 rg BT 227.32 382.25 Td (has ) Tj ET Q q 0 0 0 rg BT 242.35 382.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 292.35 382.25 Td (extreme ) Tj ET Q q 0 0 0 rg BT 326.26 382.25 Td (price ) Tj ET Q q 0 0 0 rg BT 347.95 382.25 Td (and ) Tj ET Q q 0 0 0 rg BT 364.09 382.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 395.79 382.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 444.70 382.25 Td (that ) Tj ET Q q 0 0 0 rg BT 461.40 382.25 Td (have ) Tj ET Q q 0 0 0 rg BT 481.98 382.25 Td (often ) Tj ET Q q 0 0 0 rg BT 504.23 382.25 Td (been ) Tj ET Q q 0 0 0 rg BT 524.81 382.25 Td (unrelated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.56 370.25 Td (disproportionate ) Tj ET Q q 0 0 0 rg BT 128.84 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.35 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.30 370.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 194.80 370.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 248.06 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.12 370.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 304.62 370.25 Td (like ) Tj ET Q q 0 0 0 rg BT 322.35 370.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 336.28 370.25 Td (These ) Tj ET Q q 0 0 0 rg BT 362.89 370.25 Td (broad ) Tj ET Q q 0 0 0 rg BT 388.39 370.25 Td (market ) Tj ET Q q 0 0 0 rg BT 418.89 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.06 370.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 471.58 370.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 501.52 370.25 Td (may ) Tj ET Q q 0 0 0 rg BT 521.47 370.25 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 78.65 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.36 358.25 Td (market ) Tj ET Q q 0 0 0 rg BT 123.63 358.25 Td (price ) Tj ET Q q 0 0 0 rg BT 146.11 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.94 358.25 Td (our ) Tj ET Q q 0 0 0 rg BT 172.77 358.25 Td (common ) Tj ET Q q 0 0 0 rg BT 210.27 358.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 236.38 358.25 Td (regardless ) Tj ET Q q 0 0 0 rg BT 279.41 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.24 358.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.07 358.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 346.34 358.25 Td (performance.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.74 332.25 Td (common ) Tj ET Q q 0 0 0 rg BT 106.86 332.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 130.53 332.25 Td (may ) Tj ET Q q 0 0 0 rg BT 150.31 332.25 Td (have ) Tj ET Q q 0 0 0 rg BT 172.31 332.25 Td (a ) Tj ET Q q 0 0 0 rg BT 179.88 332.25 Td (low ) Tj ET Q q 0 0 0 rg BT 196.89 332.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 229.46 332.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 262.02 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.14 332.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 311.04 332.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 344.56 332.25 Td (, ) Tj ET Q q 0 0 0 rg BT 349.62 332.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 388.87 332.25 Td (from ) Tj ET Q q 0 0 0 rg BT 411.43 332.25 Td (a ) Tj ET Q q 0 0 0 rg BT 418.99 332.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 462.67 332.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 482.45 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.35 332.25 Td (analyst ) Tj ET Q q 0 0 0 rg BT 525.36 332.25 Td (coverage ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.56 320.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 120.09 320.25 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 303.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.55 303.25 Td (common ) Tj ET Q q 0 0 0 rg BT 128.55 303.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 152.66 303.25 Td (may ) Tj ET Q q 0 0 0 rg BT 172.87 303.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 210.31 303.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.09 303.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 252.95 303.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 284.28 303.25 Td (attention ) Tj ET Q q 0 0 0 rg BT 322.27 303.25 Td (from ) Tj ET Q q 0 0 0 rg BT 344.71 303.25 Td (market ) Tj ET Q q 0 0 0 rg BT 375.47 303.25 Td (analysts. ) Tj ET Q q 0 0 0 rg BT 413.19 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 416.19 303.25 Td (Lack ) Tj ET Q q 0 0 0 rg BT 439.18 303.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.51 303.25 Td (up-to-date ) Tj ET Q q 0 0 0 rg BT 494.60 303.25 Td (analyst ) Tj ET Q q 0 0 0 rg BT 525.93 303.25 Td (coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.45 291.25 Td (make ) Tj ET Q q 0 0 0 rg BT 93.84 291.25 Td (it ) Tj ET Q q 0 0 0 rg BT 102.12 291.25 Td (dif) Tj ET Q q 0 0 0 rg BT 113.05 291.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 136.89 291.25 Td (for ) Tj ET Q q 0 0 0 rg BT 151.28 291.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 189.00 291.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 227.84 291.25 Td (to ) Tj ET Q q 0 0 0 rg BT 238.35 291.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 259.97 291.25 Td (understand ) Tj ET Q q 0 0 0 rg BT 306.58 291.25 Td (our ) Tj ET Q q 0 0 0 rg BT 322.64 291.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 367.03 291.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.20 291.25 Td (business ) Tj ET Q q 0 0 0 rg BT 420.82 291.25 Td (fundamentals, ) Tj ET Q q 0 0 0 rg BT 479.93 291.25 Td (which ) Tj ET Q q 0 0 0 rg BT 507.10 291.25 Td (may ) Tj ET Q q 0 0 0 rg BT 527.05 291.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 548.67 291.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.33 279.25 Td (volume. ) Tj ET Q q 0 0 0 rg BT 115.32 279.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.82 279.25 Td (Low ) Tj ET Q q 0 0 0 rg BT 138.65 279.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 169.48 279.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 205.86 279.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.80 279.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 241.96 279.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.79 279.25 Td (analyst ) Tj ET Q q 0 0 0 rg BT 283.61 279.25 Td (coverage ) Tj ET Q q 0 0 0 rg BT 322.20 279.25 Td (may ) Tj ET Q q 0 0 0 rg BT 341.91 279.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 363.30 279.25 Td (your ) Tj ET Q q 0 0 0 rg BT 384.13 279.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 412.19 279.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.46 279.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 446.62 279.25 Td (your ) Tj ET Q q 0 0 0 rg BT 467.45 279.25 Td (common ) Tj ET Q q 0 0 0 rg BT 504.94 279.25 Td (stock.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 253.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 253.25 Td (common ) Tj ET Q q 0 0 0 rg BT 106.73 253.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 130.34 253.25 Td (price ) Tj ET Q q 0 0 0 rg BT 153.39 253.25 Td (may ) Tj ET Q q 0 0 0 rg BT 173.10 253.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 205.04 253.25 Td (if ) Tj ET Q q 0 0 0 rg BT 213.65 253.25 Td (ESL) Tj ET Q q 0 0 0 rg BT 231.61 253.25 Td ( ) Tj ET Q q 0 0 0 rg BT 234.11 253.25 Td (decides ) Tj ET Q q 0 0 0 rg BT 266.60 253.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.88 253.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 293.26 253.25 Td (a ) Tj ET Q q 0 0 0 rg BT 300.76 253.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 333.27 253.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.10 253.25 Td (its ) Tj ET Q q 0 0 0 rg BT 356.05 253.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 394.12 253.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.95 253.25 Td (our ) Tj ET Q q 0 0 0 rg BT 421.91 253.25 Td (common ) Tj ET Q q 0 0 0 rg BT 459.96 253.25 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 231.45 Td (According ) Tj ET Q q 0 0 0 rg BT 116.46 231.45 Td (to ) Tj ET Q q 0 0 0 rg BT 126.49 231.45 Td (publicly ) Tj ET Q q 0 0 0 rg BT 161.51 231.45 Td (available ) Tj ET Q q 0 0 0 rg BT 199.85 231.45 Td (information ) Tj ET Q q 0 0 0 rg BT 249.31 231.45 Td (ESL) Tj ET Q q 0 0 0 rg BT 266.72 231.45 Td ( ) Tj ET Q q 0 0 0 rg BT 268.97 231.45 Td (owns ) Tj ET Q q 0 0 0 rg BT 292.34 231.45 Td (approximately ) Tj ET Q q 0 0 0 rg BT 352.35 231.45 Td ( ) Tj ET Q q 0 0 0 rg BT 354.60 231.45 Td (57%) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 372.93 231.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.08 231.45 Td (of ) Tj ET Q q 0 0 0 rg BT 386.66 231.45 Td (our ) Tj ET Q q 0 0 0 rg BT 402.24 231.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 451.16 231.45 Td (common ) Tj ET Q q 0 0 0 rg BT 488.40 231.45 Td (stock. ) Tj ET Q q 0 0 0 rg BT 514.26 231.45 Td (ESL) Tj ET Q q 0 0 0 rg BT 531.67 231.45 Td ( ) Tj ET Q q 0 0 0 rg BT 533.92 231.45 Td (will, ) Tj ET Q q 0 0 0 rg BT 554.23 231.45 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.45 Td (its ) Tj ET Q q 0 0 0 rg BT 61.16 219.45 Td (sole ) Tj ET Q q 0 0 0 rg BT 79.49 219.45 Td (discretion, ) Tj ET Q q 0 0 0 rg BT 123.63 219.45 Td (determine ) Tj ET Q q 0 0 0 rg BT 165.83 219.45 Td (the ) Tj ET Q q 0 0 0 rg BT 180.26 219.45 Td (timing ) Tj ET Q q 0 0 0 rg BT 208.59 219.45 Td (and ) Tj ET Q q 0 0 0 rg BT 225.24 219.45 Td (terms ) Tj ET Q q 0 0 0 rg BT 249.67 219.45 Td (of ) Tj ET Q q 0 0 0 rg BT 260.22 219.45 Td (any ) Tj ET Q q 0 0 0 rg BT 276.87 219.45 Td (transactions ) Tj ET Q q 0 0 0 rg BT 326.85 219.45 Td (with ) Tj ET Q q 0 0 0 rg BT 346.84 219.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 377.37 219.45 Td (to ) Tj ET Q q 0 0 0 rg BT 387.36 219.45 Td (its ) Tj ET Q q 0 0 0 rg BT 399.02 219.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 426.23 219.45 Td (in ) Tj ET Q q 0 0 0 rg BT 436.22 219.45 Td (us, ) Tj ET Q q 0 0 0 rg BT 449.83 219.45 Td (taking ) Tj ET Q q 0 0 0 rg BT 477.04 219.45 Td (into ) Tj ET Q q 0 0 0 rg BT 494.81 219.45 Td (account ) Tj ET Q q 0 0 0 rg BT 528.12 219.45 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.45 Td (and ) Tj ET Q q 0 0 0 rg BT 66.85 207.45 Td (market ) Tj ET Q q 0 0 0 rg BT 97.52 207.45 Td (conditions ) Tj ET Q q 0 0 0 rg BT 142.09 207.45 Td (and ) Tj ET Q q 0 0 0 rg BT 159.44 207.45 Td (other ) Tj ET Q q 0 0 0 rg BT 182.89 207.45 Td (factors ) Tj ET Q q 0 0 0 rg BT 213.01 207.45 Td (that ) Tj ET Q q 0 0 0 rg BT 230.91 207.45 Td (it ) Tj ET Q q 0 0 0 rg BT 239.37 207.45 Td (deems ) Tj ET Q q 0 0 0 rg BT 267.83 207.45 Td (relevant. ) Tj ET Q q 0 0 0 rg BT 305.44 207.45 Td ( ) Tj ET Q q 0 0 0 rg BT 308.35 207.45 Td (ESL) Tj ET Q q 0 0 0 rg BT 325.75 207.45 Td ( ) Tj ET Q q 0 0 0 rg BT 328.66 207.45 Td (is ) Tj ET Q q 0 0 0 rg BT 338.24 207.45 Td (not ) Tj ET Q q 0 0 0 rg BT 353.92 207.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 385.16 207.45 Td (to ) Tj ET Q q 0 0 0 rg BT 395.84 207.45 Td (any ) Tj ET Q q 0 0 0 rg BT 413.19 207.45 Td (contractual ) Tj ET Q q 0 0 0 rg BT 460.52 207.45 Td (obligation ) Tj ET Q q 0 0 0 rg BT 503.98 207.45 Td (to ) Tj ET Q q 0 0 0 rg BT 514.66 207.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 552.56 207.45 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.45 Td (ownership ) Tj ET Q q 0 0 0 rg BT 93.55 195.45 Td (position ) Tj ET Q q 0 0 0 rg BT 128.16 195.45 Td (in ) Tj ET Q q 0 0 0 rg BT 138.33 195.45 Td (us, ) Tj ET Q q 0 0 0 rg BT 152.11 195.45 Td (although ) Tj ET Q q 0 0 0 rg BT 189.49 195.45 Td (it ) Tj ET Q q 0 0 0 rg BT 197.43 195.45 Td (may ) Tj ET Q q 0 0 0 rg BT 217.04 195.45 Td (be ) Tj ET Q q 0 0 0 rg BT 228.87 195.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 259.58 195.45 Td (to ) Tj ET Q q 0 0 0 rg BT 269.74 195.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 299.33 195.45 Td (transfer ) Tj ET Q q 0 0 0 rg BT 332.26 195.45 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 379.08 195.45 Td (imposed ) Tj ET Q q 0 0 0 rg BT 415.35 195.45 Td (by ) Tj ET Q q 0 0 0 rg BT 427.74 195.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 467.89 195.45 Td (laws. ) Tj ET Q q 0 0 0 rg BT 491.11 195.45 Td (Consequently) Tj ET Q q 0 0 0 rg BT 545.46 195.45 Td (, ) Tj ET Q q 0 0 0 rg BT 550.34 195.45 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.45 Td (cannot ) Tj ET Q q 0 0 0 rg BT 78.10 183.45 Td (assure ) Tj ET Q q 0 0 0 rg BT 105.03 183.45 Td (you ) Tj ET Q q 0 0 0 rg BT 121.97 183.45 Td (that ) Tj ET Q q 0 0 0 rg BT 138.90 183.45 Td (ESL) Tj ET Q q 0 0 0 rg BT 156.31 183.45 Td ( ) Tj ET Q q 0 0 0 rg BT 158.25 183.45 Td (will ) Tj ET Q q 0 0 0 rg BT 175.74 183.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 212.67 183.45 Td (its ) Tj ET Q q 0 0 0 rg BT 224.06 183.45 Td (ownership ) Tj ET Q q 0 0 0 rg BT 267.66 183.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 299.04 183.45 Td (in ) Tj ET Q q 0 0 0 rg BT 308.75 183.45 Td (us. ) Tj ET Q q 0 0 0 rg BT 322.09 183.45 Td ( ) Tj ET Q q 0 0 0 rg BT 323.60 183.45 Td (Any ) Tj ET Q q 0 0 0 rg BT 342.76 183.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 360.25 183.45 Td (by ) Tj ET Q q 0 0 0 rg BT 372.19 183.45 Td (ESL) Tj ET Q q 0 0 0 rg BT 389.59 183.45 Td ( ) Tj ET Q q 0 0 0 rg BT 391.53 183.45 Td (of ) Tj ET Q q 0 0 0 rg BT 401.80 183.45 Td (our ) Tj ET Q q 0 0 0 rg BT 417.07 183.45 Td (common ) Tj ET Q q 0 0 0 rg BT 454.01 183.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 477.06 183.45 Td (or ) Tj ET Q q 0 0 0 rg BT 487.33 183.45 Td (any ) Tj ET Q q 0 0 0 rg BT 503.71 183.45 Td (announcement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.45 Td (by ) Tj ET Q q 0 0 0 rg BT 61.95 171.45 Td (ESL) Tj ET Q q 0 0 0 rg BT 79.36 171.45 Td ( ) Tj ET Q q 0 0 0 rg BT 81.81 171.45 Td (that ) Tj ET Q q 0 0 0 rg BT 99.26 171.45 Td (it ) Tj ET Q q 0 0 0 rg BT 107.27 171.45 Td (has ) Tj ET Q q 0 0 0 rg BT 123.05 171.45 Td (decided ) Tj ET Q q 0 0 0 rg BT 156.60 171.45 Td (to ) Tj ET Q q 0 0 0 rg BT 166.83 171.45 Td (sell ) Tj ET Q q 0 0 0 rg BT 183.17 171.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 210.61 171.45 Td (of ) Tj ET Q q 0 0 0 rg BT 221.39 171.45 Td (our ) Tj ET Q q 0 0 0 rg BT 237.18 171.45 Td (common ) Tj ET Q q 0 0 0 rg BT 274.63 171.45 Td (stock, ) Tj ET Q q 0 0 0 rg BT 300.69 171.45 Td (or ) Tj ET Q q 0 0 0 rg BT 311.47 171.45 Td (the ) Tj ET Q q 0 0 0 rg BT 326.14 171.45 Td (perception ) Tj ET Q q 0 0 0 rg BT 370.79 171.45 Td (by ) Tj ET Q q 0 0 0 rg BT 383.25 171.45 Td (the ) Tj ET Q q 0 0 0 rg BT 397.92 171.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.25 171.45 Td (community ) Tj ET Q q 0 0 0 rg BT 492.25 171.45 Td (that ) Tj ET Q q 0 0 0 rg BT 509.70 171.45 Td (ESL) Tj ET Q q 0 0 0 rg BT 527.11 171.45 Td ( ) Tj ET Q q 0 0 0 rg BT 529.56 171.45 Td (has ) Tj ET Q q 0 0 0 rg BT 545.34 171.45 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.45 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 159.45 Td (decided ) Tj ET Q q 0 0 0 rg BT 93.92 159.45 Td (to ) Tj ET Q q 0 0 0 rg BT 104.20 159.45 Td (sell ) Tj ET Q q 0 0 0 rg BT 120.59 159.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 148.08 159.45 Td (of ) Tj ET Q q 0 0 0 rg BT 158.91 159.45 Td (our ) Tj ET Q q 0 0 0 rg BT 174.74 159.45 Td (common ) Tj ET Q q 0 0 0 rg BT 212.23 159.45 Td (stock, ) Tj ET Q q 0 0 0 rg BT 238.34 159.45 Td (could ) Tj ET Q q 0 0 0 rg BT 263.06 159.45 Td (have ) Tj ET Q q 0 0 0 rg BT 284.44 159.45 Td (an ) Tj ET Q q 0 0 0 rg BT 296.38 159.45 Td (adverse ) Tj ET Q q 0 0 0 rg BT 329.41 159.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 359.12 159.45 Td (on ) Tj ET Q q 0 0 0 rg BT 371.62 159.45 Td (the ) Tj ET Q q 0 0 0 rg BT 386.34 159.45 Td (price ) Tj ET Q q 0 0 0 rg BT 408.83 159.45 Td (of ) Tj ET Q q 0 0 0 rg BT 419.66 159.45 Td (our ) Tj ET Q q 0 0 0 rg BT 435.49 159.45 Td (common ) Tj ET Q q 0 0 0 rg BT 472.98 159.45 Td (stock.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 133.45 Td (Y) Tj ET Q q 0 0 0 rg BT 54.50 133.45 Td (our ) Tj ET Q q 0 0 0 rg BT 71.45 133.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 118.94 133.45 Td (ownership ) Tj ET Q q 0 0 0 rg BT 164.23 133.45 Td (in ) Tj ET Q q 0 0 0 rg BT 175.07 133.45 Td (us ) Tj ET Q q 0 0 0 rg BT 187.02 133.45 Td (may ) Tj ET Q q 0 0 0 rg BT 206.74 133.45 Td (be ) Tj ET Q q 0 0 0 rg BT 218.68 133.45 Td (diluted ) Tj ET Q q 0 0 0 rg BT 249.51 133.45 Td (in ) Tj ET Q q 0 0 0 rg BT 260.35 133.45 Td (the ) Tj ET Q q 0 0 0 rg BT 275.63 133.45 Td (future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 116.45 Td (Y) Tj ET Q q 0 0 0 rg BT 78.22 116.45 Td (our ) Tj ET Q q 0 0 0 rg BT 93.26 116.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 138.27 116.45 Td (ownership ) Tj ET Q q 0 0 0 rg BT 181.64 116.45 Td (in ) Tj ET Q q 0 0 0 rg BT 191.13 116.45 Td (SHO ) Tj ET Q q 0 0 0 rg BT 212.84 116.45 Td (may ) Tj ET Q q 0 0 0 rg BT 231.77 116.45 Td (be ) Tj ET Q q 0 0 0 rg BT 242.91 116.45 Td (diluted ) Tj ET Q q 0 0 0 rg BT 272.40 116.45 Td (in ) Tj ET Q q 0 0 0 rg BT 281.88 116.45 Td (the ) Tj ET Q q 0 0 0 rg BT 295.81 116.45 Td (future ) Tj ET Q q 0 0 0 rg BT 321.39 116.45 Td (because ) Tj ET Q q 0 0 0 rg BT 354.75 116.45 Td (of ) Tj ET Q q 0 0 0 rg BT 364.79 116.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 391.49 116.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 421.52 116.45 Td (that ) Tj ET Q q 0 0 0 rg BT 438.23 116.45 Td (may ) Tj ET Q q 0 0 0 rg BT 457.15 116.45 Td (be ) Tj ET Q q 0 0 0 rg BT 468.30 116.45 Td (granted ) Tj ET Q q 0 0 0 rg BT 499.99 116.45 Td (to ) Tj ET Q q 0 0 0 rg BT 509.48 116.45 Td (our ) Tj ET Q q 0 0 0 rg BT 524.52 116.45 Td (directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.45 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 104.45 Td (ficers ) Tj ET Q q 0 0 0 rg BT 81.52 104.45 Td (and ) Tj ET Q q 0 0 0 rg BT 97.62 104.45 Td (employees ) Tj ET Q q 0 0 0 rg BT 142.05 104.45 Td (in ) Tj ET Q q 0 0 0 rg BT 151.49 104.45 Td (the ) Tj ET Q q 0 0 0 rg BT 165.37 104.45 Td (future. ) Tj ET Q q 0 0 0 rg BT 193.41 104.45 Td ( ) Tj ET Q q 0 0 0 rg BT 194.95 104.45 Td (W) Tj ET Q q 0 0 0 rg BT 203.59 104.45 Td (e ) Tj ET Q q 0 0 0 rg BT 209.69 104.45 Td (may ) Tj ET Q q 0 0 0 rg BT 228.57 104.45 Td (in ) Tj ET Q q 0 0 0 rg BT 238.01 104.45 Td (the ) Tj ET Q q 0 0 0 rg BT 251.89 104.45 Td (future ) Tj ET Q q 0 0 0 rg BT 277.43 104.45 Td (decide ) Tj ET Q q 0 0 0 rg BT 305.18 104.45 Td (to ) Tj ET Q q 0 0 0 rg BT 314.62 104.45 Td (make ) Tj ET Q q 0 0 0 rg BT 337.94 104.45 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 390.70 104.45 Td (awards, ) Tj ET Q q 0 0 0 rg BT 423.18 104.45 Td (as ) Tj ET Q q 0 0 0 rg BT 433.17 104.45 Td (well ) Tj ET Q q 0 0 0 rg BT 452.05 104.45 Td (as ) Tj ET Q q 0 0 0 rg BT 462.05 104.45 Td (establish ) Tj ET Q q 0 0 0 rg BT 498.70 104.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 525.36 104.45 Td (incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.45 Td (plans ) Tj ET Q q 0 0 0 rg BT 73.75 92.45 Td (that ) Tj ET Q q 0 0 0 rg BT 91.89 92.45 Td (may ) Tj ET Q q 0 0 0 rg BT 112.25 92.45 Td (provide ) Tj ET Q q 0 0 0 rg BT 145.94 92.45 Td (for ) Tj ET Q q 0 0 0 rg BT 160.74 92.45 Td (the ) Tj ET Q q 0 0 0 rg BT 176.10 92.45 Td (grant ) Tj ET Q q 0 0 0 rg BT 199.79 92.45 Td (of ) Tj ET Q q 0 0 0 rg BT 211.26 92.45 Td (common ) Tj ET Q q 0 0 0 rg BT 249.40 92.45 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 299.74 92.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 327.88 92.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 359.34 92.45 Td (to ) Tj ET Q q 0 0 0 rg BT 370.26 92.45 Td (our ) Tj ET Q q 0 0 0 rg BT 386.74 92.45 Td (directors, ) Tj ET Q q 0 0 0 rg BT 427.36 92.45 Td (of) Tj ET Q q 0 0 0 rg BT 435.51 92.45 Td (ficers ) Tj ET Q q 0 0 0 rg BT 460.86 92.45 Td (and ) Tj ET Q q 0 0 0 rg BT 478.44 92.45 Td (other ) Tj ET Q q 0 0 0 rg BT 502.13 92.45 Td (employees. ) Tj ET Q q 0 0 0 rg BT 550.54 92.45 Td ( ) Tj ET Q q 0 0 0 rg BT 553.68 92.45 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.45 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.34 80.45 Td (we ) Tj ET Q q 0 0 0 rg BT 101.57 80.45 Td (may ) Tj ET Q q 0 0 0 rg BT 121.35 80.45 Td (issue ) Tj ET Q q 0 0 0 rg BT 143.91 80.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 171.48 80.45 Td (in ) Tj ET Q q 0 0 0 rg BT 181.82 80.45 Td (order ) Tj ET Q q 0 0 0 rg BT 205.48 80.45 Td (to ) Tj ET Q q 0 0 0 rg BT 215.83 80.45 Td (raise ) Tj ET Q q 0 0 0 rg BT 237.27 80.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 266.49 80.45 Td (or ) Tj ET Q q 0 0 0 rg BT 277.38 80.45 Td (in ) Tj ET Q q 0 0 0 rg BT 287.73 80.45 Td (connection ) Tj ET Q q 0 0 0 rg BT 334.17 80.45 Td (with ) Tj ET Q q 0 0 0 rg BT 354.51 80.45 Td (future ) Tj ET Q q 0 0 0 rg BT 380.95 80.45 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 431.29 80.45 Td (and ) Tj ET Q q 0 0 0 rg BT 448.30 80.45 Td (strategic ) Tj ET Q q 0 0 0 rg BT 484.73 80.45 Td (investments, ) Tj ET Q q 0 0 0 rg BT 537.57 80.45 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.45 Td (would ) Tj ET Q q 0 0 0 rg BT 77.00 68.45 Td (dilute ) Tj ET Q q 0 0 0 rg BT 102.27 68.45 Td (your ) Tj ET Q q 0 0 0 rg BT 123.10 68.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 168.90 68.45 Td (ownership.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 742.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.59 742.25 Td (do ) Tj ET Q q 0 0 0 rg BT 77.09 742.25 Td (not ) Tj ET Q q 0 0 0 rg BT 92.93 742.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 121.52 742.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.80 742.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 148.74 742.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 190.13 742.25 Td (for ) Tj ET Q q 0 0 0 rg BT 204.85 742.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.13 742.25 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 269.27 742.25 Td (future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 725.25 Td (e ) Tj ET Q q 0 0 0 rg BT 83.40 725.25 Td (do ) Tj ET Q q 0 0 0 rg BT 96.23 725.25 Td (not ) Tj ET Q q 0 0 0 rg BT 111.83 725.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 140.75 725.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.35 725.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 168.61 725.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 189.21 725.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 230.92 725.25 Td (on ) Tj ET Q q 0 0 0 rg BT 243.74 725.25 Td (our ) Tj ET Q q 0 0 0 rg BT 259.90 725.25 Td (common ) Tj ET Q q 0 0 0 rg BT 297.72 725.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 321.65 725.25 Td (for ) Tj ET Q q 0 0 0 rg BT 336.14 725.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.18 725.25 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 399.52 725.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 428.73 725.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.93 725.25 Td (As ) Tj ET Q q 0 0 0 rg BT 444.86 725.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.13 725.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 479.67 725.25 Td (you ) Tj ET Q q 0 0 0 rg BT 497.49 725.25 Td (may ) Tj ET Q q 0 0 0 rg BT 517.54 725.25 Td (not ) Tj ET Q q 0 0 0 rg BT 533.14 725.25 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (any ) Tj ET Q q 0 0 0 rg BT 66.44 713.25 Td (return ) Tj ET Q q 0 0 0 rg BT 92.82 713.25 Td (on ) Tj ET Q q 0 0 0 rg BT 105.32 713.25 Td (an ) Tj ET Q q 0 0 0 rg BT 117.25 713.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.64 713.25 Td (in ) Tj ET Q q 0 0 0 rg BT 173.91 713.25 Td (our ) Tj ET Q q 0 0 0 rg BT 189.74 713.25 Td (common ) Tj ET Q q 0 0 0 rg BT 227.24 713.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 250.85 713.25 Td (in ) Tj ET Q q 0 0 0 rg BT 261.13 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.84 713.25 Td (form ) Tj ET Q q 0 0 0 rg BT 297.78 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.61 713.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 328.88 713.25 Td (dividends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (Item 1B. Unr) Tj ET Q q 0 0 0 rg BT 106.20 677.25 Td (esolved Staff Comments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 627.25 Td (Item 2. Pr) Tj ET Q q 0 0 0 rg BT 92.86 627.25 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 610.25 Td (As ) Tj ET Q q 0 0 0 rg BT 87.61 610.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 610.25 Td (January28, ) Tj ET Q q 0 0 0 rg BT 147.04 610.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.04 610.25 Td (, ) Tj ET Q q 0 0 0 rg BT 172.04 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.87 610.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 234.81 610.25 Td (business ) Tj ET Q q 0 0 0 rg BT 271.20 610.25 Td (included ) Tj ET Q q 0 0 0 rg BT 308.14 610.25 Td (871 ) Tj ET Q q 0 0 0 rg BT 325.64 610.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 351.47 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.40 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 384.23 610.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 411.73 610.25 Td (business ) Tj ET Q q 0 0 0 rg BT 448.12 610.25 Td (included ) Tj ET Q q 0 0 0 rg BT 485.05 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 487.55 610.25 Td (149 ) Tj ET Q q 0 0 0 rg BT 505.05 610.25 Td (stores. ) Tj ET Q q 0 0 0 rg BT 533.38 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 593.25 Td (As ) Tj ET Q q 0 0 0 rg BT 88.48 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.18 593.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.55 593.25 Td (January28, ) Tj ET Q q 0 0 0 rg BT 153.01 593.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.01 593.25 Td (, ) Tj ET Q q 0 0 0 rg BT 178.88 593.25 Td (788 ) Tj ET Q q 0 0 0 rg BT 197.25 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.95 593.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.65 593.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 273.45 593.25 Td (Store ) Tj ET Q q 0 0 0 rg BT 297.93 593.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 337.40 593.25 Td (were ) Tj ET Q q 0 0 0 rg BT 360.20 593.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 388.55 593.25 Td (by ) Tj ET Q q 0 0 0 rg BT 401.92 593.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 454.16 593.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 485.84 593.25 Td (from ) Tj ET Q q 0 0 0 rg BT 508.65 593.25 Td (landlords ) Tj ET Q q 0 0 0 rg BT 549.24 593.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 581.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 88.55 581.25 Td (with ) Tj ET Q q 0 0 0 rg BT 108.97 581.25 Td (SHO. ) Tj ET Q q 0 0 0 rg BT 134.11 581.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.17 581.25 Td (Also ) Tj ET Q q 0 0 0 rg BT 157.70 581.25 Td (as ) Tj ET Q q 0 0 0 rg BT 168.67 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.64 581.25 Td (that ) Tj ET Q q 0 0 0 rg BT 197.28 581.25 Td (date ) Tj ET Q q 0 0 0 rg BT 216.58 581.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 230.88 581.25 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 278.49 581.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 306.12 581.25 Td (a ) Tj ET Q q 0 0 0 rg BT 313.20 581.25 Td (total ) Tj ET Q q 0 0 0 rg BT 333.61 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.58 581.25 Td (40 ) Tj ET Q q 0 0 0 rg BT 357.22 581.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 383.72 581.25 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 427.45 581.25 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 477.88 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 494.96 581.25 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 537.02 581.25 Td (Stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.45 Td (directly ) Tj ET Q q 0 0 0 rg BT 82.98 564.45 Td (from ) Tj ET Q q 0 0 0 rg BT 104.86 564.45 Td (landlords ) Tj ET Q q 0 0 0 rg BT 144.51 564.45 Td (not ) Tj ET Q q 0 0 0 rg BT 159.73 564.45 Td (af) Tj ET Q q 0 0 0 rg BT 167.32 564.45 Td (filiated ) Tj ET Q q 0 0 0 rg BT 198.07 564.45 Td (with ) Tj ET Q q 0 0 0 rg BT 218.29 564.45 Td (SHO ) Tj ET Q q 0 0 0 rg BT 240.73 564.45 Td (and ) Tj ET Q q 0 0 0 rg BT 257.61 564.45 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 271.71 564.45 Td (SHO ) Tj ET Q q 0 0 0 rg BT 294.15 564.45 Td (subleased ) Tj ET Q q 0 0 0 rg BT 335.47 564.45 Td (to ) Tj ET Q q 0 0 0 rg BT 345.68 564.45 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 393.10 564.45 Td (a ) Tj ET Q q 0 0 0 rg BT 399.97 564.45 Td (total ) Tj ET Q q 0 0 0 rg BT 420.18 564.45 Td (of ) Tj ET Q q 0 0 0 rg BT 430.95 564.45 Td (15) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 440.95 564.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.36 564.45 Td (Home ) Tj ET Q q 0 0 0 rg BT 470.70 564.45 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 514.23 564.45 Td (Showrooms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.45 Td (and ) Tj ET Q q 0 0 0 rg BT 66.97 552.45 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 108.93 552.45 Td (stores. ) Tj ET Q q 0 0 0 rg BT 137.29 552.45 Td ( ) Tj ET Q q 0 0 0 rg BT 139.27 552.45 Td (As ) Tj ET Q q 0 0 0 rg BT 152.92 552.45 Td (part ) Tj ET Q q 0 0 0 rg BT 171.00 552.45 Td (of ) Tj ET Q q 0 0 0 rg BT 181.87 552.45 Td (our ) Tj ET Q q 0 0 0 rg BT 197.73 552.45 Td (sublease ) Tj ET Q q 0 0 0 rg BT 234.15 552.45 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 290.54 552.45 Td (the ) Tj ET Q q 0 0 0 rg BT 305.30 552.45 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 352.81 552.45 Td (agree ) Tj ET Q q 0 0 0 rg BT 376.99 552.45 Td (with ) Tj ET Q q 0 0 0 rg BT 397.30 552.45 Td (SHO ) Tj ET Q q 0 0 0 rg BT 419.84 552.45 Td (to ) Tj ET Q q 0 0 0 rg BT 430.16 552.45 Td (pay ) Tj ET Q q 0 0 0 rg BT 447.13 552.45 Td (rent ) Tj ET Q q 0 0 0 rg BT 465.21 552.45 Td (to ) Tj ET Q q 0 0 0 rg BT 475.53 552.45 Td (SHO ) Tj ET Q q 0 0 0 rg BT 498.07 552.45 Td (and ) Tj ET Q q 0 0 0 rg BT 515.04 552.45 Td (perform ) Tj ET Q q 0 0 0 rg BT 549.78 552.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.45 Td (other ) Tj ET Q q 0 0 0 rg BT 72.99 540.45 Td (lease ) Tj ET Q q 0 0 0 rg BT 95.42 540.45 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 144.81 540.45 Td ( ) Tj ET Q q 0 0 0 rg BT 146.72 540.45 Td (As ) Tj ET Q q 0 0 0 rg BT 160.28 540.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.06 540.45 Td (January28, ) Tj ET Q q 0 0 0 rg BT 219.60 540.45 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.60 540.45 Td ( ) Tj ET Q q 0 0 0 rg BT 242.05 540.45 Td (SHO ) Tj ET Q q 0 0 0 rg BT 264.50 540.45 Td (operated ) Tj ET Q q 0 0 0 rg BT 301.37 540.45 Td (32 ) Tj ET Q q 0 0 0 rg BT 313.82 540.45 Td (leased ) Tj ET Q q 0 0 0 rg BT 341.25 540.45 Td (Home ) Tj ET Q q 0 0 0 rg BT 367.59 540.45 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 411.13 540.45 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 461.36 540.45 Td (and ) Tj ET Q q 0 0 0 rg BT 478.25 540.45 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 520.11 540.45 Td (Stores ) Tj ET Q q 0 0 0 rg BT 547.56 540.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.65 Td (operated ) Tj ET Q q 0 0 0 rg BT 86.28 523.65 Td (six) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 97.95 523.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.55 523.65 Td (leased ) Tj ET Q q 0 0 0 rg BT 127.40 523.65 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 173.69 523.65 Td (Stores. ) Tj ET Q q 0 0 0 rg BT 203.05 523.65 Td ( ) Tj ET Q q 0 0 0 rg BT 204.50 523.65 Td (Also ) Tj ET Q q 0 0 0 rg BT 225.25 523.65 Td (as ) Tj ET Q q 0 0 0 rg BT 235.44 523.65 Td (of ) Tj ET Q q 0 0 0 rg BT 245.62 523.65 Td (that ) Tj ET Q q 0 0 0 rg BT 262.48 523.65 Td (date ) Tj ET Q q 0 0 0 rg BT 280.99 523.65 Td (SHO ) Tj ET Q q 0 0 0 rg BT 302.85 523.65 Td (operated ) Tj ET Q q 0 0 0 rg BT 339.13 523.65 Td (108 ) Tj ET Q q 0 0 0 rg BT 355.99 523.65 Td (leased ) Tj ET Q q 0 0 0 rg BT 382.84 523.65 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 409.69 523.65 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 439.05 523.65 Td (owned ) Tj ET Q q 0 0 0 rg BT 467.56 523.65 Td (and ) Tj ET Q q 0 0 0 rg BT 483.86 523.65 Td (operated ) Tj ET Q q 0 0 0 rg BT 520.14 523.65 Td (two ) Tj ET Q q 0 0 0 rg BT 537.00 523.65 Td (Outlet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.85 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 80.81 506.85 Td (subleased ) Tj ET Q q 0 0 0 rg BT 123.00 506.85 Td (33) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 133.00 506.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.64 506.85 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 165.95 506.85 Td (Stores ) Tj ET Q q 0 0 0 rg BT 194.26 506.85 Td (to ) Tj ET Q q 0 0 0 rg BT 205.35 506.85 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 256.14 506.85 Td (one) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 270.58 506.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.22 506.85 Td (location ) Tj ET Q q 0 0 0 rg BT 310.74 506.85 Td (was ) Tj ET Q q 0 0 0 rg BT 329.61 506.85 Td (leased ) Tj ET Q q 0 0 0 rg BT 357.91 506.85 Td (by ) Tj ET Q q 0 0 0 rg BT 371.22 506.85 Td (an ) Tj ET Q q 0 0 0 rg BT 383.97 506.85 Td (independent ) Tj ET Q q 0 0 0 rg BT 436.16 506.85 Td (owner) Tj ET Q q 0 0 0 rg BT 460.75 506.85 Td (, ) Tj ET Q q 0 0 0 rg BT 466.56 506.85 Td (3 ) Tj ET Q q 0 0 0 rg BT 474.87 506.85 Td (locations ) Tj ET Q q 0 0 0 rg BT 514.29 506.85 Td (were ) Tj ET Q q 0 0 0 rg BT 537.03 506.85 Td (leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.85 Td (directly ) Tj ET Q q 0 0 0 rg BT 83.04 494.85 Td (by ) Tj ET Q q 0 0 0 rg BT 95.54 494.85 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 145.52 494.85 Td (and ) Tj ET Q q 0 0 0 rg BT 162.46 494.85 Td (2 ) Tj ET Q q 0 0 0 rg BT 169.96 494.85 Td (locations ) Tj ET Q q 0 0 0 rg BT 208.56 494.85 Td (were ) Tj ET Q q 0 0 0 rg BT 230.49 494.85 Td (in ) Tj ET Q q 0 0 0 rg BT 240.77 494.85 Td (premises ) Tj ET Q q 0 0 0 rg BT 278.81 494.85 Td (leased ) Tj ET Q q 0 0 0 rg BT 306.30 494.85 Td (by ) Tj ET Q q 0 0 0 rg BT 318.80 494.85 Td (the ) Tj ET Q q 0 0 0 rg BT 333.52 494.85 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 375.43 494.85 Td (stores.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 473.85 Td (As ) Tj ET Q q 0 0 0 rg BT 87.47 473.85 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.16 473.85 Td (January28, ) Tj ET Q q 0 0 0 rg BT 146.61 473.85 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.61 473.85 Td (, ) Tj ET Q q 0 0 0 rg BT 171.47 473.85 Td (SHO ) Tj ET Q q 0 0 0 rg BT 193.83 473.85 Td (subleased ) Tj ET Q q 0 0 0 rg BT 235.06 473.85 Td (or ) Tj ET Q q 0 0 0 rg BT 245.75 473.85 Td (leased ) Tj ET Q q 0 0 0 rg BT 273.09 473.85 Td (from ) Tj ET Q q 0 0 0 rg BT 294.88 473.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 318.90 473.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 357.92 473.85 Td (a ) Tj ET Q q 0 0 0 rg BT 364.72 473.85 Td (total ) Tj ET Q q 0 0 0 rg BT 384.85 473.85 Td (of ) Tj ET Q q 0 0 0 rg BT 395.53 473.85 Td (32 ) Tj ET Q q 0 0 0 rg BT 407.89 473.85 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 486.89 473.85 Td (locations. ) Tj ET Q q 0 0 0 rg BT 527.85 473.85 Td ( ) Tj ET Q q 0 0 0 rg BT 530.20 473.85 Td (In ) Tj ET Q q 0 0 0 rg BT 540.89 473.85 Td (some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.85 Td (of ) Tj ET Q q 0 0 0 rg BT 61.01 461.85 Td (these ) Tj ET Q q 0 0 0 rg BT 84.23 461.85 Td (locations ) Tj ET Q q 0 0 0 rg BT 123.02 461.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 147.35 461.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 186.70 461.85 Td (currently ) Tj ET Q q 0 0 0 rg BT 225.47 461.85 Td (operates ) Tj ET Q q 0 0 0 rg BT 261.47 461.85 Td (one ) Tj ET Q q 0 0 0 rg BT 278.58 461.85 Td (of ) Tj ET Q q 0 0 0 rg BT 289.59 461.85 Td (its ) Tj ET Q q 0 0 0 rg BT 301.72 461.85 Td (stores ) Tj ET Q q 0 0 0 rg BT 327.73 461.85 Td (or ) Tj ET Q q 0 0 0 rg BT 338.74 461.85 Td (engages ) Tj ET Q q 0 0 0 rg BT 373.62 461.85 Td (in ) Tj ET Q q 0 0 0 rg BT 384.08 461.85 Td (other ) Tj ET Q q 0 0 0 rg BT 407.30 461.85 Td (or) Tj ET Q q 0 0 0 rg BT 415.23 461.85 Td (, ) Tj ET Q q 0 0 0 rg BT 420.41 461.85 Td (in ) Tj ET Q q 0 0 0 rg BT 430.87 461.85 Td (some ) Tj ET Q q 0 0 0 rg BT 454.65 461.85 Td (cases, ) Tj ET Q q 0 0 0 rg BT 480.93 461.85 Td (no ) Tj ET Q q 0 0 0 rg BT 493.61 461.85 Td (business ) Tj ET Q q 0 0 0 rg BT 530.18 461.85 Td (activity) Tj ET Q q 0 0 0 rg BT 559.52 461.85 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.85 Td (In ) Tj ET Q q 0 0 0 rg BT 60.68 449.85 Td (most ) Tj ET Q q 0 0 0 rg BT 82.47 449.85 Td (such ) Tj ET Q q 0 0 0 rg BT 103.14 449.85 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 162.13 449.85 Td (we ) Tj ET Q q 0 0 0 rg BT 176.14 449.85 Td (have ) Tj ET Q q 0 0 0 rg BT 197.36 449.85 Td (entered ) Tj ET Q q 0 0 0 rg BT 229.13 449.85 Td (into ) Tj ET Q q 0 0 0 rg BT 247.03 449.85 Td (a ) Tj ET Q q 0 0 0 rg BT 253.81 449.85 Td (sublease ) Tj ET Q q 0 0 0 rg BT 290.03 449.85 Td (with ) Tj ET Q q 0 0 0 rg BT 310.16 449.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 334.16 449.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 373.18 449.85 Td (\(or ) Tj ET Q q 0 0 0 rg BT 387.18 449.85 Td (one ) Tj ET Q q 0 0 0 rg BT 403.97 449.85 Td (of ) Tj ET Q q 0 0 0 rg BT 414.64 449.85 Td (its ) Tj ET Q q 0 0 0 rg BT 426.44 449.85 Td (subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 479.33 449.85 Td (for ) Tj ET Q q 0 0 0 rg BT 493.33 449.85 Td (the ) Tj ET Q q 0 0 0 rg BT 507.90 449.85 Td (portion ) Tj ET Q q 0 0 0 rg BT 539.13 449.85 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 449.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.85 Td (space ) Tj ET Q q 0 0 0 rg BT 75.59 437.85 Td (in ) Tj ET Q q 0 0 0 rg BT 86.75 437.85 Td (which ) Tj ET Q q 0 0 0 rg BT 114.57 437.85 Td (our ) Tj ET Q q 0 0 0 rg BT 131.29 437.85 Td (store ) Tj ET Q q 0 0 0 rg BT 154.11 437.85 Td (operates ) Tj ET Q q 0 0 0 rg BT 190.80 437.85 Td (and ) Tj ET Q q 0 0 0 rg BT 208.63 437.85 Td (we ) Tj ET Q q 0 0 0 rg BT 223.67 437.85 Td (pay ) Tj ET Q q 0 0 0 rg BT 241.49 437.85 Td (rent ) Tj ET Q q 0 0 0 rg BT 260.42 437.85 Td (directly ) Tj ET Q q 0 0 0 rg BT 294.34 437.85 Td (to ) Tj ET Q q 0 0 0 rg BT 305.51 437.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 330.55 437.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 370.60 437.85 Td (on ) Tj ET Q q 0 0 0 rg BT 383.98 437.85 Td (the ) Tj ET Q q 0 0 0 rg BT 399.58 437.85 Td (terms ) Tj ET Q q 0 0 0 rg BT 425.18 437.85 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 470.22 437.85 Td (in ) Tj ET Q q 0 0 0 rg BT 481.38 437.85 Td (connection ) Tj ET Q q 0 0 0 rg BT 528.63 437.85 Td (with ) Tj ET Q q 0 0 0 rg BT 549.79 437.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.85 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 98.24 425.85 Td ( ) Tj ET Q q 0 0 0 rg BT 101.22 425.85 Td (In ) Tj ET Q q 0 0 0 rg BT 112.53 425.85 Td (several ) Tj ET Q q 0 0 0 rg BT 143.82 425.85 Td (locations ) Tj ET Q q 0 0 0 rg BT 182.90 425.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 207.54 425.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 247.19 425.85 Td (owns ) Tj ET Q q 0 0 0 rg BT 271.28 425.85 Td (the ) Tj ET Q q 0 0 0 rg BT 286.47 425.85 Td (premises, ) Tj ET Q q 0 0 0 rg BT 327.50 425.85 Td (which ) Tj ET Q q 0 0 0 rg BT 354.91 425.85 Td (we ) Tj ET Q q 0 0 0 rg BT 369.55 425.85 Td (lease ) Tj ET Q q 0 0 0 rg BT 392.51 425.85 Td (from ) Tj ET Q q 0 0 0 rg BT 414.93 425.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 439.57 425.85 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 481.71 425.85 Td ( ) Tj ET Q q 0 0 0 rg BT 484.48 425.85 Td (W) Tj ET Q q 0 0 0 rg BT 493.11 425.85 Td (e ) Tj ET Q q 0 0 0 rg BT 500.53 425.85 Td (also ) Tj ET Q q 0 0 0 rg BT 519.61 425.85 Td (lease ) Tj ET Q q 0 0 0 rg BT 542.58 425.85 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 74.11 413.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 113.22 413.85 Td (approximately ) Tj ET Q q 0 0 0 rg BT 173.42 413.85 Td (40,000 ) Tj ET Q q 0 0 0 rg BT 203.37 413.85 Td (square ) Tj ET Q q 0 0 0 rg BT 231.91 413.85 Td (feet ) Tj ET Q q 0 0 0 rg BT 249.34 413.85 Td (of ) Tj ET Q q 0 0 0 rg BT 260.12 413.85 Td (of) Tj ET Q q 0 0 0 rg BT 268.27 413.85 Td (fice ) Tj ET Q q 0 0 0 rg BT 285.70 413.85 Td (space ) Tj ET Q q 0 0 0 rg BT 310.35 413.85 Td (for ) Tj ET Q q 0 0 0 rg BT 324.46 413.85 Td (our ) Tj ET Q q 0 0 0 rg BT 340.23 413.85 Td (corporate ) Tj ET Q q 0 0 0 rg BT 380.43 413.85 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 433.96 413.85 Td (in ) Tj ET Q q 0 0 0 rg BT 444.19 413.85 Td (Hof) Tj ET Q q 0 0 0 rg BT 459.56 413.85 Td (fman ) Tj ET Q q 0 0 0 rg BT 482.55 413.85 Td (Estates, ) Tj ET Q q 0 0 0 rg BT 515.82 413.85 Td (Illinois. ) Tj ET Q q 0 0 0 rg BT 548.92 413.85 Td (W) Tj ET Q q 0 0 0 rg BT 557.56 413.85 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.85 Td (believe ) Tj ET Q q 0 0 0 rg BT 82.05 401.85 Td (that ) Tj ET Q q 0 0 0 rg BT 100.22 401.85 Td (our ) Tj ET Q q 0 0 0 rg BT 116.73 401.85 Td (facilities ) Tj ET Q q 0 0 0 rg BT 154.34 401.85 Td (are ) Tj ET Q q 0 0 0 rg BT 169.73 401.85 Td (adequately ) Tj ET Q q 0 0 0 rg BT 216.22 401.85 Td (maintained ) Tj ET Q q 0 0 0 rg BT 263.82 401.85 Td (and ) Tj ET Q q 0 0 0 rg BT 281.44 401.85 Td (are ) Tj ET Q q 0 0 0 rg BT 296.83 401.85 Td (suf) Tj ET Q q 0 0 0 rg BT 308.87 401.85 Td (ficient ) Tj ET Q q 0 0 0 rg BT 337.59 401.85 Td (to ) Tj ET Q q 0 0 0 rg BT 348.54 401.85 Td (meet ) Tj ET Q q 0 0 0 rg BT 371.16 401.85 Td (our ) Tj ET Q q 0 0 0 rg BT 387.67 401.85 Td (current ) Tj ET Q q 0 0 0 rg BT 419.16 401.85 Td (and ) Tj ET Q q 0 0 0 rg BT 436.78 401.85 Td (projected ) Tj ET Q q 0 0 0 rg BT 477.16 401.85 Td (needs. ) Tj ET Q q 0 0 0 rg BT 505.38 401.85 Td (W) Tj ET Q q 0 0 0 rg BT 514.01 401.85 Td (e ) Tj ET Q q 0 0 0 rg BT 521.63 401.85 Td (review ) Tj ET Q q 0 0 0 rg BT 552.02 401.85 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.85 Td (subleases ) Tj ET Q q 0 0 0 rg BT 91.01 389.85 Td (and ) Tj ET Q q 0 0 0 rg BT 108.69 389.85 Td (leases ) Tj ET Q q 0 0 0 rg BT 135.81 389.85 Td (set ) Tj ET Q q 0 0 0 rg BT 150.17 389.85 Td (to ) Tj ET Q q 0 0 0 rg BT 161.19 389.85 Td (expire ) Tj ET Q q 0 0 0 rg BT 189.42 389.85 Td (in ) Tj ET Q q 0 0 0 rg BT 200.44 389.85 Td (the ) Tj ET Q q 0 0 0 rg BT 215.90 389.85 Td (near) Tj ET Q q 0 0 0 rg BT 232.91 389.85 Td (-term ) Tj ET Q q 0 0 0 rg BT 257.81 389.85 Td (to ) Tj ET Q q 0 0 0 rg BT 268.83 389.85 Td (determine ) Tj ET Q q 0 0 0 rg BT 312.05 389.85 Td (the ) Tj ET Q q 0 0 0 rg BT 327.51 389.85 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 376.29 389.85 Td (action ) Tj ET Q q 0 0 0 rg BT 403.97 389.85 Td (to ) Tj ET Q q 0 0 0 rg BT 414.99 389.85 Td (take ) Tj ET Q q 0 0 0 rg BT 434.89 389.85 Td (with ) Tj ET Q q 0 0 0 rg BT 455.91 389.85 Td (respect ) Tj ET Q q 0 0 0 rg BT 487.47 389.85 Td (to ) Tj ET Q q 0 0 0 rg BT 498.49 389.85 Td (them, ) Tj ET Q q 0 0 0 rg BT 524.23 389.85 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.85 Td (closing ) Tj ET Q q 0 0 0 rg BT 81.39 377.85 Td (stores, ) Tj ET Q q 0 0 0 rg BT 109.72 377.85 Td (entering ) Tj ET Q q 0 0 0 rg BT 144.98 377.85 Td (into ) Tj ET Q q 0 0 0 rg BT 163.04 377.85 Td (new ) Tj ET Q q 0 0 0 rg BT 182.20 377.85 Td (store ) Tj ET Q q 0 0 0 rg BT 204.14 377.85 Td (subleases ) Tj ET Q q 0 0 0 rg BT 244.40 377.85 Td (or ) Tj ET Q q 0 0 0 rg BT 255.23 377.85 Td (leases, ) Tj ET Q q 0 0 0 rg BT 284.11 377.85 Td (or ) Tj ET Q q 0 0 0 rg BT 294.94 377.85 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 341.32 377.85 Td (properties ) Tj ET Q q 0 0 0 rg BT 383.80 377.85 Td (for ) Tj ET Q q 0 0 0 rg BT 397.96 377.85 Td (new ) Tj ET Q q 0 0 0 rg BT 417.12 377.85 Td (stores.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.85 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 353.85 Td (Generally) Tj ET Q q 0 0 0 rg BT 111.27 353.85 Td (, ) Tj ET Q q 0 0 0 rg BT 115.81 353.85 Td (the ) Tj ET Q q 0 0 0 rg BT 130.05 353.85 Td (form ) Tj ET Q q 0 0 0 rg BT 151.52 353.85 Td (of ) Tj ET Q q 0 0 0 rg BT 161.88 353.85 Td (sublease ) Tj ET Q q 0 0 0 rg BT 197.79 353.85 Td (from ) Tj ET Q q 0 0 0 rg BT 219.26 353.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 242.95 353.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 281.66 353.85 Td (to ) Tj ET Q q 0 0 0 rg BT 291.46 353.85 Td (us ) Tj ET Q q 0 0 0 rg BT 302.39 353.85 Td (with ) Tj ET Q q 0 0 0 rg BT 322.20 353.85 Td (respect ) Tj ET Q q 0 0 0 rg BT 352.54 353.85 Td (to ) Tj ET Q q 0 0 0 rg BT 362.35 353.85 Td (our ) Tj ET Q q 0 0 0 rg BT 377.71 353.85 Td (subleased ) Tj ET Q q 0 0 0 rg BT 418.62 353.85 Td (premises ) Tj ET Q q 0 0 0 rg BT 456.20 353.85 Td (provides ) Tj ET Q q 0 0 0 rg BT 492.67 353.85 Td (for ) Tj ET Q q 0 0 0 rg BT 506.36 353.85 Td (the ) Tj ET Q q 0 0 0 rg BT 520.61 353.85 Td (following, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.85 Td (among ) Tj ET Q q 0 0 0 rg BT 79.82 341.85 Td (other ) Tj ET Q q 0 0 0 rg BT 102.97 341.85 Td (terms ) Tj ET Q q 0 0 0 rg BT 127.80 341.85 Td (and ) Tj ET Q q 0 0 0 rg BT 144.84 341.85 Td (conditions: ) Tj ET Q q 0 0 0 rg BT 191.89 341.85 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 206.15 341.85 Td (the ) Tj ET Q q 0 0 0 rg BT 220.97 341.85 Td (duration ) Tj ET Q q 0 0 0 rg BT 256.90 341.85 Td (of ) Tj ET Q q 0 0 0 rg BT 267.84 341.85 Td (the ) Tj ET Q q 0 0 0 rg BT 282.66 341.85 Td (sublease ) Tj ET Q q 0 0 0 rg BT 319.14 341.85 Td (and ) Tj ET Q q 0 0 0 rg BT 336.19 341.85 Td (the ) Tj ET Q q 0 0 0 rg BT 351.01 341.85 Td (rent ) Tj ET Q q 0 0 0 rg BT 369.16 341.85 Td (payable ) Tj ET Q q 0 0 0 rg BT 402.86 341.85 Td (by ) Tj ET Q q 0 0 0 rg BT 415.46 341.85 Td (us ) Tj ET Q q 0 0 0 rg BT 426.96 341.85 Td (to ) Tj ET Q q 0 0 0 rg BT 437.34 341.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 461.61 341.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 500.88 341.85 Td (are ) Tj ET Q q 0 0 0 rg BT 515.70 341.85 Td (the ) Tj ET Q q 0 0 0 rg BT 530.52 341.85 Td (same ) Tj ET Q q 0 0 0 rg BT 553.67 341.85 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.85 Td (the ) Tj ET Q q 0 0 0 rg BT 65.02 329.85 Td (duration ) Tj ET Q q 0 0 0 rg BT 101.15 329.85 Td (and ) Tj ET Q q 0 0 0 rg BT 118.39 329.85 Td (the ) Tj ET Q q 0 0 0 rg BT 133.41 329.85 Td (rent ) Tj ET Q q 0 0 0 rg BT 151.77 329.85 Td (payable ) Tj ET Q q 0 0 0 rg BT 185.66 329.85 Td (by ) Tj ET Q q 0 0 0 rg BT 198.47 329.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 222.93 329.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 262.41 329.85 Td (to ) Tj ET Q q 0 0 0 rg BT 272.99 329.85 Td (its ) Tj ET Q q 0 0 0 rg BT 285.24 329.85 Td (landlord; ) Tj ET Q q 0 0 0 rg BT 324.15 329.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 338.61 329.85 Td (the ) Tj ET Q q 0 0 0 rg BT 353.63 329.85 Td (premises ) Tj ET Q q 0 0 0 rg BT 391.98 329.85 Td (are ) Tj ET Q q 0 0 0 rg BT 407.00 329.85 Td (subleased ) Tj ET Q q 0 0 0 rg BT 448.68 329.85 Td (to ) Tj ET Q q 0 0 0 rg BT 459.26 329.85 Td (us ) Tj ET Q q 0 0 0 rg BT 470.96 329.85 Td (on ) Tj ET Q q 0 0 0 rg BT 483.76 329.85 Td (an ) Tj ET Q q 0 0 0 rg BT 496.00 329.85 Td ("as ) Tj ET Q q 0 0 0 rg BT 511.22 329.85 Td (is" ) Tj ET Q q 0 0 0 rg BT 524.77 329.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 547.58 329.85 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.85 Td (that ) Tj ET Q q 0 0 0 rg BT 67.71 317.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 92.08 317.85 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 133.97 317.85 Td (as ) Tj ET Q q 0 0 0 rg BT 145.01 317.85 Td (sublandlord, ) Tj ET Q q 0 0 0 rg BT 197.45 317.85 Td (makes ) Tj ET Q q 0 0 0 rg BT 225.71 317.85 Td (no ) Tj ET Q q 0 0 0 rg BT 238.42 317.85 Td (representation ) Tj ET Q q 0 0 0 rg BT 297.78 317.85 Td (to ) Tj ET Q q 0 0 0 rg BT 308.27 317.85 Td (us ) Tj ET Q q 0 0 0 rg BT 319.88 317.85 Td (regarding ) Tj ET Q q 0 0 0 rg BT 360.91 317.85 Td (the ) Tj ET Q q 0 0 0 rg BT 375.84 317.85 Td (condition ) Tj ET Q q 0 0 0 rg BT 416.33 317.85 Td (of ) Tj ET Q q 0 0 0 rg BT 427.37 317.85 Td (the ) Tj ET Q q 0 0 0 rg BT 442.30 317.85 Td (subleased ) Tj ET Q q 0 0 0 rg BT 483.90 317.85 Td (premises; ) Tj ET Q q 0 0 0 rg BT 524.94 317.85 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 539.31 317.85 Td (we ) Tj ET Q q 0 0 0 rg BT 553.69 317.85 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.85 Td (subtenant ) Tj ET Q q 0 0 0 rg BT 90.77 305.85 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 107.09 305.85 Td (are ) Tj ET Q q 0 0 0 rg BT 121.74 305.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 152.50 305.85 Td (to ) Tj ET Q q 0 0 0 rg BT 162.72 305.85 Td (easements, ) Tj ET Q q 0 0 0 rg BT 208.76 305.85 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 253.69 305.85 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 300.29 305.85 Td (and ) Tj ET Q q 0 0 0 rg BT 317.17 305.85 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 364.05 305.85 Td (of ) Tj ET Q q 0 0 0 rg BT 374.82 305.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 398.92 305.85 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 439.83 305.85 Td (lease ) Tj ET Q q 0 0 0 rg BT 462.26 305.85 Td (from ) Tj ET Q q 0 0 0 rg BT 484.14 305.85 Td (its ) Tj ET Q q 0 0 0 rg BT 496.03 305.85 Td (landlord ) Tj ET Q q 0 0 0 rg BT 531.80 305.85 Td (and ) Tj ET Q q 0 0 0 rg BT 548.68 305.85 Td (\(B\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.85 Td (are ) Tj ET Q q 0 0 0 rg BT 65.43 293.85 Td (required ) Tj ET Q q 0 0 0 rg BT 101.97 293.85 Td (to ) Tj ET Q q 0 0 0 rg BT 112.97 293.85 Td (comply ) Tj ET Q q 0 0 0 rg BT 146.19 293.85 Td (with ) Tj ET Q q 0 0 0 rg BT 167.19 293.85 Td (and ) Tj ET Q q 0 0 0 rg BT 184.86 293.85 Td (perform ) Tj ET Q q 0 0 0 rg BT 220.29 293.85 Td (obligations ) Tj ET Q q 0 0 0 rg BT 267.96 293.85 Td (of ) Tj ET Q q 0 0 0 rg BT 279.51 293.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 304.39 293.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 344.29 293.85 Td (as ) Tj ET Q q 0 0 0 rg BT 355.84 293.85 Td (tenant ) Tj ET Q q 0 0 0 rg BT 383.50 293.85 Td (under ) Tj ET Q q 0 0 0 rg BT 409.49 293.85 Td (its ) Tj ET Q q 0 0 0 rg BT 422.17 293.85 Td (lease ) Tj ET Q q 0 0 0 rg BT 445.38 293.85 Td (from ) Tj ET Q q 0 0 0 rg BT 468.04 293.85 Td (its ) Tj ET Q q 0 0 0 rg BT 480.71 293.85 Td (landlord; ) Tj ET Q q 0 0 0 rg BT 520.04 293.85 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 534.92 293.85 Td (we ) Tj ET Q q 0 0 0 rg BT 549.81 293.85 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.85 Td (required ) Tj ET Q q 0 0 0 rg BT 86.78 281.85 Td (to ) Tj ET Q q 0 0 0 rg BT 98.03 281.85 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 142.60 281.85 Td (and ) Tj ET Q q 0 0 0 rg BT 160.50 281.85 Td (defend ) Tj ET Q q 0 0 0 rg BT 191.18 281.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 216.30 281.85 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 256.44 281.85 Td (from ) Tj ET Q q 0 0 0 rg BT 279.35 281.85 Td (and ) Tj ET Q q 0 0 0 rg BT 297.25 281.85 Td (against ) Tj ET Q q 0 0 0 rg BT 329.04 281.85 Td (claims ) Tj ET Q q 0 0 0 rg BT 358.61 281.85 Td (by ) Tj ET Q q 0 0 0 rg BT 372.08 281.85 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 389.43 281.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 414.56 281.85 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 456.49 281.85 Td (landlord ) Tj ET Q q 0 0 0 rg BT 493.29 281.85 Td (that ) Tj ET Q q 0 0 0 rg BT 511.75 281.85 Td (we ) Tj ET Q q 0 0 0 rg BT 526.88 281.85 Td (have ) Tj ET Q q 0 0 0 rg BT 549.22 281.85 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.85 Td (performed ) Tj ET Q q 0 0 0 rg BT 94.29 269.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 118.60 269.85 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 159.72 269.85 Td (obligations ) Tj ET Q q 0 0 0 rg BT 206.82 269.85 Td (as ) Tj ET Q q 0 0 0 rg BT 217.80 269.85 Td (tenant ) Tj ET Q q 0 0 0 rg BT 244.88 269.85 Td (under ) Tj ET Q q 0 0 0 rg BT 270.30 269.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 294.60 269.85 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 335.73 269.85 Td (lease ) Tj ET Q q 0 0 0 rg BT 358.36 269.85 Td (from ) Tj ET Q q 0 0 0 rg BT 380.45 269.85 Td (the ) Tj ET Q q 0 0 0 rg BT 395.31 269.85 Td (landlord ) Tj ET Q q 0 0 0 rg BT 431.29 269.85 Td (and ) Tj ET Q q 0 0 0 rg BT 448.37 269.85 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 464.35 269.85 Td (any ) Tj ET Q q 0 0 0 rg BT 481.44 269.85 Td (person ) Tj ET Q q 0 0 0 rg BT 510.75 269.85 Td (as ) Tj ET Q q 0 0 0 rg BT 521.73 269.85 Td (a ) Tj ET Q q 0 0 0 rg BT 528.82 269.85 Td (result ) Tj ET Q q 0 0 0 rg BT 553.68 269.85 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.85 Td (our ) Tj ET Q q 0 0 0 rg BT 66.00 257.85 Td (use ) Tj ET Q q 0 0 0 rg BT 82.00 257.85 Td (or ) Tj ET Q q 0 0 0 rg BT 92.99 257.85 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 138.41 257.85 Td (of ) Tj ET Q q 0 0 0 rg BT 149.41 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 164.30 257.85 Td (subleased ) Tj ET Q q 0 0 0 rg BT 205.84 257.85 Td (premises ) Tj ET Q q 0 0 0 rg BT 244.05 257.85 Td (or ) Tj ET Q q 0 0 0 rg BT 255.05 257.85 Td (our ) Tj ET Q q 0 0 0 rg BT 271.05 257.85 Td (failure ) Tj ET Q q 0 0 0 rg BT 299.81 257.85 Td (to ) Tj ET Q q 0 0 0 rg BT 310.26 257.85 Td (comply ) Tj ET Q q 0 0 0 rg BT 342.92 257.85 Td (with ) Tj ET Q q 0 0 0 rg BT 363.37 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 378.25 257.85 Td (terms ) Tj ET Q q 0 0 0 rg BT 403.13 257.85 Td (of ) Tj ET Q q 0 0 0 rg BT 414.13 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 429.02 257.85 Td (sublease ) Tj ET Q q 0 0 0 rg BT 465.56 257.85 Td (or ) Tj ET Q q 0 0 0 rg BT 476.56 257.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 500.89 257.85 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 542.02 257.85 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.85 Td (from ) Tj ET Q q 0 0 0 rg BT 72.56 245.85 Td (its ) Tj ET Q q 0 0 0 rg BT 85.12 245.85 Td (landlord; ) Tj ET Q q 0 0 0 rg BT 124.34 245.85 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 139.12 245.85 Td (we ) Tj ET Q q 0 0 0 rg BT 153.89 245.85 Td (may ) Tj ET Q q 0 0 0 rg BT 174.23 245.85 Td (not ) Tj ET Q q 0 0 0 rg BT 190.12 245.85 Td (sublet ) Tj ET Q q 0 0 0 rg BT 217.13 245.85 Td (or ) Tj ET Q q 0 0 0 rg BT 228.57 245.85 Td (assign ) Tj ET Q q 0 0 0 rg BT 256.69 245.85 Td (the ) Tj ET Q q 0 0 0 rg BT 272.02 245.85 Td (sublease ) Tj ET Q q 0 0 0 rg BT 309.02 245.85 Td (without ) Tj ET Q q 0 0 0 rg BT 342.69 245.85 Td (the ) Tj ET Q q 0 0 0 rg BT 358.02 245.85 Td (consent ) Tj ET Q q 0 0 0 rg BT 391.69 245.85 Td (of ) Tj ET Q q 0 0 0 rg BT 403.13 245.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 427.91 245.85 Td (Holdings; ) Tj ET Q q 0 0 0 rg BT 470.48 245.85 Td (and ) Tj ET Q q 0 0 0 rg BT 488.03 245.85 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 502.81 245.85 Td (upon ) Tj ET Q q 0 0 0 rg BT 525.92 245.85 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.85 Td (defaults ) Tj ET Q q 0 0 0 rg BT 84.01 233.85 Td (by ) Tj ET Q q 0 0 0 rg BT 96.36 233.85 Td (us ) Tj ET Q q 0 0 0 rg BT 107.60 233.85 Td (\(including ) Tj ET Q q 0 0 0 rg BT 151.05 233.85 Td (our ) Tj ET Q q 0 0 0 rg BT 166.73 233.85 Td (failure ) Tj ET Q q 0 0 0 rg BT 195.17 233.85 Td (to ) Tj ET Q q 0 0 0 rg BT 205.30 233.85 Td (observe ) Tj ET Q q 0 0 0 rg BT 238.75 233.85 Td (and ) Tj ET Q q 0 0 0 rg BT 255.54 233.85 Td (perform ) Tj ET Q q 0 0 0 rg BT 290.10 233.85 Td (any ) Tj ET Q q 0 0 0 rg BT 306.89 233.85 Td (provision ) Tj ET Q q 0 0 0 rg BT 347.01 233.85 Td (of ) Tj ET Q q 0 0 0 rg BT 357.69 233.85 Td (the ) Tj ET Q q 0 0 0 rg BT 372.26 233.85 Td (sublease ) Tj ET Q q 0 0 0 rg BT 408.49 233.85 Td (to ) Tj ET Q q 0 0 0 rg BT 418.62 233.85 Td (be ) Tj ET Q q 0 0 0 rg BT 430.41 233.85 Td (performed ) Tj ET Q q 0 0 0 rg BT 474.40 233.85 Td (by ) Tj ET Q q 0 0 0 rg BT 486.75 233.85 Td (us\) ) Tj ET Q q 0 0 0 rg BT 501.32 233.85 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.33 233.85 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.85 Td (may) Tj ET Q q 0 0 0 rg BT 66.57 221.85 Td (, ) Tj ET Q q 0 0 0 rg BT 71.57 221.85 Td (among ) Tj ET Q q 0 0 0 rg BT 101.28 221.85 Td (other ) Tj ET Q q 0 0 0 rg BT 124.33 221.85 Td (remedies, ) Tj ET Q q 0 0 0 rg BT 165.42 221.85 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 181.81 221.85 Td (reenter ) Tj ET Q q 0 0 0 rg BT 212.06 221.85 Td (the ) Tj ET Q q 0 0 0 rg BT 226.78 221.85 Td (subleased ) Tj ET Q q 0 0 0 rg BT 268.15 221.85 Td (premises ) Tj ET Q q 0 0 0 rg BT 306.20 221.85 Td (and ) Tj ET Q q 0 0 0 rg BT 323.14 221.85 Td (expel ) Tj ET Q q 0 0 0 rg BT 347.29 221.85 Td (us ) Tj ET Q q 0 0 0 rg BT 358.69 221.85 Td (and ) Tj ET Q q 0 0 0 rg BT 375.63 221.85 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 391.46 221.85 Td (recover ) Tj ET Q q 0 0 0 rg BT 423.93 221.85 Td (damages ) Tj ET Q q 0 0 0 rg BT 461.42 221.85 Td (from ) Tj ET Q q 0 0 0 rg BT 483.35 221.85 Td (us.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 197.85 Td (Logistics) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 51.91 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 53.82 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 55.72 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 57.63 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 59.54 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 61.45 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 63.36 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 65.27 169.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.17 169.05 Td (W) Tj ET Q q 0 0 0 rg BT 75.81 169.05 Td (e ) Tj ET Q q 0 0 0 rg BT 82.16 169.05 Td (support ) Tj ET Q q 0 0 0 rg BT 114.07 169.05 Td (the ) Tj ET Q q 0 0 0 rg BT 128.19 169.05 Td (distribution ) Tj ET Q q 0 0 0 rg BT 176.21 169.05 Td (of ) Tj ET Q q 0 0 0 rg BT 186.45 169.05 Td (product ) Tj ET Q q 0 0 0 rg BT 218.91 169.05 Td (sold ) Tj ET Q q 0 0 0 rg BT 237.48 169.05 Td (through ) Tj ET Q q 0 0 0 rg BT 270.50 169.05 Td (our ) Tj ET Q q 0 0 0 rg BT 285.74 169.05 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 312.64 169.05 Td (locations ) Tj ET Q q 0 0 0 rg BT 350.65 169.05 Td (through) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 381.76 169.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.43 169.05 Td (18 ) Tj ET Q q 0 0 0 rg BT 396.34 169.05 Td (strategically ) Tj ET Q q 0 0 0 rg BT 447.12 169.05 Td (located ) Tj ET Q q 0 0 0 rg BT 477.90 169.05 Td (distribution ) Tj ET Q q 0 0 0 rg BT 525.92 169.05 Td (locations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.05 Td (in ) Tj ET Q q 0 0 0 rg BT 59.88 157.05 Td (15 ) Tj ET Q q 0 0 0 rg BT 71.97 157.05 Td (states ) Tj ET Q q 0 0 0 rg BT 96.29 157.05 Td (and ) Tj ET Q q 0 0 0 rg BT 112.82 157.05 Td (one ) Tj ET Q q 0 0 0 rg BT 129.36 157.05 Td (in ) Tj ET Q q 0 0 0 rg BT 139.23 157.05 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 167.44 157.05 Td (Rico. ) Tj ET Q q 0 0 0 rg BT 190.92 157.05 Td ( ) Tj ET Q q 0 0 0 rg BT 192.87 157.05 Td (The ) Tj ET Q q 0 0 0 rg BT 210.51 157.05 Td (total ) Tj ET Q q 0 0 0 rg BT 230.38 157.05 Td (square ) Tj ET Q q 0 0 0 rg BT 258.58 157.05 Td (footage ) Tj ET Q q 0 0 0 rg BT 290.66 157.05 Td (of ) Tj ET Q q 0 0 0 rg BT 301.09 157.05 Td (all ) Tj ET Q q 0 0 0 rg BT 313.18 157.05 Td (distribution ) Tj ET Q q 0 0 0 rg BT 361.39 157.05 Td (locations ) Tj ET Q q 0 0 0 rg BT 399.59 157.05 Td (is ) Tj ET Q q 0 0 0 rg BT 408.36 157.05 Td (1,873,055. ) Tj ET Q q 0 0 0 rg BT 452.96 157.05 Td ( ) Tj ET Q q 0 0 0 rg BT 455.05 157.05 Td (On ) Tj ET Q q 0 0 0 rg BT 469.37 157.05 Td (occasion, ) Tj ET Q q 0 0 0 rg BT 508.96 157.05 Td (we ) Tj ET Q q 0 0 0 rg BT 522.71 157.05 Td (may ) Tj ET Q q 0 0 0 rg BT 542.03 157.05 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.05 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.49 145.05 Td (facilities ) Tj ET Q q 0 0 0 rg BT 129.42 145.05 Td (to ) Tj ET Q q 0 0 0 rg BT 139.70 145.05 Td (support ) Tj ET Q q 0 0 0 rg BT 172.20 145.05 Td (additional ) Tj ET Q q 0 0 0 rg BT 214.69 145.05 Td (distribution ) Tj ET Q q 0 0 0 rg BT 263.30 145.05 Td (needs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 121.05 Td (Stor) Tj ET Q q 0 0 0 rg BT 66.30 121.05 Td (e ) Tj ET Q q 0 0 0 rg BT 73.24 121.05 Td (Openings ) Tj ET Q q 0 0 0 rg BT 114.07 121.05 Td (and ) Tj ET Q q 0 0 0 rg BT 131.57 121.05 Td (Closur) Tj ET Q q 0 0 0 rg BT 158.43 121.05 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 100.05 Td (Store ) Tj ET Q q 0 0 0 rg BT 97.61 100.05 Td (opening ) Tj ET Q q 0 0 0 rg BT 132.33 100.05 Td (and ) Tj ET Q q 0 0 0 rg BT 149.26 100.05 Td (closure ) Tj ET Q q 0 0 0 rg BT 180.64 100.05 Td (data ) Tj ET Q q 0 0 0 rg BT 199.80 100.05 Td (for ) Tj ET Q q 0 0 0 rg BT 213.96 100.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 238.11 100.05 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.71 100.05 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.71 100.05 Td ( ) Tj ET Q q 0 0 0 rg BT 284.21 100.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.21 100.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.21 100.05 Td (, ) Tj ET 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686.6 m 267 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 686.6 m 267 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 671.6 m 267 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 686.6 m 267 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 686.6 m 354 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 686.6 m 354 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 671.6 m 354 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 686.6 m 362 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 686.6 m 454 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 686.6 m 454 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 671.6 m 454 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 686.6 m 454 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 686.6 m 546 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 686.6 m 546 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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0.9333333333333333 1 rg /GS0 gs 162.00 657.50 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 657.50 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 657.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 657.50 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 657.50 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 65.00 627.50 23.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.00 627.50 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.00 627.50 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 627.50 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 627.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 627.50 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 627.50 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 748 m 162 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 747.5 m 162 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 747.5 m 267 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 747.5 m 267 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 732.5 m 267 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 747.5 m 267 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 747.5 m 354 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 747.5 m 354 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 732.5 m 354 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 747.5 m 362 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 747.5 m 454 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 747.5 m 454 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 732.5 m 454 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 747.5 m 454 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 747.5 m 546 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 747.5 m 546 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 732.5 m 546 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 732.5 m 162 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 732.5 m 267 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 732.5 m 267 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 717.5 m 267 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 732.5 m 267 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 732.5 m 354 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 732.5 m 354 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 717.5 m 354 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 732.5 m 362 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 732.5 m 454 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 732.5 m 454 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 717.5 m 454 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 732.5 m 454 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 732.5 m 546 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 732.5 m 546 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 717.5 m 546 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 717.5 m 162 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 717.5 m 267 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 717.5 m 267 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 702.5 m 267 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 717.5 m 267 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 717.5 m 354 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 717.5 m 354 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 702.5 m 354 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 717.5 m 362 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 717.5 m 454 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 717.5 m 454 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 702.5 m 454 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 717.5 m 454 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 717.5 m 546 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 717.5 m 546 717.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 702.5 m 546 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 702.5 m 162 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 702.5 m 267 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 702.5 m 267 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 687.5 m 267 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 702.5 m 267 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 702.5 m 354 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 702.5 m 354 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 687.5 m 354 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 702.5 m 362 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 702.5 m 454 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 702.5 m 454 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 687.5 m 454 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 702.5 m 454 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 702.5 m 546 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 702.5 m 546 702.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 687.5 m 546 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 687.5 m 162 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 687.5 m 267 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 687.5 m 267 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 672.5 m 267 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 687.5 m 267 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 687.5 m 354 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 687.5 m 354 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 672.5 m 354 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 687.5 m 362 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 687.5 m 454 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 687.5 m 454 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 672.5 m 454 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 687.5 m 454 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 687.5 m 546 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 687.5 m 546 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 672.5 m 546 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 672.5 m 162 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 672.5 m 267 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 672.5 m 267 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 657.5 m 267 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 672.5 m 267 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 672.5 m 354 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 672.5 m 354 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 657.5 m 354 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 672.5 m 362 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 672.5 m 454 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 672.5 m 454 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 657.5 m 454 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 672.5 m 454 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 672.5 m 546 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 672.5 m 546 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 657.5 m 546 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 657.5 m 162 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 657.5 m 267 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 657.5 m 267 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 642.5 m 267 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 657.5 m 267 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 657.5 m 354 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 657.5 m 354 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 642.5 m 354 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 657.5 m 362 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 657.5 m 454 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 657.5 m 454 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 642.5 m 454 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 657.5 m 454 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 657.5 m 546 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 657.5 m 546 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 642.5 m 546 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 642.5 m 162 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 642.5 m 267 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 642.5 m 267 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 627.5 m 267 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 642.5 m 267 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 642.5 m 354 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 642.5 m 354 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 627.5 m 354 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 642.5 m 362 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 642.5 m 454 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 642.5 m 454 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 627.5 m 454 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 642.5 m 454 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 642.5 m 546 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 642.5 m 546 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 627.5 m 546 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 627.5 m 162 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 627.5 m 267 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 627.5 m 267 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 612.5 m 267 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 627.5 m 267 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 627.5 m 354 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 627.5 m 354 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 612.5 m 354 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 627.5 m 362 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 627.5 m 454 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 627.5 m 454 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 612.5 m 454 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 627.5 m 454 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 627.5 m 546 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 627.5 m 546 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 612.5 m 546 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 612.5 m 162 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 612.5 m 267 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 612.5 m 267 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162 597.5 m 267 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 612.5 m 267 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 612.5 m 354 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 612.5 m 354 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 597.5 m 354 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 612.5 m 362 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 612.5 m 454 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 612.5 m 454 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 597.5 m 454 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 612.5 m 454 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546 612.5 m 546 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 612.5 m 546 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 597.5 m 546 597.5 l s BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 744.10 13.33 -9.09 re f /GS0 gs q 0 0 0 rg BT 67.50 737.17 Td (TN) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 744.10 40.95 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.50 737.17 Td (Tennessee) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.50 737.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 304.50 737.37 Td (17) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 404.75 737.37 Td (4) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 737.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 722.17 Td (TX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 722.17 Td (Texas) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 211.25 722.37 Td (5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 304.50 722.37 Td (77) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 404.75 722.37 Td (5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 722.37 Td (11) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 714.10 13.24 -9.09 re f /GS0 gs q 0 0 0 rg BT 67.50 707.17 Td (UT) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 714.10 19.44 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.50 707.17 Td (Utah) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.50 707.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 307.25 707.37 Td (6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 402.00 707.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 707.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.17 Td (VA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 692.17 Td (Virginia) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.50 692.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 304.50 692.37 Td (14) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 404.75 692.37 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 692.37 Td () Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 684.10 13.24 -9.09 re f /GS0 gs q 0 0 0 rg BT 67.50 677.17 Td (VT) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 684.10 34.44 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.50 677.17 Td (Vermont) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.50 677.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 307.25 677.37 Td (8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 402.00 677.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 677.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 662.17 Td (WA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 662.17 Td (Washington) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 211.25 662.37 Td (1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 304.50 662.37 Td (17) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 404.75 662.37 Td (1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 496.75 662.37 Td (2) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 654.10 16.57 -9.09 re f /GS0 gs q 0 0 0 rg BT 67.50 647.17 Td (WV) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 654.10 54.61 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.50 647.17 Td (West Virginia) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.50 647.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 307.25 647.37 Td (8) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 404.75 647.37 Td (3) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 647.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 632.17 Td (WI) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 632.17 Td (Wisconsin) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 211.25 632.37 Td (1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 304.50 632.37 Td (24) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 402.00 632.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 632.37 Td () Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 624.10 16.47 -9.09 re f /GS0 gs q 0 0 0 rg BT 67.50 617.17 Td (WY) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 624.10 39.39 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.50 617.17 Td (Wyoming) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.50 617.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 307.25 617.37 Td (7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 402.00 617.37 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 617.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.05 602.17 Td (Total) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.50 602.37 Td (38) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 301.75 602.37 Td (833) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 399.25 602.37 Td (112) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 494.00 602.37 Td (37) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 574.00 Td (Stor) Tj ET Q q 0 0 0 rg BT 66.30 574.00 Td (e Ownership T) Tj ET Q q 0 0 0 rg BT 124.45 574.00 Td (ype) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 536.50 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 536.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 536.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 536.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 506.50 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 506.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 506.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 506.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 476.50 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 476.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 476.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 476.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 446.50 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 446.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 446.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 446.50 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 536.5 m 391.5 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 536.5 m 463.5 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 536.5 m 391.5 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 536.5 m 463.5 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 506.5 m 391.5 506.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 491.5 m 391.5 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 506.5 m 463.5 506.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 491.5 m 463.5 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 476.5 m 391.5 476.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 461.5 m 391.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 476.5 m 463.5 476.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 461.5 m 463.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 446.5 m 391.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 431.5 m 391.5 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 446.5 m 463.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 431.5 m 463.5 431.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.30 540.73 Td (Hometown) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.60 540.73 Td (Outlet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 526.17 Td (Company operated stores owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 526.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 526.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 511.17 Td (Leased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 511.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 511.17 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 496.17 Td (Total company operated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 496.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 496.17 Td (112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 466.17 Td (Independently owned and operated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 466.17 Td (833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 466.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 436.17 Td (Total store count as of 1/28/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 436.17 Td (871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 436.17 Td (149) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 403.00 Td (Item3. Legal Pr) Tj ET Q q 0 0 0 rg BT 119.24 403.00 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 386.00 Td (As ) Tj ET Q q 0 0 0 rg BT 87.61 386.00 Td (of ) Tj ET Q q 0 0 0 rg BT 98.44 386.00 Td (the ) Tj ET Q q 0 0 0 rg BT 113.16 386.00 Td (date ) Tj ET Q q 0 0 0 rg BT 132.32 386.00 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 162.85 386.00 Td (we ) Tj ET Q q 0 0 0 rg BT 177.01 386.00 Td (are ) Tj ET Q q 0 0 0 rg BT 191.72 386.00 Td (not ) Tj ET Q q 0 0 0 rg BT 207.00 386.00 Td (party ) Tj ET Q q 0 0 0 rg BT 230.04 386.00 Td (to ) Tj ET Q q 0 0 0 rg BT 240.32 386.00 Td (any ) Tj ET Q q 0 0 0 rg BT 257.26 386.00 Td (litigation ) Tj ET Q q 0 0 0 rg BT 295.87 386.00 Td (which ) Tj ET Q q 0 0 0 rg BT 322.81 386.00 Td (we ) Tj ET Q q 0 0 0 rg BT 336.97 386.00 Td (consider ) Tj ET Q q 0 0 0 rg BT 373.35 386.00 Td (material ) Tj ET Q q 0 0 0 rg BT 408.60 386.00 Td (to ) Tj ET Q q 0 0 0 rg BT 418.88 386.00 Td (our ) Tj ET Q q 0 0 0 rg BT 434.71 386.00 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 365.00 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 143.55 365.00 Td (the ) Tj ET Q q 0 0 0 rg BT 158.65 365.00 Td (above, ) Tj ET Q q 0 0 0 rg BT 187.91 365.00 Td (from ) Tj ET Q q 0 0 0 rg BT 210.23 365.00 Td (time ) Tj ET Q q 0 0 0 rg BT 230.88 365.00 Td (to ) Tj ET Q q 0 0 0 rg BT 241.54 365.00 Td (time ) Tj ET Q q 0 0 0 rg BT 262.20 365.00 Td (we ) Tj ET Q q 0 0 0 rg BT 276.74 365.00 Td (are ) Tj ET Q q 0 0 0 rg BT 291.83 365.00 Td (\(or ) Tj ET Q q 0 0 0 rg BT 306.37 365.00 Td (in ) Tj ET Q q 0 0 0 rg BT 317.03 365.00 Td (the ) Tj ET Q q 0 0 0 rg BT 332.13 365.00 Td (future ) Tj ET Q q 0 0 0 rg BT 358.89 365.00 Td (could ) Tj ET Q q 0 0 0 rg BT 383.99 365.00 Td (be\), ) Tj ET Q q 0 0 0 rg BT 402.14 365.00 Td (and ) Tj ET Q q 0 0 0 rg BT 419.46 365.00 Td (will ) Tj ET Q q 0 0 0 rg BT 437.90 365.00 Td (continue ) Tj ET Q q 0 0 0 rg BT 475.22 365.00 Td (to ) Tj ET Q q 0 0 0 rg BT 485.88 365.00 Td (be, ) Tj ET Q q 0 0 0 rg BT 500.70 365.00 Td (subject ) Tj ET Q q 0 0 0 rg BT 531.91 365.00 Td (to ) Tj ET Q q 0 0 0 rg BT 542.57 365.00 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.00 Td (claims, ) Tj ET Q q 0 0 0 rg BT 81.01 353.00 Td (including ) Tj ET Q q 0 0 0 rg BT 121.19 353.00 Td (without ) Tj ET Q q 0 0 0 rg BT 154.15 353.00 Td (limitation ) Tj ET Q q 0 0 0 rg BT 195.44 353.00 Td (those ) Tj ET Q q 0 0 0 rg BT 218.95 353.00 Td (alleging ) Tj ET Q q 0 0 0 rg BT 253.57 353.00 Td (wage ) Tj ET Q q 0 0 0 rg BT 277.07 353.00 Td (and ) Tj ET Q q 0 0 0 rg BT 293.92 353.00 Td (hour ) Tj ET Q q 0 0 0 rg BT 314.65 353.00 Td (violations, ) Tj ET Q q 0 0 0 rg BT 359.00 353.00 Td (employment ) Tj ET Q q 0 0 0 rg BT 411.39 353.00 Td (discrimination, ) Tj ET Q q 0 0 0 rg BT 474.07 353.00 Td (unlawful ) Tj ET Q q 0 0 0 rg BT 512.02 353.00 Td (employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.00 Td (practices, ) Tj ET Q q 0 0 0 rg BT 89.61 341.00 Td (Americans ) Tj ET Q q 0 0 0 rg BT 134.96 341.00 Td (with ) Tj ET Q q 0 0 0 rg BT 154.76 341.00 Td (Disabilities ) Tj ET Q q 0 0 0 rg BT 201.90 341.00 Td (Act ) Tj ET Q q 0 0 0 rg BT 218.36 341.00 Td (claims, ) Tj ET Q q 0 0 0 rg BT 249.00 341.00 Td (breach ) Tj ET Q q 0 0 0 rg BT 277.67 341.00 Td (of ) Tj ET Q q 0 0 0 rg BT 288.03 341.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 322.26 341.00 Td (and ) Tj ET Q q 0 0 0 rg BT 338.73 341.00 Td (other ) Tj ET Q q 0 0 0 rg BT 361.30 341.00 Td (claims ) Tj ET Q q 0 0 0 rg BT 389.44 341.00 Td (by ) Tj ET Q q 0 0 0 rg BT 401.47 341.00 Td (our ) Tj ET Q q 0 0 0 rg BT 416.82 341.00 Td (independent ) Tj ET Q q 0 0 0 rg BT 467.73 341.00 Td (dealers ) Tj ET Q q 0 0 0 rg BT 498.07 341.00 Td (and ) Tj ET Q q 0 0 0 rg BT 514.54 341.00 Td (franchisees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.00 Td (product ) Tj ET Q q 0 0 0 rg BT 82.37 329.00 Td (liability ) Tj ET Q q 0 0 0 rg BT 115.30 329.00 Td (claims ) Tj ET Q q 0 0 0 rg BT 143.23 329.00 Td (as ) Tj ET Q q 0 0 0 rg BT 153.38 329.00 Td (a ) Tj ET Q q 0 0 0 rg BT 159.64 329.00 Td (result ) Tj ET Q q 0 0 0 rg BT 183.68 329.00 Td (of ) Tj ET Q q 0 0 0 rg BT 193.83 329.00 Td (the ) Tj ET Q q 0 0 0 rg BT 207.87 329.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 225.24 329.00 Td (of ) Tj ET Q q 0 0 0 rg BT 235.40 329.00 Td (certain ) Tj ET Q q 0 0 0 rg BT 264.42 329.00 Td (products, ) Tj ET Q q 0 0 0 rg BT 303.18 329.00 Td (as ) Tj ET Q q 0 0 0 rg BT 313.33 329.00 Td (well ) Tj ET Q q 0 0 0 rg BT 332.37 329.00 Td (as ) Tj ET Q q 0 0 0 rg BT 342.53 329.00 Td (various ) Tj ET Q q 0 0 0 rg BT 373.79 329.00 Td (legal ) Tj ET Q q 0 0 0 rg BT 395.04 329.00 Td (and ) Tj ET Q q 0 0 0 rg BT 411.31 329.00 Td (governmental ) Tj ET Q q 0 0 0 rg BT 468.11 329.00 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 520.75 329.00 Td ( ) Tj ET Q q 0 0 0 rg BT 522.57 329.00 Td (Litigation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.00 Td (is ) Tj ET Q q 0 0 0 rg BT 58.61 317.00 Td (inherently ) Tj ET Q q 0 0 0 rg BT 101.10 317.00 Td (unpredictable ) Tj ET Q q 0 0 0 rg BT 157.46 317.00 Td (and ) Tj ET Q q 0 0 0 rg BT 173.84 317.00 Td (each ) Tj ET Q q 0 0 0 rg BT 194.10 317.00 Td (proceeding, ) Tj ET Q q 0 0 0 rg BT 242.96 317.00 Td (claim, ) Tj ET Q q 0 0 0 rg BT 269.62 317.00 Td (and ) Tj ET Q q 0 0 0 rg BT 286.00 317.00 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 329.03 317.00 Td (action ) Tj ET Q q 0 0 0 rg BT 355.41 317.00 Td (against ) Tj ET Q q 0 0 0 rg BT 385.68 317.00 Td (us, ) Tj ET Q q 0 0 0 rg BT 399.01 317.00 Td (whether ) Tj ET Q q 0 0 0 rg BT 433.16 317.00 Td (meritorious ) Tj ET Q q 0 0 0 rg BT 481.21 317.00 Td (or ) Tj ET Q q 0 0 0 rg BT 491.48 317.00 Td (not, ) Tj ET Q q 0 0 0 rg BT 508.70 317.00 Td (could ) Tj ET Q q 0 0 0 rg BT 532.86 317.00 Td (be ) Tj ET Q q 0 0 0 rg BT 544.24 317.00 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.00 Td (consuming, ) Tj ET Q q 0 0 0 rg BT 97.64 305.00 Td (result ) Tj ET Q q 0 0 0 rg BT 121.11 305.00 Td (in ) Tj ET Q q 0 0 0 rg BT 130.14 305.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 173.61 305.00 Td (legal ) Tj ET Q q 0 0 0 rg BT 194.30 305.00 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 234.15 305.00 Td (require ) Tj ET Q q 0 0 0 rg BT 263.72 305.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 307.18 305.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 342.33 305.00 Td (of ) Tj ET Q q 0 0 0 rg BT 351.91 305.00 Td (management ) Tj ET Q q 0 0 0 rg BT 404.25 305.00 Td (time, ) Tj ET Q q 0 0 0 rg BT 425.78 305.00 Td (result ) Tj ET Q q 0 0 0 rg BT 449.25 305.00 Td (in ) Tj ET Q q 0 0 0 rg BT 458.28 305.00 Td (the ) Tj ET Q q 0 0 0 rg BT 471.75 305.00 Td (diversion ) Tj ET Q q 0 0 0 rg BT 510.22 305.00 Td (of ) Tj ET Q q 0 0 0 rg BT 519.81 305.00 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.00 Td (operational ) Tj ET Q q 0 0 0 rg BT 97.54 293.00 Td (resources, ) Tj ET Q q 0 0 0 rg BT 140.35 293.00 Td (require ) Tj ET Q q 0 0 0 rg BT 171.22 293.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 205.98 293.00 Td (in ) Tj ET Q q 0 0 0 rg BT 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Market for) Tj ET Q q 0 0 0 rg BT 129.29 532.10 Td ( Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 256.24 532.10 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 348.00 532.10 Td ( Matters, and Issuer) Tj ET Q q 0 0 0 rg BT 433.92 532.10 Td ( Pur) Tj ET Q q 0 0 0 rg BT 452.35 532.10 Td (chases of Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 496.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 88.92 496.10 Td (common ) Tj ET Q q 0 0 0 rg BT 125.28 496.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 147.75 496.10 Td (is ) Tj ET Q q 0 0 0 rg BT 155.79 496.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 178.82 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.63 496.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 220.98 496.10 Td (on ) Tj ET Q q 0 0 0 rg BT 232.34 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.93 496.10 Td (NASDAQ ) Tj ET Q q 0 0 0 rg BT 288.96 496.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 313.11 496.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 343.35 496.10 Td (under ) Tj ET Q q 0 0 0 rg BT 367.49 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.07 496.10 Td (ticker ) Tj ET Q q 0 0 0 rg BT 405.20 496.10 Td (symbol ) Tj ET Q q 0 0 0 rg BT 436.01 496.10 Td (SHOS. ) Tj ET Q q 0 0 0 rg BT 465.35 496.10 Td (W) Tj ET Q q 0 0 0 rg BT 473.98 496.10 Td (e ) Tj ET Q q 0 0 0 rg BT 479.79 496.10 Td (had ) Tj ET Q q 0 0 0 rg BT 495.59 496.10 Td (276 ) Tj ET Q q 0 0 0 rg BT 511.96 496.10 Td (stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.61 484.10 Td (record ) Tj ET Q q 0 0 0 rg BT 88.92 484.10 Td (at ) Tj ET Q q 0 0 0 rg BT 98.92 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.91 484.10 Td (close ) Tj ET Q q 0 0 0 rg BT 137.23 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.34 484.10 Td (business ) Tj ET Q q 0 0 0 rg BT 185.01 484.10 Td (on ) Tj ET Q q 0 0 0 rg BT 197.79 484.10 Td (March ) Tj ET Q q 0 0 0 rg BT 226.66 484.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 241.94 484.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 267.22 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.79 484.10 Td (The ) Tj ET Q q 0 0 0 rg BT 288.12 484.10 Td (table ) Tj ET Q q 0 0 0 rg BT 310.33 484.10 Td (below ) Tj ET Q q 0 0 0 rg BT 337.55 484.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 355.32 484.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 377.54 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.53 484.10 Td (high ) Tj ET Q q 0 0 0 rg BT 413.09 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.30 484.10 Td (low ) Tj ET Q q 0 0 0 rg BT 448.08 484.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 470.30 484.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 496.95 484.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.73 484.10 Td (NASDAQ ) Tj ET Q q 0 0 0 rg BT 554.18 484.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 472.10 Td (common ) Tj ET Q q 0 0 0 rg BT 102.83 472.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 126.43 472.10 Td (for ) Tj ET Q q 0 0 0 rg BT 140.59 472.10 Td (each ) Tj ET Q q 0 0 0 rg BT 161.41 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.24 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.96 472.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 211.11 472.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 243.05 472.10 Td (indicated.) 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0.9333333333333333 1 rg /GS0 gs 452.00 386.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 386.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 80.00 356.60 291.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 356.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 356.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 356.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 356.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 80.00 326.60 291.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 326.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 326.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 326.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 326.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80 446.6 m 371 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 446.6 m 452 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 446.6 m 531 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80 446.6 m 371 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 446.6 m 452 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 446.6 m 531 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80 356.6 m 371 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 356.6 m 452 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 356.6 m 531 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 356.6 m 452 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 356.6 m 531 356.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.00 450.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.05 450.83 Td (High) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.90 450.83 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 436.27 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.50 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 436.27 Td (7.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.50 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 436.27 Td (5.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 421.27 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 421.27 Td (7.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 421.27 Td (5.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 406.27 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 406.27 Td (6.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 406.27 Td (4.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 391.27 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 391.27 Td (7.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 391.27 Td (3.70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.00 360.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.05 360.83 Td (High) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.90 360.83 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 346.27 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.50 346.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 346.27 Td (13.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.50 346.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 346.27 Td (6.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 331.27 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 331.27 Td (9.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 331.27 Td (6.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 316.27 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 316.27 Td (8.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 316.27 Td (6.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 301.27 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 301.27 Td (9.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 301.27 Td (6.78) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 273.10 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 249.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 249.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.75 249.10 Td (did ) Tj ET Q q 0 0 0 rg BT 117.70 249.10 Td (not ) Tj ET Q q 0 0 0 rg BT 133.65 249.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 165.69 249.10 Td (any ) Tj ET Q q 0 0 0 rg BT 183.30 249.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 204.24 249.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 246.30 249.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.47 249.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.97 249.10 Td (common ) Tj ET Q q 0 0 0 rg BT 314.14 249.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 338.42 249.10 Td (during ) Tj ET Q q 0 0 0 rg BT 367.71 249.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 392.53 249.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.91 249.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.91 249.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.59 249.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.53 249.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.17 249.10 Td (e ) Tj ET Q q 0 0 0 rg BT 457.78 249.10 Td (do ) Tj ET Q q 0 0 0 rg BT 470.95 249.10 Td (not ) Tj ET Q q 0 0 0 rg BT 486.90 249.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 516.17 249.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.12 249.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 544.73 249.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 90.48 237.10 Td (on ) Tj ET Q q 0 0 0 rg BT 102.58 237.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.01 237.10 Td (common ) Tj ET Q q 0 0 0 rg BT 155.10 237.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 178.30 237.10 Td (for ) Tj ET Q q 0 0 0 rg BT 192.06 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.37 237.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 253.99 237.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 282.46 237.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.56 237.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 306.65 237.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 347.64 237.10 Td (are ) Tj ET Q q 0 0 0 rg BT 361.94 237.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 405.13 237.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 427.23 237.10 Td (our ) Tj ET Q q 0 0 0 rg BT 442.65 237.10 Td (results ) Tj ET Q q 0 0 0 rg BT 470.86 237.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.28 237.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 527.54 237.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 92.74 225.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 113.47 225.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 171.13 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.31 225.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 234.82 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.11 225.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 276.28 225.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 320.90 225.10 Td (\(described ) Tj ET Q q 0 0 0 rg BT 365.51 225.10 Td (below ) Tj ET Q q 0 0 0 rg BT 392.91 225.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.65 225.10 Td ("Share ) Tj ET Q q 0 0 0 rg BT 433.47 225.10 Td (Repurchases"\) ) Tj ET Q q 0 0 0 rg BT 494.38 225.10 Td (under ) Tj ET Q q 0 0 0 rg BT 520.11 225.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.40 225.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 69.13 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.40 213.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 101.31 213.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.08 213.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 153.34 213.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.95 213.10 Td (surplus, ) Tj ET Q q 0 0 0 rg BT 197.62 213.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.33 213.10 Td (such ) Tj ET Q q 0 0 0 rg BT 234.93 213.10 Td (other ) Tj ET Q q 0 0 0 rg BT 257.76 213.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 287.24 213.10 Td (as ) Tj ET Q q 0 0 0 rg BT 297.84 213.10 Td (our ) Tj ET Q q 0 0 0 rg BT 313.45 213.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 340.16 213.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.77 213.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 390.25 213.10 Td (may ) Tj ET Q q 0 0 0 rg BT 409.74 213.10 Td (deem ) Tj ET Q q 0 0 0 rg BT 433.67 213.10 Td (relevant. ) Tj ET Q q 0 0 0 rg BT 470.65 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.93 213.10 Td (See ) Tj ET Q q 0 0 0 rg BT 489.64 213.10 Td ("W) Tj ET Q q 0 0 0 rg BT 502.36 213.10 Td (e ) Tj ET Q q 0 0 0 rg BT 509.08 213.10 Td (do ) Tj ET Q q 0 0 0 rg BT 521.35 213.10 Td (not ) Tj ET Q q 0 0 0 rg BT 536.40 213.10 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.95 201.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 77.05 201.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 118.61 201.10 Td (for ) Tj ET Q q 0 0 0 rg BT 132.94 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.82 201.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 196.01 201.10 Td (future" ) Tj ET Q q 0 0 0 rg BT 226.64 201.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.09 201.10 Td (Item1A-Risk ) Tj ET Q q 0 0 0 rg BT 294.47 201.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 326.58 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.58 201.10 Td (this ) Tj ET Q q 0 0 0 rg BT 354.11 201.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 386.21 201.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 416.10 201.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.77 201.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 453.11 201.10 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 478.83 201.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.91 201.10 Td (At ) Tj ET Q q 0 0 0 rg BT 493.57 201.10 Td (January ) Tj ET Q q 0 0 0 rg BT 527.34 201.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 542.51 201.10 Td (2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 189.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 92.27 189.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 111.90 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.40 189.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 147.45 189.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 188.27 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.99 189.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 239.92 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.75 189.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 271.02 189.10 Td (dividends.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 165.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 104.02 165.10 Td (e ) Tj ET Q q 0 0 0 rg BT 110.96 165.10 Td (Repur) Tj ET Q q 0 0 0 rg BT 135.03 165.10 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 141.10 Td (On ) Tj ET Q q 0 0 0 rg BT 99.60 141.10 Td (August ) Tj ET Q q 0 0 0 rg BT 130.90 141.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 145.81 141.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 168.23 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.85 141.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 229.84 141.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 256.69 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.44 141.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 307.05 141.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 351.67 141.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.52 141.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 375.93 141.10 Td (million ) Tj ET Q q 0 0 0 rg BT 407.23 141.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 452.95 141.10 Td (program ) Tj ET Q q 0 0 0 rg BT 489.24 141.10 Td (for ) Tj ET Q q 0 0 0 rg BT 503.31 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.93 141.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.47 129.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 125.76 129.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.39 129.10 Td (common ) Tj ET Q q 0 0 0 rg BT 173.69 129.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 199.60 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.39 129.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.69 129.10 Td (January28, ) Tj ET Q q 0 0 0 rg BT 262.09 129.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.09 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.39 129.10 Td (we ) Tj ET Q q 0 0 0 rg BT 298.35 129.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.09 129.10 Td ($12.5 ) Tj ET Q q 0 0 0 rg BT 339.89 129.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.78 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.09 129.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.72 129.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 424.56 129.10 Td (authorization ) Tj ET Q q 0 0 0 rg BT 479.62 129.10 Td (under ) Tj ET Q q 0 0 0 rg BT 504.69 129.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.21 129.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 88.47 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.87 117.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.00 117.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 137.71 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.73 117.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 187.32 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.24 117.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 248.03 117.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 279.49 117.10 Td (on ) Tj ET Q q 0 0 0 rg BT 292.08 117.10 Td (various ) Tj ET Q q 0 0 0 rg BT 324.11 117.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 356.41 117.10 Td (including ) Tj ET Q q 0 0 0 rg BT 396.77 117.10 Td (market ) Tj ET Q q 0 0 0 rg BT 427.12 117.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 473.88 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.68 117.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 535.85 117.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.10 Td (position ) Tj ET Q q 0 0 0 rg BT 83.44 105.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.59 105.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 131.85 105.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 151.33 105.10 Td (generation, ) Tj ET Q q 0 0 0 rg BT 197.75 105.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.90 105.10 Td (other ) Tj ET Q q 0 0 0 rg BT 236.16 105.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 267.58 105.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.17 105.10 Td (The ) Tj ET Q q 0 0 0 rg BT 286.43 105.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 332.73 105.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 377.75 105.10 Td (program ) Tj ET Q q 0 0 0 rg BT 413.34 105.10 Td (does ) Tj ET Q q 0 0 0 rg BT 433.38 105.10 Td (not ) Tj ET Q q 0 0 0 rg BT 447.87 105.10 Td (include ) Tj ET Q q 0 0 0 rg BT 479.02 105.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 511.83 105.10 Td (price ) Tj ET Q q 0 0 0 rg BT 533.53 105.10 Td (tar) Tj ET Q q 0 0 0 rg BT 543.89 105.10 Td (gets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.03 93.10 Td (be ) Tj ET Q q 0 0 0 rg BT 78.79 93.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 115.64 93.10 Td (through ) Tj ET Q q 0 0 0 rg BT 148.06 93.10 Td (open-market, ) Tj ET Q q 0 0 0 rg BT 202.41 93.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 239.27 93.10 Td (negotiated, ) Tj ET Q q 0 0 0 rg BT 284.73 93.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.49 93.10 Td (other ) Tj ET Q q 0 0 0 rg BT 322.35 93.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 371.43 93.10 Td (that ) Tj ET Q q 0 0 0 rg BT 387.74 93.10 Td (may ) Tj ET Q q 0 0 0 rg BT 406.27 93.10 Td (be ) Tj ET Q q 0 0 0 rg BT 417.03 93.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 456.93 93.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.69 93.10 Td (may ) Tj ET Q q 0 0 0 rg BT 491.22 93.10 Td (include ) Tj ET Q q 0 0 0 rg BT 521.97 93.10 Td (utilization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.44 81.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 81.94 81.10 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 112.88 81.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 139.10 81.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.52 81.10 Td (The ) Tj ET Q q 0 0 0 rg BT 159.68 81.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 205.60 81.10 Td (program ) Tj ET Q q 0 0 0 rg BT 242.09 81.10 Td (does ) Tj ET Q q 0 0 0 rg BT 263.03 81.10 Td (not ) Tj ET Q q 0 0 0 rg BT 278.42 81.10 Td (obligate ) Tj ET Q q 0 0 0 rg BT 313.24 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.07 81.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 369.57 81.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.96 81.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 425.87 81.10 Td (any ) Tj ET Q q 0 0 0 rg BT 442.92 81.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 468.86 81.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 503.97 81.10 Td (or ) Tj ET Q q 0 0 0 rg BT 514.91 81.10 Td (any ) Tj ET Q q 0 0 0 rg BT 531.96 81.10 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.59 69.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 88.84 69.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.92 69.10 Td (common ) Tj ET Q q 0 0 0 rg BT 135.68 69.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 161.04 69.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.67 69.10 Td (The ) Tj ET Q q 0 0 0 rg BT 179.98 69.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 225.04 69.10 Td (program ) Tj ET Q q 0 0 0 rg BT 260.68 69.10 Td (does ) Tj ET Q q 0 0 0 rg BT 280.76 69.10 Td (not ) Tj ET Q q 0 0 0 rg BT 295.30 69.10 Td (have ) Tj ET Q q 0 0 0 rg BT 315.94 69.10 Td (a ) Tj ET Q q 0 0 0 rg BT 322.13 69.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 369.99 69.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 390.90 69.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.10 69.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.07 69.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 461.72 69.10 Td (may ) Tj ET Q q 0 0 0 rg BT 480.69 69.10 Td (suspend ) Tj ET Q q 0 0 0 rg BT 514.67 69.10 Td (or ) Tj ET Q q 0 0 0 rg BT 524.76 69.10 Td (terminate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 57.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 110.02 57.10 Td (program ) Tj ET Q q 0 0 0 rg BT 146.40 57.10 Td (at ) Tj ET Q q 0 0 0 rg BT 156.12 57.10 Td (any ) Tj ET Q q 0 0 0 rg BT 173.05 57.10 Td (time.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 742.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 114.12 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 131.07 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 145.23 742.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 195.49 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 207.45 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.62 742.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.46 742.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 298.85 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.59 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.76 742.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 368.02 742.10 Td (program ) Tj ET Q q 0 0 0 rg BT 403.85 742.10 Td (will ) Tj ET Q q 0 0 0 rg BT 421.37 742.10 Td (be ) Tj ET Q q 0 0 0 rg BT 432.76 742.10 Td (retired ) Tj ET Q q 0 0 0 rg BT 460.81 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.20 742.10 Td (will ) Tj ET Q q 0 0 0 rg BT 494.72 742.10 Td (resume ) Tj ET Q q 0 0 0 rg BT 525.55 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.72 742.10 Td (status ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 730.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 105.03 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.97 730.10 Td (unissued ) Tj ET Q q 0 0 0 rg BT 159.47 730.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 186.96 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.79 730.10 Td (common ) Tj ET Q q 0 0 0 rg BT 235.29 730.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 261.39 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.14 730.10 Td (e ) Tj ET Q q 0 0 0 rg BT 281.78 730.10 Td (did ) Tj ET Q q 0 0 0 rg BT 297.76 730.10 Td (not ) Tj ET Q q 0 0 0 rg BT 313.74 730.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 360.25 730.10 Td (any ) Tj ET Q q 0 0 0 rg BT 377.89 730.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 406.09 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.62 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 434.15 730.10 Td (common ) Tj ET Q q 0 0 0 rg BT 472.35 730.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 496.66 730.10 Td (during ) Tj ET Q q 0 0 0 rg BT 525.97 730.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.51 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 73.66 718.10 Td (year) Tj ET Q q 0 0 0 rg BT 90.31 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 697.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.69 697.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.86 697.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.49 697.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.14 697.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 187.34 697.10 Td (also ) Tj ET Q q 0 0 0 rg BT 206.09 697.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 231.52 697.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 259.87 697.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 288.07 697.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.49 697.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 330.00 697.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.08 697.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 364.17 697.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 384.58 697.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 426.12 697.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.20 697.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 489.15 697.10 Td (its ) Tj ET Q q 0 0 0 rg BT 501.25 697.10 Td (common ) Tj ET Q q 0 0 0 rg BT 538.89 697.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 565.00 697.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 72.52 685.10 Td (may ) Tj ET Q q 0 0 0 rg BT 92.76 685.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 124.64 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.09 685.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 159.55 685.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 180.33 685.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 222.24 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.70 685.10 Td (may ) Tj ET Q q 0 0 0 rg BT 259.93 685.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 306.25 685.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 332.88 685.10 Td (together ) Tj ET Q q 0 0 0 rg BT 368.66 685.10 Td (not ) Tj ET Q q 0 0 0 rg BT 384.46 685.10 Td (exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.01 685.10 Td ($37,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.01 685.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.02 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.82 685.10 Td (any ) Tj ET Q q 0 0 0 rg BT 509.28 685.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 533.95 685.10 Td (year ) Tj ET Q q 0 0 0 rg BT 554.17 685.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td ($75,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.75 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.79 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.26 673.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 169.88 673.10 Td (if ) Tj ET Q q 0 0 0 rg BT 178.24 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.71 673.10 Td (following ) Tj ET Q q 0 0 0 rg BT 233.85 673.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 277.77 673.10 Td (are ) Tj ET Q q 0 0 0 rg BT 292.24 673.10 Td (satisfied: ) Tj ET Q q 0 0 0 rg BT 330.59 673.10 Td (either ) Tj ET Q q 0 0 0 rg BT 355.61 673.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 368.97 673.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 380.66 673.10 Td (no ) Tj ET Q q 0 0 0 rg BT 392.91 673.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 431.26 673.10 Td (default ) Tj ET Q q 0 0 0 rg BT 461.28 673.10 Td (then ) Tj ET Q q 0 0 0 rg BT 480.75 673.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 505.79 673.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.37 673.10 Td (would ) Tj ET Q q 0 0 0 rg BT 543.63 673.10 Td (arise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.45 661.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.51 661.10 Td (result ) Tj ET Q q 0 0 0 rg BT 92.34 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.29 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.13 661.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 165.17 661.10 Td (or ) Tj ET Q q 0 0 0 rg BT 176.12 661.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 213.17 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.12 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.96 661.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 259.35 661.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 296.96 661.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.91 661.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.86 661.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.92 661.10 Td (result ) Tj ET Q q 0 0 0 rg BT 350.75 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.70 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.54 661.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 400.27 661.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 448.69 661.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 463.53 661.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 486.16 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.21 661.10 Td (its ) Tj ET Q q 0 0 0 rg BT 515.28 661.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.03 649.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.77 649.10 Td (also ) Tj ET Q q 0 0 0 rg BT 100.42 649.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 143.50 649.10 Td (have ) Tj ET Q q 0 0 0 rg BT 164.91 649.10 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 221.32 649.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.63 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.38 649.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 291.67 649.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 339.75 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.61 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.37 649.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 389.56 649.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.75 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.51 649.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 449.92 649.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.45 649.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 503.32 649.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 550.84 649.10 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 637.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 96.59 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.49 637.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 153.56 637.10 Td (with ) Tj ET Q q 0 0 0 rg BT 173.46 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.79 637.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 215.54 637.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 235.17 637.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.29 637.10 Td (Facility\), ) Tj ET Q q 0 0 0 rg BT 275.78 637.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 327.88 637.10 Td (following ) Tj ET Q q 0 0 0 rg BT 368.88 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.21 637.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 429.75 637.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.30 637.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 482.85 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.29 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.62 637.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 527.50 637.10 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.32 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.02 625.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 101.61 625.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 148.40 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.33 625.10 Td (as ) Tj ET Q q 0 0 0 rg BT 178.14 625.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 218.83 625.10 Td (on ) Tj ET Q q 0 0 0 rg BT 232.31 625.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.24 625.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 257.05 625.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 284.42 625.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 307.90 625.10 Td (for ) Tj ET Q q 0 0 0 rg BT 323.05 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.75 625.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 368.89 625.10 Td (months ) Tj ET Q q 0 0 0 rg BT 401.82 625.10 Td (following ) Tj ET Q q 0 0 0 rg BT 444.20 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.12 625.10 Td (after ) Tj ET Q q 0 0 0 rg BT 483.92 625.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 512.96 625.10 Td (ef) Tj ET Q q 0 0 0 rg BT 520.55 625.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 539.02 625.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 625.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 613.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 96.01 613.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.54 613.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 149.06 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.48 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.79 613.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 193.65 613.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 230.73 613.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.15 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.46 613.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.66 613.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 326.55 613.10 Td (would ) Tj ET Q q 0 0 0 rg BT 353.64 613.10 Td (be ) Tj ET Q q 0 0 0 rg BT 365.17 613.10 Td (at ) Tj ET Q q 0 0 0 rg BT 374.48 613.10 Td (least ) Tj ET Q q 0 0 0 rg BT 394.89 613.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 418.64 613.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.50 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.81 613.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 472.65 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.07 613.10 Td (\(x\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.82 613.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.15 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.24 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.66 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.97 613.10 Td (Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 601.10 Td (Cap ) Tj ET Q q 0 0 0 rg BT 68.21 601.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 98.57 601.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.84 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.65 601.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 148.02 601.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.95 601.10 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 175.43 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.24 601.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 231.70 601.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 288.74 601.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.67 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.48 601.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 345.96 601.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.99 601.10 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 378.92 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.73 601.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 437.99 601.10 Td (base\) ) Tj ET Q q 0 0 0 rg BT 461.69 601.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.72 601.10 Td (\(y\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.98 601.10 Td ($50,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.98 601.10 Td (, ) Tj ET Q q 0 0 0 rg BT 548.08 601.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 589.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 66.86 589.10 Td (after ) Tj ET Q q 0 0 0 rg BT 87.55 589.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 115.48 589.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 131.18 589.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 157.42 589.10 Td (ef) Tj ET Q q 0 0 0 rg BT 165.01 589.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 182.37 589.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.51 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.10 589.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 253.89 589.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.70 589.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 307.50 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.20 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.79 589.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 352.92 589.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 390.29 589.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.99 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.57 589.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 439.05 589.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 484.73 589.10 Td (as ) Tj ET Q q 0 0 0 rg BT 495.43 589.10 Td (if ) Tj ET Q q 0 0 0 rg BT 503.91 589.10 Td (it ) Tj ET Q q 0 0 0 rg BT 511.83 589.10 Td (constituted ) Tj ET Q q 0 0 0 rg BT 558.08 589.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 88.62 577.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.85 577.10 Td (service ) Tj ET Q q 0 0 0 rg BT 140.19 577.10 Td (char) Tj ET Q q 0 0 0 rg BT 157.22 577.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 172.18 577.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.42 577.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 226.53 577.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.09 577.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 303.66 577.10 Td (char) Tj ET Q q 0 0 0 rg BT 320.69 577.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 333.15 577.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 372.25 577.10 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 396.10 577.10 Td (as ) Tj ET Q q 0 0 0 rg BT 407.45 577.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 451.00 577.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.02 577.10 Td (a ) Tj ET Q q 0 0 0 rg BT 471.48 577.10 Td (trailing ) Tj ET Q q 0 0 0 rg BT 503.39 577.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 533.06 577.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 73.90 565.10 Td (would ) Tj ET Q q 0 0 0 rg BT 100.81 565.10 Td (be ) Tj ET Q q 0 0 0 rg BT 112.15 565.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 135.71 565.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.39 565.10 Td (or ) Tj ET Q q 0 0 0 rg BT 155.63 565.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 185.29 565.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.41 565.10 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.91 565.10 Td (:1.0, ) Tj ET Q q 0 0 0 rg BT 236.59 565.10 Td (or ) Tj ET Q q 0 0 0 rg BT 246.82 565.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 260.39 565.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 271.73 565.10 Td (no ) Tj ET Q q 0 0 0 rg BT 283.64 565.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 321.63 565.10 Td (default ) Tj ET Q q 0 0 0 rg BT 351.30 565.10 Td (then ) Tj ET Q q 0 0 0 rg BT 370.42 565.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 395.11 565.10 Td (or ) Tj ET Q q 0 0 0 rg BT 405.34 565.10 Td (would ) Tj ET Q q 0 0 0 rg BT 432.24 565.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 453.03 565.10 Td (as ) Tj ET Q q 0 0 0 rg BT 463.26 565.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.60 565.10 Td (result ) Tj ET Q q 0 0 0 rg BT 493.72 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.96 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.08 565.10 Td (declaration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.23 553.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 97.06 553.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.79 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.41 553.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 142.58 553.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 179.97 553.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.70 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.32 553.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 228.83 553.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 274.53 553.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.37 553.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 305.99 553.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 328.39 553.10 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 383.56 553.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.74 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.35 553.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 453.51 553.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 501.45 553.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.18 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.79 553.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 550.85 553.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.06 541.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 93.27 541.10 Td (that ) Tj ET Q q 0 0 0 rg BT 109.61 541.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 144.28 541.10 Td (availability) Tj ET Q q 0 0 0 rg BT 188.62 541.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.46 541.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 243.78 541.10 Td (following ) Tj ET Q q 0 0 0 rg BT 284.01 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.56 541.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 343.32 541.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.10 541.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 394.87 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.54 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.10 541.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 437.21 541.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 473.54 541.10 Td (or ) Tj ET Q q 0 0 0 rg BT 483.21 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.77 541.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 519.21 541.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 529.10 Td (as ) Tj ET Q q 0 0 0 rg BT 77.73 529.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 117.66 529.10 Td (on ) Tj ET Q q 0 0 0 rg BT 130.38 529.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.55 529.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 153.61 529.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 180.22 529.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 202.94 529.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.33 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.28 529.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 261.66 529.10 Td (months ) Tj ET Q q 0 0 0 rg BT 293.84 529.10 Td (following ) Tj ET Q q 0 0 0 rg BT 335.45 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.62 529.10 Td (after ) Tj ET Q q 0 0 0 rg BT 373.67 529.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 401.95 529.10 Td (ef) Tj ET Q q 0 0 0 rg BT 409.54 529.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 427.25 529.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.76 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.70 529.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 499.85 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.02 529.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 554.18 529.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.38 517.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 84.82 517.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 122.48 517.10 Td (or ) Tj ET Q q 0 0 0 rg BT 133.48 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.36 517.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 172.14 517.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 218.11 517.10 Td (will ) Tj ET Q q 0 0 0 rg BT 236.34 517.10 Td (be ) Tj ET Q q 0 0 0 rg BT 248.44 517.10 Td (at ) Tj ET Q q 0 0 0 rg BT 258.33 517.10 Td (least ) Tj ET Q q 0 0 0 rg BT 279.32 517.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 303.64 517.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.09 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.97 517.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 359.40 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.39 517.10 Td (\(x\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.72 517.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.05 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.72 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.72 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.60 517.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 454.81 517.10 Td (Cap ) Tj ET Q q 0 0 0 rg BT 473.59 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.70 517.10 Td (\(y\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.02 517.10 Td ($100,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 517.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.02 517.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.10 Td (No ) Tj ET Q q 0 0 0 rg BT 64.54 505.10 Td (default ) Tj ET Q q 0 0 0 rg BT 95.13 505.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.27 505.10 Td (event ) Tj ET Q q 0 0 0 rg BT 130.75 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.90 505.10 Td (default ) Tj ET Q q 0 0 0 rg BT 172.48 505.10 Td (presently ) Tj ET Q q 0 0 0 rg BT 211.96 505.10 Td (exists. ) Tj ET Q q 0 0 0 rg BT 240.06 505.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.25 505.10 Td (At ) Tj ET Q q 0 0 0 rg BT 255.07 505.10 Td (January ) Tj ET Q q 0 0 0 rg BT 288.99 505.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 304.31 505.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 327.13 505.10 Td (we ) Tj ET Q q 0 0 0 rg BT 341.61 505.10 Td (met ) Tj ET Q q 0 0 0 rg BT 359.43 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.46 505.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 416.16 505.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 460.65 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.90 505.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.05 505.10 Td (a ) Tj ET Q q 0 0 0 rg BT 496.31 505.10 Td (result ) Tj ET Q q 0 0 0 rg BT 521.35 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.38 505.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 69.13 493.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.63 493.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 104.68 493.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 137.18 493.10 Td (us ) Tj ET Q q 0 0 0 rg BT 148.57 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.85 493.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 175.78 493.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.05 493.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 237.44 493.10 Td (or ) Tj ET Q q 0 0 0 rg BT 248.27 493.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 294.08 493.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.91 493.10 Td (common ) Tj ET Q q 0 0 0 rg BT 347.40 493.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 459.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.03 459.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 132.46 459.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 152.08 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.06 459.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 188.59 459.10 Td (also ) Tj ET Q q 0 0 0 rg BT 207.68 459.10 Td (imposes ) Tj ET Q q 0 0 0 rg BT 243.44 459.10 Td (various ) Tj ET Q q 0 0 0 rg BT 275.85 459.10 Td (other ) Tj ET Q q 0 0 0 rg BT 299.38 459.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 357.06 459.10 Td (such ) Tj ET Q q 0 0 0 rg BT 378.37 459.10 Td (as ) Tj ET Q q 0 0 0 rg BT 389.68 459.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.09 459.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 417.84 459.10 Td (dominion ) Tj ET Q q 0 0 0 rg BT 459.15 459.10 Td (requirement. ) Tj ET Q q 0 0 0 rg BT 512.94 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.92 459.10 Td (In ) Tj ET Q q 0 0 0 rg BT 527.23 459.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 71.39 447.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 99.37 447.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 146.25 447.10 Td (falling ) Tj ET Q q 0 0 0 rg BT 174.24 447.10 Td (below ) Tj ET Q q 0 0 0 rg BT 200.56 447.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.89 447.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 244.87 447.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 268.69 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.79 447.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 323.57 447.10 Td (is ) Tj ET Q q 0 0 0 rg BT 332.12 447.10 Td (required ) Tj ET Q q 0 0 0 rg BT 367.33 447.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.99 447.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 408.88 447.10 Td (with ) Tj ET Q q 0 0 0 rg BT 428.54 447.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.87 447.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 475.65 447.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 498.08 447.10 Td (char) Tj ET Q q 0 0 0 rg BT 515.11 447.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 526.43 447.10 Td (coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (ratio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 411.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 75.89 411.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 133.91 411.10 Td (Graph) Tj ET Q BT /F2 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 85.50 387.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.79 387.10 Td (following ) Tj ET Q q 0 0 0 rg BT 143.41 387.10 Td (graph ) Tj ET Q q 0 0 0 rg BT 167.92 387.10 Td (compares ) Tj ET Q q 0 0 0 rg BT 207.97 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.93 387.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 268.09 387.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 316.49 387.10 Td (return ) Tj ET Q q 0 0 0 rg BT 342.10 387.10 Td (on ) Tj ET Q q 0 0 0 rg BT 353.84 387.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.91 387.10 Td (common ) Tj ET Q q 0 0 0 rg BT 405.64 387.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 428.49 387.10 Td (with ) Tj ET Q q 0 0 0 rg BT 448.00 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.96 387.10 Td (return ) Tj ET Q q 0 0 0 rg BT 487.58 387.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.31 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.14 387.10 Td (T) Tj ET Q q 0 0 0 rg BT 518.55 387.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 535.29 387.10 Td (Return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 74.36 375.10 Td (for ) Tj ET Q q 0 0 0 rg BT 87.96 375.10 Td (The ) Tj ET Q q 0 0 0 rg BT 105.59 375.10 Td (S&P) Tj ET Q q 0 0 0 rg BT 124.12 375.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.21 375.10 Td (500 ) Tj ET Q q 0 0 0 rg BT 143.30 375.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 168.17 375.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 193.03 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.41 375.10 Td (The ) Tj ET Q q 0 0 0 rg BT 227.04 375.10 Td (S&P) Tj ET Q q 0 0 0 rg BT 245.58 375.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.67 375.10 Td (500 ) Tj ET Q q 0 0 0 rg BT 264.75 375.10 Td (Retailing ) Tj ET Q q 0 0 0 rg BT 303.50 375.10 Td (Industry ) Tj ET Q q 0 0 0 rg BT 338.92 375.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 366.42 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rg BT 453.10 194.17 Td (184.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 194.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.10 194.17 Td (216.70) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 6. 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736.5 m 355.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 736.5 m 359.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 736.5 m 418.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 736.5 m 422.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 736.5 m 481.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 736.5 m 485.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 736.5 m 544.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 715.5 m 291.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 736.5 m 296.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 715.5 m 355.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 736.5 m 418.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 715.5 m 418.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 736.5 m 481.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 715.5 m 481.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 736.5 m 544.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 715.5 m 544.5 715.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 727.75 Td (Fiscal years and thousands except for per share) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 719.75 Td (amounts and number of stores) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.50 719.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.50 719.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.50 719.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 719.73 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 719.73 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 706.18 Td (Consolidated Statement of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 696.18 Td (Data \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 681.17 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 681.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.25 681.17 Td (2,070,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 681.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.25 681.17 Td (2,287,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 681.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 681.17 Td (2,356,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 681.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.25 681.17 Td (2,421,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 681.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.25 681.17 Td (2,453,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 666.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.45 666.17 Td (\(131,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.30 666.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.45 666.17 Td (\(27,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.30 666.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.45 666.17 Td (\(168,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 666.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.75 666.17 Td (35,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.75 666.17 Td (60,080) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 652.18 Td (Per Common Share Data \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.17 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 637.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.45 637.17 Td (\(5.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.30 637.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 637.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.45 637.17 Td (\(1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.30 637.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 637.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.45 637.17 Td (\(7.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 637.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 637.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.75 637.17 Td (1.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 637.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.75 637.17 Td (2.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 622.17 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 622.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.45 622.17 Td (\(5.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.30 622.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 622.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.45 622.17 Td (\(1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.30 622.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 622.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.45 622.17 Td (\(7.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 622.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 622.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.75 622.17 Td (1.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 622.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.75 622.17 Td (2.60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 604.18 Td (Consolidated Balance Sheet Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.17 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 589.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.75 589.17 Td (468,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 589.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.75 589.17 Td (633,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 589.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.75 589.17 Td (645,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 589.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.75 589.17 Td (847,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 589.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 589.17 Td (785,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.17 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.30 574.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 574.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.30 574.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 574.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 574.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.17 Td (Long-term capital lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.30 559.17 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.30 559.17 Td (382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.30 559.17 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 559.17 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.30 559.17 Td (769) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 535.18 Td (Other Financial and Operational Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.17 Td (Adjusted EBITDA \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.45 520.17 Td (\(18,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.30 520.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.75 520.17 Td (9,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 520.17 Td (2,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.75 520.17 Td (45,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.75 520.17 Td (98,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.17 Td (Number of stores) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.75 505.17 Td (1,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.75 505.17 Td (1,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 505.17 Td (1,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 505.17 Td (1,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.75 505.17 Td (1,245) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 480.21 Td (Sears Outlet - Comparable Store Sales %) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.45 480.17 Td (\(5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.30 480.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.45 480.17 Td (\(4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.30 480.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.45 480.17 Td (\(1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 480.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 480.17 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 480.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.45 480.17 Td (\(0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 480.17 Td (\)%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 465.21 Td (Sears Hometown and Hardware -) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 455.21 Td (Comparable Store Sales %) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.45 455.17 Td (\(4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.30 455.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.45 455.17 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.30 455.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.45 455.17 Td (\(7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 455.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.45 455.17 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 455.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 455.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 455.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 427.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 427.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 122.28 427.00 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 146.67 427.00 Td (year ) Tj ET Q q 0 0 0 rg BT 166.61 427.00 Td (end ) Tj ET Q q 0 0 0 rg BT 183.78 427.00 Td (is ) Tj ET Q q 0 0 0 rg BT 193.18 427.00 Td (the ) Tj ET Q q 0 0 0 rg BT 208.13 427.00 Td (Saturday ) Tj ET Q q 0 0 0 rg BT 246.40 427.00 Td (closest ) Tj ET Q q 0 0 0 rg BT 276.35 427.00 Td (to ) Tj ET Q q 0 0 0 rg BT 286.86 427.00 Td (January ) Tj ET Q q 0 0 0 rg BT 320.69 427.00 Td (31 ) Tj ET Q q 0 0 0 rg BT 333.42 427.00 Td (each ) Tj ET Q q 0 0 0 rg BT 354.47 427.00 Td (year) Tj ET Q q 0 0 0 rg BT 371.12 427.00 Td (. ) Tj ET Q q 0 0 0 rg BT 376.35 427.00 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 402.97 427.00 Td (year ) Tj ET Q q 0 0 0 rg BT 422.91 427.00 Td (2012 ) Tj ET Q q 0 0 0 rg BT 445.64 427.00 Td (was ) Tj ET Q q 0 0 0 rg BT 463.92 427.00 Td (a ) Tj ET Q q 0 0 0 rg BT 471.09 427.00 Td (53-week ) Tj ET Q q 0 0 0 rg BT 508.25 427.00 Td (year ) Tj ET Q q 0 0 0 rg BT 528.19 427.00 Td (and ) Tj ET Q q 0 0 0 rg BT 545.36 427.00 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 415.00 Td (years ) Tj ET Q q 0 0 0 rg BT 127.60 415.00 Td (2016, ) Tj ET Q q 0 0 0 rg BT 152.60 415.00 Td (2015, ) Tj ET Q q 0 0 0 rg BT 177.60 415.00 Td (2014, ) Tj ET Q q 0 0 0 rg BT 202.60 415.00 Td (2013, ) Tj ET Q q 0 0 0 rg BT 227.60 415.00 Td (were ) Tj ET Q q 0 0 0 rg BT 249.53 415.00 Td (52-week ) Tj ET Q q 0 0 0 rg BT 286.46 415.00 Td (years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 397.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 397.00 Td (23,100,000 ) Tj ET Q q 0 0 0 rg BT 151.50 397.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 178.99 397.00 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 228.16 397.00 Td (ef) Tj ET Q q 0 0 0 rg BT 235.74 397.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 265.45 397.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 287.95 397.00 Td (completion ) Tj ET Q q 0 0 0 rg BT 335.44 397.00 Td (of ) Tj ET Q q 0 0 0 rg BT 346.27 397.00 Td (the ) Tj ET Q q 0 0 0 rg BT 360.98 397.00 Td (Separation ) Tj ET Q q 0 0 0 rg BT 406.25 397.00 Td (are ) Tj ET Q q 0 0 0 rg BT 420.95 397.00 Td (used ) Tj ET Q q 0 0 0 rg BT 441.78 397.00 Td (for ) Tj ET Q q 0 0 0 rg BT 455.94 397.00 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 482.33 397.00 Td (year ) Tj ET Q q 0 0 0 rg BT 502.04 397.00 Td (2012.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 379.00 Td (\(3\) ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 104.00 379.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 142.85 379.00 Td (EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.29 379.00 Td (In ) Tj ET Q q 0 0 0 rg BT 199.47 379.00 Td (addition ) Tj ET Q q 0 0 0 rg BT 236.10 379.00 Td (to ) Tj ET Q q 0 0 0 rg BT 247.74 379.00 Td (our ) Tj ET Q q 0 0 0 rg BT 264.92 379.00 Td (net ) Tj ET Q q 0 0 0 rg BT 280.99 379.00 Td (income ) Tj ET Q q 0 0 0 rg BT 314.28 379.00 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 340.36 379.00 Td (determined ) Tj ET Q q 0 0 0 rg BT 389.19 379.00 Td (in ) Tj ET Q q 0 0 0 rg BT 400.83 379.00 Td (accordance ) Tj ET Q q 0 0 0 rg BT 449.64 379.00 Td (with ) Tj ET Q q 0 0 0 rg BT 471.28 379.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 497.39 379.00 Td (, ) Tj ET Q q 0 0 0 rg BT 503.75 379.00 Td (for ) Tj ET Q q 0 0 0 rg BT 519.26 379.00 Td (purposes ) Tj ET Q q 0 0 0 rg BT 558.67 379.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 367.00 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 147.79 367.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 187.68 367.00 Td (performance, ) Tj ET Q q 0 0 0 rg BT 242.84 367.00 Td (we ) Tj ET Q q 0 0 0 rg BT 256.64 367.00 Td (use ) Tj ET Q q 0 0 0 rg BT 272.10 367.00 Td ( ) Tj ET Q q 0 0 0 rg BT 273.77 367.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 312.01 367.00 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 349.69 367.00 Td (Before ) Tj ET Q q 0 0 0 rg BT 379.03 367.00 Td (Interest, ) Tj ET Q q 0 0 0 rg BT 413.50 367.00 Td (T) Tj ET Q q 0 0 0 rg BT 418.91 367.00 Td (axes, ) Tj ET Q q 0 0 0 rg BT 441.31 367.00 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 495.09 367.00 Td (and ) Tj ET Q q 0 0 0 rg BT 511.19 367.00 Td (Amortization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 355.00 Td (or ) Tj ET Q q 0 0 0 rg BT 115.14 355.00 Td ("adjusted ) Tj ET Q q 0 0 0 rg BT 155.37 355.00 Td (EBITDA," ) Tj ET Q q 0 0 0 rg BT 201.42 355.00 Td (which ) Tj ET Q q 0 0 0 rg BT 228.67 355.00 Td (is ) Tj ET Q q 0 0 0 rg BT 238.16 355.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 274.30 355.00 Td (to ) Tj ET Q q 0 0 0 rg BT 284.89 355.00 Td (exclude ) Tj ET Q q 0 0 0 rg BT 318.80 355.00 Td (certain ) Tj ET Q q 0 0 0 rg BT 348.81 355.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 393.84 355.00 Td (items ) Tj ET Q q 0 0 0 rg BT 418.32 355.00 Td (as ) Tj ET Q q 0 0 0 rg BT 429.46 355.00 Td (set ) Tj ET Q q 0 0 0 rg BT 443.38 355.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 465.64 355.00 Td (below) Tj ET Q q 0 0 0 rg BT 489.43 355.00 Td (. ) Tj ET Q q 0 0 0 rg BT 494.74 355.00 Td ( ) Tj ET Q q 0 0 0 rg BT 497.55 355.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 515.92 355.00 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 343.00 Td (uses ) Tj ET Q q 0 0 0 rg BT 123.77 343.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 159.63 343.00 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 201.34 343.00 Td (among ) Tj ET Q q 0 0 0 rg BT 231.10 343.00 Td (other ) Tj ET Q q 0 0 0 rg BT 254.19 343.00 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 288.67 343.00 Td (to ) Tj ET Q q 0 0 0 rg BT 298.99 343.00 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 334.84 343.00 Td (the ) Tj ET Q q 0 0 0 rg BT 349.61 343.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 389.91 343.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 442.98 343.00 Td (of ) Tj ET Q q 0 0 0 rg BT 453.85 343.00 Td (our ) Tj ET Q q 0 0 0 rg BT 469.73 343.00 Td (business ) Tj ET Q q 0 0 0 rg BT 506.16 343.00 Td (for ) Tj ET Q q 0 0 0 rg BT 520.37 343.00 Td (comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 331.00 Td (periods. ) Tj ET Q q 0 0 0 rg BT 138.90 331.00 Td ( ) Tj ET Q q 0 0 0 rg BT 141.20 331.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 180.27 331.00 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 216.38 331.00 Td ( ) Tj ET Q q 0 0 0 rg BT 219.34 331.00 Td (should ) Tj ET Q q 0 0 0 rg BT 248.97 331.00 Td (not ) Tj ET Q q 0 0 0 rg BT 264.70 331.00 Td (be ) Tj ET Q q 0 0 0 rg BT 277.10 331.00 Td (used ) Tj ET Q q 0 0 0 rg BT 298.39 331.00 Td (by ) Tj ET Q q 0 0 0 rg BT 311.35 331.00 Td (investors ) Tj ET Q q 0 0 0 rg BT 350.42 331.00 Td (or ) Tj ET Q q 0 0 0 rg BT 361.71 331.00 Td (other ) Tj ET Q q 0 0 0 rg BT 385.21 331.00 Td (third ) Tj ET Q q 0 0 0 rg BT 407.06 331.00 Td (parties ) Tj ET Q q 0 0 0 rg BT 436.67 331.00 Td (as ) Tj ET Q q 0 0 0 rg BT 447.96 331.00 Td (the ) Tj ET Q q 0 0 0 rg BT 463.14 331.00 Td (sole ) Tj ET Q q 0 0 0 rg BT 482.20 331.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 505.16 331.00 Td (for ) Tj ET Q q 0 0 0 rg BT 519.78 331.00 Td (formulating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 319.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.87 319.00 Td (decisions ) Tj ET Q q 0 0 0 rg BT 193.08 319.00 Td (as ) Tj ET Q q 0 0 0 rg BT 205.40 319.00 Td (it ) Tj ET Q q 0 0 0 rg BT 214.95 319.00 Td (excludes ) Tj ET Q q 0 0 0 rg BT 253.92 319.00 Td (a ) Tj ET Q q 0 0 0 rg BT 262.35 319.00 Td (number ) Tj ET Q q 0 0 0 rg BT 296.89 319.00 Td (of ) Tj ET Q q 0 0 0 rg BT 309.21 319.00 Td (important ) Tj ET Q q 0 0 0 rg BT 352.08 319.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 373.84 319.00 Td (and ) Tj ET Q q 0 0 0 rg BT 392.27 319.00 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 432.36 319.00 Td (recurring ) Tj ET Q q 0 0 0 rg BT 473.00 319.00 Td (items, ) Tj ET Q q 0 0 0 rg BT 501.15 319.00 Td (and ) Tj ET Q q 0 0 0 rg BT 519.58 319.00 Td (may ) Tj ET Q q 0 0 0 rg BT 540.79 319.00 Td (not ) Tj ET Q q 0 0 0 rg BT 557.56 319.00 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 307.00 Td (comparable ) Tj ET Q q 0 0 0 rg BT 152.90 307.00 Td (to ) Tj ET Q q 0 0 0 rg BT 162.94 307.00 Td (similarly ) Tj ET Q q 0 0 0 rg BT 200.75 307.00 Td (titled ) Tj ET Q q 0 0 0 rg BT 223.56 307.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 263.03 307.00 Td (reported ) Tj ET Q q 0 0 0 rg BT 298.60 307.00 Td (by ) Tj ET Q q 0 0 0 rg BT 310.86 307.00 Td (other ) Tj ET Q q 0 0 0 rg BT 333.67 307.00 Td (companies. ) Tj ET Q q 0 0 0 rg BT 380.69 307.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 419.06 307.00 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 455.17 307.00 Td ( ) Tj ET Q q 0 0 0 rg BT 457.43 307.00 Td (should ) Tj ET Q q 0 0 0 rg BT 486.36 307.00 Td (not ) Tj ET Q q 0 0 0 rg BT 501.40 307.00 Td (be ) Tj ET Q q 0 0 0 rg BT 513.10 307.00 Td (considered ) Tj ET Q q 0 0 0 rg BT 558.67 307.00 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 295.00 Td (a ) Tj ET Q q 0 0 0 rg BT 110.94 295.00 Td (substitute ) Tj ET Q q 0 0 0 rg BT 151.77 295.00 Td (for ) Tj ET Q q 0 0 0 rg BT 165.93 295.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 192.79 295.00 Td ( ) Tj ET Q q 0 0 0 rg BT 195.29 295.00 Td (measurements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 271.00 Td (While ) Tj ET Q q 0 0 0 rg BT 113.05 271.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 148.98 271.00 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 185.09 271.00 Td ( ) Tj ET Q q 0 0 0 rg BT 187.70 271.00 Td (is ) Tj ET Q q 0 0 0 rg BT 196.99 271.00 Td (a ) Tj ET Q q 0 0 0 rg BT 204.04 271.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 249.22 271.00 Td ( ) Tj ET Q q 0 0 0 rg BT 251.83 271.00 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 310.26 271.00 Td (we ) Tj ET Q q 0 0 0 rg BT 324.53 271.00 Td (believe ) Tj ET Q q 0 0 0 rg BT 356.01 271.00 Td (it ) Tj ET Q q 0 0 0 rg BT 364.18 271.00 Td (is ) Tj ET Q q 0 0 0 rg BT 373.47 271.00 Td (an ) Tj ET Q q 0 0 0 rg BT 385.52 271.00 Td (important ) Tj ET Q q 0 0 0 rg BT 427.01 271.00 Td (indicator ) Tj ET Q q 0 0 0 rg BT 465.17 271.00 Td (of ) Tj ET Q q 0 0 0 rg BT 476.11 271.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 516.48 271.00 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.00 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 259.00 Td (investors ) Tj ET Q q 0 0 0 rg BT 102.77 259.00 Td (because:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 235.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 235.00 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 122.11 235.00 Td ( ) Tj ET Q q 0 0 0 rg BT 124.74 235.00 Td (excludes ) Tj ET Q q 0 0 0 rg BT 162.36 235.00 Td (the ) Tj ET Q q 0 0 0 rg BT 177.20 235.00 Td (ef) Tj ET Q q 0 0 0 rg BT 184.79 235.00 Td (fects ) Tj ET Q q 0 0 0 rg BT 206.30 235.00 Td (of ) Tj ET Q q 0 0 0 rg BT 217.26 235.00 Td (financing ) Tj ET Q q 0 0 0 rg BT 257.65 235.00 Td (and ) Tj ET Q q 0 0 0 rg BT 274.72 235.00 Td (investing ) Tj ET Q q 0 0 0 rg BT 314.02 235.00 Td (activities ) Tj ET Q q 0 0 0 rg BT 352.75 235.00 Td (by ) Tj ET Q q 0 0 0 rg BT 365.38 235.00 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 413.56 235.00 Td (the ) Tj ET Q q 0 0 0 rg BT 428.41 235.00 Td (ef) Tj ET Q q 0 0 0 rg BT 435.99 235.00 Td (fects ) Tj ET Q q 0 0 0 rg BT 457.50 235.00 Td (of ) Tj ET Q q 0 0 0 rg BT 468.46 235.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 500.53 235.00 Td (and ) Tj ET Q q 0 0 0 rg BT 517.60 235.00 Td (depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 223.00 Td (costs; ) Tj ET Q q 0 0 0 rg BT 111.28 223.00 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 211.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 211.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 111.87 211.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 157.19 211.00 Td (items, ) Tj ET Q q 0 0 0 rg BT 184.45 211.00 Td (while ) Tj ET Q q 0 0 0 rg BT 209.77 211.00 Td (periodically ) Tj ET Q q 0 0 0 rg BT 260.64 211.00 Td (af) Tj ET Q q 0 0 0 rg BT 268.22 211.00 Td (fecting ) Tj ET Q q 0 0 0 rg BT 299.09 211.00 Td (our ) Tj ET Q q 0 0 0 rg BT 315.52 211.00 Td (results, ) Tj ET Q q 0 0 0 rg BT 347.24 211.00 Td (may ) Tj ET Q q 0 0 0 rg BT 367.56 211.00 Td (vary ) Tj ET Q q 0 0 0 rg BT 388.43 211.00 Td (significantly ) Tj ET Q q 0 0 0 rg BT 441.52 211.00 Td (from ) Tj ET Q q 0 0 0 rg BT 464.06 211.00 Td (period ) Tj ET Q q 0 0 0 rg BT 492.71 211.00 Td (to ) Tj ET Q q 0 0 0 rg BT 503.59 211.00 Td (period ) Tj ET Q q 0 0 0 rg BT 532.24 211.00 Td (and ) Tj ET Q q 0 0 0 rg BT 549.78 211.00 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 199.00 Td (have ) Tj ET Q q 0 0 0 rg BT 106.87 199.00 Td (a ) Tj ET Q q 0 0 0 rg BT 113.29 199.00 Td (disproportionate ) Tj ET Q q 0 0 0 rg BT 180.82 199.00 Td (ef) Tj ET Q q 0 0 0 rg BT 188.41 199.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 205.39 199.00 Td (in ) Tj ET Q q 0 0 0 rg BT 215.15 199.00 Td (a ) Tj ET Q q 0 0 0 rg BT 221.58 199.00 Td (given ) Tj ET Q q 0 0 0 rg BT 245.79 199.00 Td (period, ) Tj ET Q q 0 0 0 rg BT 275.82 199.00 Td (which ) Tj ET Q q 0 0 0 rg BT 302.25 199.00 Td (af) Tj ET Q q 0 0 0 rg BT 309.84 199.00 Td (fects ) Tj ET Q q 0 0 0 rg BT 330.70 199.00 Td (comparability ) Tj ET Q q 0 0 0 rg BT 388.23 199.00 Td (of ) Tj ET Q q 0 0 0 rg BT 398.55 199.00 Td (results. ) Tj ET Q q 0 0 0 rg BT 429.14 199.00 Td ( ) Tj ET Q q 0 0 0 rg BT 430.99 199.00 Td (These ) Tj ET Q q 0 0 0 rg BT 456.85 199.00 Td (items ) Tj ET Q q 0 0 0 rg BT 480.51 199.00 Td (may ) Tj ET Q q 0 0 0 rg BT 499.71 199.00 Td (also ) Tj ET Q q 0 0 0 rg BT 517.81 199.00 Td (include ) Tj ET Q q 0 0 0 rg BT 549.23 199.00 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 187.00 Td (char) Tj ET Q q 0 0 0 rg BT 103.03 187.00 Td (ges ) Tj ET Q q 0 0 0 rg BT 119.86 187.00 Td (such ) Tj ET Q q 0 0 0 rg BT 141.70 187.00 Td (as ) Tj ET Q q 0 0 0 rg BT 153.54 187.00 Td (Severance ) Tj ET Q q 0 0 0 rg BT 198.13 187.00 Td (and ) Tj ET Q q 0 0 0 rg BT 216.08 187.00 Td (executive ) Tj ET Q q 0 0 0 rg BT 257.90 187.00 Td (transition ) Tj ET Q q 0 0 0 rg BT 299.18 187.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 322.69 187.00 Td (and ) Tj ET Q q 0 0 0 rg BT 340.64 187.00 Td (IT) Tj ET Q q 0 0 0 rg BT 349.89 187.00 Td ( ) Tj ET Q q 0 0 0 rg BT 353.40 187.00 Td (transformation ) Tj ET Q q 0 0 0 rg BT 415.78 187.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 467.06 187.00 Td (that ) Tj ET Q q 0 0 0 rg BT 485.57 187.00 Td (make ) Tj ET Q q 0 0 0 rg BT 510.73 187.00 Td (it ) Tj ET Q q 0 0 0 rg BT 519.80 187.00 Td (dif) Tj ET Q q 0 0 0 rg BT 530.72 187.00 Td (ficult ) Tj ET Q q 0 0 0 rg BT 555.34 187.00 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 175.00 Td (investors ) Tj ET Q q 0 0 0 rg BT 124.61 175.00 Td (to ) Tj ET Q q 0 0 0 rg BT 134.89 175.00 Td (assess ) Tj ET Q q 0 0 0 rg BT 161.83 175.00 Td (the ) Tj ET Q q 0 0 0 rg BT 176.55 175.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 223.63 175.00 Td (core ) Tj ET Q q 0 0 0 rg BT 243.33 175.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 283.60 175.00 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 151.00 Td (Starting ) Tj ET Q q 0 0 0 rg BT 119.43 151.00 Td (with ) Tj ET Q q 0 0 0 rg BT 138.97 151.00 Td (the ) Tj ET Q q 0 0 0 rg BT 152.95 151.00 Td (second ) Tj ET Q q 0 0 0 rg BT 182.48 151.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 212.55 151.00 Td (of ) Tj ET Q q 0 0 0 rg BT 222.64 151.00 Td (2015, ) Tj ET Q q 0 0 0 rg BT 246.91 151.00 Td (the ) Tj ET Q q 0 0 0 rg BT 260.88 151.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 301.53 151.00 Td (began ) Tj ET Q q 0 0 0 rg BT 327.17 151.00 Td (excluding ) Tj ET Q q 0 0 0 rg BT 368.37 151.00 Td (initial ) Tj ET Q q 0 0 0 rg BT 393.46 151.00 Td (franchise ) Tj ET Q q 0 0 0 rg BT 431.87 151.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 469.17 151.00 Td (from ) Tj ET Q q 0 0 0 rg BT 489.98 151.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 527.85 151.00 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 569.51 151.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.00 Td (This ) Tj ET Q q 0 0 0 rg BT 70.05 139.00 Td (change ) Tj ET Q q 0 0 0 rg BT 100.63 139.00 Td (was ) Tj ET Q q 0 0 0 rg BT 118.45 139.00 Td (based ) Tj ET Q q 0 0 0 rg BT 143.49 139.00 Td (on ) Tj ET Q q 0 0 0 rg BT 155.75 139.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 169.68 139.00 Td (the ) Tj ET Q q 0 0 0 rg BT 184.17 139.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 231.02 139.00 Td (decision ) Tj ET Q q 0 0 0 rg BT 266.61 139.00 Td (to ) Tj ET Q q 0 0 0 rg BT 276.66 139.00 Td (indefinitely ) Tj ET Q q 0 0 0 rg BT 325.02 139.00 Td (suspend ) Tj ET Q q 0 0 0 rg BT 359.51 139.00 Td (its ) Tj ET Q q 0 0 0 rg BT 371.23 139.00 Td (franchising ) Tj ET Q q 0 0 0 rg BT 418.48 139.00 Td (of ) Tj ET Q q 0 0 0 rg BT 429.08 139.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 471.34 139.00 Td (stores ) Tj ET Q q 0 0 0 rg BT 496.94 139.00 Td (except ) Tj ET Q q 0 0 0 rg BT 525.30 139.00 Td (to ) Tj ET Q q 0 0 0 rg BT 535.34 139.00 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.39 127.00 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 138.86 127.00 Td (and ) Tj ET Q q 0 0 0 rg BT 155.80 127.00 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 169.96 127.00 Td (to ) Tj ET Q q 0 0 0 rg BT 180.24 127.00 Td (better ) Tj ET Q q 0 0 0 rg BT 205.50 127.00 Td (align ) Tj ET Q q 0 0 0 rg BT 227.45 127.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 266.05 127.00 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 302.16 127.00 Td ( ) Tj ET Q q 0 0 0 rg BT 304.66 127.00 Td (for ) Tj ET Q q 0 0 0 rg BT 318.82 127.00 Td (purposes ) Tj ET Q q 0 0 0 rg BT 356.88 127.00 Td (of ) Tj ET Q q 0 0 0 rg BT 367.71 127.00 Td (incentive ) Tj ET Q q 0 0 0 rg BT 406.86 127.00 Td (compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 52.50 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 55.00 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 57.50 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 60.00 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 65.00 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 70.00 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 75.00 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 77.50 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 80.00 103.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 103.00 Td (In ) Tj ET Q q 0 0 0 rg BT 96.06 103.00 Td (the ) Tj ET Q q 0 0 0 rg BT 110.01 103.00 Td (fourth ) Tj ET Q q 0 0 0 rg BT 136.18 103.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 166.22 103.00 Td (of ) Tj ET Q q 0 0 0 rg BT 176.28 103.00 Td (2016, ) Tj ET Q q 0 0 0 rg BT 200.51 103.00 Td (in ) Tj ET Q q 0 0 0 rg BT 210.02 103.00 Td (an ) Tj ET Q q 0 0 0 rg BT 221.19 103.00 Td (ef) Tj ET Q q 0 0 0 rg BT 228.78 103.00 Td (fort ) Tj ET Q q 0 0 0 rg BT 244.94 103.00 Td (to ) Tj ET Q q 0 0 0 rg BT 254.45 103.00 Td (improve ) Tj ET Q q 0 0 0 rg BT 289.51 103.00 Td (profitability ) Tj ET Q q 0 0 0 rg BT 339.01 103.00 Td (and ) Tj ET Q q 0 0 0 rg BT 355.17 103.00 Td (make ) Tj ET Q q 0 0 0 rg BT 378.56 103.00 Td (the ) Tj ET Q q 0 0 0 rg BT 392.51 103.00 Td (most ) Tj ET Q q 0 0 0 rg BT 413.68 103.00 Td (productive ) Tj ET Q q 0 0 0 rg BT 458.18 103.00 Td (use ) Tj ET Q q 0 0 0 rg BT 473.24 103.00 Td (of ) Tj ET Q q 0 0 0 rg BT 483.30 103.00 Td (capital, ) Tj ET Q q 0 0 0 rg BT 514.18 103.00 Td (the ) Tj ET Q q 0 0 0 rg BT 528.13 103.00 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.00 Td (executed ) Tj ET Q q 0 0 0 rg BT 87.59 91.00 Td (an ) Tj ET Q q 0 0 0 rg BT 99.08 91.00 Td (initiative ) Tj ET Q q 0 0 0 rg BT 136.68 91.00 Td (to ) Tj ET Q q 0 0 0 rg BT 146.51 91.00 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 188.53 91.00 Td (the ) Tj ET Q q 0 0 0 rg BT 202.80 91.00 Td (closing ) Tj ET Q q 0 0 0 rg BT 233.74 91.00 Td (of ) Tj ET Q q 0 0 0 rg BT 244.12 91.00 Td (109 ) Tj ET Q q 0 0 0 rg BT 261.18 91.00 Td (under) Tj ET Q q 0 0 0 rg BT 283.75 91.00 Td (-performing ) Tj ET Q q 0 0 0 rg BT 334.12 91.00 Td (locations. ) Tj ET Q q 0 0 0 rg BT 374.77 91.00 Td ( ) Tj ET Q q 0 0 0 rg BT 376.83 91.00 Td (Under) Tj ET Q q 0 0 0 rg BT 401.62 91.00 Td (-performing ) Tj ET Q q 0 0 0 rg BT 451.99 91.00 Td (locations ) Tj ET Q q 0 0 0 rg BT 490.15 91.00 Td (are ) Tj ET Q q 0 0 0 rg BT 504.41 91.00 Td (typically ) Tj ET Q q 0 0 0 rg BT 541.45 91.00 Td (closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.00 Td (during ) Tj ET Q q 0 0 0 rg BT 78.57 79.00 Td (the ) Tj ET Q q 0 0 0 rg BT 93.25 79.00 Td (normal ) Tj ET Q q 0 0 0 rg BT 124.04 79.00 Td (course ) Tj ET Q q 0 0 0 rg BT 152.60 79.00 Td (of ) Tj ET Q q 0 0 0 rg BT 163.40 79.00 Td (business ) Tj ET Q q 0 0 0 rg BT 199.75 79.00 Td (at ) Tj ET Q q 0 0 0 rg BT 209.43 79.00 Td (the ) Tj ET Q q 0 0 0 rg BT 224.11 79.00 Td (termination ) Tj ET Q q 0 0 0 rg BT 272.67 79.00 Td (of ) Tj ET Q q 0 0 0 rg BT 283.47 79.00 Td (a ) Tj ET Q q 0 0 0 rg BT 290.37 79.00 Td (lease ) Tj ET Q q 0 0 0 rg BT 312.82 79.00 Td (or ) Tj ET Q q 0 0 0 rg BT 323.61 79.00 Td (expiration ) Tj ET Q q 0 0 0 rg BT 366.62 79.00 Td (of ) Tj ET Q q 0 0 0 rg BT 377.41 79.00 Td (a ) Tj ET Q q 0 0 0 rg BT 384.31 79.00 Td (franchise ) Tj ET Q q 0 0 0 rg BT 423.42 79.00 Td (or ) Tj ET Q q 0 0 0 rg BT 434.21 79.00 Td (dealer ) Tj ET Q q 0 0 0 rg BT 461.10 79.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 505.21 79.00 Td (and, ) Tj ET Q q 0 0 0 rg BT 524.61 79.00 Td (as ) Tj ET Q q 0 0 0 rg BT 535.40 79.00 Td (a ) Tj ET Q q 0 0 0 rg BT 542.30 79.00 Td (result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.00 Td (do ) Tj ET Q q 0 0 0 rg BT 61.86 67.00 Td (not ) Tj ET Q q 0 0 0 rg BT 76.49 67.00 Td (have ) Tj ET Q q 0 0 0 rg BT 97.23 67.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 141.29 67.00 Td (future ) Tj ET Q q 0 0 0 rg BT 167.03 67.00 Td (lease, ) Tj ET Q q 0 0 0 rg BT 191.37 67.00 Td (severance, ) Tj ET Q q 0 0 0 rg BT 235.14 67.00 Td (or ) Tj ET Q q 0 0 0 rg BT 245.33 67.00 Td (other ) Tj ET Q q 0 0 0 rg BT 267.73 67.00 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 324.57 67.00 Td (store-closing ) Tj ET Q q 0 0 0 rg BT 378.08 67.00 Td (costs. ) Tj ET Q q 0 0 0 rg BT 402.43 67.00 Td ( ) Tj ET Q q 0 0 0 rg BT 404.29 67.00 Td (Due ) Tj ET Q q 0 0 0 rg BT 422.81 67.00 Td (to ) Tj ET Q q 0 0 0 rg BT 432.44 67.00 Td (the ) Tj ET Q q 0 0 0 rg BT 446.52 67.00 Td (number ) Tj ET Q q 0 0 0 rg BT 478.92 67.00 Td (and ) Tj ET Q q 0 0 0 rg BT 495.22 67.00 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 542.03 67.00 Td (nature ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream 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 50.00 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.22 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.33 742.10 Td (store ) Tj ET Q q 0 0 0 rg BT 98.66 742.10 Td (closings ) Tj ET Q q 0 0 0 rg BT 134.33 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.00 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.11 742.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 187.44 742.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 218.65 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.87 742.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 255.26 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.37 742.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 312.15 742.10 Td (has ) Tj ET Q q 0 0 0 rg BT 328.37 742.10 Td (excluded ) Tj ET Q q 0 0 0 rg BT 367.36 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.47 742.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 426.45 742.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 449.35 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.57 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.68 742.10 Td (closings ) Tj ET Q q 0 0 0 rg BT 511.35 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 533.68 742.10 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.61 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.89 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.60 730.10 Td (current ) Tj ET Q q 0 0 0 rg BT 144.42 730.10 Td (year) Tj ET Q q 0 0 0 rg BT 161.07 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.18 694.10 Td (following ) Tj ET Q q 0 0 0 rg BT 145.70 694.10 Td (table ) Tj ET Q q 0 0 0 rg BT 167.76 694.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 203.16 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 210.23 694.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 267.83 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.21 694.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 316.95 694.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 353.06 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.69 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.10 694.10 Td (net ) Tj ET Q q 0 0 0 rg BT 380.95 694.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 415.51 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.36 694.10 Td (most ) Tj ET Q q 0 0 0 rg BT 452.44 694.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 501.71 694.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 528.57 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.20 694.10 Td (measure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 682.10 Td (each ) Tj ET Q q 0 0 0 rg BT 84.98 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.81 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.52 682.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 142.46 682.10 Td (indicated:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 671.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 628.80 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 628.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 628.80 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 628.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 628.80 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 628.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 628.80 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.80 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 600.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 600.80 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 600.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 600.80 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 600.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 600.80 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.80 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 572.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 572.80 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 572.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 572.80 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 572.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 572.80 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 544.80 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 544.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 544.80 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 544.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 544.80 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 544.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 544.80 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 514.80 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 514.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 514.80 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 514.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 514.80 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 514.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 514.80 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 486.80 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 486.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 486.80 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 486.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 486.80 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 486.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 486.80 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 458.80 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 458.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 458.80 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 458.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 458.80 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 458.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 458.80 85.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 648.8 m 389.5 648.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 648.8 m 393.5 648.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 648.8 m 476.5 648.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 648.8 m 480.5 648.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 648.8 m 565.5 648.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 628.8 m 389.5 628.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 648.8 m 476.5 648.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 628.8 m 476.5 628.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 648.8 m 480.5 648.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 648.8 m 565.5 648.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 628.8 m 565.5 628.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 628.8 m 389.5 628.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 628.8 m 476.5 628.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 628.8 m 565.5 628.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 572.8 m 389.5 572.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 572.8 m 476.5 572.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 572.8 m 565.5 572.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 458.8 m 389.5 458.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 458.8 m 476.5 458.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 458.8 m 565.5 458.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 445.8 m 389.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 443.8 m 389.5 443.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 445.8 m 476.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 443.8 m 476.5 443.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 445.8 m 565.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 443.8 m 565.5 443.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 652.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.00 652.88 Td (Fiscal) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 633.05 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.00 633.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 633.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 633.03 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.37 Td (Net Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.00 619.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.80 619.42 Td (\(131,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 619.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 619.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 619.42 Td (\(27,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 619.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 619.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 619.42 Td (\(168,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 619.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 605.37 Td (Income tax \(benefit\) expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 605.37 Td (81,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 605.42 Td (\(15,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 605.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 605.42 Td (\(3,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 605.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.37 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.80 591.42 Td (\(1,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 591.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 591.42 Td (\(2,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 591.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 591.42 Td (\(3,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 591.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.37 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 577.37 Td (4,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 577.37 Td (2,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 577.37 Td (3,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 563.37 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 563.42 Td (\(47,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 563.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 563.42 Td (\(42,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 563.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 563.42 Td (\(171,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 563.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 549.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 549.37 Td (13,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 549.37 Td (10,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 549.37 Td (8,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.37 Td (Gain on the sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 534.52 Td (\(25,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 534.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 534.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 534.52 Td (\(113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 534.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.37 Td (Impairment of goodwill, property, and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 519.47 Td (9,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 519.47 Td (3,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 519.47 Td (168,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.37 Td (Severance and executive transition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 505.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 505.37 Td (1,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 505.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 491.37 Td (Initial franchise revenues net of provision for losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 491.42 Td (\(552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 491.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 491.37 Td (25,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 491.42 Td (\(3,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 491.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.37 Td (IT transformation investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 477.37 Td (14,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 477.37 Td (10,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 477.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.37 Td (Accelerated closure of under) Tj ET Q q 0 0 0 rg BT 168.01 463.37 Td (-performing stores) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 463.37 Td (17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 463.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 463.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 449.37 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.00 449.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 449.42 Td (\(18,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 449.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 449.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 449.37 Td (9,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 449.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 449.37 Td (2,047) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.30 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 397.30 Td (Item 7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.49 397.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.49 397.30 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 234.51 397.30 Td (AND ) Tj ET Q q 0 0 0 rg BT 258.13 397.30 Td (ANAL) Tj ET Q q 0 0 0 rg BT 285.54 397.30 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 323.80 397.30 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 382.42 397.30 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 445.76 397.30 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 502.35 397.30 Td (TS OF) Tj ET Q q 0 0 0 rg BT 530.60 397.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.30 Td (OPERA) Tj ET Q q 0 0 0 rg BT 83.76 385.30 Td (TIONS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 364.30 Td (The ) Tj ET Q q 0 0 0 rg BT 102.66 364.30 Td (following ) Tj ET Q q 0 0 0 rg BT 142.61 364.30 Td (discussion ) Tj ET Q q 0 0 0 rg BT 186.45 364.30 Td (should ) Tj ET Q q 0 0 0 rg BT 215.28 364.30 Td (be ) Tj ET Q q 0 0 0 rg BT 226.88 364.30 Td (r) Tj ET Q q 0 0 0 rg BT 230.40 364.30 Td (ead ) Tj ET Q q 0 0 0 rg BT 247.01 364.30 Td (in ) Tj ET Q q 0 0 0 rg BT 256.95 364.30 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 306.33 364.30 Td (with ) Tj ET Q q 0 0 0 rg BT 325.72 364.30 Td (the ) Tj ET Q q 0 0 0 rg BT 340.10 364.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 395.60 364.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 436.65 364.30 Td (Statements ) Tj ET Q q 0 0 0 rg BT 482.14 364.30 Td (and ) Tj ET Q q 0 0 0 rg BT 499.30 364.30 Td (notes ) Tj ET Q q 0 0 0 rg BT 522.57 364.30 Td (contained ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 352.30 Td (elsewher) Tj ET Q q 0 0 0 rg BT 84.68 352.30 Td (e ) Tj ET Q q 0 0 0 rg BT 92.62 352.30 Td (in ) Tj ET Q q 0 0 0 rg BT 103.90 352.30 Td (this ) Tj ET Q q 0 0 0 rg BT 121.60 352.30 Td (Annual ) Tj ET Q q 0 0 0 rg BT 154.00 352.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 184.72 352.30 Td (on ) Tj ET Q q 0 0 0 rg BT 198.23 352.30 Td (Form ) Tj ET Q q 0 0 0 rg BT 223.95 352.30 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 249.96 352.30 Td ( ) Tj ET Q q 0 0 0 rg BT 253.47 352.30 Td (For ) Tj ET Q q 0 0 0 rg BT 271.97 352.30 Td (pr) Tj ET Q q 0 0 0 rg BT 280.49 352.30 Td (e-Separation ) Tj ET Q q 0 0 0 rg BT 335.65 352.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 369.16 352.30 Td (these ) Tj ET Q q 0 0 0 rg BT 393.21 352.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.27 352.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 477.99 352.30 Td (and ) Tj ET Q q 0 0 0 rg BT 496.50 352.30 Td (notes ) Tj ET Q q 0 0 0 rg BT 521.11 352.30 Td (r) Tj ET Q q 0 0 0 rg BT 524.63 352.30 Td (eflect ) Tj ET Q q 0 0 0 rg BT 549.79 352.30 Td (the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 340.30 Td (combined ) Tj ET Q q 0 0 0 rg BT 90.82 340.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 115.49 340.30 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 161.27 340.30 Td (and ) Tj ET Q q 0 0 0 rg BT 178.72 340.30 Td (Har) Tj ET Q q 0 0 0 rg BT 194.46 340.30 Td (dwar) Tj ET Q q 0 0 0 rg BT 214.65 340.30 Td (e ) Tj ET Q q 0 0 0 rg BT 221.54 340.30 Td (and ) Tj ET Q q 0 0 0 rg BT 238.99 340.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 263.66 340.30 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 291.10 340.30 Td (businesses ) Tj ET Q q 0 0 0 rg BT 335.77 340.30 Td (of ) Tj ET Q q 0 0 0 rg BT 345.99 340.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 370.66 340.30 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 412.28 340.30 Td (which, ) Tj ET Q q 0 0 0 rg BT 441.12 340.30 Td (together ) Tj ET Q q 0 0 0 rg BT 476.89 340.30 Td (with ) Tj ET Q q 0 0 0 rg BT 496.56 340.30 Td (our ) Tj ET Q q 0 0 0 rg BT 512.90 340.30 Td (operation ) Tj ET Q q 0 0 0 rg BT 554.24 340.30 Td (of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 328.30 Td (these ) Tj ET Q q 0 0 0 rg BT 73.54 328.30 Td (businesses ) Tj ET Q q 0 0 0 rg BT 119.25 328.30 Td (following ) Tj ET Q q 0 0 0 rg BT 160.52 328.30 Td (the ) Tj ET Q q 0 0 0 rg BT 176.22 328.30 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 226.10 328.30 Td (ar) Tj ET Q q 0 0 0 rg BT 234.62 328.30 Td (e ) Tj ET Q q 0 0 0 rg BT 242.55 328.30 Td (r) Tj ET Q q 0 0 0 rg BT 246.07 328.30 Td (eferr) Tj ET Q q 0 0 0 rg BT 265.13 328.30 Td (ed ) Tj ET Q q 0 0 0 rg BT 278.06 328.30 Td (to ) Tj ET Q q 0 0 0 rg BT 289.33 328.30 Td (her) Tj ET Q q 0 0 0 rg BT 302.29 328.30 Td (ein ) Tj ET Q q 0 0 0 rg BT 317.99 328.30 Td (as ) Tj ET Q q 0 0 0 rg BT 330.37 328.30 Td ("our" ) Tj ET Q q 0 0 0 rg BT 356.15 328.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.19 328.30 Td (condition ) Tj ET Q q 0 0 0 rg BT 436.46 328.30 Td (and ) Tj ET Q q 0 0 0 rg BT 454.94 328.30 Td (r) Tj ET Q q 0 0 0 rg BT 458.46 328.30 Td (esults ) Tj ET Q q 0 0 0 rg BT 484.73 328.30 Td (of ) Tj ET Q q 0 0 0 rg BT 496.00 328.30 Td (operations. ) Tj ET Q q 0 0 0 rg BT 544.77 328.30 Td (This ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 316.30 Td (discussion ) Tj ET Q q 0 0 0 rg BT 94.91 316.30 Td (contains ) Tj ET Q q 0 0 0 rg BT 132.54 316.30 Td (forwar) Tj ET Q q 0 0 0 rg BT 159.40 316.30 Td (d-looking ) Tj ET Q q 0 0 0 rg BT 201.47 316.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 247.43 316.30 Td (that ) Tj ET Q q 0 0 0 rg BT 266.73 316.30 Td (r) Tj ET Q q 0 0 0 rg BT 270.25 316.30 Td (eflect ) Tj ET Q q 0 0 0 rg BT 295.64 316.30 Td (our ) Tj ET Q q 0 0 0 rg BT 313.28 316.30 Td (plans, ) Tj ET Q q 0 0 0 rg BT 341.19 316.30 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 384.65 316.30 Td (and ) Tj ET Q q 0 0 0 rg BT 403.39 316.30 Td (beliefs. ) Tj ET Q q 0 0 0 rg BT 435.74 316.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 455.59 316.30 Td (actual ) Tj ET Q q 0 0 0 rg BT 484.33 316.30 Td (r) Tj ET Q q 0 0 0 rg BT 487.85 316.30 Td (esults ) Tj ET Q q 0 0 0 rg BT 514.37 316.30 Td (could ) Tj ET Q q 0 0 0 rg BT 540.33 316.30 Td (differ ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 304.30 Td (materially ) Tj ET Q q 0 0 0 rg BT 93.06 304.30 Td (fr) Tj ET Q q 0 0 0 rg BT 99.36 304.30 Td (om ) Tj ET Q q 0 0 0 rg BT 114.04 304.30 Td (those ) Tj ET Q q 0 0 0 rg BT 137.60 304.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 178.39 304.30 Td (in ) Tj ET Q q 0 0 0 rg BT 188.62 304.30 Td (these ) Tj ET Q q 0 0 0 rg BT 211.62 304.30 Td (forwar) Tj ET Q q 0 0 0 rg BT 238.48 304.30 Td (d-looking ) Tj ET Q q 0 0 0 rg BT 279.27 304.30 Td (statements. ) Tj ET Q q 0 0 0 rg BT 326.44 304.30 Td ( ) Tj ET Q q 0 0 0 rg BT 328.89 304.30 Td (Factors ) Tj ET Q q 0 0 0 rg BT 362.46 304.30 Td (that ) Tj ET Q q 0 0 0 rg BT 380.47 304.30 Td (could ) Tj ET Q q 0 0 0 rg BT 405.14 304.30 Td (cause ) Tj ET Q q 0 0 0 rg BT 430.37 304.30 Td (or ) Tj ET Q q 0 0 0 rg BT 441.72 304.30 Td (contribute ) Tj ET Q q 0 0 0 rg BT 485.28 304.30 Td (to ) Tj ET Q q 0 0 0 rg BT 495.51 304.30 Td (these ) Tj ET Q q 0 0 0 rg BT 518.51 304.30 Td (differ) Tj ET Q q 0 0 0 rg BT 539.81 304.30 Td (ences ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 292.30 Td (include ) Tj ET Q q 0 0 0 rg BT 82.11 292.30 Td (those ) Tj ET Q q 0 0 0 rg BT 106.40 292.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 137.36 292.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 178.88 292.30 Td (below ) Tj ET Q q 0 0 0 rg BT 205.94 292.30 Td (and ) Tj ET Q q 0 0 0 rg BT 224.12 292.30 Td (elsewher) Tj ET Q q 0 0 0 rg BT 259.30 292.30 Td (e ) Tj ET Q q 0 0 0 rg BT 266.92 292.30 Td (in ) Tj ET Q q 0 0 0 rg BT 277.88 292.30 Td (this ) Tj ET Q q 0 0 0 rg BT 295.28 292.30 Td (Annual ) Tj ET Q q 0 0 0 rg BT 327.35 292.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 357.74 292.30 Td (on ) Tj ET Q q 0 0 0 rg BT 370.93 292.30 Td (Form ) Tj ET Q q 0 0 0 rg BT 396.33 292.30 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 422.01 292.30 Td (particularly ) Tj ET Q q 0 0 0 rg BT 472.96 292.30 Td (in ) Tj ET Q q 0 0 0 rg BT 483.92 292.30 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 508.52 292.30 Td (Factors" ) Tj ET Q q 0 0 0 rg BT 547.01 292.30 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 280.30 Td ("Cautionary ) Tj ET Q q 0 0 0 rg BT 101.76 280.30 Td (Statement ) Tj ET Q q 0 0 0 rg BT 143.69 280.30 Td (Regar) Tj ET Q q 0 0 0 rg BT 167.76 280.30 Td (ding ) Tj ET Q q 0 0 0 rg BT 188.04 280.30 Td (Forwar) Tj ET Q q 0 0 0 rg BT 218.23 280.30 Td (d-Looking ) Tj ET Q q 0 0 0 rg BT 261.83 280.30 Td (Information.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 254.30 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 230.30 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 230.30 Td (e ) Tj ET Q q 0 0 0 rg BT 100.49 230.30 Td (are ) Tj ET Q q 0 0 0 rg BT 114.60 230.30 Td (a ) Tj ET Q q 0 0 0 rg BT 120.95 230.30 Td (national ) Tj ET Q q 0 0 0 rg BT 155.08 230.30 Td (retailer ) Tj ET Q q 0 0 0 rg BT 185.30 230.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 224.42 230.30 Td (focused ) Tj ET Q q 0 0 0 rg BT 257.43 230.30 Td (on ) Tj ET Q q 0 0 0 rg BT 269.34 230.30 Td (selling ) Tj ET Q q 0 0 0 rg BT 297.92 230.30 Td (home ) Tj ET Q q 0 0 0 rg BT 322.04 230.30 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 368.66 230.30 Td (lawn ) Tj ET Q q 0 0 0 rg BT 390.00 230.30 Td (and ) Tj ET Q q 0 0 0 rg BT 406.35 230.30 Td (garden ) Tj ET Q q 0 0 0 rg BT 435.47 230.30 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 482.09 230.30 Td (tools, ) Tj ET Q q 0 0 0 rg BT 505.95 230.30 Td (and ) Tj ET Q q 0 0 0 rg BT 522.30 230.30 Td (hardware. ) Tj ET Q q 0 0 0 rg BT 564.50 230.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.30 Td (In ) Tj ET Q q 0 0 0 rg BT 61.06 218.30 Td (addition ) Tj ET Q q 0 0 0 rg BT 97.06 218.30 Td (to ) Tj ET Q q 0 0 0 rg BT 108.07 218.30 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 164.33 218.30 Td (we ) Tj ET Q q 0 0 0 rg BT 179.22 218.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 213.00 218.30 Td (our ) Tj ET Q q 0 0 0 rg BT 229.56 218.30 Td (customers ) Tj ET Q q 0 0 0 rg BT 273.34 218.30 Td (with ) Tj ET Q q 0 0 0 rg BT 294.35 218.30 Td (access ) Tj ET Q q 0 0 0 rg BT 323.11 218.30 Td (to ) Tj ET Q q 0 0 0 rg BT 334.12 218.30 Td (a ) Tj ET Q q 0 0 0 rg BT 341.79 218.30 Td (full ) Tj ET Q q 0 0 0 rg BT 358.91 218.30 Td (suite ) Tj ET Q q 0 0 0 rg BT 381.02 218.30 Td (of ) Tj ET Q q 0 0 0 rg BT 392.58 218.30 Td (related ) Tj ET Q q 0 0 0 rg BT 423.02 218.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 460.95 218.30 Td (including ) Tj ET Q q 0 0 0 rg BT 501.96 218.30 Td (home ) Tj ET Q q 0 0 0 rg BT 527.40 218.30 Td (delivery) Tj ET Q q 0 0 0 rg BT 559.52 218.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.30 Td (installation, ) Tj ET Q q 0 0 0 rg BT 98.64 206.30 Td (and ) Tj ET Q q 0 0 0 rg BT 115.27 206.30 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 185.21 206.30 Td (plans. ) Tj ET Q q 0 0 0 rg BT 211.01 206.30 Td ( ) Tj ET Q q 0 0 0 rg BT 212.73 206.30 Td (As ) Tj ET Q q 0 0 0 rg BT 226.04 206.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.56 206.30 Td (January28, ) Tj ET Q q 0 0 0 rg BT 284.86 206.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.86 206.30 Td (, ) Tj ET Q q 0 0 0 rg BT 309.56 206.30 Td (we ) Tj ET Q q 0 0 0 rg BT 323.41 206.30 Td (and ) Tj ET Q q 0 0 0 rg BT 340.05 206.30 Td (our ) Tj ET Q q 0 0 0 rg BT 355.58 206.30 Td (independent ) Tj ET Q q 0 0 0 rg BT 406.65 206.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 437.16 206.30 Td (and ) Tj ET Q q 0 0 0 rg BT 453.80 206.30 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 500.97 206.30 Td (operated ) Tj ET Q q 0 0 0 rg BT 537.59 206.30 Td (a ) Tj ET Q q 0 0 0 rg BT 544.23 206.30 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.30 Td (of ) Tj ET Q q 0 0 0 rg BT 59.98 194.30 Td (1,020 ) Tj ET Q q 0 0 0 rg BT 84.64 194.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 110.12 194.30 Td (across ) Tj ET Q q 0 0 0 rg BT 137.27 194.30 Td (all ) Tj ET Q q 0 0 0 rg BT 149.42 194.30 Td (50 ) Tj ET Q q 0 0 0 rg BT 161.57 194.30 Td (states, ) Tj ET Q q 0 0 0 rg BT 188.45 194.30 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 216.71 194.30 Td (Rico, ) Tj ET Q q 0 0 0 rg BT 240.25 194.30 Td (and ) Tj ET Q q 0 0 0 rg BT 256.84 194.30 Td (Bermuda. ) Tj ET Q q 0 0 0 rg BT 298.15 194.30 Td ( ) Tj ET Q q 0 0 0 rg BT 300.31 194.30 Td (In ) Tj ET Q q 0 0 0 rg BT 310.79 194.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 334.60 194.30 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.97 194.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.97 194.30 Td (, ) Tj ET Q q 0 0 0 rg BT 378.62 194.30 Td (the ) Tj ET Q q 0 0 0 rg BT 392.99 194.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 434.03 194.30 Td (opened ) Tj ET Q q 0 0 0 rg BT 465.06 194.30 Td (20 ) Tj ET Q q 0 0 0 rg BT 477.22 194.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 502.70 194.30 Td (and ) Tj ET Q q 0 0 0 rg BT 519.30 194.30 Td (closed ) Tj ET Q q 0 0 0 rg BT 547.00 194.30 Td (160 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.30 Td (stores.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 158.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 102.75 158.30 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 148.88 158.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 173.90 158.30 Td (are ) Tj ET Q q 0 0 0 rg BT 187.80 158.30 Td (designed ) Tj ET Q q 0 0 0 rg BT 225.05 158.30 Td (to ) Tj ET Q q 0 0 0 rg BT 234.52 158.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 266.76 158.30 Td (our ) Tj ET Q q 0 0 0 rg BT 281.78 158.30 Td (customers ) Tj ET Q q 0 0 0 rg BT 324.03 158.30 Td (with ) Tj ET Q q 0 0 0 rg BT 343.50 158.30 Td (in-store ) Tj ET Q q 0 0 0 rg BT 375.74 158.30 Td (and ) Tj ET Q q 0 0 0 rg BT 391.87 158.30 Td (online ) Tj ET Q q 0 0 0 rg BT 418.56 158.30 Td (access ) Tj ET Q q 0 0 0 rg BT 445.79 158.30 Td (to ) Tj ET Q q 0 0 0 rg BT 455.27 158.30 Td (a ) Tj ET Q q 0 0 0 rg BT 461.40 158.30 Td (wide ) Tj ET Q q 0 0 0 rg BT 482.53 158.30 Td (selection ) Tj ET Q q 0 0 0 rg BT 519.77 158.30 Td (of ) Tj ET Q q 0 0 0 rg BT 529.79 158.30 Td (national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.30 Td (brands ) Tj ET Q q 0 0 0 rg BT 79.03 146.30 Td (of ) Tj ET Q q 0 0 0 rg BT 90.22 146.30 Td (home ) Tj ET Q q 0 0 0 rg BT 115.31 146.30 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 162.87 146.30 Td (lawn ) Tj ET Q q 0 0 0 rg BT 185.18 146.30 Td (and ) Tj ET Q q 0 0 0 rg BT 202.48 146.30 Td (garden ) Tj ET Q q 0 0 0 rg BT 232.56 146.30 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 280.13 146.30 Td (tools, ) Tj ET Q q 0 0 0 rg BT 304.95 146.30 Td (sporting ) Tj ET Q q 0 0 0 rg BT 340.59 146.30 Td (goods, ) Tj ET Q q 0 0 0 rg BT 369.85 146.30 Td (and ) Tj ET Q q 0 0 0 rg BT 387.16 146.30 Td (household ) Tj ET Q q 0 0 0 rg BT 431.13 146.30 Td (goods, ) Tj ET Q q 0 0 0 rg BT 460.39 146.30 Td (depending ) Tj ET Q q 0 0 0 rg BT 504.91 146.30 Td (on ) Tj ET Q q 0 0 0 rg BT 517.78 146.30 Td (the ) Tj ET Q q 0 0 0 rg BT 532.86 146.30 Td (format. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.12 134.30 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 94.18 134.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 119.57 134.30 Td (are ) Tj ET Q q 0 0 0 rg BT 133.84 134.30 Td (designed ) Tj ET Q q 0 0 0 rg BT 171.45 134.30 Td (to ) Tj ET Q q 0 0 0 rg BT 181.30 134.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 213.91 134.30 Td (our ) Tj ET Q q 0 0 0 rg BT 229.30 134.30 Td (customers ) Tj ET Q q 0 0 0 rg BT 271.91 134.30 Td (with ) Tj ET Q q 0 0 0 rg BT 291.76 134.30 Td (in-store ) Tj ET Q q 0 0 0 rg BT 324.37 134.30 Td (and ) Tj ET Q q 0 0 0 rg BT 340.87 134.30 Td (online ) Tj ET Q q 0 0 0 rg BT 367.93 134.30 Td (access ) Tj ET Q q 0 0 0 rg BT 395.53 134.30 Td (to ) Tj ET Q q 0 0 0 rg BT 405.37 134.30 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 445.48 134.30 Td (at ) Tj ET Q q 0 0 0 rg BT 454.76 134.30 Td (prices ) Tj ET Q q 0 0 0 rg BT 480.70 134.30 Td (that ) Tj ET Q q 0 0 0 rg BT 497.76 134.30 Td (are ) Tj ET Q q 0 0 0 rg BT 512.03 134.30 Td (significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 74.72 122.30 Td (than ) Tj ET Q q 0 0 0 rg BT 94.40 122.30 Td (list ) Tj ET Q q 0 0 0 rg BT 109.08 122.30 Td (prices, ) Tj ET Q q 0 0 0 rg BT 137.91 122.30 Td (new) Tj ET Q q 0 0 0 rg BT 153.92 122.30 Td (, ) Tj ET Q q 0 0 0 rg BT 158.88 122.30 Td (one-of-a-kind, ) Tj ET Q q 0 0 0 rg BT 218.81 122.30 Td (out-of-carton, ) Tj ET Q q 0 0 0 rg BT 276.52 122.30 Td (discontinued, ) Tj ET Q q 0 0 0 rg BT 332.58 122.30 Td (obsolete, ) Tj ET Q q 0 0 0 rg BT 370.86 122.30 Td (used, ) Tj ET Q q 0 0 0 rg BT 394.15 122.30 Td (reconditioned, ) Tj ET Q q 0 0 0 rg BT 454.08 122.30 Td (overstocked, ) Tj ET Q q 0 0 0 rg BT 507.36 122.30 Td (and ) Tj ET Q q 0 0 0 rg BT 524.25 122.30 Td (scratched ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.56 110.30 Td (dented ) Tj ET Q q 0 0 0 rg BT 95.84 110.30 Td (products ) Tj ET Q q 0 0 0 rg BT 132.90 110.30 Td (across ) Tj ET Q q 0 0 0 rg BT 160.52 110.30 Td (a ) Tj ET Q q 0 0 0 rg BT 167.58 110.30 Td (broad ) Tj ET Q q 0 0 0 rg BT 192.97 110.30 Td (assortment ) Tj ET Q q 0 0 0 rg BT 238.92 110.30 Td (of ) Tj ET Q q 0 0 0 rg BT 249.87 110.30 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 303.03 110.30 Td (categories, ) Tj ET Q q 0 0 0 rg BT 348.68 110.30 Td (including ) Tj ET Q q 0 0 0 rg BT 389.08 110.30 Td (home ) Tj ET Q q 0 0 0 rg BT 413.92 110.30 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 461.25 110.30 Td (apparel, ) Tj ET Q q 0 0 0 rg BT 495.79 110.30 Td (mattresses, ) Tj ET Q q 0 0 0 rg BT 542.57 110.30 Td (lawn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 98.30 Td (garden ) Tj ET Q q 0 0 0 rg BT 96.15 98.30 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 143.36 98.30 Td (sporting ) Tj ET Q q 0 0 0 rg BT 178.64 98.30 Td (goods ) Tj ET Q q 0 0 0 rg BT 205.03 98.30 Td (and ) Tj ET Q q 0 0 0 rg BT 221.97 98.30 Td (tools.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 74.30 Td (As ) Tj ET Q q 0 0 0 rg BT 99.11 74.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 74.30 Td (January28, ) Tj ET Q q 0 0 0 rg BT 158.54 74.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.54 74.30 Td (, ) Tj ET Q q 0 0 0 rg BT 183.54 74.30 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 230.48 74.30 Td (consisted ) Tj ET Q q 0 0 0 rg BT 270.20 74.30 Td (of ) Tj ET Q q 0 0 0 rg BT 281.03 74.30 Td (871 ) Tj ET Q q 0 0 0 rg BT 298.53 74.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 324.36 74.30 Td (as ) Tj ET Q q 0 0 0 rg BT 335.19 74.30 Td (follows:) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream 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 67.10 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 742.10 Td (795 ) Tj ET Q q 0 0 0 rg BT 103.26 742.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 150.86 742.10 Td (StoresPrimarily ) Tj ET Q q 0 0 0 rg BT 226.80 742.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 286.61 742.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 324.19 742.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 353.19 742.10 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 414.67 742.10 Td (located ) Tj ET Q q 0 0 0 rg BT 446.70 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.64 742.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 490.24 742.10 Td (communities, ) Tj ET Q q 0 0 0 rg BT 547.56 742.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 730.10 Td (of) Tj ET Q q 0 0 0 rg BT 93.25 730.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 118.45 730.10 Td (home ) Tj ET Q q 0 0 0 rg BT 141.98 730.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 188.01 730.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 208.77 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.53 730.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 253.05 730.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 299.09 730.10 Td (tools, ) Tj ET Q q 0 0 0 rg BT 322.36 730.10 Td (sporting ) Tj ET Q q 0 0 0 rg BT 356.45 730.10 Td (goods, ) Tj ET Q q 0 0 0 rg BT 384.17 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.93 730.10 Td (household ) Tj ET Q q 0 0 0 rg BT 442.36 730.10 Td (goods. ) Tj ET Q q 0 0 0 rg BT 470.07 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.39 730.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 493.27 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.92 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.57 730.10 Td (Hometown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 718.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 111.97 718.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 134.37 718.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 180.66 718.10 Td (Sears-branded ) Tj ET Q q 0 0 0 rg BT 239.72 718.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 278.52 718.10 Td (such ) Tj ET Q q 0 0 0 rg BT 298.72 718.10 Td (as ) Tj ET Q q 0 0 0 rg BT 308.91 718.10 Td (Kenmore, ) Tj ET Q q 0 0 0 rg BT 350.49 718.10 Td (Craftsman, ) Tj ET Q q 0 0 0 rg BT 396.51 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.81 718.10 Td (DieHard, ) Tj ET Q q 0 0 0 rg BT 451.60 718.10 Td (as ) Tj ET Q q 0 0 0 rg BT 461.80 718.10 Td (well ) Tj ET Q q 0 0 0 rg BT 480.88 718.10 Td (as ) Tj ET Q q 0 0 0 rg BT 491.08 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 497.38 718.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 518.68 718.10 Td (assortment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.93 706.10 Td (other ) Tj ET Q q 0 0 0 rg BT 118.98 706.10 Td (national ) Tj ET Q q 0 0 0 rg BT 153.69 706.10 Td (brands.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.10 688.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 688.10 Td (26 ) Tj ET Q q 0 0 0 rg BT 97.01 688.10 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 138.34 688.10 Td (StoresHardware ) Tj ET Q q 0 0 0 rg BT 214.67 688.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 239.90 688.10 Td (that ) Tj ET Q q 0 0 0 rg BT 256.81 688.10 Td (of) Tj ET Q q 0 0 0 rg BT 264.96 688.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 277.97 688.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 317.09 688.10 Td (home ) Tj ET Q q 0 0 0 rg BT 341.21 688.10 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 387.82 688.10 Td (lawn ) Tj ET Q q 0 0 0 rg BT 409.17 688.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.52 688.10 Td (garden ) Tj ET Q q 0 0 0 rg BT 454.64 688.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 501.26 688.10 Td (tools, ) Tj ET Q q 0 0 0 rg BT 525.11 688.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.46 688.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 676.10 Td (home ) Tj ET Q q 0 0 0 rg BT 110.36 676.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 166.73 676.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 206.71 676.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.19 676.10 Td (featuring ) Tj ET Q q 0 0 0 rg BT 263.33 676.10 Td (Kenmore, ) Tj ET Q q 0 0 0 rg BT 306.08 676.10 Td (Craftsman, ) Tj ET Q q 0 0 0 rg BT 353.28 676.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.76 676.10 Td (DieHard, ) Tj ET Q q 0 0 0 rg BT 410.74 676.10 Td (as ) Tj ET Q q 0 0 0 rg BT 422.11 676.10 Td (well ) Tj ET Q q 0 0 0 rg BT 442.37 676.10 Td (as ) Tj ET Q q 0 0 0 rg BT 453.75 676.10 Td (a ) Tj ET Q q 0 0 0 rg BT 461.23 676.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 483.71 676.10 Td (assortment ) Tj ET Q q 0 0 0 rg BT 530.08 676.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.46 676.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 664.10 Td (national ) Tj ET Q q 0 0 0 rg BT 119.81 664.10 Td (brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.10 641.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 641.30 Td (50) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 95.10 641.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.10 641.30 Td (Home ) Tj ET Q q 0 0 0 rg BT 125.77 641.30 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 169.73 641.30 Td (ShowroomsStores ) Tj ET Q q 0 0 0 rg BT 255.37 641.30 Td (that ) Tj ET Q q 0 0 0 rg BT 273.23 641.30 Td (have ) Tj ET Q q 0 0 0 rg BT 294.96 641.30 Td (a ) Tj ET Q q 0 0 0 rg BT 302.26 641.30 Td (simple, ) Tj ET Q q 0 0 0 rg BT 334.29 641.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 374.36 641.30 Td (appliance ) Tj ET Q q 0 0 0 rg BT 415.53 641.30 Td (showroom ) Tj ET Q q 0 0 0 rg BT 460.61 641.30 Td (design ) Tj ET Q q 0 0 0 rg BT 489.58 641.30 Td (that ) Tj ET Q q 0 0 0 rg BT 507.44 641.30 Td (are ) Tj ET Q q 0 0 0 rg BT 522.50 641.30 Td (located ) Tj ET Q q 0 0 0 rg BT 554.24 641.30 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.10 629.30 Td (metropolitan ) Tj ET Q q 0 0 0 rg BT 138.70 629.30 Td (areas.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 608.30 Td (As ) Tj ET Q q 0 0 0 rg BT 98.83 608.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.38 608.30 Td (January28, ) Tj ET Q q 0 0 0 rg BT 157.69 608.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.69 608.30 Td (, ) Tj ET Q q 0 0 0 rg BT 182.41 608.30 Td (our ) Tj ET Q q 0 0 0 rg BT 197.95 608.30 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 244.61 608.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 280.15 608.30 Td (included ) Tj ET Q q 0 0 0 rg BT 316.80 608.30 Td (789 ) Tj ET Q q 0 0 0 rg BT 334.01 608.30 Td (dealer) Tj ET Q q 0 0 0 rg BT 358.24 608.30 Td (-operated ) Tj ET Q q 0 0 0 rg BT 398.21 608.30 Td (stores, ) Tj ET Q q 0 0 0 rg BT 426.25 608.30 Td (44 ) Tj ET Q q 0 0 0 rg BT 438.47 608.30 Td (franchisee-operated ) Tj ET Q q 0 0 0 rg BT 519.52 608.30 Td (stores, ) Tj ET Q q 0 0 0 rg BT 547.57 608.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.30 Td (38 ) Tj ET Q q 0 0 0 rg BT 61.89 596.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 140.92 596.30 Td (stores. ) Tj ET Q q 0 0 0 rg BT 169.14 596.30 Td ( ) Tj ET Q q 0 0 0 rg BT 171.36 596.30 Td (The ) Tj ET Q q 0 0 0 rg BT 189.30 596.30 Td (business ) Tj ET Q q 0 0 0 rg BT 225.58 596.30 Td (model ) Tj ET Q q 0 0 0 rg BT 252.96 596.30 Td (and ) Tj ET Q q 0 0 0 rg BT 269.79 596.30 Td (economic ) Tj ET Q q 0 0 0 rg BT 311.05 596.30 Td (structure ) Tj ET Q q 0 0 0 rg BT 348.43 596.30 Td (of ) Tj ET Q q 0 0 0 rg BT 359.15 596.30 Td (the ) Tj ET Q q 0 0 0 rg BT 373.76 596.30 Td (dealer) Tj ET Q q 0 0 0 rg BT 397.98 596.30 Td (-operated ) Tj ET Q q 0 0 0 rg BT 438.12 596.30 Td (and ) Tj ET Q q 0 0 0 rg BT 454.95 596.30 Td (franchisee-operated ) Tj ET Q q 0 0 0 rg BT 536.18 596.30 Td (stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.30 Td (which ) Tj ET Q q 0 0 0 rg BT 76.48 584.30 Td (are ) Tj ET Q q 0 0 0 rg BT 91.22 584.30 Td (independently ) Tj ET Q q 0 0 0 rg BT 150.41 584.30 Td (owned, ) Tj ET Q q 0 0 0 rg BT 182.11 584.30 Td (are ) Tj ET Q q 0 0 0 rg BT 196.85 584.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 249.94 584.30 Td (similar ) Tj ET Q q 0 0 0 rg BT 280.25 584.30 Td (to ) Tj ET Q q 0 0 0 rg BT 290.57 584.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 369.75 584.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 395.62 584.30 Td (in ) Tj ET Q q 0 0 0 rg BT 405.93 584.30 Td (many ) Tj ET Q q 0 0 0 rg BT 430.69 584.30 Td (respects. ) Tj ET Q q 0 0 0 rg BT 467.93 584.30 Td ( ) Tj ET Q q 0 0 0 rg BT 470.29 584.30 Td (The ) Tj ET Q q 0 0 0 rg BT 488.37 584.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 529.80 584.30 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.30 Td (all ) Tj ET Q q 0 0 0 rg BT 61.70 572.30 Td (of ) Tj ET Q q 0 0 0 rg BT 72.23 572.30 Td (the ) Tj ET Q q 0 0 0 rg BT 86.65 572.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 112.18 572.30 Td (to ) Tj ET Q q 0 0 0 rg BT 122.16 572.30 Td (operate ) Tj ET Q q 0 0 0 rg BT 153.78 572.30 Td (under ) Tj ET Q q 0 0 0 rg BT 178.75 572.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 217.05 572.30 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 275.89 572.30 Td (according ) Tj ET Q q 0 0 0 rg BT 317.51 572.30 Td (to ) Tj ET Q q 0 0 0 rg BT 327.49 572.30 Td (the ) Tj ET Q q 0 0 0 rg BT 341.91 572.30 Td (Company) Tj ET Q q 0 0 0 rg BT 383.58 572.30 Td (s ) Tj ET Q q 0 0 0 rg BT 389.67 572.30 Td (standards. ) Tj ET Q q 0 0 0 rg BT 432.14 572.30 Td ( ) Tj ET Q q 0 0 0 rg BT 434.34 572.30 Td (Stores ) Tj ET Q q 0 0 0 rg BT 461.54 572.30 Td (must ) Tj ET Q q 0 0 0 rg BT 483.19 572.30 Td (display ) Tj ET Q q 0 0 0 rg BT 514.28 572.30 Td (the ) Tj ET Q q 0 0 0 rg BT 528.70 572.30 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.30 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 105.31 560.30 Td (of) Tj ET Q q 0 0 0 rg BT 113.46 560.30 Td (fer ) Tj ET Q q 0 0 0 rg BT 127.34 560.30 Td (all ) Tj ET Q q 0 0 0 rg BT 140.12 560.30 Td (required ) Tj ET Q q 0 0 0 rg BT 176.22 560.30 Td (products ) Tj ET Q q 0 0 0 rg BT 213.44 560.30 Td (and ) Tj ET Q q 0 0 0 rg BT 230.66 560.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 268.15 560.30 Td (and ) Tj ET Q q 0 0 0 rg BT 285.37 560.30 Td (use ) Tj ET Q q 0 0 0 rg BT 301.48 560.30 Td (the ) Tj ET Q q 0 0 0 rg BT 316.48 560.30 Td (Company) Tj ET Q q 0 0 0 rg BT 358.15 560.30 Td (s ) Tj ET Q q 0 0 0 rg BT 364.82 560.30 Td (point ) Tj ET Q q 0 0 0 rg BT 388.16 560.30 Td (of ) Tj ET Q q 0 0 0 rg BT 399.27 560.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 417.60 560.30 Td (system. ) Tj ET Q q 0 0 0 rg BT 450.66 560.30 Td ( ) Tj ET Q q 0 0 0 rg BT 452.83 560.30 Td (Also, ) Tj ET Q q 0 0 0 rg BT 477.00 560.30 Td (the ) Tj ET Q q 0 0 0 rg BT 492.00 560.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 533.67 560.30 Td (has ) Tj ET Q q 0 0 0 rg BT 549.78 560.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.30 Td (right ) Tj ET Q q 0 0 0 rg BT 71.86 548.30 Td (to ) Tj ET Q q 0 0 0 rg BT 83.11 548.30 Td (approve ) Tj ET Q q 0 0 0 rg BT 118.79 548.30 Td (advertising ) Tj ET Q q 0 0 0 rg BT 166.70 548.30 Td (and ) Tj ET Q q 0 0 0 rg BT 184.61 548.30 Td (promotional ) Tj ET Q q 0 0 0 rg BT 236.96 548.30 Td (and ) Tj ET Q q 0 0 0 rg BT 254.88 548.30 Td (marketing ) Tj ET Q q 0 0 0 rg BT 298.89 548.30 Td (materials ) Tj ET Q q 0 0 0 rg BT 339.02 548.30 Td (and ) Tj ET Q q 0 0 0 rg BT 356.93 548.30 Td (imposes ) Tj ET Q q 0 0 0 rg BT 393.18 548.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 432.75 548.30 Td (advertising ) Tj ET Q q 0 0 0 rg BT 480.65 548.30 Td (requirements ) Tj ET Q q 0 0 0 rg BT 536.33 548.30 Td (on ) Tj ET Q q 0 0 0 rg BT 549.80 548.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.30 Td (owners. ) Tj ET Q q 0 0 0 rg BT 83.18 536.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.32 536.30 Td (The ) Tj ET Q q 0 0 0 rg BT 103.17 536.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 144.36 536.30 Td (owns ) Tj ET Q q 0 0 0 rg BT 167.77 536.30 Td (the ) Tj ET Q q 0 0 0 rg BT 182.29 536.30 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 237.63 536.30 Td (establishes ) Tj ET Q q 0 0 0 rg BT 283.25 536.30 Td (all ) Tj ET Q q 0 0 0 rg BT 295.55 536.30 Td (selling ) Tj ET Q q 0 0 0 rg BT 324.52 536.30 Td (prices ) Tj ET Q q 0 0 0 rg BT 350.70 536.30 Td (for ) Tj ET Q q 0 0 0 rg BT 364.66 536.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.18 536.30 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 434.51 536.30 Td (and ) Tj ET Q q 0 0 0 rg BT 451.25 536.30 Td (bears ) Tj ET Q q 0 0 0 rg BT 474.66 536.30 Td (general ) Tj ET Q q 0 0 0 rg BT 506.38 536.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 547.01 536.30 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.30 Td (\(with ) Tj ET Q q 0 0 0 rg BT 73.41 524.30 Td (specific ) Tj ET Q q 0 0 0 rg BT 107.31 524.30 Td (exceptions\) ) Tj ET Q q 0 0 0 rg BT 156.20 524.30 Td (until ) Tj ET Q q 0 0 0 rg BT 177.34 524.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 195.69 524.30 Td (of ) Tj ET Q q 0 0 0 rg BT 206.82 524.30 Td (the ) Tj ET Q q 0 0 0 rg BT 221.84 524.30 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 275.18 524.30 Td (and ) Tj ET Q q 0 0 0 rg BT 292.42 524.30 Td (if ) Tj ET Q q 0 0 0 rg BT 301.33 524.30 Td (the ) Tj ET Q q 0 0 0 rg BT 316.35 524.30 Td (customer ) Tj ET Q q 0 0 0 rg BT 355.81 524.30 Td (returns ) Tj ET Q q 0 0 0 rg BT 386.38 524.30 Td (the ) Tj ET Q q 0 0 0 rg BT 401.40 524.30 Td (merchandise. ) Tj ET Q q 0 0 0 rg BT 457.23 524.30 Td ( ) Tj ET Q q 0 0 0 rg BT 460.04 524.30 Td (In ) Tj ET Q q 0 0 0 rg BT 471.17 524.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 509.25 524.30 Td (because ) Tj ET Q q 0 0 0 rg BT 543.69 524.30 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.30 Td (transaction ) Tj ET Q q 0 0 0 rg BT 95.48 512.30 Td (is ) Tj ET Q q 0 0 0 rg BT 104.25 512.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 141.33 512.30 Td (in ) Tj ET Q q 0 0 0 rg BT 151.21 512.30 Td (the ) Tj ET Q q 0 0 0 rg BT 165.54 512.30 Td (Company) Tj ET Q q 0 0 0 rg BT 207.20 512.30 Td (s ) Tj ET Q q 0 0 0 rg BT 213.20 512.30 Td (point ) Tj ET Q q 0 0 0 rg BT 235.86 512.30 Td (of ) Tj ET Q q 0 0 0 rg BT 246.29 512.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 263.94 512.30 Td (system, ) Tj ET Q q 0 0 0 rg BT 296.33 512.30 Td (the ) Tj ET Q q 0 0 0 rg BT 310.65 512.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.64 512.30 Td (bears ) Tj ET Q q 0 0 0 rg BT 374.84 512.30 Td (customer ) Tj ET Q q 0 0 0 rg BT 413.60 512.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 438.47 512.30 Td (risk. ) Tj ET Q q 0 0 0 rg BT 458.07 512.30 Td ( ) Tj ET Q q 0 0 0 rg BT 460.03 512.30 Td (The ) Tj ET Q q 0 0 0 rg BT 477.68 512.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.67 512.30 Td (establishes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.30 Td (a ) Tj ET Q q 0 0 0 rg BT 55.97 500.30 Td (commission ) Tj ET Q q 0 0 0 rg BT 106.34 500.30 Td (structure ) Tj ET Q q 0 0 0 rg BT 143.35 500.30 Td (for ) Tj ET Q q 0 0 0 rg BT 157.04 500.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 182.41 500.30 Td (operated ) Tj ET Q q 0 0 0 rg BT 218.86 500.30 Td (by ) Tj ET Q q 0 0 0 rg BT 230.89 500.30 Td (our ) Tj ET Q q 0 0 0 rg BT 246.25 500.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 276.60 500.30 Td (and ) Tj ET Q q 0 0 0 rg BT 293.07 500.30 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 340.08 500.30 Td (and ) Tj ET Q q 0 0 0 rg BT 356.55 500.30 Td (pays ) Tj ET Q q 0 0 0 rg BT 376.91 500.30 Td (commissions ) Tj ET Q q 0 0 0 rg BT 431.17 500.30 Td (when ) Tj ET Q q 0 0 0 rg BT 454.86 500.30 Td (our ) Tj ET Q q 0 0 0 rg BT 470.22 500.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 500.56 500.30 Td (and ) Tj ET Q q 0 0 0 rg BT 517.03 500.30 Td (franchisees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.30 Td (sell ) Tj ET Q q 0 0 0 rg BT 65.89 488.30 Td (the ) Tj ET Q q 0 0 0 rg BT 80.60 488.30 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 133.64 488.30 Td (and ) Tj ET Q q 0 0 0 rg BT 150.57 488.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 183.62 488.30 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 464.30 Td (Historically) Tj ET Q q 0 0 0 rg BT 132.06 464.30 Td (, all of the Company's Outlet stores were operated by the Company) Tj ET Q q 0 0 0 rg BT 399.82 464.30 Td (. ) Tj ET Q q 0 0 0 rg BT 407.14 464.30 Td (W) Tj ET Q q 0 0 0 rg BT 415.77 464.30 Td (e initiated ef) Tj ET Q q 0 0 0 rg BT 465.57 464.30 Td (forts to franchise Outlet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.30 Td (stores in 2012, with the first stores transferred to franchisees during the 2013 fiscal year) Tj ET Q q 0 0 0 rg BT 400.24 452.30 Td (. During the second quarter of 2015 the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.30 Td (Company indefinitely suspended its franchising of additional stores except to existing Company franchisees, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.30 Td (suspension is continuing. ) Tj ET Q q 0 0 0 rg BT 154.78 428.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.23 428.30 Td (January28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.83 428.30 Td (, 37 of the 149 Sears Outlet stores were operated by franchisees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 404.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.22 404.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 135.70 404.30 Td (and ) Tj ET Q q 0 0 0 rg BT 153.31 404.30 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 201.45 404.30 Td (exercise ) Tj ET Q q 0 0 0 rg BT 237.37 404.30 Td (control ) Tj ET Q q 0 0 0 rg BT 268.86 404.30 Td (over ) Tj ET Q q 0 0 0 rg BT 289.79 404.30 Td (the ) Tj ET Q q 0 0 0 rg BT 305.18 404.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 350.00 404.30 Td (of ) Tj ET Q q 0 0 0 rg BT 361.50 404.30 Td (their ) Tj ET Q q 0 0 0 rg BT 382.99 404.30 Td (stores, ) Tj ET Q q 0 0 0 rg BT 411.98 404.30 Td (including ) Tj ET Q q 0 0 0 rg BT 452.92 404.30 Td (complete ) Tj ET Q q 0 0 0 rg BT 492.74 404.30 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 550.35 404.30 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.30 Td (supervising ) Tj ET Q q 0 0 0 rg BT 98.05 392.30 Td (their ) Tj ET Q q 0 0 0 rg BT 118.81 392.30 Td (store ) Tj ET Q q 0 0 0 rg BT 140.69 392.30 Td (managements ) Tj ET Q q 0 0 0 rg BT 198.11 392.30 Td (and ) Tj ET Q q 0 0 0 rg BT 214.99 392.30 Td (their ) Tj ET Q q 0 0 0 rg BT 235.75 392.30 Td (store ) Tj ET Q q 0 0 0 rg BT 257.63 392.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 302.83 392.30 Td (and ) Tj ET Q q 0 0 0 rg BT 319.71 392.30 Td (making ) Tj ET Q q 0 0 0 rg BT 352.14 392.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 381.23 392.30 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 423.39 392.30 Td ( ) Tj ET Q q 0 0 0 rg BT 425.83 392.30 Td (Several ) Tj ET Q q 0 0 0 rg BT 458.25 392.30 Td (of ) Tj ET Q q 0 0 0 rg BT 469.02 392.30 Td (the ) Tj ET Q q 0 0 0 rg BT 483.67 392.30 Td (primary ) Tj ET Q q 0 0 0 rg BT 517.77 392.30 Td (dif) Tj ET Q q 0 0 0 rg BT 528.70 392.30 Td (ferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.30 Td (between ) Tj ET Q q 0 0 0 rg BT 84.89 380.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 163.61 380.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 189.02 380.30 Td (and ) Tj ET Q q 0 0 0 rg BT 205.54 380.30 Td (dealer ) Tj ET Q q 0 0 0 rg BT 232.04 380.30 Td (or ) Tj ET Q q 0 0 0 rg BT 242.45 380.30 Td (franchisee-operated ) Tj ET Q q 0 0 0 rg BT 323.37 380.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 348.78 380.30 Td (are ) Tj ET Q q 0 0 0 rg BT 363.07 380.30 Td (that ) Tj ET Q q 0 0 0 rg BT 380.14 380.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 393.88 380.30 Td (the ) Tj ET Q q 0 0 0 rg BT 408.17 380.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.14 380.30 Td (is ) Tj ET Q q 0 0 0 rg BT 457.89 380.30 Td (responsible ) Tj ET Q q 0 0 0 rg BT 505.52 380.30 Td (for ) Tj ET Q q 0 0 0 rg BT 519.25 380.30 Td (occupancy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.65 368.30 Td (payroll ) Tj ET Q q 0 0 0 rg BT 97.68 368.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 120.38 368.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 164.18 368.30 Td (with ) Tj ET Q q 0 0 0 rg BT 184.67 368.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 264.02 368.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 290.05 368.30 Td (while ) Tj ET Q q 0 0 0 rg BT 314.98 368.30 Td (our ) Tj ET Q q 0 0 0 rg BT 331.01 368.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 362.03 368.30 Td (and ) Tj ET Q q 0 0 0 rg BT 379.18 368.30 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 426.86 368.30 Td (are ) Tj ET Q q 0 0 0 rg BT 441.77 368.30 Td (responsible ) Tj ET Q q 0 0 0 rg BT 490.03 368.30 Td (for ) Tj ET Q q 0 0 0 rg BT 504.40 368.30 Td (these ) Tj ET Q q 0 0 0 rg BT 527.65 368.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 550.35 368.30 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.30 Td (their ) Tj ET Q q 0 0 0 rg BT 69.50 356.30 Td (stores, ) Tj ET Q q 0 0 0 rg BT 97.00 356.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 110.34 356.30 Td (the ) Tj ET Q q 0 0 0 rg BT 124.23 356.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 164.79 356.30 Td (is ) Tj ET Q q 0 0 0 rg BT 173.13 356.30 Td (responsible ) Tj ET Q q 0 0 0 rg BT 220.35 356.30 Td (for ) Tj ET Q q 0 0 0 rg BT 233.69 356.30 Td (all ) Tj ET Q q 0 0 0 rg BT 245.36 356.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 269.25 356.30 Td (and ) Tj ET Q q 0 0 0 rg BT 285.36 356.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 328.70 356.30 Td (of ) Tj ET Q q 0 0 0 rg BT 338.70 356.30 Td (employment ) Tj ET Q q 0 0 0 rg BT 390.37 356.30 Td (for ) Tj ET Q q 0 0 0 rg BT 403.70 356.30 Td (the ) Tj ET Q q 0 0 0 rg BT 417.59 356.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 462.03 356.30 Td (in ) Tj ET Q q 0 0 0 rg BT 471.48 356.30 Td (the ) Tj ET Q q 0 0 0 rg BT 485.37 356.30 Td (Company-operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 74.78 344.30 Td (and ) Tj ET Q q 0 0 0 rg BT 91.17 344.30 Td (our ) Tj ET Q q 0 0 0 rg BT 106.46 344.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 136.73 344.30 Td (and ) Tj ET Q q 0 0 0 rg BT 153.12 344.30 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 200.05 344.30 Td (are ) Tj ET Q q 0 0 0 rg BT 214.21 344.30 Td (responsible ) Tj ET Q q 0 0 0 rg BT 261.71 344.30 Td (for ) Tj ET Q q 0 0 0 rg BT 275.32 344.30 Td (all ) Tj ET Q q 0 0 0 rg BT 287.27 344.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 311.44 344.30 Td (and ) Tj ET Q q 0 0 0 rg BT 327.83 344.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 371.45 344.30 Td (of ) Tj ET Q q 0 0 0 rg BT 381.73 344.30 Td (employment ) Tj ET Q q 0 0 0 rg BT 433.67 344.30 Td (for ) Tj ET Q q 0 0 0 rg BT 447.29 344.30 Td (the ) Tj ET Q q 0 0 0 rg BT 461.46 344.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 506.17 344.30 Td (in ) Tj ET Q q 0 0 0 rg BT 515.91 344.30 Td (their ) Tj ET Q q 0 0 0 rg BT 536.18 344.30 Td (stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 332.30 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 80.60 332.30 Td (we ) Tj ET Q q 0 0 0 rg BT 94.76 332.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 111.70 332.30 Td (commissions ) Tj ET Q q 0 0 0 rg BT 166.42 332.30 Td (to ) Tj ET Q q 0 0 0 rg BT 176.70 332.30 Td (our ) Tj ET Q q 0 0 0 rg BT 192.53 332.30 Td (dealers ) Tj ET Q q 0 0 0 rg BT 223.35 332.30 Td (and ) Tj ET Q q 0 0 0 rg BT 240.29 332.30 Td (franchisees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 308.30 Td (In ) Tj ET Q q 0 0 0 rg BT 95.68 308.30 Td (the ) Tj ET Q q 0 0 0 rg BT 109.76 308.30 Td (normal ) Tj ET Q q 0 0 0 rg BT 139.94 308.30 Td (course ) Tj ET Q q 0 0 0 rg BT 167.89 308.30 Td (of ) Tj ET Q q 0 0 0 rg BT 178.07 308.30 Td (business, ) Tj ET Q q 0 0 0 rg BT 216.32 308.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 241.50 308.30 Td (can ) Tj ET Q q 0 0 0 rg BT 257.24 308.30 Td (transition ) Tj ET Q q 0 0 0 rg BT 296.86 308.30 Td (from ) Tj ET Q q 0 0 0 rg BT 318.16 308.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 396.65 308.30 Td (to ) Tj ET Q q 0 0 0 rg BT 406.28 308.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 449.22 308.30 Td (or ) Tj ET Q q 0 0 0 rg BT 459.41 308.30 Td (dealer) Tj ET Q q 0 0 0 rg BT 483.63 308.30 Td (-operated, ) Tj ET Q q 0 0 0 rg BT 525.74 308.30 Td (and ) Tj ET Q q 0 0 0 rg BT 542.03 308.30 Td (vice-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.30 Td (versa. ) Tj ET Q q 0 0 0 rg BT 75.73 296.30 Td ( ) Tj ET Q q 0 0 0 rg BT 78.36 296.30 Td (Potential ) Tj ET Q q 0 0 0 rg BT 116.55 296.30 Td (new ) Tj ET Q q 0 0 0 rg BT 135.84 296.30 Td (store ) Tj ET Q q 0 0 0 rg BT 157.91 296.30 Td (locations ) Tj ET Q q 0 0 0 rg BT 196.64 296.30 Td (may ) Tj ET Q q 0 0 0 rg BT 216.49 296.30 Td (be ) Tj ET Q q 0 0 0 rg BT 228.56 296.30 Td (identified ) Tj ET Q q 0 0 0 rg BT 269.51 296.30 Td (by ) Tj ET Q q 0 0 0 rg BT 282.15 296.30 Td (the ) Tj ET Q q 0 0 0 rg BT 297.00 296.30 Td (Company) Tj ET Q q 0 0 0 rg BT 335.23 296.30 Td (, ) Tj ET Q q 0 0 0 rg BT 340.36 296.30 Td (an ) Tj ET Q q 0 0 0 rg BT 352.43 296.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 386.73 296.30 Td (dealer ) Tj ET Q q 0 0 0 rg BT 413.79 296.30 Td (or ) Tj ET Q q 0 0 0 rg BT 424.75 296.30 Td (franchisee, ) Tj ET Q q 0 0 0 rg BT 470.96 296.30 Td (or ) Tj ET Q q 0 0 0 rg BT 481.93 296.30 Td (a ) Tj ET Q q 0 0 0 rg BT 489.00 296.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 526.62 296.30 Td (dealer ) Tj ET Q q 0 0 0 rg BT 553.67 296.30 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.30 Td (franchisee. ) Tj ET Q q 0 0 0 rg BT 96.10 284.30 Td ( ) Tj ET Q q 0 0 0 rg BT 99.11 284.30 Td (If ) Tj ET Q q 0 0 0 rg BT 108.78 284.30 Td (the ) Tj ET Q q 0 0 0 rg BT 124.01 284.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 165.91 284.30 Td (identifies ) Tj ET Q q 0 0 0 rg BT 206.14 284.30 Td (and ) Tj ET Q q 0 0 0 rg BT 223.59 284.30 Td (develops ) Tj ET Q q 0 0 0 rg BT 262.15 284.30 Td (a ) Tj ET Q q 0 0 0 rg BT 269.60 284.30 Td (location, ) Tj ET Q q 0 0 0 rg BT 307.32 284.30 Td (it ) Tj ET Q q 0 0 0 rg BT 315.89 284.30 Td (will ) Tj ET Q q 0 0 0 rg BT 334.46 284.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 374.68 284.30 Td (seek ) Tj ET Q q 0 0 0 rg BT 395.46 284.30 Td (to ) Tj ET Q q 0 0 0 rg BT 406.25 284.30 Td (transfer ) Tj ET Q q 0 0 0 rg BT 439.80 284.30 Td (that ) Tj ET Q q 0 0 0 rg BT 457.81 284.30 Td (store ) Tj ET Q q 0 0 0 rg BT 480.26 284.30 Td (to ) Tj ET Q q 0 0 0 rg BT 491.05 284.30 Td (a ) Tj ET Q q 0 0 0 rg BT 498.50 284.30 Td (dealer) Tj ET Q q 0 0 0 rg BT 522.37 284.30 Td (. ) Tj ET Q q 0 0 0 rg BT 527.88 284.30 Td ( ) Tj ET Q q 0 0 0 rg BT 530.68 284.30 Td (When ) Tj ET Q q 0 0 0 rg BT 557.57 284.30 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.30 Td (dealer ) Tj ET Q q 0 0 0 rg BT 76.41 272.30 Td (or ) Tj ET Q q 0 0 0 rg BT 87.22 272.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 130.79 272.30 Td (exits ) Tj ET Q q 0 0 0 rg BT 152.16 272.30 Td (a ) Tj ET Q q 0 0 0 rg BT 159.08 272.30 Td (location, ) Tj ET Q q 0 0 0 rg BT 196.27 272.30 Td (the ) Tj ET Q q 0 0 0 rg BT 210.97 272.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 252.34 272.30 Td (may ) Tj ET Q q 0 0 0 rg BT 272.04 272.30 Td (take ) Tj ET Q q 0 0 0 rg BT 291.18 272.30 Td (over ) Tj ET Q q 0 0 0 rg BT 311.43 272.30 Td (the ) Tj ET Q q 0 0 0 rg BT 326.13 272.30 Td (operation ) Tj ET Q q 0 0 0 rg BT 366.38 272.30 Td (of ) Tj ET Q q 0 0 0 rg BT 377.19 272.30 Td (a ) Tj ET Q q 0 0 0 rg BT 384.11 272.30 Td (store, ) Tj ET Q q 0 0 0 rg BT 408.53 272.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 448.22 272.30 Td (on ) Tj ET Q q 0 0 0 rg BT 460.70 272.30 Td (an ) Tj ET Q q 0 0 0 rg BT 472.62 272.30 Td (interim ) Tj ET Q q 0 0 0 rg BT 503.99 272.30 Td (basis, ) Tj ET Q q 0 0 0 rg BT 528.97 272.30 Td (until ) Tj ET Q q 0 0 0 rg BT 549.79 272.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.30 Td (location ) Tj ET Q q 0 0 0 rg BT 84.40 260.30 Td (can ) Tj ET Q q 0 0 0 rg BT 100.96 260.30 Td (be ) Tj ET Q q 0 0 0 rg BT 113.09 260.30 Td (transferred ) Tj ET Q q 0 0 0 rg BT 159.08 260.30 Td (to ) Tj ET Q q 0 0 0 rg BT 169.55 260.30 Td (another ) Tj ET Q q 0 0 0 rg BT 202.22 260.30 Td (dealer) Tj ET Q q 0 0 0 rg BT 226.09 260.30 Td (. ) Tj ET Q q 0 0 0 rg BT 231.28 260.30 Td ( ) Tj ET Q q 0 0 0 rg BT 233.37 260.30 Td (At ) Tj ET Q q 0 0 0 rg BT 246.06 260.30 Td (any ) Tj ET Q q 0 0 0 rg BT 263.18 260.30 Td (given ) Tj ET Q q 0 0 0 rg BT 288.09 260.30 Td (time ) Tj ET Q q 0 0 0 rg BT 308.55 260.30 Td (the ) Tj ET Q q 0 0 0 rg BT 323.45 260.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 365.03 260.30 Td (is ) Tj ET Q q 0 0 0 rg BT 374.38 260.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 414.27 260.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 454.72 260.30 Td (a ) Tj ET Q q 0 0 0 rg BT 461.85 260.30 Td (number ) Tj ET Q q 0 0 0 rg BT 495.08 260.30 Td (of ) Tj ET Q q 0 0 0 rg BT 506.10 260.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 532.12 260.30 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 260.30 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.62 248.30 Td (transition ) Tj ET Q q 0 0 0 rg BT 101.74 248.30 Td (from ) Tj ET Q q 0 0 0 rg BT 124.52 248.30 Td (one ) Tj ET Q q 0 0 0 rg BT 142.30 248.30 Td (dealer ) Tj ET Q q 0 0 0 rg BT 170.07 248.30 Td (or ) Tj ET Q q 0 0 0 rg BT 181.75 248.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 226.17 248.30 Td (to ) Tj ET Q q 0 0 0 rg BT 237.29 248.30 Td (another ) Tj ET Q q 0 0 0 rg BT 270.62 248.30 Td (dealer ) Tj ET Q q 0 0 0 rg BT 298.39 248.30 Td (or ) Tj ET Q q 0 0 0 rg BT 310.07 248.30 Td (franchisee. ) Tj ET Q q 0 0 0 rg BT 356.99 248.30 Td ( ) Tj ET Q q 0 0 0 rg BT 360.10 248.30 Td (T) Tj ET Q q 0 0 0 rg BT 365.85 248.30 Td (ransition ) Tj ET Q q 0 0 0 rg BT 404.19 248.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 430.86 248.30 Td (are ) Tj ET Q q 0 0 0 rg BT 446.42 248.30 Td (not ) Tj ET Q q 0 0 0 rg BT 462.54 248.30 Td (included ) Tj ET Q q 0 0 0 rg BT 500.31 248.30 Td (in ) Tj ET Q q 0 0 0 rg BT 511.44 248.30 Td (our ) Tj ET Q q 0 0 0 rg BT 528.11 248.30 Td (count ) Tj ET Q q 0 0 0 rg BT 553.67 248.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 128.64 236.30 Td (locations ) Tj ET Q q 0 0 0 rg BT 167.24 236.30 Td (due ) Tj ET Q q 0 0 0 rg BT 184.18 236.30 Td (to ) Tj ET Q q 0 0 0 rg BT 194.46 236.30 Td (the ) Tj ET Q q 0 0 0 rg BT 209.18 236.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 247.21 236.30 Td (short-term ) Tj ET Q q 0 0 0 rg BT 291.37 236.30 Td (nature ) Tj ET Q q 0 0 0 rg BT 318.85 236.30 Td (of ) Tj ET Q q 0 0 0 rg BT 329.68 236.30 Td (transition ) Tj ET Q q 0 0 0 rg BT 369.95 236.30 Td (operation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 212.30 Td (The ) Tj ET Q q 0 0 0 rg BT 104.62 212.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 152.78 212.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 171.90 212.30 Td (of ) Tj ET Q q 0 0 0 rg BT 183.81 212.30 Td (a ) Tj ET Q q 0 0 0 rg BT 191.82 212.30 Td (store ) Tj ET Q q 0 0 0 rg BT 214.83 212.30 Td (to ) Tj ET Q q 0 0 0 rg BT 226.19 212.30 Td (a ) Tj ET Q q 0 0 0 rg BT 234.20 212.30 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 278.86 212.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 319.64 212.30 Td (will ) Tj ET Q q 0 0 0 rg BT 338.77 212.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 375.10 212.30 Td (the ) Tj ET Q q 0 0 0 rg BT 390.90 212.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 439.05 212.30 Td (gross ) Tj ET Q q 0 0 0 rg BT 463.74 212.30 Td (mar) Tj ET Q q 0 0 0 rg BT 479.11 212.30 Td (gin ) Tj ET Q q 0 0 0 rg BT 495.46 212.30 Td (and ) Tj ET Q q 0 0 0 rg BT 513.47 212.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 549.80 212.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 95.34 200.30 Td (selling ) Tj ET Q q 0 0 0 rg BT 123.27 200.30 Td (and ) Tj ET Q q 0 0 0 rg BT 138.97 200.30 Td (administrative ) Tj ET Q q 0 0 0 rg BT 197.44 200.30 Td (expense, ) Tj ET Q q 0 0 0 rg BT 233.40 200.30 Td (as ) Tj ET Q q 0 0 0 rg BT 243.00 200.30 Td (the ) Tj ET Q q 0 0 0 rg BT 256.47 200.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 302.31 200.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 319.68 200.30 Td (of ) Tj ET Q q 0 0 0 rg BT 329.28 200.30 Td (occupancy) Tj ET Q q 0 0 0 rg BT 371.38 200.30 Td (, ) Tj ET Q q 0 0 0 rg BT 375.14 200.30 Td (which ) Tj ET Q q 0 0 0 rg BT 400.84 200.30 Td (is ) Tj ET Q q 0 0 0 rg BT 408.77 200.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 445.00 200.30 Td (in ) Tj ET Q q 0 0 0 rg BT 454.04 200.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 471.41 200.30 Td (of ) Tj ET Q q 0 0 0 rg BT 481.00 200.30 Td (sales ) Tj ET Q q 0 0 0 rg BT 501.70 200.30 Td (and ) Tj ET Q q 0 0 0 rg BT 517.40 200.30 Td (occupancy) Tj ET Q q 0 0 0 rg BT 559.51 200.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.30 Td (will ) Tj ET Q q 0 0 0 rg BT 68.63 188.30 Td (be ) Tj ET Q q 0 0 0 rg BT 81.65 188.30 Td (reduced, ) Tj ET Q q 0 0 0 rg BT 119.37 188.30 Td (while ) Tj ET Q q 0 0 0 rg BT 145.16 188.30 Td (the ) Tj ET Q q 0 0 0 rg BT 160.96 188.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 209.11 188.30 Td (commission ) Tj ET Q q 0 0 0 rg BT 261.03 188.30 Td (payments, ) Tj ET Q q 0 0 0 rg BT 305.43 188.30 Td (which ) Tj ET Q q 0 0 0 rg BT 333.44 188.30 Td (are ) Tj ET Q q 0 0 0 rg BT 349.23 188.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 387.77 188.30 Td (in ) Tj ET Q q 0 0 0 rg BT 399.13 188.30 Td (selling ) Tj ET Q q 0 0 0 rg BT 429.37 188.30 Td (and ) Tj ET Q q 0 0 0 rg BT 447.39 188.30 Td (administrative ) Tj ET Q q 0 0 0 rg BT 508.17 188.30 Td (expense, ) Tj ET Q q 0 0 0 rg BT 546.45 188.30 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.30 Td (increase. ) Tj ET Q q 0 0 0 rg BT 87.25 176.30 Td ( ) Tj ET Q q 0 0 0 rg BT 89.57 176.30 Td (The ) Tj ET Q q 0 0 0 rg BT 107.62 176.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 142.87 176.30 Td (in ) Tj ET Q q 0 0 0 rg BT 153.15 176.30 Td (commission ) Tj ET Q q 0 0 0 rg BT 203.99 176.30 Td (payments ) Tj ET Q q 0 0 0 rg BT 244.81 176.30 Td (will ) Tj ET Q q 0 0 0 rg BT 262.87 176.30 Td (be ) Tj ET Q q 0 0 0 rg BT 274.81 176.30 Td (partially ) Tj ET Q q 0 0 0 rg BT 310.63 176.30 Td (of) Tj ET Q q 0 0 0 rg BT 318.78 176.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 335.72 176.30 Td (by ) Tj ET Q q 0 0 0 rg BT 348.22 176.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 373.48 176.30 Td (payroll ) Tj ET Q q 0 0 0 rg BT 404.31 176.30 Td (and ) Tj ET Q q 0 0 0 rg BT 421.25 176.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 455.40 176.30 Td (expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 152.30 Td (Initial ) Tj ET Q q 0 0 0 rg BT 112.78 152.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 152.82 152.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 191.75 152.30 Td (\(shown ) Tj ET Q q 0 0 0 rg BT 224.59 152.30 Td (in ) Tj ET Q q 0 0 0 rg BT 235.76 152.30 Td (the ) Tj ET Q q 0 0 0 rg BT 251.37 152.30 Td (table ) Tj ET Q q 0 0 0 rg BT 274.20 152.30 Td (below\) ) Tj ET Q q 0 0 0 rg BT 305.37 152.30 Td (consist ) Tj ET Q q 0 0 0 rg BT 336.54 152.30 Td (of ) Tj ET Q q 0 0 0 rg BT 348.26 152.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 388.30 152.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 407.80 152.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 428.41 152.30 Td (with ) Tj ET Q q 0 0 0 rg BT 449.58 152.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 481.29 152.30 Td (to ) Tj ET Q q 0 0 0 rg BT 492.47 152.30 Td (new ) Tj ET Q q 0 0 0 rg BT 512.52 152.30 Td (and ) Tj ET Q q 0 0 0 rg BT 530.36 152.30 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 128.00 140.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 153.19 140.30 Td (that ) Tj ET Q q 0 0 0 rg BT 170.05 140.30 Td (we ) Tj ET Q q 0 0 0 rg BT 183.57 140.30 Td (transfer ) Tj ET Q q 0 0 0 rg BT 215.96 140.30 Td (to ) Tj ET Q q 0 0 0 rg BT 225.60 140.30 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 272.44 140.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 290.97 140.30 Td (the ) Tj ET Q q 0 0 0 rg BT 305.05 140.30 Td (net ) Tj ET Q q 0 0 0 rg BT 319.12 140.30 Td (gain ) Tj ET Q q 0 0 0 rg BT 338.20 140.30 Td (or ) Tj ET Q q 0 0 0 rg BT 348.39 140.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 365.81 140.30 Td (on ) Tj ET Q q 0 0 0 rg BT 377.67 140.30 Td (any ) Tj ET Q q 0 0 0 rg BT 393.97 140.30 Td (related ) Tj ET Q q 0 0 0 rg BT 423.04 140.30 Td (transfer ) Tj ET Q q 0 0 0 rg BT 455.43 140.30 Td (of ) Tj ET Q q 0 0 0 rg BT 465.62 140.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 490.81 140.30 Td (to ) Tj ET Q q 0 0 0 rg BT 500.45 140.30 Td (the ) Tj ET Q q 0 0 0 rg BT 514.53 140.30 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 564.50 140.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.46 128.30 Td (number ) Tj ET Q q 0 0 0 rg BT 102.42 128.30 Td (of ) Tj ET Q q 0 0 0 rg BT 114.17 128.30 Td (new ) Tj ET Q q 0 0 0 rg BT 134.25 128.30 Td (franchised ) Tj ET Q q 0 0 0 rg BT 179.31 128.30 Td (stores, ) Tj ET Q q 0 0 0 rg BT 208.55 128.30 Td (the ) Tj ET Q q 0 0 0 rg BT 224.19 128.30 Td (number ) Tj ET Q q 0 0 0 rg BT 258.15 128.30 Td (of ) Tj ET Q q 0 0 0 rg BT 269.89 128.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 349.95 128.30 Td (stores ) Tj ET Q q 0 0 0 rg BT 376.69 128.30 Td (transferred, ) Tj ET Q q 0 0 0 rg BT 425.92 128.30 Td (and ) Tj ET Q q 0 0 0 rg BT 443.77 128.30 Td (the ) Tj ET Q q 0 0 0 rg BT 459.40 128.30 Td (net ) Tj ET Q q 0 0 0 rg BT 475.03 128.30 Td (gain ) Tj ET Q q 0 0 0 rg BT 495.67 128.30 Td (or ) Tj ET Q q 0 0 0 rg BT 507.41 128.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 526.39 128.30 Td (per ) Tj ET Q q 0 0 0 rg BT 542.57 128.30 Td (store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.30 Td (transferred ) Tj ET Q q 0 0 0 rg BT 94.87 116.30 Td (are ) Tj ET Q q 0 0 0 rg BT 109.13 116.30 Td (highly ) Tj ET Q q 0 0 0 rg BT 136.75 116.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 171.01 116.30 Td (from ) Tj ET Q q 0 0 0 rg BT 192.51 116.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 222.88 116.30 Td (to ) Tj ET Q q 0 0 0 rg BT 232.72 116.30 Td (quarter) Tj ET Q q 0 0 0 rg BT 260.48 116.30 Td (. ) Tj ET Q q 0 0 0 rg BT 265.04 116.30 Td ( ) Tj ET Q q 0 0 0 rg BT 266.95 116.30 Td (The ) Tj ET Q q 0 0 0 rg BT 284.56 116.30 Td (variation ) Tj ET Q q 0 0 0 rg BT 322.16 116.30 Td (is ) Tj ET Q q 0 0 0 rg BT 330.89 116.30 Td (driven ) Tj ET Q q 0 0 0 rg BT 358.50 116.30 Td (by ) Tj ET Q q 0 0 0 rg BT 370.56 116.30 Td (a ) Tj ET Q q 0 0 0 rg BT 377.06 116.30 Td (number ) Tj ET Q q 0 0 0 rg BT 409.66 116.30 Td (of ) Tj ET Q q 0 0 0 rg BT 420.05 116.30 Td (factors, ) Tj ET Q q 0 0 0 rg BT 451.82 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0 rg BT 530.02 92.30 Td (of ) Tj ET Q q 0 0 0 rg BT 541.46 92.30 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 79.02 80.30 Td (impacts ) Tj ET Q q 0 0 0 rg BT 112.44 80.30 Td (the ) Tj ET Q q 0 0 0 rg BT 126.97 80.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 164.82 80.30 Td (returns ) Tj ET Q q 0 0 0 rg BT 194.90 80.30 Td (on ) Tj ET Q q 0 0 0 rg BT 207.21 80.30 Td (new ) Tj ET Q q 0 0 0 rg BT 226.19 80.30 Td (store ) Tj ET Q q 0 0 0 rg BT 247.94 80.30 Td (development ) Tj ET Q q 0 0 0 rg BT 301.91 80.30 Td (and ) Tj ET Q q 0 0 0 rg BT 318.66 80.30 Td (the ) Tj ET Q q 0 0 0 rg BT 333.19 80.30 Td (number ) Tj ET Q q 0 0 0 rg BT 366.05 80.30 Td (of ) Tj ET Q q 0 0 0 rg BT 376.70 80.30 Td (Company-operated ) Tj ET Q q 0 0 0 rg BT 455.65 80.30 Td (locations ) Tj ET Q q 0 0 0 rg BT 494.07 80.30 Td (available ) Tj ET Q q 0 0 0 rg BT 532.47 80.30 Td (for ) Tj ET Q q 0 0 0 rg BT 546.45 80.30 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.30 Td (to ) Tj ET Q q 0 0 0 rg BT 59.80 68.30 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 109.79 68.30 Td ( ) Tj ET Q q 0 0 0 rg BT 112.31 68.30 Td (Initial ) Tj ET Q q 0 0 0 rg BT 138.71 68.30 Td (franchise ) Tj ET Q q 0 0 0 rg BT 177.88 68.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 215.94 68.30 Td (were ) Tj ET Q q 0 0 0 rg BT 237.88 68.30 Td ($\(0.2\) ) Tj ET Q q 0 0 0 rg BT 264.56 68.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 298.47 68.30 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 318.49 68.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 352.41 68.30 Td (and ) Tj ET Q q 0 0 0 rg BT 369.36 68.30 Td ($16.9 ) Tj ET Q q 0 0 0 rg BT 394.38 68.30 Td (million ) Tj ET Q q 0 0 0 rg BT 425.79 68.30 Td (in ) Tj ET Q q 0 0 0 rg BT 436.09 68.30 Td (the ) Tj ET Q q 0 0 0 rg BT 450.83 68.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 475.85 68.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 500.87 68.30 Td (and ) Tj ET Q q 0 0 0 rg BT 517.83 68.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 540.34 68.30 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.30 Td (years, ) Tj ET Q q 0 0 0 rg BT 76.26 56.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 123.92 56.30 Td (. ) Tj ET Q q 0 0 0 rg BT 129.57 56.30 Td (During ) Tj ET Q q 0 0 0 rg BT 161.06 56.30 Td (the ) Tj ET Q q 0 0 0 rg BT 176.43 56.30 Td (second ) Tj ET Q q 0 0 0 rg BT 207.36 56.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 238.83 56.30 Td (of ) Tj ET Q q 0 0 0 rg BT 250.32 56.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 275.13 56.30 Td (2015 ) Tj ET Q q 0 0 0 rg BT 298.29 56.30 Td (the ) Tj ET Q q 0 0 0 rg BT 313.66 56.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 355.70 56.30 Td (indefinitely ) Tj ET Q q 0 0 0 rg BT 404.96 56.30 Td (suspended ) Tj ET Q q 0 0 0 rg BT 449.78 56.30 Td (its ) Tj ET Q q 0 0 0 rg BT 462.38 56.30 Td (franchising ) Tj ET Q q 0 0 0 rg BT 510.52 56.30 Td (of ) Tj ET Q q 0 0 0 rg BT 522.01 56.30 Td (additional ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream 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 49.50 742.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 75.97 742.10 Td (except ) Tj ET Q q 0 0 0 rg BT 105.21 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.13 742.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 150.93 742.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 192.96 742.10 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 243.58 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.16 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.51 742.10 Td (suspension ) Tj ET Q q 0 0 0 rg BT 323.55 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 333.36 742.10 Td (continuing. ) Tj ET Q q 0 0 0 rg BT 381.77 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.91 742.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 411.94 742.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 451.72 742.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 490.40 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 503.54 742.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 535.00 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 742.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 74.50 730.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 99.50 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.44 730.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 138.94 730.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 163.09 730.10 Td (years ) Tj ET Q q 0 0 0 rg BT 186.69 730.10 Td (were:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 75.25 662.60 169.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.25 662.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.25 662.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.25 662.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.25 662.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.25 662.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.25 662.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.25 662.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.25 662.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 662.60 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51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.25 452.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.25 452.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.25 452.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 452.60 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 677.6 m 295.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 662.6 m 295.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 677.6 m 304.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 662.6 m 304.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 677.6 m 356.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 662.6 m 356.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 677.6 m 365.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 662.6 m 365.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 677.6 m 416.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 662.6 m 416.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 677.6 m 424.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 662.6 m 424.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 677.6 m 475.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 662.6 m 475.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 677.6 m 483.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 662.6 m 483.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 677.6 m 535.25 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 662.6 m 535.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 662.6 m 295.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 662.6 m 304.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 662.6 m 356.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 662.6 m 365.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 662.6 m 416.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 662.6 m 424.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 662.6 m 475.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 662.6 m 483.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 662.6 m 535.25 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 632.6 m 295.25 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 618.6 m 295.25 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 616.6 m 295.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 632.6 m 356.25 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 618.6 m 356.25 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 616.6 m 356.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 632.6 m 416.25 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 618.6 m 416.25 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 616.6 m 416.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 632.6 m 475.25 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 618.6 m 475.25 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 616.6 m 475.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 632.6 m 535.25 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 618.6 m 535.25 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 616.6 m 535.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 587.6 m 295.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 572.6 m 295.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 587.6 m 304.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 572.6 m 304.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 587.6 m 356.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 572.6 m 356.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 587.6 m 365.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 572.6 m 365.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 587.6 m 416.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 572.6 m 416.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 587.6 m 424.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 572.6 m 424.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 587.6 m 475.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 572.6 m 475.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 587.6 m 483.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 572.6 m 483.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 587.6 m 535.25 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 572.6 m 535.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 572.6 m 295.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 572.6 m 304.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 572.6 m 356.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 572.6 m 365.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 572.6 m 416.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 572.6 m 424.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 572.6 m 475.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 572.6 m 483.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 572.6 m 535.25 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 542.6 m 295.25 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 528.6 m 295.25 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 526.6 m 295.25 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 542.6 m 356.25 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 528.6 m 356.25 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 526.6 m 356.25 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 542.6 m 416.25 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 528.6 m 416.25 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 526.6 m 416.25 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 542.6 m 475.25 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 528.6 m 475.25 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 526.6 m 475.25 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 542.6 m 535.25 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 528.6 m 535.25 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 526.6 m 535.25 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 497.6 m 295.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 482.6 m 295.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 497.6 m 304.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 482.6 m 304.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 497.6 m 356.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 482.6 m 356.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 497.6 m 365.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 482.6 m 365.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 497.6 m 416.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 482.6 m 416.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 497.6 m 424.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 482.6 m 424.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 497.6 m 475.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 482.6 m 475.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 497.6 m 483.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 482.6 m 483.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 497.6 m 535.25 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 482.6 m 535.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 482.6 m 295.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.25 482.6 m 304.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 482.6 m 356.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 482.6 m 365.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 482.6 m 416.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 482.6 m 424.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 482.6 m 475.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.25 482.6 m 483.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 482.6 m 535.25 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 452.6 m 295.25 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 438.6 m 295.25 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 436.6 m 295.25 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 452.6 m 356.25 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 438.6 m 356.25 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.25 436.6 m 356.25 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 452.6 m 416.25 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 438.6 m 416.25 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 436.6 m 416.25 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 452.6 m 475.25 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 438.6 m 475.25 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 436.6 m 475.25 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 452.6 m 535.25 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 438.6 m 535.25 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 436.6 m 535.25 436.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 77.75 681.85 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.00 689.83 Td (First) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.30 681.83 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.50 689.83 Td (Second) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 681.83 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.20 689.83 Td (Third) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.30 681.83 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.25 689.83 Td (Fourth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.30 681.83 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.95 689.83 Td (Fiscal Year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.00 681.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.25 666.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.75 652.27 Td (Hometown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.75 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.40 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.75 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.40 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.75 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.75 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.75 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.40 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.75 637.27 Td (Outlet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 637.27 Td (\(200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.40 637.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.40 637.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.40 637.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 637.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.05 637.32 Td (\(194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.40 637.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.75 622.27 Td ( Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.75 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 622.27 Td (\(200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.40 622.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.75 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.40 622.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.75 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.40 622.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.75 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 622.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.75 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.05 622.32 Td (\(194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.40 622.27 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.25 576.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.75 562.27 Td (Hometown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.75 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.05 562.27 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.40 562.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.75 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.05 562.32 Td (\(102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.40 562.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.75 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 562.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.75 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 562.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.75 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.05 562.32 Td (\(108) Tj ET Q BT /F1 10.00 Tf ET 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/F1 10.00 Tf ET q 0 0 0 rg BT 426.75 532.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 532.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.75 532.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.40 532.27 Td (341) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.25 486.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.75 472.27 Td (Hometown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.75 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 472.27 Td (\(194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.40 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.75 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.40 472.27 Td (172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.75 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 472.27 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.75 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 472.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.75 472.27 Td ($) Tj 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 679.95 m 471 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 679.95 m 475 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 679.95 m 552 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 679.95 m 390 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 659.95 m 390 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 679.95 m 394 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 679.95 m 471 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 659.95 m 471 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 679.95 m 475 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 679.95 m 552 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 659.95 m 552 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 659.95 m 390 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 645.95 m 390 645.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 659.95 m 471 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 645.95 m 471 645.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 659.95 m 552 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 645.95 m 552 645.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 618.95 m 390 618.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 618.95 m 471 618.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 618.95 m 552 618.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 520.95 m 390 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 520.95 m 471 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 520.95 m 552 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 506.95 m 390 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 506.95 m 471 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 506.95 m 552 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 464.95 m 390 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 464.95 m 471 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 464.95 m 552 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 436.95 m 390 436.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 436.95 m 471 436.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 436.95 m 552 436.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 423.95 m 390 423.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 421.95 m 390 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 423.95 m 471 423.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 421.95 m 471 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 423.95 m 552 423.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 421.95 m 552 421.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 683.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.00 684.03 Td (Fiscal) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 664.20 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.00 664.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.00 664.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.00 664.18 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 650.68 Td (NET SALES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 650.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 650.52 Td (2,070,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 650.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 650.52 Td (2,287,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 650.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 650.52 Td (2,356,033) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 636.68 Td (COSTS AND EXPENSES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 623.52 Td (Cost of sales and occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 623.52 Td (1,661,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 623.52 Td (1,769,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 623.52 Td (1,803,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 609.52 Td (Gross margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 609.52 Td (408,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 609.52 Td (518,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 609.52 Td (552,536) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 595.51 Td (Margin rate) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 363.65 595.51 Td (19.7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 381.15 595.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 444.65 595.51 Td (22.7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 462.15 595.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.65 595.51 Td (23.5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 543.15 595.51 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 581.52 Td (Selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 581.52 Td (458,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 581.52 Td (546,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 581.52 Td (546,636) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 567.51 Td (Selling and administrative expense as a percentage of net sales) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 363.65 567.51 Td (22.2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 381.15 567.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 444.65 567.51 Td (23.9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 462.15 567.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.65 567.51 Td (23.2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 543.15 567.51 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 553.52 Td (Impairment of goodwill, property, and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 553.52 Td (9,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 553.52 Td (3,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 553.52 Td (168,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 539.52 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 539.52 Td (13,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 539.52 Td (10,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 539.52 Td (8,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 525.52 Td (Gain on the sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.30 525.57 Td (\(25,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 525.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 525.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.80 525.57 Td (\(113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 525.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 511.52 Td (Total costs and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 511.52 Td (2,117,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 511.52 Td (2,329,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 511.52 Td (2,527,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 497.52 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.30 497.57 Td (\(47,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 497.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.30 497.57 Td (\(42,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 497.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.30 497.57 Td (\(171,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 497.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 483.52 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.30 483.57 Td (\(4,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 483.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 483.57 Td (\(2,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 483.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.30 483.57 Td (\(3,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 483.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 469.52 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 469.52 Td (1,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 469.52 Td (2,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 469.52 Td (3,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 455.52 Td (Loss before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.30 455.57 Td (\(50,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 455.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.30 455.57 Td (\(42,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 455.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.30 455.57 Td (\(171,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 455.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 441.52 Td (Income tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.30 441.57 Td (\(81,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 441.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 441.52 Td (15,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 441.52 Td (3,066) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 427.68 Td (NET LOSS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 427.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.30 427.57 Td (\(131,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 427.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 427.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.30 427.57 Td (\(27,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 427.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 427.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.30 427.57 Td (\(168,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 427.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 399.45 Td (Comparable Stor) Tj ET Q q 0 0 0 rg BT 123.48 399.45 Td (e Sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 382.45 Td (Comparable store sales amounts include merchandise sales for all stores operating for a period of at least 12 full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.45 Td (months, including remodeled and expanded stores but excluding store relocations and stores that have under) Tj ET Q q 0 0 0 rg BT 482.26 370.45 Td (gone format ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.45 Td (changes. Comparable store sales include online transactions fulfilled and recorded by SHO and give ef) Tj ET Q q 0 0 0 rg BT 462.52 358.45 Td (fect to the change in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.45 Td (unshipped sales reserves recorded at the end of each reporting period. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 311.45 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 287.45 Td (In ) Tj ET Q q 0 0 0 rg BT 96.52 287.45 Td (addition ) Tj ET Q q 0 0 0 rg BT 131.98 287.45 Td (to ) Tj ET Q q 0 0 0 rg BT 142.45 287.45 Td (our ) Tj ET Q q 0 0 0 rg BT 158.47 287.45 Td (net ) Tj ET Q q 0 0 0 rg BT 173.38 287.45 Td (income ) Tj ET Q q 0 0 0 rg BT 205.50 287.45 Td (determined ) Tj ET Q q 0 0 0 rg BT 253.18 287.45 Td (in ) Tj ET Q q 0 0 0 rg BT 263.64 287.45 Td (accordance ) Tj ET Q q 0 0 0 rg BT 311.30 287.45 Td (with ) Tj ET Q q 0 0 0 rg BT 331.76 287.45 Td (GAAP) Tj ET Q q 0 0 0 rg BT 357.88 287.45 Td (, ) Tj ET Q q 0 0 0 rg BT 363.07 287.45 Td (for ) Tj ET Q q 0 0 0 rg BT 377.42 287.45 Td (purposes ) Tj ET Q q 0 0 0 rg BT 415.67 287.45 Td (of ) Tj ET Q q 0 0 0 rg BT 426.69 287.45 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 471.03 287.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 511.48 287.45 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.45 Td (we ) Tj ET Q q 0 0 0 rg BT 64.15 275.45 Td (also ) Tj ET Q q 0 0 0 rg BT 83.25 275.45 Td (use ) Tj ET Q q 0 0 0 rg BT 98.92 275.45 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 138.02 275.45 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 176.56 275.45 Td (Before ) Tj ET Q q 0 0 0 rg BT 206.76 275.45 Td (Interest, ) Tj ET Q q 0 0 0 rg BT 242.02 275.45 Td (T) Tj ET Q q 0 0 0 rg BT 247.43 275.45 Td (axes, ) Tj ET Q q 0 0 0 rg BT 270.69 275.45 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 325.33 275.45 Td (and ) Tj ET Q q 0 0 0 rg BT 342.10 275.45 Td (Amortization, ) Tj ET Q q 0 0 0 rg BT 400.91 275.45 Td (or ) Tj ET Q q 0 0 0 rg BT 412.23 275.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 452.99 275.45 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 499.58 275.45 Td (which ) Tj ET Q q 0 0 0 rg BT 527.02 275.45 Td (excludes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.92 263.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 125.36 263.45 Td (items ) Tj ET Q q 0 0 0 rg BT 150.25 263.45 Td (as ) Tj ET Q q 0 0 0 rg BT 161.80 263.45 Td (set ) Tj ET Q q 0 0 0 rg BT 176.13 263.45 Td (forth ) Tj ET Q q 0 0 0 rg BT 198.79 263.45 Td (and ) Tj ET Q q 0 0 0 rg BT 216.45 263.45 Td (discussed ) Tj ET Q q 0 0 0 rg BT 258.01 263.45 Td (below) Tj ET Q q 0 0 0 rg BT 281.79 263.45 Td (. ) Tj ET Q q 0 0 0 rg BT 287.52 263.45 Td ( ) Tj ET Q q 0 0 0 rg BT 290.74 263.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 309.51 263.45 Td (management ) Tj ET Q q 0 0 0 rg BT 363.83 263.45 Td (uses ) Tj ET Q q 0 0 0 rg BT 384.27 263.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 420.82 263.45 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 463.20 263.45 Td (among ) Tj ET Q q 0 0 0 rg BT 493.64 263.45 Td (other ) Tj ET Q q 0 0 0 rg BT 517.41 263.45 Td (factors, ) Tj ET Q q 0 0 0 rg BT 550.34 263.45 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.45 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 93.35 251.45 Td (the ) Tj ET Q q 0 0 0 rg BT 107.76 251.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 147.72 251.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 200.43 251.45 Td (of ) Tj ET Q q 0 0 0 rg BT 210.96 251.45 Td (our ) Tj ET Q q 0 0 0 rg BT 226.48 251.45 Td (business ) Tj ET Q q 0 0 0 rg BT 262.57 251.45 Td (for ) Tj ET Q q 0 0 0 rg BT 276.42 251.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 325.26 251.45 Td (periods. ) Tj ET Q q 0 0 0 rg BT 359.39 251.45 Td ( ) Tj ET Q q 0 0 0 rg BT 361.10 251.45 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 399.41 251.45 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 435.51 251.45 Td ( ) Tj ET Q q 0 0 0 rg BT 437.71 251.45 Td (should ) Tj ET Q q 0 0 0 rg BT 466.57 251.45 Td (not ) Tj ET Q q 0 0 0 rg BT 481.55 251.45 Td (be ) Tj ET Q q 0 0 0 rg BT 493.18 251.45 Td (used ) Tj ET Q q 0 0 0 rg BT 513.71 251.45 Td (by ) Tj ET Q q 0 0 0 rg BT 525.90 251.45 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.45 Td (or ) Tj ET Q q 0 0 0 rg BT 60.68 239.45 Td (other ) Tj ET Q q 0 0 0 rg BT 84.08 239.45 Td (third ) Tj ET Q q 0 0 0 rg BT 105.82 239.45 Td (parties ) Tj ET Q q 0 0 0 rg BT 135.32 239.45 Td (as ) Tj ET Q q 0 0 0 rg BT 146.50 239.45 Td (the ) Tj ET Q q 0 0 0 rg BT 161.57 239.45 Td (sole ) Tj ET Q q 0 0 0 rg BT 180.53 239.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 203.38 239.45 Td (for ) Tj ET Q q 0 0 0 rg BT 217.89 239.45 Td (formulating ) Tj ET Q q 0 0 0 rg BT 267.95 239.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 314.68 239.45 Td (decisions ) Tj ET Q q 0 0 0 rg BT 354.75 239.45 Td (as ) Tj ET Q q 0 0 0 rg BT 365.93 239.45 Td (it ) Tj ET Q q 0 0 0 rg BT 374.34 239.45 Td (excludes ) Tj ET Q q 0 0 0 rg BT 412.18 239.45 Td (a ) Tj ET Q q 0 0 0 rg BT 419.46 239.45 Td (number ) Tj ET Q q 0 0 0 rg BT 452.86 239.45 Td (of ) Tj ET Q q 0 0 0 rg BT 464.04 239.45 Td (important ) Tj ET Q q 0 0 0 rg BT 505.78 239.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 526.39 239.45 Td (and ) Tj ET Q q 0 0 0 rg BT 543.68 239.45 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.77 227.45 Td (recurring ) Tj ET Q q 0 0 0 rg BT 108.91 227.45 Td (items. ) Tj ET Q q 0 0 0 rg BT 135.58 227.45 Td ( ) Tj ET Q q 0 0 0 rg BT 137.53 227.45 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 176.14 227.45 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 212.24 227.45 Td ( ) Tj ET Q q 0 0 0 rg BT 214.74 227.45 Td (should ) Tj ET Q q 0 0 0 rg BT 243.91 227.45 Td (not ) Tj ET Q q 0 0 0 rg BT 259.19 227.45 Td (be ) Tj ET Q q 0 0 0 rg BT 271.13 227.45 Td (considered ) Tj ET Q q 0 0 0 rg BT 316.95 227.45 Td (as ) Tj ET Q q 0 0 0 rg BT 327.78 227.45 Td (a ) Tj ET Q q 0 0 0 rg BT 334.71 227.45 Td (substitute ) Tj ET Q q 0 0 0 rg BT 375.55 227.45 Td (for ) Tj ET Q q 0 0 0 rg BT 389.71 227.45 Td (GAAP) Tj ET Q q 0 0 0 rg BT 416.57 227.45 Td ( ) Tj ET Q q 0 0 0 rg BT 419.07 227.45 Td (measurements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 203.45 Td (While ) Tj ET Q q 0 0 0 rg BT 112.27 203.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 147.92 203.45 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 184.03 203.45 Td ( ) Tj ET Q q 0 0 0 rg BT 186.36 203.45 Td (is ) Tj ET Q q 0 0 0 rg BT 195.36 203.45 Td (a ) Tj ET Q q 0 0 0 rg BT 202.13 203.45 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 247.32 203.45 Td ( ) Tj ET Q q 0 0 0 rg BT 249.65 203.45 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 307.79 203.45 Td (we ) Tj ET Q q 0 0 0 rg BT 321.78 203.45 Td (believe ) Tj ET Q q 0 0 0 rg BT 352.99 203.45 Td (it ) Tj ET Q q 0 0 0 rg BT 360.88 203.45 Td (is ) Tj ET Q q 0 0 0 rg BT 369.88 203.45 Td (an ) Tj ET Q q 0 0 0 rg BT 381.65 203.45 Td (important ) Tj ET Q q 0 0 0 rg BT 422.86 203.45 Td (indicator ) Tj ET Q q 0 0 0 rg BT 460.73 203.45 Td (of ) Tj ET Q q 0 0 0 rg BT 471.40 203.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 511.49 203.45 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.45 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 191.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 102.27 191.45 Td (because:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 167.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 167.45 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 121.61 167.45 Td ( ) Tj ET Q q 0 0 0 rg BT 123.96 167.45 Td (excludes ) Tj ET Q q 0 0 0 rg BT 161.29 167.45 Td (the ) Tj ET Q q 0 0 0 rg BT 175.86 167.45 Td (ef) Tj ET Q q 0 0 0 rg BT 183.44 167.45 Td (fects ) Tj ET Q q 0 0 0 rg BT 204.67 167.45 Td (of ) Tj ET Q q 0 0 0 rg BT 215.35 167.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 255.46 167.45 Td (and ) Tj ET Q q 0 0 0 rg BT 272.25 167.45 Td (investing ) Tj ET Q q 0 0 0 rg BT 311.26 167.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 349.71 167.45 Td (by ) Tj ET Q q 0 0 0 rg BT 362.06 167.45 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 409.95 167.45 Td (the ) Tj ET Q q 0 0 0 rg BT 424.52 167.45 Td (ef) Tj ET Q q 0 0 0 rg BT 432.11 167.45 Td (fects ) Tj ET Q q 0 0 0 rg BT 453.33 167.45 Td (of ) Tj ET Q q 0 0 0 rg BT 464.01 167.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 495.79 167.45 Td (and ) Tj ET Q q 0 0 0 rg BT 512.58 167.45 Td (depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 155.45 Td (costs; ) Tj ET Q q 0 0 0 rg BT 110.78 155.45 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 143.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 143.45 Td (Other ) Tj ET Q q 0 0 0 rg BT 111.09 143.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 156.13 143.45 Td (items, ) Tj ET Q q 0 0 0 rg BT 183.11 143.45 Td (while ) Tj ET Q q 0 0 0 rg BT 208.15 143.45 Td (periodically ) Tj ET Q q 0 0 0 rg BT 258.73 143.45 Td (af) Tj ET Q q 0 0 0 rg BT 266.32 143.45 Td (fecting ) Tj ET Q q 0 0 0 rg BT 296.91 143.45 Td (our ) Tj ET Q q 0 0 0 rg BT 313.06 143.45 Td (results, ) Tj ET Q q 0 0 0 rg BT 344.49 143.45 Td (may ) Tj ET Q q 0 0 0 rg BT 364.53 143.45 Td (vary ) Tj ET Q q 0 0 0 rg BT 385.12 143.45 Td (significantly ) Tj ET Q q 0 0 0 rg BT 437.93 143.45 Td (from ) Tj ET Q q 0 0 0 rg BT 460.19 143.45 Td (period ) Tj ET Q q 0 0 0 rg BT 488.56 143.45 Td (to ) Tj ET Q q 0 0 0 rg BT 499.16 143.45 Td (period ) Tj ET Q q 0 0 0 rg BT 527.53 143.45 Td (and ) Tj ET Q q 0 0 0 rg BT 544.79 143.45 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 131.45 Td (have ) Tj ET Q q 0 0 0 rg BT 107.22 131.45 Td (a ) Tj ET Q q 0 0 0 rg BT 114.50 131.45 Td (disproportionate ) Tj ET Q q 0 0 0 rg BT 182.88 131.45 Td (ef) Tj ET Q q 0 0 0 rg BT 190.47 131.45 Td (fect ) Tj ET Q q 0 0 0 rg BT 208.29 131.45 Td (in ) Tj ET Q q 0 0 0 rg BT 218.91 131.45 Td (a ) Tj ET Q q 0 0 0 rg BT 226.19 131.45 Td (given ) Tj ET Q q 0 0 0 rg BT 251.25 131.45 Td (period, ) Tj ET Q q 0 0 0 rg BT 282.14 131.45 Td (which ) Tj ET Q q 0 0 0 rg BT 309.42 131.45 Td (af) Tj ET Q q 0 0 0 rg BT 317.00 131.45 Td (fects ) Tj ET Q q 0 0 0 rg BT 338.72 131.45 Td (comparability ) Tj ET Q q 0 0 0 rg BT 397.10 131.45 Td (of ) Tj ET Q q 0 0 0 rg BT 408.27 131.45 Td (results. ) Tj ET Q q 0 0 0 rg BT 439.72 131.45 Td ( ) Tj ET Q q 0 0 0 rg BT 442.36 131.45 Td (These ) Tj ET Q q 0 0 0 rg BT 469.07 131.45 Td (items ) Tj ET Q q 0 0 0 rg BT 493.58 131.45 Td (may ) Tj ET Q q 0 0 0 rg BT 513.64 131.45 Td (also ) Tj ET Q q 0 0 0 rg BT 532.59 131.45 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 119.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 106.11 119.45 Td (char) Tj ET Q q 0 0 0 rg BT 123.14 119.45 Td (ges ) Tj ET Q q 0 0 0 rg BT 139.32 119.45 Td (such ) Tj ET Q q 0 0 0 rg BT 160.49 119.45 Td (as ) Tj ET Q q 0 0 0 rg BT 171.67 119.45 Td (Severance ) Tj ET Q q 0 0 0 rg BT 215.60 119.45 Td (and ) Tj ET Q q 0 0 0 rg BT 232.88 119.45 Td (executive ) Tj ET Q q 0 0 0 rg BT 274.04 119.45 Td (transition ) Tj ET Q q 0 0 0 rg BT 314.66 119.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 337.50 119.45 Td (and ) Tj ET Q q 0 0 0 rg BT 354.79 119.45 Td (IT) Tj ET Q q 0 0 0 rg BT 364.04 119.45 Td ( ) Tj ET Q q 0 0 0 rg BT 366.89 119.45 Td (transformation ) Tj ET Q q 0 0 0 rg BT 428.61 119.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 479.23 119.45 Td (that ) Tj ET Q q 0 0 0 rg BT 497.07 119.45 Td (make ) Tj ET Q q 0 0 0 rg BT 521.57 119.45 Td (it ) Tj ET Q q 0 0 0 rg BT 529.97 119.45 Td (dif) Tj ET Q q 0 0 0 rg BT 540.90 119.45 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 107.45 Td (for ) Tj ET Q q 0 0 0 rg BT 99.66 107.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 138.27 107.45 Td (to ) Tj ET Q q 0 0 0 rg BT 148.55 107.45 Td (assess ) Tj ET Q q 0 0 0 rg BT 175.49 107.45 Td (the ) Tj ET Q q 0 0 0 rg BT 190.21 107.45 Td (Company's ) Tj ET Q q 0 0 0 rg BT 237.29 107.45 Td (core ) Tj ET Q q 0 0 0 rg BT 256.99 107.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 297.26 107.45 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 83.45 Td (Starting ) Tj ET Q q 0 0 0 rg BT 120.03 83.45 Td (with ) Tj ET Q q 0 0 0 rg BT 140.67 83.45 Td (the ) Tj ET Q q 0 0 0 rg BT 155.74 83.45 Td (second ) Tj ET Q q 0 0 0 rg BT 186.37 83.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 217.55 83.45 Td (of ) Tj ET Q q 0 0 0 rg BT 228.74 83.45 Td (2015 ) Tj ET Q q 0 0 0 rg BT 251.60 83.45 Td (the ) Tj ET Q q 0 0 0 rg BT 266.68 83.45 Td (Company ) Tj ET Q q 0 0 0 rg BT 308.43 83.45 Td (is ) Tj ET Q q 0 0 0 rg BT 317.96 83.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 360.26 83.45 Td (initial ) Tj ET Q q 0 0 0 rg BT 386.45 83.45 Td (franchise ) Tj ET Q q 0 0 0 rg BT 425.95 83.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 464.35 83.45 Td (from ) Tj ET Q q 0 0 0 rg BT 486.65 83.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 522.84 83.45 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 564.50 83.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.45 Td (This ) Tj ET Q q 0 0 0 rg BT 69.78 71.45 Td (change ) Tj ET Q q 0 0 0 rg BT 100.59 71.45 Td (is ) Tj ET Q q 0 0 0 rg BT 109.76 71.45 Td (based ) Tj ET Q q 0 0 0 rg BT 135.03 71.45 Td (on ) Tj ET Q q 0 0 0 rg BT 147.53 71.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 161.69 71.45 Td (the ) Tj ET Q q 0 0 0 rg BT 176.40 71.45 Td (Company's ) Tj ET Q q 0 0 0 rg BT 223.48 71.45 Td (decision ) Tj ET Q q 0 0 0 rg BT 259.31 71.45 Td (to ) Tj ET Q q 0 0 0 rg BT 269.58 71.45 Td (indefinitely ) Tj ET Q q 0 0 0 rg BT 318.18 71.45 Td (suspend ) Tj ET Q q 0 0 0 rg BT 352.90 71.45 Td (its ) Tj ET Q q 0 0 0 rg BT 364.85 71.45 Td (franchising ) Tj ET Q q 0 0 0 rg BT 412.33 71.45 Td (of ) Tj ET Q q 0 0 0 rg BT 423.16 71.45 Td (additional ) Tj ET Q q 0 0 0 rg BT 465.65 71.45 Td (stores ) Tj ET Q q 0 0 0 rg BT 491.48 71.45 Td (except ) Tj ET Q q 0 0 0 rg BT 520.07 71.45 Td (to ) Tj ET Q q 0 0 0 rg BT 530.35 71.45 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.45 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.89 59.45 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 138.36 59.45 Td (and ) Tj ET Q q 0 0 0 rg BT 155.30 59.45 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 169.46 59.45 Td (to ) Tj ET Q q 0 0 0 rg BT 179.74 59.45 Td (better ) Tj ET Q q 0 0 0 rg BT 205.00 59.45 Td (align ) Tj ET Q q 0 0 0 rg BT 227.50 59.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 263.32 59.45 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 299.43 59.45 Td ( ) Tj ET Q q 0 0 0 rg BT 301.93 59.45 Td (for ) Tj ET Q q 0 0 0 rg BT 316.09 59.45 Td (purposes ) Tj ET Q q 0 0 0 rg BT 354.14 59.45 Td (of ) Tj ET Q q 0 0 0 rg BT 364.97 59.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 404.12 59.45 Td (compensation.) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream 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 49.50 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 742.10 Td (In ) Tj ET Q q 0 0 0 rg BT 95.35 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.08 742.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 135.03 742.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 164.86 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.71 742.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 198.72 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.02 742.10 Td (an ) Tj ET Q q 0 0 0 rg BT 218.97 742.10 Td (ef) Tj ET Q q 0 0 0 rg BT 226.56 742.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 242.51 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.80 742.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 286.64 742.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 335.93 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.88 742.10 Td (make ) Tj ET Q q 0 0 0 rg BT 375.05 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.78 742.10 Td (most ) Tj ET Q q 0 0 0 rg BT 409.75 742.10 Td (productive ) Tj ET Q q 0 0 0 rg BT 454.03 742.10 Td (use ) Tj ET Q q 0 0 0 rg BT 468.87 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.72 742.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 509.38 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.11 742.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 86.81 730.10 Td (an ) Tj ET Q q 0 0 0 rg BT 98.02 730.10 Td (initiative ) Tj ET Q q 0 0 0 rg BT 135.34 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.89 730.10 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 186.62 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.61 730.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 231.27 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.38 730.10 Td (109 ) Tj ET Q q 0 0 0 rg BT 258.15 730.10 Td (under) Tj ET Q q 0 0 0 rg BT 280.72 730.10 Td (-performing ) Tj ET Q q 0 0 0 rg BT 330.81 730.10 Td (locations. ) Tj ET Q q 0 0 0 rg BT 371.19 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.96 730.10 Td (Under) Tj ET Q q 0 0 0 rg BT 397.75 730.10 Td (-performing ) Tj ET Q q 0 0 0 rg BT 447.84 730.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 485.72 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 499.70 730.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 536.46 730.10 Td (closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.88 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.36 718.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 122.95 718.10 Td (course ) Tj ET Q q 0 0 0 rg BT 151.32 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.91 718.10 Td (business ) Tj ET Q q 0 0 0 rg BT 198.07 718.10 Td (at ) Tj ET Q q 0 0 0 rg BT 207.56 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.04 718.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 270.41 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.00 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 287.71 718.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 309.96 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.56 718.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 363.37 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.97 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.67 718.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 419.58 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 430.18 718.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 456.87 718.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 500.78 718.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 519.98 718.10 Td (as ) Tj ET Q q 0 0 0 rg BT 530.58 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 537.29 718.10 Td (result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (do ) Tj ET Q q 0 0 0 rg BT 61.46 706.10 Td (not ) Tj ET Q q 0 0 0 rg BT 76.19 706.10 Td (have ) Tj ET Q q 0 0 0 rg BT 97.02 706.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 141.19 706.10 Td (future ) Tj ET Q q 0 0 0 rg BT 167.02 706.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 188.96 706.10 Td (severance ) Tj ET Q q 0 0 0 rg BT 230.33 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 240.62 706.10 Td (other ) Tj ET Q q 0 0 0 rg BT 263.12 706.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 320.05 706.10 Td (store ) Tj ET Q q 0 0 0 rg BT 341.45 706.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 372.29 706.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 396.74 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.70 706.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 417.31 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.05 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.22 706.10 Td (number ) Tj ET Q q 0 0 0 rg BT 473.72 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.12 706.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 537.03 706.10 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.51 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.40 694.10 Td (store ) Tj ET Q q 0 0 0 rg BT 97.52 694.10 Td (closings ) Tj ET Q q 0 0 0 rg BT 132.98 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.43 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.33 694.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 185.44 694.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 216.44 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.45 694.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 252.63 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.52 694.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 309.08 694.10 Td (has ) Tj ET Q q 0 0 0 rg BT 325.09 694.10 Td (excluded ) Tj ET Q q 0 0 0 rg BT 363.87 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.76 694.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 422.53 694.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 445.21 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.22 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.11 694.10 Td (closings ) Tj ET Q q 0 0 0 rg BT 506.57 694.10 Td (from ) Tj ET Q q 0 0 0 rg BT 528.69 694.10 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 85.61 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.11 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.39 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.10 682.10 Td (current ) Tj ET Q q 0 0 0 rg BT 143.92 682.10 Td (year) Tj ET Q q 0 0 0 rg BT 160.57 682.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 658.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.53 658.10 Td (following ) Tj ET Q q 0 0 0 rg BT 144.91 658.10 Td (table ) Tj ET Q q 0 0 0 rg BT 166.83 658.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 202.08 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 209.01 658.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 266.47 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.29 658.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 313.10 658.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 349.21 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.69 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.96 658.10 Td (net ) Tj ET Q q 0 0 0 rg BT 376.66 658.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 411.08 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.79 658.10 Td (most ) Tj ET Q q 0 0 0 rg BT 447.72 658.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 496.85 658.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 523.71 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 526.19 658.10 Td (measure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 646.10 Td (each ) Tj ET Q q 0 0 0 rg BT 84.48 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.31 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.02 646.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.96 646.10 Td (indicated:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 592.80 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 592.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 592.80 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 592.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 592.80 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 592.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 592.80 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 564.80 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 564.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 564.80 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 564.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 564.80 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 564.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 564.80 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 536.80 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 536.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 536.80 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 536.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 536.80 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 536.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 536.80 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 508.80 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 508.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 508.80 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 508.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 508.80 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 508.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 508.80 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 480.80 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 480.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 480.80 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 480.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 480.80 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 480.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 480.80 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 452.80 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 452.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 452.80 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 452.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 452.80 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 452.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 452.80 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 424.80 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 424.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 424.80 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 424.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 424.80 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 424.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 424.80 86.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 612.8 m 360 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 612.8 m 364 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 612.8 m 448 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 612.8 m 452 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 612.8 m 538 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 612.8 m 360 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 592.8 m 360 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 612.8 m 364 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 612.8 m 448 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 592.8 m 448 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 612.8 m 452 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 612.8 m 538 612.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 592.8 m 538 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 592.8 m 360 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 592.8 m 448 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 592.8 m 538 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 536.8 m 360 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 536.8 m 448 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 536.8 m 538 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 424.8 m 448 424.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 424.8 m 538 424.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 424.8 m 360 424.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 411.8 m 360 411.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 409.8 m 360 409.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 424.8 m 448 424.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 411.8 m 448 411.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 409.8 m 448 409.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 424.8 m 538 424.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 411.8 m 538 411.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 409.8 m 538 409.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 616.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 616.88 Td (Fiscal) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 597.05 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 597.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.50 597.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.50 597.03 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 583.37 Td (Net Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 583.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.30 583.42 Td (\(131,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 583.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.50 583.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.30 583.42 Td (\(27,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 583.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 583.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.30 583.42 Td (\(168,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 583.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 569.37 Td (Income tax \(benefit\) expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 569.37 Td (81,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.30 569.42 Td (\(15,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 569.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 569.42 Td (\(3,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 569.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 555.37 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 555.42 Td (\(1,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 555.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.30 555.42 Td (\(2,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 555.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 555.42 Td (\(3,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 555.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 541.37 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 541.37 Td (4,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 541.37 Td (2,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 541.37 Td (3,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 527.37 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 527.42 Td (\(47,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 527.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.30 527.42 Td (\(42,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 527.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.30 527.42 Td (\(171,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 527.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 513.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 513.37 Td (13,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 513.37 Td (10,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 513.37 Td (8,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 499.37 Td (Gain on the sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 499.42 Td (\(25,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 499.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 499.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 499.42 Td (\(113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 499.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 485.37 Td (Impairment of goodwill, property, and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 485.37 Td (9,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 485.37 Td (3,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 485.37 Td (168,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 471.37 Td (Severance and executive transition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 471.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 471.37 Td (1,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 471.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 457.37 Td (Initial franchise revenues net of provision for losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.80 457.42 Td (\(552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 457.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 457.37 Td (25,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 457.42 Td (\(3,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 457.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 443.37 Td (IT transformation investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 443.37 Td (14,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 443.37 Td (10,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 443.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 429.37 Td (Accelerated closure of under) Tj ET Q q 0 0 0 rg BT 167.51 429.37 Td (-performing stores) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 429.37 Td (17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 429.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 429.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 415.37 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 415.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 415.42 Td (\(18,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 415.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.50 415.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 415.37 Td (9,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 415.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 415.37 Td (2,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 411.30 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.30 Td (Accounting for) Tj ET Q q 0 0 0 rg BT 113.48 385.30 Td ( Fees Paid in a Cloud Computing ) Tj ET Q q 0 0 0 rg BT 256.56 385.30 Td (Arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 359.30 Td (In 2015, the Financial ) Tj ET Q q 0 0 0 rg BT 175.21 359.30 Td (Accounting Standards Board issued ) Tj ET Q q 0 0 0 rg BT 320.19 359.30 Td (ASU 2015-05, "Intangibles -- Goodwill and Other - Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.30 Td (Use Software, Customer's ) Tj ET Q q 0 0 0 rg BT 155.18 347.30 Td (Accounting For Fees Paid in a Cloud Computing ) Tj ET Q q 0 0 0 rg BT 352.95 347.30 Td (Arrangement," which provided additional guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.30 Td (on the treatment of IT) Tj ET Q q 0 0 0 rg BT 136.33 335.30 Td (-related costs for hosted arrangements. Based on an evaluation of this guidance and existing literature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.30 Td (SHO made a correcting adjustment in the fourth quarter of 2015 to move a lar) Tj ET Q q 0 0 0 rg BT 360.89 323.30 Td (ge majority of these investments from capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.30 Td (assets to expense and will expense most of these investments through 2017, when these investments will be substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.30 Td (complete. IT) Tj ET Q q 0 0 0 rg BT 102.91 299.30 Td ( transformation investments were $15.0 million in 2016 compared to $10.9 million in 2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 273.30 Td (52 ) Tj ET Q q 0 0 0 rg BT 61.82 273.30 Td (W) Tj ET Q q 0 0 0 rg BT 71.27 273.30 Td (eek Period Ended January 28, 2017 Compar) Tj ET Q q 0 0 0 rg BT 260.26 273.30 Td (ed to the 52 ) Tj ET Q q 0 0 0 rg BT 311.74 273.30 Td (W) Tj ET Q q 0 0 0 rg BT 321.18 273.30 Td (eek Period Ended January 30, 2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 249.30 Td (Net Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 223.30 Td (Net sales for the 2016 fiscal year decreased $217.7 million, or 9.5%, to $2.1 billion from the 2015 fiscal year) Tj ET Q q 0 0 0 rg BT 520.94 223.30 Td (. ) Tj ET Q q 0 0 0 rg BT 525.76 223.30 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.30 Td (decrease was driven primarily by the impact of closed stores \(net of new store openings\) and a 4.4% decrease in comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.30 Td (store sales. Comparable store sales were down 4.2% and 4.9% in Hometown and Outlet, respectively) Tj ET Q q 0 0 0 rg BT 453.19 199.30 Td (. ) Tj ET Q q 0 0 0 rg BT 458.01 199.30 Td (The home appliances and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.30 Td (tools categories both outperformed the average comparable store sales while lawn and garden and mattresses underperformed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.30 Td (the average.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 151.30 Td (Gr) Tj ET Q q 0 0 0 rg BT 60.24 151.30 Td (oss Mar) Tj ET Q q 0 0 0 rg BT 92.38 151.30 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 127.30 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 126.70 127.30 Td (gin was $408.7 million, or 19.7% of net sales, for the full year 2016 compared to $518.5 million, or 22.7% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.30 Td (of net sales, for the full year 2015. ) Tj ET Q q 0 0 0 rg BT 189.28 115.30 Td (The decrease in gross mar) Tj ET Q q 0 0 0 rg BT 293.49 115.30 Td (gin rate was primarily driven by higher occupancy costs due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.30 Td (more Company-operated locations, lower mar) Tj ET Q q 0 0 0 rg BT 233.43 103.30 Td (gin on merchandise sales, $16.1 million of store-closing costs, and $8.5 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.30 Td (higher shrink resulting from $3.7 million physical inventory char) Tj ET Q q 0 0 0 rg BT 309.55 91.30 Td (ges in Outlet in 2016 as compared to $4.6 million of physical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.30 Td (inventory gains in Hometown in 2015. ) Tj ET Q q 0 0 0 rg BT 206.25 79.30 Td (The total impact of occupancy costs, store-closing costs, and shrink reduced gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.30 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 67.30 Td (gin 490 basis points for the full year 2016 compared to a reduction of 274 basis points for the full year 2015.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Selling and ) Tj ET Q q 0 0 0 rg BT 97.09 742.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 718.10 Td (Selling and administrative expenses decreased to $458.8 million, or 22.2% of net sales, for the full year 2016 from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td ($546.1 million, or 23.9% of net sales, for the full year 2015. ) Tj ET Q q 0 0 0 rg BT 292.33 706.10 Td (The decrease was primarily due to: \(1\) lower commissions paid to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (dealers and franchisees on lower sales volume, \(2\) the conversion of some dealer and franchisee locations to Company-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (operated stores in 2016, which resulted in some costs previously recorded as selling and administrative expenses to be recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (as a reduction to gross mar) Tj ET Q q 0 0 0 rg BT 156.79 670.10 Td (gin, \(3\) lower expenses being recorded for stores closed \(net of new store openings\), and \(4\) a $25.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (million char) Tj ET Q q 0 0 0 rg BT 97.92 658.10 Td (ge in 2015 related to the write-of) Tj ET Q q 0 0 0 rg BT 229.36 658.10 Td (f of, and additional reserves taken on, franchisee notes receivables. ) Tj ET Q q 0 0 0 rg BT 499.34 658.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (recorded $1.0 million of store closing selling and administrative expenses for the full year 2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Gain on Sale of ) Tj ET Q q 0 0 0 rg BT 114.31 620.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 596.10 Td (During the second quarter of 2016, we completed the sale of an owned property located in San Leandro, California. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Net proceeds from the sale were $26.1 million, and we recorded a gain on the sale of $25.2 million.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 558.10 Td (Operating Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 534.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 534.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 534.10 Td (e recorded operating losses of $47.7 million and $42.2 million for the full years 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 526.72 534.10 Td (. ) Tj ET Q q 0 0 0 rg BT 531.54 534.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 522.10 Td (increase in operating loss was primarily due to lower volume, a lower gross mar) Tj ET Q q 0 0 0 rg BT 369.79 522.10 Td (gin rate, impairment char) Tj ET Q q 0 0 0 rg BT 470.68 522.10 Td (ges of $9.4 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.10 Td (fiscal year 2016 as compared to $4.0 million in fiscal 2015, and higher depreciation and amortization, partially of) Tj ET Q q 0 0 0 rg BT 503.07 510.10 Td (fset by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.10 Td (decrease in selling and administrative expenses and a gain on the sale of assets. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 86.07 474.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 450.10 Td (Income tax expense was $81.5 million in 2016, comprised primarily of a $100.1 million non-cash valuation allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (on our deferred tax assets, and a benefit of $15.2 million in 2015. See Note 6 to our Consolidated Financial Statements in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (Annual Report on the Form 10-K for further information. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 376.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 376.10 Td (e recorded a net loss of $131.9 million for the full year 2016 compared to a net loss of $27.3 million for the full year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 74.32 364.10 Td (The increase in our net loss was primarily attributable to a higher operating loss, including store-closing costs, and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (increase in income tax expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (52 ) Tj ET Q q 0 0 0 rg BT 61.82 326.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.27 326.10 Td (eek Period Ended January 30, 2016 Compar) Tj ET Q q 0 0 0 rg BT 260.26 326.10 Td (ed to the 52 ) Tj ET Q q 0 0 0 rg BT 311.74 326.10 Td (W) Tj ET Q q 0 0 0 rg BT 321.18 326.10 Td (eek Period Ended January 31, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (Net Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 276.10 Td (Net sales for the 2015 fiscal year decreased $68.2 million, or 2.9%, to $2.3 billion from the 2014 fiscal year) Tj ET Q q 0 0 0 rg BT 515.94 276.10 Td (. ) Tj ET Q q 0 0 0 rg BT 523.26 276.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (decrease in sales was driven by \(1\) a 1.2% decrease in comparable store sales, \(2\) the impact of closed stores \(net of new store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (openings\), \(3\) lower initial franchise revenues, which were $0.3 million in 2015 compared to $16.9 million in 2014, and \(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (lower online commissions from Sears Holdings \($12.9 million for the 2015 fiscal year compared to $22.6 million for the 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (fiscal year\). Comparable store sales were down 0.1% in Hometown and down 4.1% in Outlet. Home appliances outperformed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (the average comparable store sales while lawn and garden, tools, and mattresses categories underperformed to the average.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 60.24 192.10 Td (oss Mar) Tj ET Q q 0 0 0 rg BT 92.38 192.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 168.10 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 126.70 168.10 Td (gin was $518.5 million, or 22.7% of net sales, for the full year 2015 compared to $552.5 million, or 23.5% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (of net sales, for the full year 2014. ) Tj ET Q q 0 0 0 rg BT 191.78 156.10 Td (The decrease in gross mar) Tj ET Q q 0 0 0 rg BT 295.99 156.10 Td (gin rate was primarily driven by \(1\) lower initial franchise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (revenues, \(2\) lower online commissions from Sears Holdings, \(3\) lower delivery income, \(4\) an unfavorable impact of 27 basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (points on the gross mar) Tj ET Q q 0 0 0 rg BT 142.64 132.10 Td (gin rate due to store closings, and \(5\) higher occupancy costs due to a higher number of Company-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (operated locations. ) Tj ET Q q 0 0 0 rg BT 129.85 120.10 Td (These declines were partially of) Tj ET Q q 0 0 0 rg BT 257.39 120.10 Td (fset by higher mar) Tj ET Q q 0 0 0 rg BT 330.24 120.10 Td (gin on Outlet merchandise sales and lower merchandise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (shrink. Online commissions from Sears Holdings, initial franchise revenues, and closed stores contributed 14 basis points to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (gross mar) Tj ET Q q 0 0 0 rg BT 88.48 96.10 Td (gin in 2015 compared to 127 basis points in 2014.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Selling and ) Tj ET Q q 0 0 0 rg BT 97.09 742.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 718.10 Td (Selling and administrative expenses were flat at $546.1 million, or 23.9% of net sales, for the full year 2015 compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (to $546.6 million, or 23.2% of net sales, for the full year 2014. Primary drivers included \(1\) expense decreases resulting from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (closed stores \(net of new stores\), \(2\) lower commissions paid to dealers and franchisees on lower sales volume, \(3\) lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (marketing costs, \(4\) lower insurance costs, and \(5\) lower commissions paid to Sears Holdings for online transactions due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (lower volume. ) Tj ET Q q 0 0 0 rg BT 112.08 670.10 Td (These decreases were of) Tj ET Q q 0 0 0 rg BT 209.34 670.10 Td (fset by $25.4 million of char) Tj ET Q q 0 0 0 rg BT 323.03 670.10 Td (ges related to franchisee receivables for the full year 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (compared to $13.1 million recognized for the full year 2014 and our IT) Tj ET Q q 0 0 0 rg BT 333.95 658.10 Td ( transformation investments of $10.9 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Franchisee receivables char) Tj ET Q q 0 0 0 rg BT 159.81 646.10 Td (ges increased the selling and administrative expenses rate by 1) Tj ET Q q 0 0 0 rg BT 409.64 646.10 Td (1) Tj ET Q q 0 0 0 rg BT 414.27 646.10 Td (1 basis points and 55 basis points in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 161.60 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.92 634.10 Td (The IT) Tj ET Q q 0 0 0 rg BT 196.22 634.10 Td ( transformation investments increased the selling and administrative expenses rate by 47 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (basis points in 2015.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (Impairment of Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 572.10 Td (During 2014, we recorded a non-cash goodwill impairment char) Tj ET Q q 0 0 0 rg BT 342.18 572.10 Td (ge of $167.0 million associated with the Hometown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (Reporting Unit. ) Tj ET Q q 0 0 0 rg BT 117.09 560.10 Td (This char) Tj ET Q q 0 0 0 rg BT 154.40 560.10 Td (ge eliminated all of our recorded goodwill.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 534.10 Td (Operating Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 510.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 510.10 Td (e recorded operating losses of $42.2 million and $171.2 million for the full years 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 531.72 510.10 Td (. ) Tj ET Q q 0 0 0 rg BT 539.04 510.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.10 Td (improvement in our operating loss for the full year 2015 resulted primarily from the absence of the 2014 non-cash goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.13 486.10 Td (ge of $167.0 million \(which eliminated all of our recorded goodwill\). ) Tj ET Q q 0 0 0 rg BT 397.10 486.10 Td (These improvements were partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 474.10 Td (fset by \(1\) lower initial franchise revenues, \(2\) higher char) Tj ET Q q 0 0 0 rg BT 291.26 474.10 Td (ges related to franchisee receivables, \(3\) IT) Tj ET Q q 0 0 0 rg BT 464.05 474.10 Td ( transformation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td (investments of $10.9 million, and \(4\) a lower gross mar) Tj ET Q q 0 0 0 rg BT 271.78 462.10 Td (gin rate. ) Tj ET Q q 0 0 0 rg BT 309.36 462.10 Td (The total net impact of franchisee receivables char) Tj ET Q q 0 0 0 rg BT 511.02 462.10 Td (ges, IT) Tj ET Q q 0 0 0 rg BT 538.61 462.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (transformation investments, goodwill and fixed-asset impairment char) Tj ET Q q 0 0 0 rg BT 330.08 450.10 Td (ges, and initial franchise revenues increased operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (losses by $39.9 million and $164.4 million in 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 345.49 438.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 414.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 86.07 414.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 390.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 390.10 Td (e recorded an income tax benefit of $15.2 million and $3.1 million in 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 473.33 390.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.65 390.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 506.29 390.10 Td (fective tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (rate \(benefit\) was 35.7% in 2015 and 1.8% in 2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 335.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 335.10 Td (e recorded net losses of $27.3 million and $168.8 million in 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 435.59 335.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.91 335.10 Td (The decrease in our net loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (was primarily attributable to the factors discussed above.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream 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 49.50 716.10 Td (Business Segment Results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (Hometown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 661.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 132.44 661.10 Td (results ) Tj ET Q q 0 0 0 rg BT 161.05 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.99 661.10 Td (key ) Tj ET Q q 0 0 0 rg BT 194.92 661.10 Td (statistics ) Tj ET Q q 0 0 0 rg BT 231.87 661.10 Td (were ) Tj ET Q q 0 0 0 rg BT 253.80 661.10 Td (as ) Tj ET Q q 0 0 0 rg BT 264.63 661.10 Td (follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 650.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 607.80 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 607.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 607.80 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 607.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 607.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 607.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 607.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 579.80 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 579.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 579.80 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 579.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 579.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 579.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 579.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 551.80 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 551.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 551.80 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 551.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 551.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 551.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 551.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 523.80 259.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 523.80 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 523.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 523.80 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 494.80 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 494.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 494.80 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 494.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 494.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 494.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 494.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 466.80 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 466.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 466.80 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 466.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 466.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 466.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 466.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 438.80 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 438.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 438.80 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 438.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 438.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 438.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 438.80 69.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 627.8 m 390 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 627.8 m 394 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 627.8 m 468 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 627.8 m 472 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 627.8 m 541 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 627.8 m 390 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 607.8 m 390 607.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 627.8 m 394 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 627.8 m 468 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 607.8 m 468 607.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 627.8 m 472 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 627.8 m 541 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 607.8 m 541 607.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 607.8 m 390 607.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 607.8 m 468 607.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 607.8 m 541 607.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 565.8 m 390 565.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 565.8 m 468 565.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 565.8 m 541 565.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 466.8 m 390 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 466.8 m 468 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 466.8 m 541 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 466.8 m 390 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 452.8 m 390 452.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 466.8 m 468 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 452.8 m 468 452.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 466.8 m 541 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 452.8 m 541 452.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 439.8 m 390 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 437.8 m 390 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 439.8 m 468 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 437.8 m 468 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 439.8 m 541 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 437.8 m 541 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 437.8 m 390 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 439.8 m 390 439.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 631.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.70 631.88 Td (Fiscal Year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 612.05 Td (thousands, except for number of stores) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.00 612.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.50 612.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.00 612.03 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 598.37 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 598.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.75 598.37 Td (1,439,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 598.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 598.37 Td (1,630,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 598.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 598.37 Td (1,692,377) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 584.36 Td (Comparable store sales %) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 361.95 584.36 Td (\(4.2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 377.80 584.36 Td (\)%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 439.95 584.36 Td (\(0.1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 455.80 584.36 Td (\)%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 512.95 584.36 Td (\(7.1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 528.80 584.36 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 570.37 Td (Cost of sales and occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.75 570.37 Td (1,145,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 570.37 Td (1,262,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 570.37 Td (1,297,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 556.37 Td (Gross margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.30 556.37 Td (293,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.25 556.37 Td (368,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 556.37 Td (395,165) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 542.36 Td (Margin rate) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 360.30 542.36 Td (20.4) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 381.15 542.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 438.30 542.36 Td (22.6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 459.15 542.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 511.30 542.36 Td (23.3) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 532.15 542.36 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 528.37 Td (Selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.30 528.37 Td (318,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.25 528.37 Td (378,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 528.37 Td (403,367) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 514.36 Td (Selling and administrative expense as a percentage of net sales) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 360.30 513.51 Td (22.1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 381.15 513.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 438.30 513.51 Td (23.2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 459.15 513.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 511.30 513.51 Td (23.8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 532.15 513.51 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 499.37 Td (Impairment of goodwill, property, and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.30 499.37 Td (4,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 499.37 Td (1,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 499.37 Td (167,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 485.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.30 485.37 Td (6,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 485.37 Td (3,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.30 485.37 Td (3,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 471.37 Td (\(Gain\) Loss on the sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 471.37 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 471.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.45 471.37 Td (\(113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 471.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 457.37 Td (Total costs and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.75 457.37 Td (1,474,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 457.37 Td (1,645,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 457.37 Td (1,871,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 443.37 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 443.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.95 443.37 Td (\(35,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 443.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 443.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.95 443.37 Td (\(15,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 443.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 443.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.95 443.37 Td (\(178,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 443.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 429.37 Td (Total Sears Hometown and Hardware stores) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 429.37 Td (871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 429.37 Td (1,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.30 429.37 Td (1,109) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 381.90 Td (52 ) Tj ET Q q 0 0 0 rg BT 61.82 381.90 Td (W) Tj ET Q q 0 0 0 rg BT 71.27 381.90 Td (eek Period Ended January 28, 2017 Compar) Tj ET Q q 0 0 0 rg BT 260.26 381.90 Td (ed to the 52 ) Tj ET Q q 0 0 0 rg BT 311.74 381.90 Td (W) Tj ET Q q 0 0 0 rg BT 321.18 381.90 Td (eek Period Ended January 30, 2016 -- Hometown) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 352.50 Td (Net Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.50 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 328.50 Td (Net sales in 2016 decreased $190.7 million, or 1) Tj ET Q q 0 0 0 rg BT 278.42 328.50 Td (1.7%, to $1.4 billion from 2015. ) Tj ET Q q 0 0 0 rg BT 412.40 328.50 Td (This decrease was driven primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.50 Td (by the impact of closed stores \(net of new store openings\) and a 4.2% decrease in comparable store sales. Home appliances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.50 Td (tools, and mattresses outperformed the average comparable store sales while lawn and garden underperformed to the average.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 60.24 275.10 Td (oss Mar) Tj ET Q q 0 0 0 rg BT 92.38 275.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 245.70 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 126.70 245.70 Td (gin was $293.9 million, or 20.4% of net sales, in 2016 compared to $368.1 million, or 22.6% of net sales, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 76.82 233.70 Td (The decrease in gross mar) Tj ET Q q 0 0 0 rg BT 181.04 233.70 Td (gin rate was primarily driven by \(1\) $15.1 million of store-closing costs, \(2\) lower mar) Tj ET Q q 0 0 0 rg BT 527.44 233.70 Td (gin on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.70 Td (merchandise sales, \(3\) higher occupancy costs due to an increase in the number of Company-operated stores, and \(4\) higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.70 Td (shrink due to $4.6 million of physical inventory gains in 2015. ) Tj ET Q q 0 0 0 rg BT 301.79 209.70 Td (The total impact of occupancy) Tj ET Q q 0 0 0 rg BT 422.76 209.70 Td (, store-closing costs, and shrink ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.70 Td (reduced gross mar) Tj ET Q q 0 0 0 rg BT 122.63 197.70 Td (gin 285 basis points for the full year 2016 compared to a reduction of 124 basis points for the full year 2015.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 166.30 Td (Selling and ) Tj ET Q q 0 0 0 rg BT 97.09 166.30 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 136.90 Td (Selling and administrative expenses decreased to $318.6 million, or 22.1% of net sales, in 2016 from $378.1 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.90 Td (or 23.2% of net sales, in 2015. ) Tj ET Q q 0 0 0 rg BT 176.24 124.90 Td (The decrease was primarily due to the impact of \(1\) lower expenses being recorded for stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.90 Td (closed \(net of new store openings\), \(2\) lower dealer and franchisee commissions on lower sales volume, \(3\) converting some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.90 Td (dealer and franchisee locations to Company-operated stores in 2016, which resulted in some costs previously recorded as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.90 Td (selling and administrative expenses to be recorded as a reduction to gross mar) Tj ET Q q 0 0 0 rg BT 360.89 88.90 Td (gin, and \(4\) a $12.7 million char) Tj ET Q q 0 0 0 rg BT 490.13 88.90 Td (ge in 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.90 Td (related to expenses for uncollectible franchise notes receivable. ) Tj ET Q q 0 0 0 rg BT 307.54 76.90 Td (The Company recorded $0.9 million of store closing selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.90 Td (and administrative expense for the full year 2016.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream 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 49.50 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 742.10 Td (Since the Separation we have included an allocation of Home Of) Tj ET Q q 0 0 0 rg BT 344.67 742.10 Td (fice overhead expenses in Selling and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (expenses for Hometown and for Outlet. Home Of) Tj ET Q q 0 0 0 rg BT 250.10 730.10 Td (fice overhead expenses are primarily comprised of corporate headquarters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (payroll, benefits, and other costs and include char) Tj ET Q q 0 0 0 rg BT 247.86 718.10 Td (ges related to our Services ) Tj ET Q q 0 0 0 rg BT 355.33 718.10 Td (Agreement with Sears Holdings. In the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (quarter of 2016 we adjusted the allocation of these Home Of) Tj ET Q q 0 0 0 rg BT 291.46 706.10 Td (fice overhead expenses between Hometown and Outlet to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (our expected allocation of resources between Hometown and Outlet during the 2016 fiscal year) Tj ET Q q 0 0 0 rg BT 430.20 694.10 Td (. If the allocation weighting for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (2016 had been similar to the weighting for 2015, we would have allocated an additional $1.3 million of Home Of) Tj ET Q q 0 0 0 rg BT 502.83 682.10 Td (fice overhead ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (expenses to Hometown's Selling and administrative expenses. ) Tj ET Q q 0 0 0 rg BT 301.91 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 310.54 670.10 Td (e reevaluate the allocation of Home Of) Tj ET Q q 0 0 0 rg BT 465.85 670.10 Td (fice overhead expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (on an annual basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 626.70 Td (Operating Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 602.70 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 602.70 Td (e recorded operating losses of $35.3 million and $15.6 million in 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 468.14 602.70 Td (. ) Tj ET Q q 0 0 0 rg BT 475.46 602.70 Td (The increase in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (operating loss was primarily attributable to lower volume, lower gross mar) Tj ET Q q 0 0 0 rg BT 348.42 590.70 Td (gin rate, impairment of long-lived assets of $4.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.70 Td (million in 2016 compared to $2.0 million in 2015, and higher depreciation and amortization expense partially of) Tj ET Q q 0 0 0 rg BT 498.10 578.70 Td (fset by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.70 Td (decrease in selling and administration expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.70 Td (52 ) Tj ET Q q 0 0 0 rg BT 61.82 540.70 Td (W) Tj ET Q q 0 0 0 rg BT 71.27 540.70 Td (eek Period Ended January 30, 2016 Compar) Tj ET Q q 0 0 0 rg BT 260.26 540.70 Td (ed to the 52 ) Tj ET Q q 0 0 0 rg BT 311.74 540.70 Td (W) Tj ET Q q 0 0 0 rg BT 321.18 540.70 Td (eek Period Ended January 31, 2015 -- Hometown) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 516.70 Td (Net Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 492.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 89.18 492.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 111.36 492.70 Td (in ) Tj ET Q q 0 0 0 rg BT 121.87 492.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 144.61 492.70 Td (decreased ) Tj ET Q q 0 0 0 rg BT 186.77 492.70 Td ($62.1 ) Tj ET Q q 0 0 0 rg BT 212.00 492.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 246.14 492.70 Td (or ) Tj ET Q q 0 0 0 rg BT 257.21 492.70 Td (3.7%, ) Tj ET Q q 0 0 0 rg BT 283.27 492.70 Td (to ) Tj ET Q q 0 0 0 rg BT 293.79 492.70 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 314.03 492.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 342.88 492.70 Td (from ) Tj ET Q q 0 0 0 rg BT 365.06 492.70 Td (2014. ) Tj ET Q q 0 0 0 rg BT 390.30 492.70 Td ( ) Tj ET Q q 0 0 0 rg BT 392.84 492.70 Td (This ) Tj ET Q q 0 0 0 rg BT 413.36 492.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 450.51 492.70 Td (was ) Tj ET Q q 0 0 0 rg BT 468.80 492.70 Td (driven ) Tj ET Q q 0 0 0 rg BT 497.09 492.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 537.04 492.70 Td (by ) Tj ET Q q 0 0 0 rg BT 549.78 492.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 78.11 480.70 Td (of ) Tj ET Q q 0 0 0 rg BT 87.83 480.70 Td (closed ) Tj ET Q q 0 0 0 rg BT 114.77 480.70 Td (stores ) Tj ET Q q 0 0 0 rg BT 139.50 480.70 Td (\(net ) Tj ET Q q 0 0 0 rg BT 156.44 480.70 Td (of ) Tj ET Q q 0 0 0 rg BT 166.16 480.70 Td (new ) Tj ET Q q 0 0 0 rg BT 184.21 480.70 Td (store ) Tj ET Q q 0 0 0 rg BT 205.05 480.70 Td (openings\), ) Tj ET Q q 0 0 0 rg BT 248.38 480.70 Td (lower ) Tj ET Q q 0 0 0 rg BT 272.54 480.70 Td (online ) Tj ET Q q 0 0 0 rg BT 298.93 480.70 Td (commissions ) Tj ET Q q 0 0 0 rg BT 352.55 480.70 Td (from ) Tj ET Q q 0 0 0 rg BT 373.38 480.70 Td (Sears ) Tj ET Q q 0 0 0 rg BT 396.44 480.70 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 434.50 480.70 Td (\($10.5 ) Tj ET Q q 0 0 0 rg BT 461.73 480.70 Td (million ) Tj ET Q q 0 0 0 rg BT 492.01 480.70 Td (in ) Tj ET Q q 0 0 0 rg BT 501.18 480.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 522.58 480.70 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.46 468.70 Td ($19.5 ) Tj ET Q q 0 0 0 rg BT 86.14 468.70 Td (million ) Tj ET Q q 0 0 0 rg BT 118.21 468.70 Td (in ) Tj ET Q q 0 0 0 rg BT 129.17 468.70 Td (2014\), ) Tj ET Q q 0 0 0 rg BT 158.18 468.70 Td (and ) Tj ET Q q 0 0 0 rg BT 175.80 468.70 Td (a ) Tj ET Q q 0 0 0 rg BT 183.42 468.70 Td (0.1% ) Tj ET Q q 0 0 0 rg BT 207.43 468.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 245.03 468.70 Td (in ) Tj ET Q q 0 0 0 rg BT 255.99 468.70 Td (comparable ) Tj ET Q q 0 0 0 rg BT 305.81 468.70 Td (store ) Tj ET Q q 0 0 0 rg BT 328.43 468.70 Td (sales. ) Tj ET Q q 0 0 0 rg BT 353.55 468.70 Td ( ) Tj ET Q q 0 0 0 rg BT 356.73 468.70 Td (Home ) Tj ET Q q 0 0 0 rg BT 384.35 468.70 Td (appliances ) Tj ET Q q 0 0 0 rg BT 429.73 468.70 Td (and ) Tj ET Q q 0 0 0 rg BT 447.35 468.70 Td (mattresses ) Tj ET Q q 0 0 0 rg BT 492.19 468.70 Td (outperformed ) Tj ET Q q 0 0 0 rg BT 549.80 468.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.70 Td (average ) Tj ET Q q 0 0 0 rg BT 83.08 456.70 Td (comparable ) Tj ET Q q 0 0 0 rg BT 132.22 456.70 Td (store ) Tj ET Q q 0 0 0 rg BT 154.16 456.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 176.10 456.70 Td (while ) Tj ET Q q 0 0 0 rg BT 200.82 456.70 Td (the ) Tj ET Q q 0 0 0 rg BT 215.54 456.70 Td (lawn ) Tj ET Q q 0 0 0 rg BT 237.47 456.70 Td (and ) Tj ET Q q 0 0 0 rg BT 254.41 456.70 Td (garden ) Tj ET Q q 0 0 0 rg BT 284.12 456.70 Td (and ) Tj ET Q q 0 0 0 rg BT 301.06 456.70 Td (tools ) Tj ET Q q 0 0 0 rg BT 323.01 456.70 Td (categories ) Tj ET Q q 0 0 0 rg BT 366.04 456.70 Td (underperformed ) Tj ET Q q 0 0 0 rg BT 432.95 456.70 Td (to ) Tj ET Q q 0 0 0 rg BT 443.23 456.70 Td (the ) Tj ET Q q 0 0 0 rg BT 457.95 456.70 Td (average.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 430.70 Td (Gr) Tj ET Q q 0 0 0 rg BT 60.24 430.70 Td (oss Mar) Tj ET Q q 0 0 0 rg BT 92.38 430.70 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 406.70 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 113.20 406.70 Td (gin was $368.1 million, or 22.6% of net sales, in 2015 compared to $395.2 million, or 23.3% of net sales, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.70 Td (2014. ) Tj ET Q q 0 0 0 rg BT 76.82 394.70 Td (The decrease in gross mar) Tj ET Q q 0 0 0 rg BT 181.04 394.70 Td (gin rate was primarily driven by \(1\) lower online commissions from Sears Holdings, \(2\) lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.70 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 382.70 Td (gin on merchandise sales, \(3\) higher occupancy costs due to an increase in the number of Company-operated stores, \(4\) an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.70 Td (unfavorable impact of 30 basis points on the gross mar) Tj ET Q q 0 0 0 rg BT 268.44 370.70 Td (gin rate in 2015 due to store closings, and \(5\) lower delivery income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.70 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.47 358.70 Td (fset by lower merchandise shrink. Online commissions from Sears Holdings, initial franchise revenues, and closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.70 Td (stores contributed 14 basis points to gross mar) Tj ET Q q 0 0 0 rg BT 234.58 346.70 Td (gin in 2015 compared to 86 basis points in 2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 320.70 Td (Selling and ) Tj ET Q q 0 0 0 rg BT 97.09 320.70 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 296.70 Td (Selling and administrative expenses decreased to $378.1 million, or 23.2% of net sales, in 2015 from $403.4 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.70 Td (23.8% of net sales, in 2014. ) Tj ET Q q 0 0 0 rg BT 165.41 284.70 Td (The decrease was primarily due to lower dealer and franchisee commissions on lower sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.70 Td (volume, the impact of closed stores \(net of new stores openings\), and lower commissions paid to Sears Holdings for online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.70 Td (transactions due to lower volume. ) Tj ET Q q 0 0 0 rg BT 189.56 260.70 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 322.64 260.70 Td (fset by higher payroll and benefits and allocated IT) Tj ET Q q 0 0 0 rg BT 526.83 260.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.70 Td (transformation investments. Franchisee receivables char) Tj ET Q q 0 0 0 rg BT 276.46 248.70 Td (ges increased the selling and administrative expenses rate by $12.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.70 Td (million, or 78 basis points, and $13.0 million, or 77 basis points, in 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 432.16 236.70 Td (. ) Tj ET Q q 0 0 0 rg BT 439.48 236.70 Td (The $7.4 million of IT) Tj ET Q q 0 0 0 rg BT 529.00 236.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.70 Td (transformation investments allocated to Hometown increased the selling and administrative expenses rate by 45 basis points in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 195.70 Td (Since the Separation we have included an allocation of Home Of) Tj ET Q q 0 0 0 rg BT 332.67 195.70 Td (fice overhead expenses in Selling and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.70 Td (expenses for Hometown and for Outlet. Home Of) Tj ET Q q 0 0 0 rg BT 250.10 183.70 Td (fice overhead expenses are primarily comprised of corporate headquarters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.70 Td (payroll, benefits, and other costs and include char) Tj ET Q q 0 0 0 rg BT 247.86 171.70 Td (ges related to our Services ) Tj ET Q q 0 0 0 rg BT 355.33 171.70 Td (Agreement with Sears Holdings. In the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.70 Td (quarter of 2015 we adjusted the allocation of these Home Of) Tj ET Q q 0 0 0 rg BT 291.46 159.70 Td (fice overhead expenses between Hometown and Outlet to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.70 Td (our expected allocation of resources between Hometown and Outlet during the 2015 fiscal year) Tj ET Q q 0 0 0 rg BT 430.20 147.70 Td (. If the allocation weighting for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.70 Td (2015 had been similar to the weighting for 2014, we would have allocated an additional $4.1 million of Home Of) Tj ET Q q 0 0 0 rg BT 502.83 135.70 Td (fice overhead ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.70 Td (expenses to Hometown's Selling and administrative expenses. ) Tj ET Q q 0 0 0 rg BT 301.91 123.70 Td (W) Tj ET Q q 0 0 0 rg BT 310.54 123.70 Td (e reevaluate the allocation of Home-Of) Tj ET Q q 0 0 0 rg BT 466.68 123.70 Td (fice overhead expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.70 Td (on an annual basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 85.70 Td (Impairment of Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.70 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 68.70 Td (During 2014 we recorded a non-cash goodwill impairment char) Tj ET Q q 0 0 0 rg BT 330.68 68.70 Td (ge of $167.0 million associated with Hometown. ) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Operating Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 725.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 725.10 Td (e recorded operating losses of $15.6 million and $178.9 million in 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 461.14 725.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.46 725.10 Td (The improvement in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (our operating loss for the full year 2015 resulted from the 2014 non-cash goodwill impairment char) Tj ET Q q 0 0 0 rg BT 446.72 713.10 Td (ge of $167.0 million \(which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (eliminated all of our recorded goodwill\), and lower selling and administrative expenses. ) Tj ET Q q 0 0 0 rg BT 406.16 701.10 Td (These improvements were partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 689.10 Td (fset by \(1\) a lower gross mar) Tj ET Q q 0 0 0 rg BT 172.43 689.10 Td (gin rate, \(2\) lower volume, \(3\) IT) Tj ET Q q 0 0 0 rg BT 305.54 689.10 Td ( transformation investments of $7.4 million, \(4\) higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (depreciation and amortization expense, and \(5\) impairment of long-lived assets of $2.0 million in 2015 compared to $0.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (million in 2014. ) Tj ET Q q 0 0 0 rg BT 118.49 665.10 Td (The net impact of franchisee receivables char) Tj ET Q q 0 0 0 rg BT 299.88 665.10 Td (ges, IT) Tj ET Q q 0 0 0 rg BT 327.46 665.10 Td ( transformation investments, goodwill and fixed asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.13 653.10 Td (ges, and initial franchise revenues increased operating losses by $22.2 million and $180.3 million in 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (2014, respectively) Tj ET Q q 0 0 0 rg BT 122.16 641.10 Td (.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Outlet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 725.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 113.00 725.25 Td (results ) Tj ET Q q 0 0 0 rg BT 141.60 725.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.54 725.25 Td (key ) Tj ET Q q 0 0 0 rg BT 175.48 725.25 Td (statistics ) Tj ET Q q 0 0 0 rg BT 212.42 725.25 Td (were ) Tj ET Q q 0 0 0 rg BT 234.35 725.25 Td (as ) Tj ET Q q 0 0 0 rg BT 245.18 725.25 Td (follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 714.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 671.95 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 671.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 671.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 671.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 671.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 671.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 671.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 643.95 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 643.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 643.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 643.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 643.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 643.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 643.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 615.95 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 615.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 615.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 615.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 615.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 615.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 615.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 587.95 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 587.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 587.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 587.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 587.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 587.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 587.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.95 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 559.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 559.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 559.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 559.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 559.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 559.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 531.95 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 531.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 531.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 531.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 531.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 531.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 531.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 503.95 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 503.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 503.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 503.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 503.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 503.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 503.95 72.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 691.95 m 391 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 691.95 m 395 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 691.95 m 465 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 691.95 m 469 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 691.95 m 541 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 691.95 m 391 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 671.95 m 391 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 691.95 m 395 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 691.95 m 465 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 671.95 m 465 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 691.95 m 469 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 691.95 m 541 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 671.95 m 541 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 671.95 m 391 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 671.95 m 465 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 671.95 m 541 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 629.95 m 391 629.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 629.95 m 465 629.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 629.95 m 541 629.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 531.95 m 391 531.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 531.95 m 465 531.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 531.95 m 541 531.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 517.95 m 391 517.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 517.95 m 465 517.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 517.95 m 541 517.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 504.95 m 391 504.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 502.95 m 391 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 504.95 m 465 504.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 502.95 m 465 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 504.95 m 541 504.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 502.95 m 541 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 502.95 m 465 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 504.95 m 465 504.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 695.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.50 696.03 Td (Fiscal) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 676.20 Td (thousands, except for number of stores) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.50 676.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.50 676.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.50 676.18 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 662.52 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 662.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 662.52 Td (630,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 662.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 662.52 Td (657,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 662.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 662.52 Td (663,656) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 648.51 Td (Comparable store sales %) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 362.95 648.51 Td (\(4.9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 378.80 648.51 Td (\)%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 436.95 648.51 Td (\(4.1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 452.80 648.51 Td (\)%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 512.95 648.51 Td (\(1.2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 528.80 648.51 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 634.52 Td (Cost of sales and occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 634.52 Td (515,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 634.52 Td (507,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 634.52 Td (506,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 620.52 Td (Gross margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 620.52 Td (114,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 620.52 Td (150,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 620.52 Td (157,371) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 606.51 Td (Margin rate) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 361.30 606.51 Td (18.2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 382.15 606.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 435.30 606.51 Td (22.9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 456.15 606.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 511.30 606.51 Td (23.7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 532.15 606.51 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 592.52 Td (Selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 592.52 Td (140,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 592.52 Td (167,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 592.52 Td (143,269) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 578.51 Td (Selling and administrative expense as a percentage of net sales) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 361.30 578.51 Td (22.2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 382.15 578.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 435.30 578.51 Td (25.5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 456.15 578.51 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 511.30 578.51 Td (21.6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 532.15 578.51 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 564.52 Td (Impairment of goodwill, property, and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 564.52 Td (4,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 564.52 Td (2,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 564.52 Td (619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 550.52 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 550.52 Td (7,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 550.52 Td (6,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.30 550.52 Td (5,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 536.52 Td (Gain on the sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.95 536.52 Td (\(25,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 536.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 536.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.80 536.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 522.52 Td (Total costs and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 522.52 Td (642,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 522.52 Td (684,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 522.52 Td (655,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 508.52 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 508.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.95 508.52 Td (\(12,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 508.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 508.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.95 508.52 Td (\(26,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 508.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 508.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.30 508.52 Td (7,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 494.52 Td (Total Sears Outlet stores) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 494.52 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 494.52 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 494.52 Td (151) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.45 Td (52 ) Tj ET Q q 0 0 0 rg BT 61.82 454.45 Td (W) Tj ET Q q 0 0 0 rg BT 71.27 454.45 Td (eek Period Ended January 28, 2017 Compar) Tj ET Q q 0 0 0 rg BT 260.26 454.45 Td (ed to the 52 ) Tj ET Q q 0 0 0 rg BT 311.74 454.45 Td (W) Tj ET Q q 0 0 0 rg BT 321.18 454.45 Td (eek Period Ended January 30, 2016 -- Outlet) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 425.05 Td (Net Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 395.65 Td (Net sales in 2016 decreased $27.0 million, or 4.1%, to $630.5 million from 2015. ) Tj ET Q q 0 0 0 rg BT 415.55 395.65 Td (This decrease was driven primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.65 Td (by a 4.9% decrease in comparable store sales, partially of) Tj ET Q q 0 0 0 rg BT 278.95 383.65 Td (fset by the impact of new stores \(net of closings\). Home appliances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.65 Td (tools, and furniture outperformed the average comparable store sales while the apparel, mattresses and lawn and garden ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.65 Td (categories underperformed to the average.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 60.24 328.25 Td (oss Mar) Tj ET Q q 0 0 0 rg BT 92.38 328.25 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.85 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 298.85 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 126.70 298.85 Td (gin was $1) Tj ET Q q 0 0 0 rg BT 169.66 298.85 Td (14.9 million, or 18.2% of net sales, in 2016 compared to $150.4 million, or 22.9% of net sales, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.85 Td (2015. ) Tj ET Q q 0 0 0 rg BT 76.82 286.85 Td (The decrease in gross mar) Tj ET Q q 0 0 0 rg BT 181.04 286.85 Td (gin rate was primarily driven by \(1\) a lower gross profit rate on merchandise sales primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.85 Td (driven by price reductions needed to maintain the competitiveness of outofbox product in a more promotional environment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.85 Td (for new) Tj ET Q q 0 0 0 rg BT 79.67 262.85 Td (, inbox appliances, \(2\) higher occupancy costs due to more Company-operated locations, \(3\) higher shrink expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.85 Td (related to $3.7 million of physical inventory char) Tj ET Q q 0 0 0 rg BT 245.38 250.85 Td (ges taken in 2016, and \(4\) $1.0 million of store closing costs. ) Tj ET Q q 0 0 0 rg BT 492.11 250.85 Td (The total impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.85 Td (of occupancy) Tj ET Q q 0 0 0 rg BT 102.43 238.85 Td (, shrink, and store closing costs reduced gross mar) Tj ET Q q 0 0 0 rg BT 303.32 238.85 Td (gin 957 basis points for the full year 2016 compared to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.85 Td (reduction of 645 basis points for full year 2015.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 195.45 Td (Selling and ) Tj ET Q q 0 0 0 rg BT 97.09 195.45 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.05 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 166.05 Td (Selling and administrative expenses decreased to $140.2 million, or 22.2% of net sales, for the full year 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.05 Td (compared to $168.0 million, or 25.5% of net sales, for the full year 2015. ) Tj ET Q q 0 0 0 rg BT 347.03 154.05 Td (The decrease was primarily due to the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.05 Td (lower franchisee commissions on lower sales volumes, converting some franchisee locations to Company-operated stores in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.05 Td (2016 \(which resulted in some costs previously recorded as selling and administrative expenses to be recorded as a reduction to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.05 Td (gross mar) Tj ET Q q 0 0 0 rg BT 88.48 118.05 Td (gin\), and $12.7 million of char) Tj ET Q q 0 0 0 rg BT 210.77 118.05 Td (ges related to the write-of) Tj ET Q q 0 0 0 rg BT 313.33 118.05 Td (f of, and additional reserves taken on, franchisee receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.05 Td (in 2015. ) Tj ET Q q 0 0 0 rg BT 84.60 106.05 Td (These gains were partially of) Tj ET Q q 0 0 0 rg BT 200.48 106.05 Td (fset by higher payroll and benefits costs resulting from a higher number of Company-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.05 Td (operated stores. ) Tj ET Q q 0 0 0 rg BT 114.57 94.05 Td (The Company recorded $0.1 million of store-closing selling and administrative expenses for the year 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.05 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 70.05 Td (Since the Separation we have included an allocation of Home Of) Tj ET Q q 0 0 0 rg BT 344.67 70.05 Td (fice overhead expenses in selling and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.05 Td (expenses for Hometown and for Outlet. Home Of) Tj ET Q q 0 0 0 rg BT 250.10 58.05 Td (fice overhead expenses are primarily comprised of corporate headquarters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.05 Td (payroll, benefits, and other costs and include char) Tj ET Q q 0 0 0 rg BT 247.86 46.05 Td (ges related to our Services ) Tj ET Q q 0 0 0 rg BT 355.33 46.05 Td (Agreement with Sears Holdings. In the first ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (quarter of 2016 we adjusted the allocation of these Home Of) Tj ET Q q 0 0 0 rg BT 291.46 742.10 Td (fice overhead expenses between Hometown and Outlet to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (our expected allocation of resources between Hometown and Outlet during the 2016 fiscal year) Tj ET Q q 0 0 0 rg BT 430.20 730.10 Td (. If the allocation weighting for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (2016 had been similar to the weighting for 2015, we would have reduced the allocation by $1.3 million of Home Of) Tj ET Q q 0 0 0 rg BT 513.10 718.10 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (overhead expenses to Outlet) Tj ET Q q 0 0 0 rg BT 165.30 706.10 Td (s selling and administrative expenses. ) Tj ET Q q 0 0 0 rg BT 318.42 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.05 706.10 Td (e reevaluate the allocation of Home-Of) Tj ET Q q 0 0 0 rg BT 483.19 706.10 Td (fice overhead ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (expenses on an annual basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 664.70 Td (Gain on Sale of ) Tj ET Q q 0 0 0 rg BT 114.31 664.70 Td (Asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 635.30 Td (During the second quarter of 2016, we completed the sale of an owned property located in San Leandro, California. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.30 Td (Net proceeds from the sale were $26.1 million, and we recorded a gain on the sale of $25.2 million.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 588.50 Td (Operating Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.50 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 564.50 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 564.50 Td (e recorded operating losses of $12.3 million and $26.5 million in 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 468.14 564.50 Td (. ) Tj ET Q q 0 0 0 rg BT 472.96 564.50 Td (The $14.2 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.50 Td (decrease in operating loss was primarily driven by a lower gross mar) Tj ET Q q 0 0 0 rg BT 324.51 552.50 Td (gin rate and lower volume partially of) Tj ET Q q 0 0 0 rg BT 475.95 552.50 Td (fset by lower selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.50 Td (and administrative expenses and a $25.2 million gain on the sale of owned property located in San Leandro, California. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (52 ) Tj ET Q q 0 0 0 rg BT 61.82 502.50 Td (W) Tj ET Q q 0 0 0 rg BT 71.27 502.50 Td (eek Period Ended January 30, 2016 Compar) Tj ET Q q 0 0 0 rg BT 260.26 502.50 Td (ed to the 52 ) Tj ET Q q 0 0 0 rg BT 311.74 502.50 Td (W) Tj ET Q q 0 0 0 rg BT 321.18 502.50 Td (eek Period Ended January 31, 2015 -- Outlet) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 478.50 Td (Net Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 454.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 89.18 454.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 111.36 454.50 Td (in ) Tj ET Q q 0 0 0 rg BT 121.87 454.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 144.61 454.50 Td (decreased ) Tj ET Q q 0 0 0 rg BT 186.77 454.50 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 207.00 454.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 241.14 454.50 Td (or ) Tj ET Q q 0 0 0 rg BT 252.21 454.50 Td (0.9%, ) Tj ET Q q 0 0 0 rg BT 278.27 454.50 Td (to ) Tj ET Q q 0 0 0 rg BT 288.79 454.50 Td ($657.5 ) Tj ET Q q 0 0 0 rg BT 319.03 454.50 Td (million ) Tj ET Q q 0 0 0 rg BT 350.66 454.50 Td (from ) Tj ET Q q 0 0 0 rg BT 372.84 454.50 Td (2014. ) Tj ET Q q 0 0 0 rg BT 398.08 454.50 Td ( ) Tj ET Q q 0 0 0 rg BT 400.62 454.50 Td (This ) Tj ET Q q 0 0 0 rg BT 421.14 454.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 458.29 454.50 Td (was ) Tj ET Q q 0 0 0 rg BT 476.58 454.50 Td (driven ) Tj ET Q q 0 0 0 rg BT 504.87 454.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 544.82 454.50 Td (by ) Tj ET Q q 0 0 0 rg BT 557.56 454.50 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.50 Td (4.1% ) Tj ET Q q 0 0 0 rg BT 72.49 442.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 109.06 442.50 Td (in ) Tj ET Q q 0 0 0 rg BT 119.00 442.50 Td (comparable ) Tj ET Q q 0 0 0 rg BT 167.80 442.50 Td (store ) Tj ET Q q 0 0 0 rg BT 189.39 442.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 210.99 442.50 Td (and ) Tj ET Q q 0 0 0 rg BT 227.59 442.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 252.51 442.50 Td (initial ) Tj ET Q q 0 0 0 rg BT 278.00 442.50 Td (franchise ) Tj ET Q q 0 0 0 rg BT 316.80 442.50 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 357.00 442.50 Td (which ) Tj ET Q q 0 0 0 rg BT 383.60 442.50 Td (were ) Tj ET Q q 0 0 0 rg BT 405.18 442.50 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 424.84 442.50 Td (million ) Tj ET Q q 0 0 0 rg BT 455.89 442.50 Td (in ) Tj ET Q q 0 0 0 rg BT 465.83 442.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 487.99 442.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 529.57 442.50 Td (to ) Tj ET Q q 0 0 0 rg BT 539.50 442.50 Td ($16.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.50 Td (million ) Tj ET Q q 0 0 0 rg BT 81.42 430.50 Td (in ) Tj ET Q q 0 0 0 rg BT 92.23 430.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 117.76 430.50 Td (partially ) Tj ET Q q 0 0 0 rg BT 154.11 430.50 Td (of) Tj ET Q q 0 0 0 rg BT 162.25 430.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 179.72 430.50 Td (by ) Tj ET Q q 0 0 0 rg BT 192.75 430.50 Td (new ) Tj ET Q q 0 0 0 rg BT 212.44 430.50 Td (stores ) Tj ET Q q 0 0 0 rg BT 238.80 430.50 Td (\(net ) Tj ET Q q 0 0 0 rg BT 257.37 430.50 Td (of ) Tj ET Q q 0 0 0 rg BT 268.73 430.50 Td (closures\). ) Tj ET Q q 0 0 0 rg BT 310.36 430.50 Td ( ) Tj ET Q q 0 0 0 rg BT 313.39 430.50 Td (Home ) Tj ET Q q 0 0 0 rg BT 340.86 430.50 Td (appliances ) Tj ET Q q 0 0 0 rg BT 386.09 430.50 Td (outperformed ) Tj ET Q q 0 0 0 rg BT 443.54 430.50 Td (the ) Tj ET Q q 0 0 0 rg BT 458.79 430.50 Td (average ) Tj ET Q q 0 0 0 rg BT 492.90 430.50 Td (comparable ) Tj ET Q q 0 0 0 rg BT 542.57 430.50 Td (store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.44 418.50 Td (while ) Tj ET Q q 0 0 0 rg BT 96.16 418.50 Td (apparel, ) Tj ET Q q 0 0 0 rg BT 130.58 418.50 Td (tools, ) Tj ET Q q 0 0 0 rg BT 155.03 418.50 Td (lawn ) Tj ET Q q 0 0 0 rg BT 176.97 418.50 Td (and ) Tj ET Q q 0 0 0 rg BT 193.90 418.50 Td (garden, ) Tj ET Q q 0 0 0 rg BT 226.11 418.50 Td (mattresses, ) Tj ET Q q 0 0 0 rg BT 272.77 418.50 Td (and ) Tj ET Q q 0 0 0 rg BT 289.71 418.50 Td (furniture ) Tj ET Q q 0 0 0 rg BT 327.19 418.50 Td (underperformed ) Tj ET Q q 0 0 0 rg BT 394.10 418.50 Td (to ) Tj ET Q q 0 0 0 rg BT 404.38 418.50 Td (the ) Tj ET Q q 0 0 0 rg BT 419.10 418.50 Td (average.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 392.50 Td (Gr) Tj ET Q q 0 0 0 rg BT 60.24 392.50 Td (oss Mar) Tj ET Q q 0 0 0 rg BT 92.38 392.50 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 368.50 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 113.20 368.50 Td (gin was $150.4 million, or 22.9% of net sales, in 2015 compared to $157.4 million, or 23.7% of net sales, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.50 Td (2014. ) Tj ET Q q 0 0 0 rg BT 76.82 356.50 Td (The decrease in gross mar) Tj ET Q q 0 0 0 rg BT 181.04 356.50 Td (gin rate was primarily driven by lower franchise revenues, lower delivery income, and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.50 Td (unfavorable impact of 12 basis points on the gross mar) Tj ET Q q 0 0 0 rg BT 268.44 344.50 Td (gin rate in 2015 due to store closings. ) Tj ET Q q 0 0 0 rg BT 423.24 344.50 Td (These decreases were partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.50 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 332.50 Td (fset by higher mar) Tj ET Q q 0 0 0 rg BT 130.50 332.50 Td (gin on merchandise sales, lower merchandise shrink, and lower occupancy costs associated with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.50 Td (conversion of Company-operated to franchisee-operated stores. Online commissions from Sears Holdings, initial franchise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.50 Td (revenues, and closed stores contributed 15 basis points to gross mar) Tj ET Q q 0 0 0 rg BT 320.10 308.50 Td (gin in 2015 compared to 227 basis points in 2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 282.50 Td (Selling and ) Tj ET Q q 0 0 0 rg BT 97.09 282.50 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 258.50 Td (Selling and administrative expenses increased to $168.0 million, or 25.5% of net sales, in 2015 from $143.3 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.50 Td (21.6% of net sales, in 2014. ) Tj ET Q q 0 0 0 rg BT 165.41 246.50 Td (The increase was primarily due to higher franchisee commissions for stores that we converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.50 Td (from Company-operated to franchisee-operated, $12.7 million of char) Tj ET Q q 0 0 0 rg BT 328.94 234.50 Td (ges related to franchise receivables in 2015 compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.50 Td ($0.1 million in 2014, the impact of new stores \(net of closed stores\), and allocated IT) Tj ET Q q 0 0 0 rg BT 389.79 222.50 Td ( transformation investments partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.50 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 210.50 Td (fset by lower payroll and benefits costs resulting from the conversion of Company-operated stores, lower insurance costs, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.50 Td (lower marketing costs. Franchisee receivables char) Tj ET Q q 0 0 0 rg BT 255.62 198.50 Td (ges increased the selling and administrative expenses rate by 193 basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.50 Td (points and 1 basis point in 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 268.82 186.50 Td (. ) Tj ET Q q 0 0 0 rg BT 276.14 186.50 Td (The $3.5 million of IT) Tj ET Q q 0 0 0 rg BT 365.67 186.50 Td ( transformation investments allocated to Outlet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.50 Td (increased the selling and administrative expenses rate by 53 basis points in 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 157.50 Td (Since the Separation we have included an allocation of Home Of) Tj ET Q q 0 0 0 rg BT 332.67 157.50 Td (fice overhead expenses in selling and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.50 Td (expenses for Outlet and for Hometown. Home Of) Tj ET Q q 0 0 0 rg BT 250.10 145.50 Td (fice overhead expenses are primarily comprised of corporate headquarters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.50 Td (payroll, benefits, and other costs and include char) Tj ET Q q 0 0 0 rg BT 247.86 133.50 Td (ges related to our Services ) Tj ET Q q 0 0 0 rg BT 355.33 133.50 Td (Agreement with Sears Holdings. In the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.50 Td (quarter of 2015 we adjusted the allocation of these Home Of) Tj ET Q q 0 0 0 rg BT 291.46 121.50 Td (fice overhead expenses between Outlet and Hometown to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.50 Td (our expected allocation of resources between Outlet and Hometown during the 2015 fiscal year) Tj ET Q q 0 0 0 rg BT 430.20 109.50 Td (. If the allocation weighting for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.50 Td (2015 had been similar to the weighting for 2014, we would have reduced Home Of) Tj ET Q q 0 0 0 rg BT 381.73 97.50 Td (fice overhead expenses allocated to Outlet's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.50 Td (selling and administrative expenses by $4.1 million. ) Tj ET Q q 0 0 0 rg BT 262.62 85.50 Td (W) Tj ET Q q 0 0 0 rg BT 271.26 85.50 Td (e reevaluate the allocation of Home Of) Tj ET Q q 0 0 0 rg BT 426.56 85.50 Td (fice overhead expenses on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.50 Td (annual basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 49.50 Td (Operating Income \(Loss\)) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream 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 73.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 742.10 Td (e recorded an operating loss of $26.5 million and recorded operating income of $7.7 million in 2015 and 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 104.48 730.10 Td (The $34.2 million decrease in operating income was primarily driven by lower initial franchise revenues, higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 718.10 Td (ges related to franchisee receivables, higher selling and administrative expenses, and $3.5 million of IT) Tj ET Q q 0 0 0 rg BT 479.27 718.10 Td ( transformation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 104.59 706.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 236.01 706.10 Td (fset by a higher gross mar) Tj ET Q q 0 0 0 rg BT 339.42 706.10 Td (gin rate \(excluding initial franchise revenues\). ) Tj ET Q q 0 0 0 rg BT 528.61 706.10 Td (The net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (impact of franchisee receivables char) Tj ET Q q 0 0 0 rg BT 198.12 694.10 Td (ges, IT) Tj ET Q q 0 0 0 rg BT 225.71 694.10 Td ( transformation investments, higher depreciation expense, impairment of long-lived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (assets of $2.0 million in 2015 compared to $0.6 million in 2014, and initial franchise revenues increased operating losses by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td ($17.8 million in 2015 and increased operating income by $15.9 million in 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (Analysis of Financial Condition) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 627.10 Td (Cash Balances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 610.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.08 610.10 Td (had ) Tj ET Q q 0 0 0 rg BT 118.01 610.10 Td ($14.1 ) Tj ET Q q 0 0 0 rg BT 143.01 610.10 Td (million ) Tj ET Q q 0 0 0 rg BT 174.41 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.68 610.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 204.95 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.89 610.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 242.16 610.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 290.20 610.10 Td (as ) Tj ET Q q 0 0 0 rg BT 301.03 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.86 610.10 Td (January ) Tj ET Q q 0 0 0 rg BT 345.46 610.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 360.46 610.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 382.96 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.90 610.10 Td ($18.2 ) Tj ET Q q 0 0 0 rg BT 424.90 610.10 Td (million ) Tj ET Q q 0 0 0 rg BT 456.29 610.10 Td (as ) Tj ET Q q 0 0 0 rg BT 467.12 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.95 610.10 Td (January ) Tj ET Q q 0 0 0 rg BT 511.55 610.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 526.55 610.10 Td (2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 589.10 Td (During ) Tj ET Q q 0 0 0 rg BT 115.50 589.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 137.16 589.10 Td (we ) Tj ET Q q 0 0 0 rg BT 150.49 589.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 186.58 589.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.58 589.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 244.90 589.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.00 589.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 310.44 589.10 Td (with ) Tj ET Q q 0 0 0 rg BT 329.89 589.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 349.32 589.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.99 589.10 Td (hand, ) Tj ET Q q 0 0 0 rg BT 384.59 589.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 421.80 589.10 Td (from ) Tj ET Q q 0 0 0 rg BT 442.90 589.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 464.01 589.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 487.61 589.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.72 589.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.15 589.10 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.10 Td (from ) Tj ET Q q 0 0 0 rg BT 72.18 577.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 113.18 577.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 155.02 577.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.26 577.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 177.05 577.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 211.94 577.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 249.07 577.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 275.08 577.10 Td (are ) Tj ET Q q 0 0 0 rg BT 290.52 577.10 Td (for ) Tj ET Q q 0 0 0 rg BT 305.42 577.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 339.77 577.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 381.33 577.10 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 426.50 577.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.07 577.10 Td (IT) Tj ET Q q 0 0 0 rg BT 452.33 577.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.57 577.10 Td (transformation ) Tj ET Q q 0 0 0 rg BT 517.68 577.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.35 577.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.10 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 105.59 565.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.53 565.10 Td (general ) Tj ET Q q 0 0 0 rg BT 154.46 565.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 194.71 565.10 Td (purposes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.56 544.10 Td (Flows ) Tj ET Q q 0 0 0 rg BT 99.51 544.10 Td (fr) Tj ET Q q 0 0 0 rg BT 105.81 544.10 Td (om ) Tj ET Q q 0 0 0 rg BT 120.53 544.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 163.96 544.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 523.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 107.33 523.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 148.01 523.10 Td (from ) Tj ET Q q 0 0 0 rg BT 169.28 523.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 208.87 523.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 246.79 523.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.40 523.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 278.22 523.10 Td (was ) Tj ET Q q 0 0 0 rg BT 295.60 523.10 Td ($28.8 ) Tj ET Q q 0 0 0 rg BT 319.93 523.10 Td (million ) Tj ET Q q 0 0 0 rg BT 350.65 523.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 391.90 523.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.50 523.10 Td ($25.5 ) Tj ET Q q 0 0 0 rg BT 425.83 523.10 Td (million ) Tj ET Q q 0 0 0 rg BT 456.54 523.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.15 523.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 487.98 523.10 Td (due ) Tj ET Q q 0 0 0 rg BT 504.24 523.10 Td (predominately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.19 511.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.53 511.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 104.85 511.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.54 511.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 153.21 511.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.62 511.10 Td (net ) Tj ET Q q 0 0 0 rg BT 173.74 511.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.98 511.10 Td (payables, ) Tj ET Q q 0 0 0 rg BT 225.37 511.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.72 511.10 Td (a ) Tj ET Q q 0 0 0 rg BT 250.06 511.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 281.84 511.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.53 511.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 340.40 511.10 Td (due ) Tj ET Q q 0 0 0 rg BT 357.75 511.10 Td (to ) Tj ET Q q 0 0 0 rg BT 368.43 511.10 Td (income ) Tj ET Q q 0 0 0 rg BT 400.77 511.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 415.90 511.10 Td (refunds ) Tj ET Q q 0 0 0 rg BT 448.79 511.10 Td (collected, ) Tj ET Q q 0 0 0 rg BT 490.29 511.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 526.52 511.10 Td (of) Tj ET Q q 0 0 0 rg BT 534.67 511.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 552.01 511.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 74.77 499.10 Td (net ) Tj ET Q q 0 0 0 rg BT 89.49 499.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 475.10 Td (T) Tj ET Q q 0 0 0 rg BT 90.91 475.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 110.30 475.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 165.23 475.10 Td (inventories ) Tj ET Q q 0 0 0 rg BT 214.06 475.10 Td (were ) Tj ET Q q 0 0 0 rg BT 237.89 475.10 Td ($373.8 ) Tj ET Q q 0 0 0 rg BT 269.78 475.10 Td (million ) Tj ET Q q 0 0 0 rg BT 303.07 475.10 Td (at ) Tj ET Q q 0 0 0 rg BT 314.69 475.10 Td (January ) Tj ET Q q 0 0 0 rg BT 350.18 475.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 367.08 475.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 391.48 475.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.31 475.10 Td ($434.8 ) Tj ET Q q 0 0 0 rg BT 442.21 475.10 Td (million ) Tj ET Q q 0 0 0 rg BT 475.50 475.10 Td (at ) Tj ET Q q 0 0 0 rg BT 487.11 475.10 Td (January ) Tj ET Q q 0 0 0 rg BT 522.61 475.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 539.50 475.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 564.50 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.10 Td (Merchandise ) Tj ET Q q 0 0 0 rg BT 102.55 463.10 Td (inventories ) Tj ET Q q 0 0 0 rg BT 148.40 463.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 183.68 463.10 Td ($52.9 ) Tj ET Q q 0 0 0 rg BT 207.59 463.10 Td (million ) Tj ET Q q 0 0 0 rg BT 237.89 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.73 463.10 Td ($8.1 ) Tj ET Q q 0 0 0 rg BT 272.64 463.10 Td (million ) Tj ET Q q 0 0 0 rg BT 302.94 463.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.13 463.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 357.98 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.82 463.10 Td (Outlet, ) Tj ET Q q 0 0 0 rg BT 402.73 463.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 450.39 463.10 Td (. ) Tj ET Q q 0 0 0 rg BT 454.30 463.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.60 463.10 Td (The ) Tj ET Q q 0 0 0 rg BT 472.56 463.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 508.38 463.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.57 463.10 Td (Hometown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.46 451.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 107.08 451.10 Td (due ) Tj ET Q q 0 0 0 rg BT 123.93 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.12 451.10 Td (store ) Tj ET Q q 0 0 0 rg BT 155.97 451.10 Td (closures. ) Tj ET Q q 0 0 0 rg BT 193.65 451.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.06 451.10 Td (Outlet's ) Tj ET Q q 0 0 0 rg BT 229.15 451.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 265.98 451.10 Td (was ) Tj ET Q q 0 0 0 rg BT 283.94 451.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 323.56 451.10 Td (due ) Tj ET Q q 0 0 0 rg BT 340.41 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.60 451.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 384.65 451.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 418.15 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.89 451.10 Td (new) Tj ET Q q 0 0 0 rg BT 444.91 451.10 Td (, ) Tj ET Q q 0 0 0 rg BT 449.81 451.10 Td (in-box ) Tj ET Q q 0 0 0 rg BT 478.33 451.10 Td (home ) Tj ET Q q 0 0 0 rg BT 502.96 451.10 Td (appliances ) Tj ET Q q 0 0 0 rg BT 547.57 451.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (store ) Tj ET Q q 0 0 0 rg BT 71.44 439.10 Td (closures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 418.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.57 418.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 129.57 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.90 418.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 199.43 418.10 Td (through ) Tj ET Q q 0 0 0 rg BT 233.53 418.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 282.06 418.10 Td (with ) Tj ET Q q 0 0 0 rg BT 302.84 418.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 327.50 418.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 367.17 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.60 418.10 Td (with ) Tj ET Q q 0 0 0 rg BT 405.38 418.10 Td (other ) Tj ET Q q 0 0 0 rg BT 428.92 418.10 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 466.08 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.08 418.10 Td (For ) Tj ET Q q 0 0 0 rg BT 485.97 418.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 511.47 418.10 Td (merchandise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 88.06 406.10 Td (from ) Tj ET Q q 0 0 0 rg BT 111.64 406.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 162.99 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.46 406.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 201.26 406.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 242.06 406.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 287.30 406.10 Td (Kenmore, ) Tj ET Q q 0 0 0 rg BT 331.15 406.10 Td (Craftsman, ) Tj ET Q q 0 0 0 rg BT 379.44 406.10 Td (DieHard, ) Tj ET Q q 0 0 0 rg BT 420.51 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.08 406.10 Td (other ) Tj ET Q q 0 0 0 rg BT 463.77 406.10 Td (products\) ) Tj ET Q q 0 0 0 rg BT 505.67 406.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 550.34 406.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 110.20 394.10 Td (80% ) Tj ET Q q 0 0 0 rg BT 131.48 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.76 394.10 Td (total ) Tj ET Q q 0 0 0 rg BT 163.48 394.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 205.85 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.13 394.10 Td (all ) Tj ET Q q 0 0 0 rg BT 230.07 394.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 271.34 394.10 Td (from ) Tj ET Q q 0 0 0 rg BT 293.72 394.10 Td (all ) Tj ET Q q 0 0 0 rg BT 306.66 394.10 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 343.77 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.50 394.10 Td (The ) Tj ET Q q 0 0 0 rg BT 364.99 394.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 383.50 394.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 397.28 394.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.55 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.94 394.10 Td (material ) Tj ET Q q 0 0 0 rg BT 451.64 394.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 492.35 394.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 505.58 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.74 394.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 553.68 394.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 101.91 382.10 Td (made ) Tj ET Q q 0 0 0 rg BT 125.45 382.10 Td (available ) Tj ET Q q 0 0 0 rg BT 163.41 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.07 382.10 Td (us ) Tj ET Q q 0 0 0 rg BT 183.84 382.10 Td (by ) Tj ET Q q 0 0 0 rg BT 195.72 382.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 219.26 382.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 257.81 382.10 Td (could ) Tj ET Q q 0 0 0 rg BT 281.90 382.10 Td (have ) Tj ET Q q 0 0 0 rg BT 302.66 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.98 382.10 Td (material ) Tj ET Q q 0 0 0 rg BT 343.61 382.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 376.03 382.10 Td (ef) Tj ET Q q 0 0 0 rg BT 383.62 382.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 400.48 382.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.36 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 427.57 382.10 Td (business ) Tj ET Q q 0 0 0 rg BT 463.34 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.66 382.10 Td (results ) Tj ET Q q 0 0 0 rg BT 507.65 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.85 382.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 358.10 Td (In ) Tj ET Q q 0 0 0 rg BT 84.40 358.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 123.74 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.13 358.10 Td (merchandise-vendor ) Tj ET Q q 0 0 0 rg BT 226.83 358.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 284.76 358.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 326.03 358.10 Td (are ) Tj ET Q q 0 0 0 rg BT 342.30 358.10 Td (not ) Tj ET Q q 0 0 0 rg BT 359.15 358.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 402.65 358.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 452.24 358.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 485.73 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.02 358.10 Td (Merchandising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (Agreement\) ) Tj ET Q q 0 0 0 rg BT 99.51 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.21 346.10 Td (none ) Tj ET Q q 0 0 0 rg BT 137.91 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.50 346.10 Td (them ) Tj ET Q q 0 0 0 rg BT 170.76 346.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 215.77 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.25 346.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 277.50 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.09 346.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 340.88 346.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 381.47 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.51 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.98 346.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 434.62 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.88 346.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 454.70 346.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 485.29 346.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 519.20 346.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 554.23 346.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.38 334.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 101.03 334.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 127.90 334.10 Td (on ) Tj ET Q q 0 0 0 rg BT 140.34 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.99 334.10 Td (willingness ) Tj ET Q q 0 0 0 rg BT 202.99 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.86 334.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 247.85 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.62 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.39 334.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 308.49 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.70 334.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 347.81 334.10 Td (us ) Tj ET Q q 0 0 0 rg BT 359.14 334.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.36 334.10 Td (suf) Tj ET Q q 0 0 0 rg BT 391.40 334.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 419.38 334.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 472.35 334.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 510.02 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 514.96 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.86 334.10 Td (As ) Tj ET Q q 0 0 0 rg BT 530.41 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 537.29 334.10 Td (result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.25 322.10 Td (success ) Tj ET Q q 0 0 0 rg BT 97.67 322.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 132.86 322.10 Td (on ) Tj ET Q q 0 0 0 rg BT 145.29 322.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 195.48 322.10 Td (good ) Tj ET Q q 0 0 0 rg BT 217.90 322.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 254.76 322.10 Td (with ) Tj ET Q q 0 0 0 rg BT 274.96 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.72 322.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 324.81 322.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 358.89 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.75 322.10 Td (on ) Tj ET Q q 0 0 0 rg BT 388.18 322.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 435.04 322.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 488.56 322.10 Td (with ) Tj ET Q q 0 0 0 rg BT 508.77 322.10 Td (new ) Tj ET Q q 0 0 0 rg BT 527.85 322.10 Td (vendors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 91.38 310.10 Td (with ) Tj ET Q q 0 0 0 rg BT 111.06 310.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 141.28 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.96 310.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 203.39 310.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 243.62 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.29 310.10 Td (be ) Tj ET Q q 0 0 0 rg BT 264.63 310.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 283.20 310.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.11 310.10 Td (Outlet. ) Tj ET Q q 0 0 0 rg BT 324.50 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.40 310.10 Td (If ) Tj ET Q q 0 0 0 rg BT 334.96 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 348.52 310.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 363.75 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.43 310.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 410.32 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 425.55 310.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 461.89 310.10 Td (with ) Tj ET Q q 0 0 0 rg BT 481.57 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.80 310.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 530.36 310.10 Td (vendors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.03 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 70.02 298.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 107.21 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.63 298.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 151.61 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.15 298.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 214.88 298.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 255.41 298.10 Td (they ) Tj ET Q q 0 0 0 rg BT 274.83 298.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 303.71 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.69 298.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 327.29 298.10 Td (or ) Tj ET Q q 0 0 0 rg BT 337.82 298.10 Td (if ) Tj ET Q q 0 0 0 rg BT 346.14 298.10 Td (we ) Tj ET Q q 0 0 0 rg BT 360.00 298.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 388.86 298.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 426.06 298.10 Td (or ) Tj ET Q q 0 0 0 rg BT 436.59 298.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 468.22 298.10 Td (new ) Tj ET Q q 0 0 0 rg BT 487.08 298.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 520.95 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.48 298.10 Td (favored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (brand-name ) Tj ET Q q 0 0 0 rg BT 100.34 286.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 153.96 286.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 191.63 286.10 Td (, ) Tj ET Q q 0 0 0 rg BT 197.22 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.74 286.10 Td (if ) Tj ET Q q 0 0 0 rg BT 223.94 286.10 Td (we ) Tj ET Q q 0 0 0 rg BT 238.68 286.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 268.43 286.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 300.94 286.10 Td (new ) Tj ET Q q 0 0 0 rg BT 320.68 286.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 355.43 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.84 286.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 420.46 286.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 461.87 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.74 286.10 Td (be ) Tj ET Q q 0 0 0 rg BT 485.26 286.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 505.02 286.10 Td (by ) Tj ET Q q 0 0 0 rg BT 518.10 286.10 Td (Outlet, ) Tj ET Q q 0 0 0 rg BT 548.68 286.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 77.59 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.90 274.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 115.43 274.10 Td (suf) Tj ET Q q 0 0 0 rg BT 127.47 274.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 155.54 274.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 188.07 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.05 274.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 235.34 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.21 274.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 299.28 274.10 Td (at ) Tj ET Q q 0 0 0 rg BT 309.03 274.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 353.75 274.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 380.16 274.10 Td (may ) Tj ET Q q 0 0 0 rg BT 399.91 274.10 Td (be ) Tj ET Q q 0 0 0 rg BT 411.88 274.10 Td (limited, ) Tj ET Q q 0 0 0 rg BT 445.25 274.10 Td (which ) Tj ET Q q 0 0 0 rg BT 472.22 274.10 Td (would ) Tj ET Q q 0 0 0 rg BT 499.75 274.10 Td (have ) Tj ET Q q 0 0 0 rg BT 521.17 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.14 274.10 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.72 262.10 Td (on ) Tj ET Q q 0 0 0 rg BT 92.73 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.07 262.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 159.29 262.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 197.03 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.04 262.10 Td (In ) Tj ET Q q 0 0 0 rg BT 211.38 262.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 249.66 262.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 303.20 262.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 344.54 262.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 381.97 262.10 Td (from ) Tj ET Q q 0 0 0 rg BT 404.42 262.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 449.63 262.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 485.13 262.10 Td (if ) Tj ET Q q 0 0 0 rg BT 494.25 262.10 Td (any) Tj ET Q q 0 0 0 rg BT 508.04 262.10 Td (, ) Tj ET Q q 0 0 0 rg BT 513.55 262.10 Td (may ) Tj ET Q q 0 0 0 rg BT 533.77 262.10 Td (be ) Tj ET Q q 0 0 0 rg BT 546.22 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 557.56 262.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 74.71 250.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 104.93 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.81 250.10 Td (more ) Tj ET Q q 0 0 0 rg BT 144.80 250.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 187.23 250.10 Td (than ) Tj ET Q q 0 0 0 rg BT 206.89 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.55 250.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 274.52 250.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 315.29 250.10 Td (that ) Tj ET Q q 0 0 0 rg BT 332.73 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 346.83 250.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 385.37 250.10 Td (purchase. ) Tj ET Q q 0 0 0 rg BT 425.85 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.29 250.10 Td (See ) Tj ET Q q 0 0 0 rg BT 445.17 250.10 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 470.04 250.10 Td (Factors" ) Tj ET Q q 0 0 0 rg BT 506.00 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.22 250.10 Td (this ) Tj ET Q q 0 0 0 rg BT 532.57 250.10 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 79.22 238.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.72 238.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 115.89 238.10 Td (10-K.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Cash Flows fr) Tj ET Q q 0 0 0 rg BT 105.81 212.10 Td (om Investing ) Tj ET Q q 0 0 0 rg BT 159.50 212.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 188.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 95.02 188.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 133.59 188.10 Td (by ) Tj ET Q q 0 0 0 rg BT 146.62 188.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 186.31 188.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 225.43 188.10 Td (was ) Tj ET Q q 0 0 0 rg BT 244.01 188.10 Td ($13.9 ) Tj ET Q q 0 0 0 rg BT 269.53 188.10 Td (million ) Tj ET Q q 0 0 0 rg BT 301.45 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.25 188.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 335.27 188.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 377.72 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.52 188.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 409.31 188.10 Td (used ) Tj ET Q q 0 0 0 rg BT 430.67 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.02 188.10 Td ($1) Tj ET Q q 0 0 0 rg BT 451.65 188.10 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 467.17 188.10 Td (million ) Tj ET Q q 0 0 0 rg BT 499.09 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.89 188.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 535.42 188.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.44 188.10 Td (In ) Tj ET Q q 0 0 0 rg BT 549.79 188.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (second ) Tj ET Q q 0 0 0 rg BT 79.77 176.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 110.58 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.41 176.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 143.91 176.10 Td (we ) Tj ET Q q 0 0 0 rg BT 158.07 176.10 Td (received ) Tj ET Q q 0 0 0 rg BT 194.44 176.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 232.47 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.30 176.10 Td ($26.1 ) Tj ET Q q 0 0 0 rg BT 268.30 176.10 Td (million ) Tj ET Q q 0 0 0 rg BT 299.70 176.10 Td (from ) Tj ET Q q 0 0 0 rg BT 321.63 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.35 176.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 354.40 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.23 176.10 Td (assets.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (Cash Flows fr) Tj ET Q q 0 0 0 rg BT 105.81 150.10 Td (om Financing ) Tj ET Q q 0 0 0 rg BT 163.95 150.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 133.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 94.99 133.10 Td (used ) Tj ET Q q 0 0 0 rg BT 116.31 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.07 133.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 167.83 133.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 206.91 133.10 Td (was ) Tj ET Q q 0 0 0 rg BT 225.45 133.10 Td ($46.9 ) Tj ET Q q 0 0 0 rg BT 250.94 133.10 Td (million ) Tj ET Q q 0 0 0 rg BT 282.82 133.10 Td (for ) Tj ET Q q 0 0 0 rg BT 297.47 133.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 320.46 133.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 362.87 133.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.64 133.10 Td ($15.6 ) Tj ET Q q 0 0 0 rg BT 399.12 133.10 Td (million ) Tj ET Q q 0 0 0 rg BT 431.00 133.10 Td (for ) Tj ET Q q 0 0 0 rg BT 445.65 133.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 471.14 133.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.91 133.10 Td (The ) Tj ET Q q 0 0 0 rg BT 492.45 133.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 528.19 133.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.51 133.10 Td ($31.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.10 Td (million ) Tj ET Q q 0 0 0 rg BT 81.08 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.54 121.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.99 121.10 Td (used ) Tj ET Q q 0 0 0 rg BT 133.01 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.47 121.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 183.92 121.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 222.70 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.16 121.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 255.85 121.10 Td (from ) Tj ET Q q 0 0 0 rg BT 277.97 121.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 300.66 121.10 Td (was ) Tj ET Q q 0 0 0 rg BT 318.89 121.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 358.79 121.10 Td (due ) Tj ET Q q 0 0 0 rg BT 375.91 121.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.38 121.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 416.81 121.10 Td (net ) Tj ET Q q 0 0 0 rg BT 431.71 121.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 472.72 121.10 Td (under ) Tj ET Q q 0 0 0 rg BT 498.18 121.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.19 121.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 542.39 121.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 562.02 121.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 82.55 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.83 109.10 Td (2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 92.92 83.10 Td (Arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 66.10 Td (In October 2012 the Company entered into a Credit ) Tj ET Q q 0 0 0 rg BT 280.00 66.10 Td (Agreement with a syndicate of lenders, including Bank of ) Tj ET Q q 0 0 0 rg BT 513.27 66.10 Td (America, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (N.A., as administrative agent, which provides \(subject to availability under a borrowing base\) for aggregate maximum ) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (borrowings of $250 million \(the "Prior Facility"\). Under the Prior Facility the Company initially borrowed $100 million which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (was used to pay a cash dividend to Sears Holdings prior to the Separation. On November1, 2016 the Company) Tj ET Q q 0 0 0 rg BT 499.42 730.10 Td (s three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (operating subsidiaries, Sears ) Tj ET Q q 0 0 0 rg BT 165.59 718.10 Td (Authorized Hometown Stores, LLC, Sears Home ) Tj ET Q q 0 0 0 rg BT 364.45 718.10 Td (Appliance Showrooms, LLC, and Sears Outlet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Stores, L.L.C., and the Company) Tj ET Q q 0 0 0 rg BT 180.78 706.10 Td (, entered into the Senior ) Tj ET Q q 0 0 0 rg BT 278.53 706.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 298.16 706.10 Td ( Facility with a syndicate of lenders, including Bank of ) Tj ET Q q 0 0 0 rg BT 520.06 706.10 Td (America, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (N.A., as administrative agent and collateral agent, which provides \(subject to availability under a borrowing base\) for aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (maximum borrowings of $250 million. ) Tj ET Q q 0 0 0 rg BT 207.64 682.10 Td (The Senior ) Tj ET Q q 0 0 0 rg BT 253.75 682.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 273.38 682.10 Td ( Facility provides for extended revolving credit commitments in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (aggregate amount equal to $170.0 million \(the Extended Revolving Credit Commitments\) and non-extended revolving credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (commitments in an aggregate amount equal to $80.0 million \(the Non-Extended Revolving Credit Commitments\). ) Tj ET Q q 0 0 0 rg BT 520.06 658.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Extended Revolving Credit Commitments will mature on the earlier of \(1\)February 29, 2020 and \(2\)six months prior to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (expiration of agreements entered into with Sears Holdings and its subsidiaries in connection with the Company) Tj ET Q q 0 0 0 rg BT 496.91 634.10 Td (s separation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (from Sears Holdings in October 2012 \(the "Subject ) Tj ET Q q 0 0 0 rg BT 256.33 622.10 Td (Agreements"\) unless they are extended to a date later than February29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (2020 or terminated on a basis reasonably satisfactory to the administrative agent under the Senior ) Tj ET Q q 0 0 0 rg BT 441.34 610.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 460.96 610.10 Td ( Facility) Tj ET Q q 0 0 0 rg BT 493.37 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 498.19 610.10 Td (The Non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (Extended Revolving Credit Commitments will mature on the earlier of \(1\)October 1) Tj ET Q q 0 0 0 rg BT 388.49 598.10 Td (1, 2017 and \(2\)six months prior to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (expiration of the Subject ) Tj ET Q q 0 0 0 rg BT 150.03 586.10 Td (Agreements unless they are extended to a date later than October1) Tj ET Q q 0 0 0 rg BT 417.05 586.10 Td (1, 2017 or terminated on a basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (reasonably satisfactory to the administrative agent under the ) Tj ET Q q 0 0 0 rg BT 292.20 574.10 Td (Amended and Restated Credit ) Tj ET Q q 0 0 0 rg BT 414.39 574.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 553.10 Td (As ) Tj ET Q q 0 0 0 rg BT 85.38 553.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.97 553.10 Td (January ) Tj ET Q q 0 0 0 rg BT 129.34 553.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 144.10 553.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 166.37 553.10 Td (we ) Tj ET Q q 0 0 0 rg BT 180.29 553.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.99 553.10 Td ($26.8 ) Tj ET Q q 0 0 0 rg BT 221.76 553.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.65 553.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.91 553.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 301.84 553.10 Td (under ) Tj ET Q q 0 0 0 rg BT 326.88 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.36 553.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 369.23 553.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 388.86 553.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.13 553.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 421.03 553.10 Td (, ) Tj ET Q q 0 0 0 rg BT 425.79 553.10 Td (which ) Tj ET Q q 0 0 0 rg BT 452.50 553.10 Td (approximated ) Tj ET Q q 0 0 0 rg BT 509.74 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.22 553.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.36 553.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.38 541.10 Td (these ) Tj ET Q q 0 0 0 rg BT 83.48 541.10 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 134.09 541.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.64 541.10 Td (Up ) Tj ET Q q 0 0 0 rg BT 151.42 541.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.75 541.10 Td ($75 ) Tj ET Q q 0 0 0 rg BT 179.30 541.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.20 541.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.75 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.63 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.40 541.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 264.50 541.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 284.13 541.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.69 541.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 319.79 541.10 Td (is ) Tj ET Q q 0 0 0 rg BT 329.01 541.10 Td (available ) Tj ET Q q 0 0 0 rg BT 367.66 541.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.87 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.64 541.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 433.07 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.96 541.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 470.94 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.83 541.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 507.14 541.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.14 541.10 Td (up ) Tj ET Q q 0 0 0 rg BT 536.69 541.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.02 541.10 Td ($25 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 529.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.39 529.10 Td (is ) Tj ET Q q 0 0 0 rg BT 91.06 529.10 Td (available ) Tj ET Q q 0 0 0 rg BT 130.14 529.10 Td (for ) Tj ET Q q 0 0 0 rg BT 144.80 529.10 Td (swingline ) Tj ET Q q 0 0 0 rg BT 186.68 529.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 213.29 529.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.07 529.10 Td (The ) Tj ET Q q 0 0 0 rg BT 234.61 529.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 263.06 529.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 282.69 529.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.68 529.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 319.23 529.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 352.22 529.10 Td (us ) Tj ET Q q 0 0 0 rg BT 364.11 529.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.89 529.10 Td (request ) Tj ET Q q 0 0 0 rg BT 406.76 529.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 460.31 529.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 499.95 529.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.72 529.10 Td (an ) Tj ET Q q 0 0 0 rg BT 523.16 529.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.79 517.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 120.53 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.61 517.10 Td (up ) Tj ET Q q 0 0 0 rg BT 144.35 517.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.88 517.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 177.63 517.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.52 517.10 Td (. ) Tj ET Q q 0 0 0 rg BT 211.76 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.90 517.10 Td (A) Tj ET Q q 0 0 0 rg BT 220.38 517.10 Td (vailability ) Tj ET Q q 0 0 0 rg BT 263.68 517.10 Td (under ) Tj ET Q q 0 0 0 rg BT 289.19 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.16 517.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 332.40 517.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 352.03 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.78 517.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 388.08 517.10 Td (as ) Tj ET Q q 0 0 0 rg BT 399.15 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.23 517.10 Td (January ) Tj ET Q q 0 0 0 rg BT 444.08 517.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 459.32 517.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 482.07 517.10 Td (was ) Tj ET Q q 0 0 0 rg BT 500.37 517.10 Td ($182.5 ) Tj ET Q q 0 0 0 rg BT 530.61 517.10 Td (million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.64 505.10 Td ($6.0 ) Tj ET Q q 0 0 0 rg BT 87.50 505.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.39 505.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.75 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.45 505.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 153.24 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.93 505.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 187.06 505.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 235.08 505.10 Td (under ) Tj ET Q q 0 0 0 rg BT 259.21 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.79 505.10 Td (facility) Tj ET Q q 0 0 0 rg BT 300.46 505.10 Td (. ) Tj ET Q q 0 0 0 rg BT 304.32 505.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 327.92 505.10 Td (related ) Tj ET Q q 0 0 0 rg BT 356.48 505.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.62 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.42 505.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 416.10 505.10 Td (for ) Tj ET Q q 0 0 0 rg BT 429.12 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.70 505.10 Td (November ) Tj ET Q q 0 0 0 rg BT 486.26 505.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 495.13 505.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 516.49 505.10 Td (refinancing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (totaled ) Tj ET Q q 0 0 0 rg BT 79.21 493.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.47 493.10 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 159.47 493.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.36 493.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.86 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.80 493.10 Td (are ) Tj ET Q q 0 0 0 rg BT 222.51 493.10 Td (included ) Tj ET Q q 0 0 0 rg BT 259.44 493.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.72 493.10 Td (Prepaid ) Tj ET Q q 0 0 0 rg BT 302.77 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.71 493.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 344.97 493.10 Td (current ) Tj ET Q q 0 0 0 rg BT 375.79 493.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 401.62 493.10 Td (on ) Tj ET Q q 0 0 0 rg BT 414.12 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.84 493.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 484.11 493.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 518.81 493.10 Td (Sheet. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 469.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.05 469.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 128.09 469.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 152.81 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.64 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.35 469.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 206.41 469.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 226.04 469.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.54 469.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 261.59 469.10 Td (are ) Tj ET Q q 0 0 0 rg BT 276.30 469.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 327.67 469.10 Td (below) Tj ET Q q 0 0 0 rg BT 351.46 469.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 452.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 95.13 452.10 Td (epayments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.59 431.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.69 431.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.32 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.87 431.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 186.96 431.10 Td (is ) Tj ET Q q 0 0 0 rg BT 196.18 431.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 227.06 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.38 431.10 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 282.69 431.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 332.44 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.77 431.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 379.20 431.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 403.41 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.73 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.50 431.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 461.04 431.10 Td (by ) Tj ET Q q 0 0 0 rg BT 473.59 431.10 Td (which ) Tj ET Q q 0 0 0 rg BT 500.58 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.34 431.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (extensions ) Tj ET Q q 0 0 0 rg BT 94.22 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.05 419.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 130.31 419.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 160.56 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.28 419.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 200.55 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.38 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.10 419.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 270.26 419.10 Td (base ) Tj ET Q q 0 0 0 rg BT 290.53 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.46 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.18 419.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 379.12 419.10 Td (then ) Tj ET Q q 0 0 0 rg BT 398.84 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.11 419.10 Td (ef) Tj ET Q q 0 0 0 rg BT 416.70 419.10 Td (fect.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 393.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 393.10 Td (Security and Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 376.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.52 376.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.56 376.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.19 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.66 376.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 186.69 376.10 Td (is ) Tj ET Q q 0 0 0 rg BT 195.83 376.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 228.84 376.10 Td (by ) Tj ET Q q 0 0 0 rg BT 241.32 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.23 376.10 Td (first ) Tj ET Q q 0 0 0 rg BT 266.81 376.10 Td (lien ) Tj ET Q q 0 0 0 rg BT 284.28 376.10 Td (security ) Tj ET Q q 0 0 0 rg BT 318.41 376.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 350.32 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 362.80 376.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 415.82 376.10 Td (all ) Tj ET Q q 0 0 0 rg BT 428.29 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.98 376.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 468.79 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.59 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.29 376.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 535.65 376.10 Td (and ) Tj ET Q q 0 0 0 rg BT 552.56 376.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 102.10 364.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 145.25 364.10 Td (without ) Tj ET Q q 0 0 0 rg BT 178.69 364.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 222.96 364.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 260.83 364.10 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 307.29 364.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 344.97 364.10 Td (, ) Tj ET Q q 0 0 0 rg BT 350.35 364.10 Td (general ) Tj ET Q q 0 0 0 rg BT 382.66 364.10 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 431.92 364.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 478.68 364.10 Td (property) Tj ET Q q 0 0 0 rg BT 511.91 364.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.29 364.10 Td (equipment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 72.62 352.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 93.25 352.10 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 144.14 352.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 175.88 352.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 213.72 352.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.01 352.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 271.63 352.10 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 311.97 352.10 Td (as ) Tj ET Q q 0 0 0 rg BT 323.15 352.10 Td (well ) Tj ET Q q 0 0 0 rg BT 343.23 352.10 Td (as ) Tj ET Q q 0 0 0 rg BT 354.41 352.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 384.47 352.10 Td (other ) Tj ET Q q 0 0 0 rg BT 407.87 352.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 434.05 352.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 460.78 352.10 Td (than ) Tj ET Q q 0 0 0 rg BT 480.85 352.10 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 528.13 352.10 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.12 340.10 Td (fee-owned ) Tj ET Q q 0 0 0 rg BT 110.49 340.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 146.00 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.96 340.10 Td (real ) Tj ET Q q 0 0 0 rg BT 173.12 340.10 Td (property\) ) Tj ET Q q 0 0 0 rg BT 212.51 340.10 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 249.67 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.62 340.10 Td (any ) Tj ET Q q 0 0 0 rg BT 276.24 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.75 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.15 340.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 342.20 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.82 340.10 Td (all ) Tj ET Q q 0 0 0 rg BT 371.00 340.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 408.71 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.22 340.10 Td (any ) Tj ET Q q 0 0 0 rg BT 435.84 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.35 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.74 340.10 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 504.30 340.10 Td (including ) Tj ET Q q 0 0 0 rg BT 544.25 340.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 87.01 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.42 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.61 328.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 155.12 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.42 328.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 208.48 328.10 Td (insurance. ) Tj ET Q q 0 0 0 rg BT 251.13 328.10 Td (The ) Tj ET Q q 0 0 0 rg BT 268.65 328.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 296.29 328.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 315.92 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.90 328.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 350.42 328.10 Td (is ) Tj ET Q q 0 0 0 rg BT 359.06 328.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 404.90 328.10 Td (by ) Tj ET Q q 0 0 0 rg BT 416.87 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.06 328.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 471.92 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.33 328.10 Td (each ) Tj ET Q q 0 0 0 rg BT 508.62 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.92 328.10 Td (its ) Tj ET Q q 0 0 0 rg BT 530.34 328.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 316.10 Td (future ) Tj ET Q q 0 0 0 rg BT 92.82 316.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 118.08 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.02 316.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 168.06 316.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 198.34 316.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 227.50 316.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 266.10 316.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 315.82 316.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 342.20 316.10 Td (than ) Tj ET Q q 0 0 0 rg BT 361.91 316.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 400.51 316.10 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 446.32 316.10 Td (subsidiaries\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td ( Inter) Tj ET Q q 0 0 0 rg BT 106.07 290.10 Td (est; Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 266.10 Td (The interest rates per annum applicable to the loans under the Senior ) Tj ET Q q 0 0 0 rg BT 362.08 266.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 381.71 266.10 Td ( Facility are based on a fluctuating rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (interest measured by reference to, at the Company's election, either \(1\)an adjusted London inter) Tj ET Q q 0 0 0 rg BT 434.29 254.10 Td (-bank of) Tj ET Q q 0 0 0 rg BT 467.71 254.10 Td (fered rate \(LIBOR\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td (plus a borrowing mar) Tj ET Q q 0 0 0 rg BT 135.13 242.10 Td (gin ranging from \(x\)3.50% to 4.50%, in the case of the Extended Revolving Credit Commitments or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (\(y\)2.00% to 2.50%, in the case of the Non-Extended Revolving Credit Commitments \(which the blended rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (approximately 3.94% at January 28, 2017\), and in each case based on availability under the Senior ) Tj ET Q q 0 0 0 rg BT 445.77 218.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 465.40 218.10 Td ( Facility) Tj ET Q q 0 0 0 rg BT 497.80 218.10 Td (, or \(2\)an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (alternate base rate plus a borrowing mar) Tj ET Q q 0 0 0 rg BT 209.81 206.10 Td (gin, ranging from \(x\)2.50% to 3.50%, in the case of the Extended Revolving Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (Commitments or \(y\)1.00% to 1.50%, in the case of the Non-Extended Revolving Credit Commitments \(which the blended rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (was approximately 5.94% at January 28, 2017\), and in each case based on availability under the Senior ) Tj ET Q q 0 0 0 rg BT 463.82 182.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 483.45 182.10 Td ( Facility) Tj ET Q q 0 0 0 rg BT 515.85 182.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 158.10 Td (The interest rates per annum applicable to the loans under the Prior Facility were based on a fluctuating rate of interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (measured by reference to, at our election, either \(1\) an adjusted London inter) Tj ET Q q 0 0 0 rg BT 356.39 146.10 Td (-bank of) Tj ET Q q 0 0 0 rg BT 389.81 146.10 Td (fered rate \(LIBOR\) plus a borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 134.10 Td (gin, which rate was approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.38 134.10 Td (2.43%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.21 134.10 Td (at January 30, 2016 or \(2\) an alternate base rate plus a borrowing mar) Tj ET Q q 0 0 0 rg BT 511.76 134.10 Td (gin, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (the borrowing mar) Tj ET Q q 0 0 0 rg BT 123.74 122.10 Td (gin subject to adjustment based on the average excess availability under the Senior ) Tj ET Q q 0 0 0 rg BT 456.70 122.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 476.33 122.10 Td ( Facility for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (preceding fiscal quarter) Tj ET Q q 0 0 0 rg BT 143.49 110.10 Td (, which rate was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.23 110.10 Td (4.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.06 110.10 Td (at January 30, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 89.10 Td (Customary ) Tj ET Q q 0 0 0 rg BT 131.89 89.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 150.49 89.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.19 89.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 198.79 89.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.06 89.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 239.88 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.71 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.43 89.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 293.48 89.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 313.11 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.61 89.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 345.51 89.10 Td (, ) Tj ET Q q 0 0 0 rg BT 350.51 89.10 Td (including ) Tj ET Q q 0 0 0 rg BT 390.79 89.10 Td (letter ) Tj ET Q q 0 0 0 rg BT 413.83 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.66 89.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 449.92 89.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 468.52 89.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.46 89.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 538.51 89.10 Td (fees. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 63.10 Td (Covenants) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.81 742.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 132.08 742.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.71 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.48 742.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 187.80 742.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 223.89 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.09 742.10 Td (number ) Tj ET Q q 0 0 0 rg BT 264.41 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.51 742.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 312.15 742.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 354.90 742.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 375.16 742.10 Td (among ) Tj ET Q q 0 0 0 rg BT 405.15 742.10 Td (other ) Tj ET Q q 0 0 0 rg BT 428.46 742.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 458.18 742.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 479.84 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 490.93 742.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 521.46 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.45 742.10 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.08 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.56 730.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 118.70 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.39 730.10 Td (its ) Tj ET Q q 0 0 0 rg BT 149.09 730.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 199.56 730.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 243.92 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.39 730.10 Td (guarantors\) ) Tj ET Q q 0 0 0 rg BT 308.18 730.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 321.72 730.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 353.30 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.33 730.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 394.79 730.10 Td (exceptions, ) Tj ET Q q 0 0 0 rg BT 443.30 730.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 467.10 730.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 510.35 730.10 Td (indebtedness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 92.62 718.10 Td (guarantees\), ) Tj ET Q q 0 0 0 rg BT 143.23 718.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 165.79 718.10 Td (liens, ) Tj ET Q q 0 0 0 rg BT 189.20 718.10 Td (make ) Tj ET Q q 0 0 0 rg BT 212.87 718.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 265.16 718.10 Td (make ) Tj ET Q q 0 0 0 rg BT 288.84 718.10 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 341.95 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 353.97 718.10 Td (other ) Tj ET Q q 0 0 0 rg BT 376.54 718.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 432.71 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.17 718.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 479.50 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.30 718.10 Td (mer) Tj ET Q q 0 0 0 rg BT 504.67 718.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 523.35 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 533.69 718.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.57 706.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 92.42 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.60 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.67 706.10 Td (business ) Tj ET Q q 0 0 0 rg BT 155.42 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.61 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.68 706.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 223.43 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.72 706.10 Td (its ) Tj ET Q q 0 0 0 rg BT 253.03 706.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 303.10 706.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 347.06 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.13 706.10 Td (guarantors\). ) Tj ET Q q 0 0 0 rg BT 413.03 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.88 706.10 Td (In ) Tj ET Q q 0 0 0 rg BT 427.07 706.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 465.20 706.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 488.05 706.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 517.01 706.10 Td (availability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (falling ) Tj ET Q q 0 0 0 rg BT 78.10 694.10 Td (below ) Tj ET Q q 0 0 0 rg BT 105.04 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.98 694.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 150.57 694.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 175.01 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.72 694.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 231.11 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.28 694.10 Td (required ) Tj ET Q q 0 0 0 rg BT 276.10 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.38 694.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 318.87 694.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.15 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.09 694.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 387.48 694.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 410.53 694.10 Td (char) Tj ET Q q 0 0 0 rg BT 427.55 694.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 439.49 694.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 478.07 694.10 Td (ratio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 673.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.67 673.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.81 673.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.44 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.06 673.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 187.23 673.10 Td (also ) Tj ET Q q 0 0 0 rg BT 205.96 673.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 231.36 673.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 259.68 673.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 287.85 673.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.25 673.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 329.73 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.78 673.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 363.84 673.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 384.23 673.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 425.73 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.79 673.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 488.71 673.10 Td (its ) Tj ET Q q 0 0 0 rg BT 500.78 673.10 Td (common ) Tj ET Q q 0 0 0 rg BT 538.40 673.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 564.50 673.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 72.50 661.10 Td (may ) Tj ET Q q 0 0 0 rg BT 92.71 661.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 124.56 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.99 661.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 159.42 661.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 180.18 661.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 222.06 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.49 661.10 Td (may ) Tj ET Q q 0 0 0 rg BT 259.70 661.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 306.00 661.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 332.60 661.10 Td (together ) Tj ET Q q 0 0 0 rg BT 368.36 661.10 Td (not ) Tj ET Q q 0 0 0 rg BT 384.13 661.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 427.65 661.10 Td ($37,500,000 ) Tj ET Q q 0 0 0 rg BT 480.64 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.41 661.10 Td (any ) Tj ET Q q 0 0 0 rg BT 508.84 661.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 533.49 661.10 Td (year ) Tj ET Q q 0 0 0 rg BT 553.69 661.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.10 Td ($75,000,000 ) Tj ET Q q 0 0 0 rg BT 101.73 649.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.74 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.19 649.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 169.78 649.10 Td (if ) Tj ET Q q 0 0 0 rg BT 178.12 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.57 649.10 Td (following ) Tj ET Q q 0 0 0 rg BT 233.68 649.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 277.58 649.10 Td (are ) Tj ET Q q 0 0 0 rg BT 292.02 649.10 Td (satisfied: ) Tj ET Q q 0 0 0 rg BT 330.35 649.10 Td (either ) Tj ET Q q 0 0 0 rg BT 355.34 649.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 368.67 649.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 380.34 649.10 Td (no ) Tj ET Q q 0 0 0 rg BT 392.57 649.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 430.90 649.10 Td (default ) Tj ET Q q 0 0 0 rg BT 460.89 649.10 Td (then ) Tj ET Q q 0 0 0 rg BT 480.34 649.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 505.35 649.10 Td (or ) Tj ET Q q 0 0 0 rg BT 515.91 649.10 Td (would ) Tj ET Q q 0 0 0 rg BT 543.14 649.10 Td (arise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 637.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.43 637.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.47 637.10 Td (result ) Tj ET Q q 0 0 0 rg BT 92.28 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.21 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.03 637.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 165.05 637.10 Td (or ) Tj ET Q q 0 0 0 rg BT 175.98 637.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 213.01 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.94 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.75 637.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 259.12 637.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 296.71 637.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.64 637.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.57 637.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.61 637.10 Td (result ) Tj ET Q q 0 0 0 rg BT 350.43 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.36 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.17 637.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 399.88 637.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 448.28 637.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 463.10 637.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 485.70 637.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.74 637.10 Td (its ) Tj ET Q q 0 0 0 rg BT 514.79 637.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.00 625.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.72 625.10 Td (also ) Tj ET Q q 0 0 0 rg BT 100.34 625.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 143.39 625.10 Td (have ) Tj ET Q q 0 0 0 rg BT 164.78 625.10 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 221.16 625.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.45 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.17 625.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 291.44 625.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 339.49 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.33 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.06 625.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 389.22 625.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.39 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.12 625.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 449.50 625.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.01 625.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 502.85 625.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 550.35 625.10 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 613.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 96.57 613.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.43 613.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 153.47 613.10 Td (with ) Tj ET Q q 0 0 0 rg BT 173.34 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.64 613.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 215.37 613.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 235.00 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.09 613.10 Td (Facility\), ) Tj ET Q q 0 0 0 rg BT 275.55 613.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 327.62 613.10 Td (following ) Tj ET Q q 0 0 0 rg BT 368.60 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.90 613.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 429.40 613.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.92 613.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 482.44 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.86 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.16 613.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 527.01 613.10 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 601.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.29 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.97 601.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 101.55 601.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 148.31 601.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.22 601.10 Td (as ) Tj ET Q q 0 0 0 rg BT 178.01 601.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 218.68 601.10 Td (on ) Tj ET Q q 0 0 0 rg BT 232.14 601.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.04 601.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 256.83 601.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 284.17 601.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 307.64 601.10 Td (for ) Tj ET Q q 0 0 0 rg BT 322.76 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.44 601.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 368.56 601.10 Td (months ) Tj ET Q q 0 0 0 rg BT 401.47 601.10 Td (following ) Tj ET Q q 0 0 0 rg BT 443.82 601.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.72 601.10 Td (after ) Tj ET Q q 0 0 0 rg BT 483.50 601.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 512.52 601.10 Td (ef) Tj ET Q q 0 0 0 rg BT 520.11 601.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 538.56 601.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 601.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 589.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 95.99 589.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.50 589.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 149.00 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.40 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.68 589.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 193.52 589.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 230.59 589.10 Td (or ) Tj ET Q q 0 0 0 rg BT 240.99 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.27 589.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.45 589.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 326.33 589.10 Td (would ) Tj ET Q q 0 0 0 rg BT 353.39 589.10 Td (be ) Tj ET Q q 0 0 0 rg BT 364.90 589.10 Td (at ) Tj ET Q q 0 0 0 rg BT 374.19 589.10 Td (least ) Tj ET Q q 0 0 0 rg BT 394.58 589.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 418.31 589.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.16 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.44 589.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 472.26 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.66 589.10 Td (\(x\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.39 589.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.72 589.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.79 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.19 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.48 589.10 Td (Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.10 Td (Cap ) Tj ET Q q 0 0 0 rg BT 68.18 577.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 98.52 577.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.77 577.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.56 577.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 147.90 577.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.80 577.10 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 175.26 577.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.05 577.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 231.48 577.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 288.49 577.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.40 577.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.19 577.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 345.64 577.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.65 577.10 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 378.55 577.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.34 577.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 437.58 577.10 Td (base\) ) Tj ET Q q 0 0 0 rg BT 461.25 577.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.26 577.10 Td (\(y\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.49 577.10 Td ($50,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.49 577.10 Td (, ) Tj ET Q q 0 0 0 rg BT 547.57 577.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 66.84 565.10 Td (after ) Tj ET Q q 0 0 0 rg BT 87.51 565.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 115.41 565.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 131.09 565.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 157.31 565.10 Td (ef) Tj ET Q q 0 0 0 rg BT 164.90 565.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 182.23 565.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.36 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.92 565.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 253.69 565.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.48 565.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 307.26 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.94 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.50 565.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 352.62 565.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 389.96 565.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.64 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.20 565.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 438.66 565.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 484.31 565.10 Td (as ) Tj ET Q q 0 0 0 rg BT 494.99 565.10 Td (if ) Tj ET Q q 0 0 0 rg BT 503.44 565.10 Td (it ) Tj ET Q q 0 0 0 rg BT 511.35 565.10 Td (constituted ) Tj ET Q q 0 0 0 rg BT 557.58 565.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 88.59 553.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.79 553.10 Td (service ) Tj ET Q q 0 0 0 rg BT 140.10 553.10 Td (char) Tj ET Q q 0 0 0 rg BT 157.13 553.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 172.06 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.27 553.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 226.35 553.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 279.89 553.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 303.43 553.10 Td (char) Tj ET Q q 0 0 0 rg BT 320.45 553.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 332.88 553.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 371.96 553.10 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 395.78 553.10 Td (as ) Tj ET Q q 0 0 0 rg BT 407.10 553.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 450.62 553.10 Td (on ) Tj ET Q q 0 0 0 rg BT 463.61 553.10 Td (a ) Tj ET Q q 0 0 0 rg BT 471.04 553.10 Td (trailing ) Tj ET Q q 0 0 0 rg BT 502.92 553.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.56 553.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 73.88 541.10 Td (would ) Tj ET Q q 0 0 0 rg BT 100.77 541.10 Td (be ) Tj ET Q q 0 0 0 rg BT 112.09 541.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 135.63 541.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.30 541.10 Td (or ) Tj ET Q q 0 0 0 rg BT 155.51 541.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 185.15 541.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.25 541.10 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.75 541.10 Td (:1.0, ) Tj ET Q q 0 0 0 rg BT 236.41 541.10 Td (or ) Tj ET Q q 0 0 0 rg BT 246.63 541.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 260.17 541.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 271.50 541.10 Td (no ) Tj ET Q q 0 0 0 rg BT 283.38 541.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 321.36 541.10 Td (default ) Tj ET Q q 0 0 0 rg BT 351.01 541.10 Td (then ) Tj ET Q q 0 0 0 rg BT 370.11 541.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 394.77 541.10 Td (or ) Tj ET Q q 0 0 0 rg BT 404.99 541.10 Td (would ) Tj ET Q q 0 0 0 rg BT 431.87 541.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 452.63 541.10 Td (as ) Tj ET Q q 0 0 0 rg BT 462.85 541.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.17 541.10 Td (result ) Tj ET Q q 0 0 0 rg BT 493.27 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.49 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.59 541.10 Td (declaration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.21 529.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 97.01 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.72 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.31 529.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 142.46 529.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 179.83 529.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.53 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.13 529.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 228.61 529.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 274.29 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.10 529.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 305.70 529.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 328.08 529.10 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 383.22 529.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.37 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.96 529.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 453.09 529.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 501.01 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.71 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.31 529.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 550.34 529.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.03 517.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 93.22 517.10 Td (that ) Tj ET Q q 0 0 0 rg BT 109.52 517.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 144.17 517.10 Td (availability) Tj ET Q q 0 0 0 rg BT 188.50 517.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.31 517.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 243.61 517.10 Td (following ) Tj ET Q q 0 0 0 rg BT 283.81 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.34 517.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 343.07 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.82 517.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 394.56 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.20 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.73 517.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.81 517.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 473.12 517.10 Td (or ) Tj ET Q q 0 0 0 rg BT 482.76 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.28 517.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.70 517.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.64 505.10 Td (as ) Tj ET Q q 0 0 0 rg BT 77.68 505.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 117.59 505.10 Td (on ) Tj ET Q q 0 0 0 rg BT 130.29 505.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.43 505.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 153.47 505.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 180.05 505.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 202.76 505.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.12 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.04 505.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 261.40 505.10 Td (months ) Tj ET Q q 0 0 0 rg BT 293.56 505.10 Td (following ) Tj ET Q q 0 0 0 rg BT 335.15 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.29 505.10 Td (after ) Tj ET Q q 0 0 0 rg BT 373.31 505.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 401.58 505.10 Td (ef) Tj ET Q q 0 0 0 rg BT 409.16 505.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 426.85 505.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.34 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.26 505.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 499.38 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.53 505.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.67 505.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.36 493.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 84.78 493.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 122.42 493.10 Td (or ) Tj ET Q q 0 0 0 rg BT 133.40 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.26 493.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 172.01 493.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 217.97 493.10 Td (will ) Tj ET Q q 0 0 0 rg BT 236.17 493.10 Td (be ) Tj ET Q q 0 0 0 rg BT 248.25 493.10 Td (at ) Tj ET Q q 0 0 0 rg BT 258.12 493.10 Td (least ) Tj ET Q q 0 0 0 rg BT 279.09 493.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 303.39 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.82 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.68 493.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 359.08 493.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.06 493.10 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 384.36 493.10 Td (50% ) Tj ET Q q 0 0 0 rg BT 405.34 493.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.32 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.18 493.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 454.37 493.10 Td (Cap ) Tj ET Q q 0 0 0 rg BT 473.13 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.21 493.10 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 504.52 493.10 Td ($100,000,000. ) Tj ET Q q 0 0 0 rg BT 564.52 493.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td (No ) Tj ET Q q 0 0 0 rg BT 64.52 481.10 Td (default ) Tj ET Q q 0 0 0 rg BT 95.08 481.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.21 481.10 Td (event ) Tj ET Q q 0 0 0 rg BT 130.67 481.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.80 481.10 Td (default ) Tj ET Q q 0 0 0 rg BT 172.36 481.10 Td (presently ) Tj ET Q q 0 0 0 rg BT 211.81 481.10 Td (exists. ) Tj ET Q q 0 0 0 rg BT 239.89 481.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.07 481.10 Td (At ) Tj ET Q q 0 0 0 rg BT 254.87 481.10 Td (January ) Tj ET Q q 0 0 0 rg BT 288.77 481.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 304.07 481.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 326.87 481.10 Td (we ) Tj ET Q q 0 0 0 rg BT 341.33 481.10 Td (met ) Tj ET Q q 0 0 0 rg BT 359.12 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.14 481.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 415.82 481.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 460.28 481.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.52 481.10 Td (as ) Tj ET Q q 0 0 0 rg BT 488.65 481.10 Td (a ) Tj ET Q q 0 0 0 rg BT 495.89 481.10 Td (result ) Tj ET Q q 0 0 0 rg BT 520.90 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.92 481.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 69.13 469.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.63 469.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 104.68 469.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 137.18 469.10 Td (us ) Tj ET Q q 0 0 0 rg BT 148.57 469.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.85 469.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 175.78 469.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.05 469.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 237.44 469.10 Td (or ) Tj ET Q q 0 0 0 rg BT 248.27 469.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 294.08 469.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.91 469.10 Td (common ) Tj ET Q q 0 0 0 rg BT 347.40 469.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 448.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.66 448.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 130.02 448.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 149.65 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.27 448.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 183.43 448.10 Td (also ) Tj ET Q q 0 0 0 rg BT 201.15 448.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 236.09 448.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 264.91 448.10 Td (af) Tj ET Q q 0 0 0 rg BT 272.49 448.10 Td (firmative ) Tj ET Q q 0 0 0 rg BT 310.76 448.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 354.85 448.10 Td (including ) Tj ET Q q 0 0 0 rg BT 394.24 448.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 430.83 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.89 448.10 Td (other ) Tj ET Q q 0 0 0 rg BT 469.04 448.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 507.31 448.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 564.52 448.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.11 436.10 Td (of ) Tj ET Q q 0 0 0 rg BT 73.94 436.10 Td (January ) Tj ET Q q 0 0 0 rg BT 107.54 436.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 122.54 436.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 147.54 436.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 170.05 436.10 Td (was ) Tj ET Q q 0 0 0 rg BT 188.10 436.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.38 436.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 246.97 436.10 Td (with ) Tj ET Q q 0 0 0 rg BT 267.24 436.10 Td (all ) Tj ET Q q 0 0 0 rg BT 279.74 436.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 322.22 436.10 Td (under ) Tj ET Q q 0 0 0 rg BT 347.49 436.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.21 436.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 390.27 436.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 409.90 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.40 436.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 442.30 436.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 410.10 Td (Events ) Tj ET Q q 0 0 0 rg BT 114.66 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.93 410.10 Td (Default) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 389.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.48 389.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.48 389.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.11 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.55 389.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 186.53 389.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 222.29 389.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 266.38 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.25 389.10 Td (other ) Tj ET Q q 0 0 0 rg BT 306.23 389.10 Td (events ) Tj ET Q q 0 0 0 rg BT 334.21 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.97 389.10 Td (default ) Tj ET Q q 0 0 0 rg BT 375.17 389.10 Td (including ) Tj ET Q q 0 0 0 rg BT 415.38 389.10 Td (non-payment ) Tj ET Q q 0 0 0 rg BT 470.57 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.34 389.10 Td (principal, ) Tj ET Q q 0 0 0 rg BT 521.81 389.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 553.68 389.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 70.39 377.10 Td (violation ) Tj ET Q q 0 0 0 rg BT 108.23 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.85 377.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 163.63 377.10 Td (inaccuracy ) Tj ET Q q 0 0 0 rg BT 209.22 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.85 377.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 282.67 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.29 377.10 Td (warranties, ) Tj ET Q q 0 0 0 rg BT 339.73 377.10 Td (cross ) Tj ET Q q 0 0 0 rg BT 362.57 377.10 Td (default ) Tj ET Q q 0 0 0 rg BT 392.63 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.70 377.10 Td (other ) Tj ET Q q 0 0 0 rg BT 425.53 377.10 Td (material ) Tj ET Q q 0 0 0 rg BT 460.58 377.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 517.03 377.10 Td (bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.22 365.10 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 111.83 365.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 142.16 365.10 Td (invalidity ) Tj ET Q q 0 0 0 rg BT 182.78 365.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.39 365.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 241.77 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.39 365.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 297.43 365.10 Td (or ) Tj ET Q q 0 0 0 rg BT 308.04 365.10 Td (security ) Tj ET Q q 0 0 0 rg BT 341.98 365.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 380.09 365.10 Td (material ) Tj ET Q q 0 0 0 rg BT 415.13 365.10 Td (judgments, ) Tj ET Q q 0 0 0 rg BT 461.58 365.10 Td (change ) Tj ET Q q 0 0 0 rg BT 492.18 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.80 365.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 535.91 365.10 Td (failure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.88 353.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 94.68 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 101.72 353.10 Td ("Material ) Tj ET Q q 0 0 0 rg BT 142.27 353.10 Td (Contract" ) Tj ET Q q 0 0 0 rg BT 183.38 353.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 213.75 353.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 249.67 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.49 353.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 326.50 353.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 373.52 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.55 353.10 Td (other ) Tj ET Q q 0 0 0 rg BT 413.70 353.10 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 461.29 353.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 499.98 353.10 Td (Agreements\) ) Tj ET Q q 0 0 0 rg BT 554.23 353.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.40 341.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 91.51 341.10 Td (required ) Tj ET Q q 0 0 0 rg BT 127.51 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.97 341.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 175.65 341.10 Td (it ) Tj ET Q q 0 0 0 rg BT 183.88 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.34 341.10 Td (full ) Tj ET Q q 0 0 0 rg BT 210.91 341.10 Td (force ) Tj ET Q q 0 0 0 rg BT 234.13 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.25 341.10 Td (ef) Tj ET Q q 0 0 0 rg BT 258.84 341.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 279.01 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.91 341.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 322.68 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.14 341.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 365.80 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 372.92 341.10 Td (Material ) Tj ET Q q 0 0 0 rg BT 409.48 341.10 Td (Contract ) Tj ET Q q 0 0 0 rg BT 446.59 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.05 341.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 504.70 341.10 Td (with ) Tj ET Q q 0 0 0 rg BT 525.16 341.10 Td (its ) Tj ET Q q 0 0 0 rg BT 537.29 341.10 Td (terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.82 329.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 85.47 329.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 125.14 329.10 Td (terminates ) Tj ET Q q 0 0 0 rg BT 169.78 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.99 329.10 Td ("Separation ) Tj ET Q q 0 0 0 rg BT 234.17 329.10 Td (Agreements" ) Tj ET Q q 0 0 0 rg BT 289.56 329.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 320.32 329.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 355.24 329.10 Td (among ) Tj ET Q q 0 0 0 rg BT 385.45 329.10 Td (other ) Tj ET Q q 0 0 0 rg BT 408.99 329.10 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 456.98 329.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 495.98 329.10 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 549.79 329.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 111.43 317.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 158.36 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.30 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.01 317.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 225.84 317.10 Td (Agreements\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (Uses ) Tj ET Q q 0 0 0 rg BT 71.44 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.07 291.10 Td (Sour) Tj ET Q q 0 0 0 rg BT 110.45 291.10 Td (ces ) Tj ET Q q 0 0 0 rg BT 125.72 291.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.55 291.10 Td (Liquidity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 274.10 Td (e ) Tj ET Q q 0 0 0 rg BT 99.91 274.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 130.12 274.10 Td (that ) Tj ET Q q 0 0 0 rg BT 146.45 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 161.11 274.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 194.11 274.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 213.21 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.99 274.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 248.09 274.10 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 297.47 274.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 316.57 274.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 340.13 274.10 Td (from ) Tj ET Q q 0 0 0 rg BT 360.90 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.56 274.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 414.66 274.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 454.59 274.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 472.87 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.98 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.53 274.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 521.30 274.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 559.52 274.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 96.60 262.10 Td (under ) Tj ET Q q 0 0 0 rg BT 121.49 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.83 262.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 163.58 262.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 183.21 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.33 262.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 218.00 262.10 Td (will ) Tj ET Q q 0 0 0 rg BT 235.68 262.10 Td (be ) Tj ET Q q 0 0 0 rg BT 247.23 262.10 Td (suf) Tj ET Q q 0 0 0 rg BT 259.27 262.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 286.93 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.83 262.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 318.38 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.83 262.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 379.82 262.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 415.83 262.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 440.71 262.10 Td (for ) Tj ET Q q 0 0 0 rg BT 454.49 262.10 Td (at ) Tj ET Q q 0 0 0 rg BT 463.83 262.10 Td (least ) Tj ET Q q 0 0 0 rg BT 484.27 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.60 262.10 Td (next ) Tj ET Q q 0 0 0 rg BT 517.94 262.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 530.06 262.10 Td (months. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.53 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.89 250.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 98.52 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.10 250.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 142.11 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.81 250.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 174.05 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 190.30 250.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 226.00 250.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 270.57 250.10 Td (through ) Tj ET Q q 0 0 0 rg BT 304.60 250.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 339.18 250.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 359.86 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.22 250.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 397.91 250.10 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 448.87 250.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 469.55 250.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 511.33 250.10 Td (by ) Tj ET Q q 0 0 0 rg BT 524.25 250.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 91.16 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.66 238.10 Td (with ) Tj ET Q q 0 0 0 rg BT 129.50 238.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 154.78 238.10 Td (available ) Tj ET Q q 0 0 0 rg BT 193.93 238.10 Td (under ) Tj ET Q q 0 0 0 rg BT 219.76 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.04 238.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 263.54 238.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 283.17 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.23 238.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 316.13 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 321.69 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.53 238.10 Td (The ) Tj ET Q q 0 0 0 rg BT 343.14 238.10 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 383.95 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.35 238.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.74 238.10 Td (available ) Tj ET Q q 0 0 0 rg BT 450.89 238.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 476.17 238.10 Td (will ) Tj ET Q q 0 0 0 rg BT 494.79 238.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 526.73 238.10 Td (on ) Tj ET Q q 0 0 0 rg BT 539.79 238.10 Td (many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 80.60 226.10 Td (including ) Tj ET Q q 0 0 0 rg BT 119.77 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.39 226.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 198.64 226.10 Td (environment ) Tj ET Q q 0 0 0 rg BT 250.58 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.41 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.03 226.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 319.19 226.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 371.11 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.83 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.56 226.10 Td (stores. ) Tj ET Q q 0 0 0 rg BT 422.79 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.18 226.10 Td (See ) Tj ET Q q 0 0 0 rg BT 440.02 226.10 Td (for ) Tj ET Q q 0 0 0 rg BT 453.07 226.10 Td (example ) Tj ET Q q 0 0 0 rg BT 488.34 226.10 Td ("If ) Tj ET Q q 0 0 0 rg BT 500.48 226.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 523.54 226.10 Td (Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (seeks ) Tj ET Q q 0 0 0 rg BT 74.62 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.29 214.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 134.29 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.08 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.76 214.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 183.00 214.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 231.44 214.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 255.73 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.52 214.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 301.53 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.77 214.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 345.65 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.44 214.10 Td (business ) Tj ET Q q 0 0 0 rg BT 399.79 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.69 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 434.47 214.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 472.91 214.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 526.89 214.10 Td (could ) Tj ET Q q 0 0 0 rg BT 552.57 214.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 92.54 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.48 202.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 150.29 202.10 Td (af) Tj ET Q q 0 0 0 rg BT 157.88 202.10 Td (fected" ) Tj ET Q q 0 0 0 rg BT 188.88 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.16 202.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 219.99 202.10 Td (1A) Tj ET Q q 0 0 0 rg BT 231.66 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.16 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.99 202.10 Td (this ) Tj ET Q q 0 0 0 rg BT 261.38 202.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 293.32 202.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 323.04 202.10 Td (on ) Tj ET Q q 0 0 0 rg BT 335.54 202.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 359.71 202.10 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 178.10 Td (As ) Tj ET Q q 0 0 0 rg BT 99.11 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.94 178.10 Td (January ) Tj ET Q q 0 0 0 rg BT 143.54 178.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 158.54 178.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 183.54 178.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.70 178.10 Td (had ) Tj ET Q q 0 0 0 rg BT 214.64 178.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 234.91 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.85 178.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 272.12 178.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 320.16 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.99 178.10 Td ($14.1 ) Tj ET Q q 0 0 0 rg BT 355.99 178.10 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 154.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 116.88 154.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 139.37 154.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 186.31 154.10 Td (as ) Tj ET Q q 0 0 0 rg BT 197.14 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.97 154.10 Td (January ) Tj ET Q q 0 0 0 rg BT 241.57 154.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 256.57 154.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 279.07 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.01 154.10 Td (January ) Tj ET Q q 0 0 0 rg BT 329.61 154.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 344.61 154.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 367.11 154.10 Td (were ) Tj ET Q q 0 0 0 rg BT 389.04 154.10 Td ($0.5million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 103.66 128.10 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 155.62 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.24 128.10 Td (Off-Balance ) Tj ET Q q 0 0 0 rg BT 228.40 128.10 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 253.67 128.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 104.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 135.31 104.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 181.78 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.16 104.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 243.65 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.14 104.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 316.62 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.45 104.10 Td (make ) Tj ET Q q 0 0 0 rg BT 350.15 104.10 Td (future ) Tj ET Q q 0 0 0 rg BT 376.07 104.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 416.45 104.10 Td (under ) Tj ET Q q 0 0 0 rg BT 441.26 104.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 475.51 104.10 Td (such ) Tj ET Q q 0 0 0 rg BT 495.89 104.10 Td (as ) Tj ET Q q 0 0 0 rg BT 506.27 104.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 525.53 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 542.02 104.10 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.53 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.47 92.10 Td (under ) Tj ET Q q 0 0 0 rg BT 139.74 92.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 184.45 92.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 241.39 92.10 Td (as ) Tj ET Q q 0 0 0 rg BT 252.22 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.05 92.10 Td (January ) Tj ET Q q 0 0 0 rg BT 296.65 92.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 311.65 92.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 334.15 92.10 Td (is ) Tj ET Q q 0 0 0 rg BT 343.32 92.10 Td (as ) Tj ET Q q 0 0 0 rg BT 354.15 92.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 400.51 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.79 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.51 92.10 Td (following ) Tj ET Q q 0 0 0 rg BT 466.89 92.10 Td (table:) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 723.50 181.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.00 723.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 723.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 723.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 723.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 723.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 723.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 723.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 723.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 723.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 723.50 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 695.50 181.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.00 695.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 695.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 695.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 695.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 695.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 695.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 695.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 695.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 695.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 695.50 63.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 723.5 m 297 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 723.5 m 363 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 723.5 m 429 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 723.5 m 495 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 723.5 m 562 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 723.5 m 297 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 723.5 m 363 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 723.5 m 429 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 723.5 m 495 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 723.5 m 562 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 681.5 m 297 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 681.5 m 363 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 681.5 m 429 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 681.5 m 495 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 681.5 m 562 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 668.5 m 297 668.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 666.5 m 297 666.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 668.5 m 363 668.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 666.5 m 363 666.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 668.5 m 429 668.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 666.5 m 429 666.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 668.5 m 495 668.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 666.5 m 495 666.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 668.5 m 562 668.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 666.5 m 562 666.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 727.75 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.75 727.73 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.55 735.73 Td (Within) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.70 727.73 Td (1 Year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.15 735.73 Td (1-3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.90 727.73 Td (Years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.15 735.73 Td (4-5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.90 727.73 Td (Years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.95 735.73 Td (After 5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.40 727.73 Td (Years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 714.07 Td (Short-term borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.50 714.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 714.07 Td (26,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 714.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 714.07 Td (26,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 714.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 714.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 714.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 714.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.50 714.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 714.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 700.07 Td (Capital leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 700.07 Td (543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 700.07 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 700.07 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 700.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 700.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 686.07 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 686.07 Td (161,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 686.07 Td (52,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 686.07 Td (63,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 686.07 Td (32,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 686.07 Td (13,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 672.07 Td (Total Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.50 672.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 672.07 Td (188,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 672.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 672.07 Td (79,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 672.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 672.07 Td (63,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 672.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 672.07 Td (32,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.50 672.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 672.07 Td (13,503) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.00 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 644.00 Td (Application of Critical ) Tj ET Q q 0 0 0 rg BT 147.55 644.00 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 627.00 Td (In ) Tj ET Q q 0 0 0 rg BT 96.03 627.00 Td (preparing ) Tj ET Q q 0 0 0 rg BT 136.55 627.00 Td (the ) Tj ET Q q 0 0 0 rg BT 150.98 627.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.16 627.00 Td (statements, ) Tj ET Q q 0 0 0 rg BT 235.08 627.00 Td (certain ) Tj ET Q q 0 0 0 rg BT 264.48 627.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 310.56 627.00 Td (policies ) Tj ET Q q 0 0 0 rg BT 343.87 627.00 Td (require ) Tj ET Q q 0 0 0 rg BT 374.39 627.00 Td (considerable ) Tj ET Q q 0 0 0 rg BT 427.13 627.00 Td (judgment ) Tj ET Q q 0 0 0 rg BT 467.10 627.00 Td (to ) Tj ET Q q 0 0 0 rg BT 477.09 627.00 Td (select ) Tj ET Q q 0 0 0 rg BT 502.06 627.00 Td (the ) Tj ET Q q 0 0 0 rg BT 516.48 627.00 Td (appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 615.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 101.58 615.00 Td (to ) Tj ET Q q 0 0 0 rg BT 112.00 615.00 Td (calculate ) Tj ET Q q 0 0 0 rg BT 150.16 615.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 187.78 615.00 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 230.13 615.00 Td ( ) Tj ET Q q 0 0 0 rg BT 232.57 615.00 Td (These ) Tj ET Q q 0 0 0 rg BT 259.08 615.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 298.93 615.00 Td (are ) Tj ET Q q 0 0 0 rg BT 313.77 615.00 Td (complex ) Tj ET Q q 0 0 0 rg BT 350.84 615.00 Td (and ) Tj ET Q q 0 0 0 rg BT 367.92 615.00 Td (subject ) Tj ET Q q 0 0 0 rg BT 398.88 615.00 Td (to ) Tj ET Q q 0 0 0 rg BT 409.29 615.00 Td (an ) Tj ET Q q 0 0 0 rg BT 421.37 615.00 Td (inherent ) Tj ET Q q 0 0 0 rg BT 456.77 615.00 Td (degree ) Tj ET Q q 0 0 0 rg BT 486.05 615.00 Td (of ) Tj ET Q q 0 0 0 rg BT 497.01 615.00 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 541.34 615.00 Td (. ) Tj ET Q q 0 0 0 rg BT 546.48 615.00 Td ( ) Tj ET Q q 0 0 0 rg BT 548.92 615.00 Td (W) Tj ET Q q 0 0 0 rg BT 557.56 615.00 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 603.00 Td (base ) Tj ET Q q 0 0 0 rg BT 69.27 603.00 Td (our ) Tj ET Q q 0 0 0 rg BT 84.60 603.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 123.81 603.00 Td (on ) Tj ET Q q 0 0 0 rg BT 135.81 603.00 Td (historical ) Tj ET Q q 0 0 0 rg BT 175.02 603.00 Td (experience, ) Tj ET Q q 0 0 0 rg BT 222.82 603.00 Td (terms ) Tj ET Q q 0 0 0 rg BT 247.04 603.00 Td (of ) Tj ET Q q 0 0 0 rg BT 257.37 603.00 Td (existing ) Tj ET Q q 0 0 0 rg BT 291.03 603.00 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 331.62 603.00 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 375.27 603.00 Td (of ) Tj ET Q q 0 0 0 rg BT 385.60 603.00 Td (trends ) Tj ET Q q 0 0 0 rg BT 412.04 603.00 Td (and ) Tj ET Q q 0 0 0 rg BT 428.48 603.00 Td (other ) Tj ET Q q 0 0 0 rg BT 451.03 603.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 502.47 603.00 Td (that ) Tj ET Q q 0 0 0 rg BT 519.47 603.00 Td (we ) Tj ET Q q 0 0 0 rg BT 533.13 603.00 Td (believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 591.00 Td (to ) Tj ET Q q 0 0 0 rg BT 59.74 591.00 Td (be ) Tj ET Q q 0 0 0 rg BT 71.63 591.00 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 116.85 591.00 Td (under ) Tj ET Q q 0 0 0 rg BT 142.07 591.00 Td (the ) Tj ET Q q 0 0 0 rg BT 156.75 591.00 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 218.35 591.00 Td ( ) Tj ET Q q 0 0 0 rg BT 220.63 591.00 Td (W) Tj ET Q q 0 0 0 rg BT 229.27 591.00 Td (e ) Tj ET Q q 0 0 0 rg BT 236.16 591.00 Td (continually ) Tj ET Q q 0 0 0 rg BT 283.61 591.00 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 319.38 591.00 Td (the ) Tj ET Q q 0 0 0 rg BT 334.06 591.00 Td (information ) Tj ET Q q 0 0 0 rg BT 383.73 591.00 Td (used ) Tj ET Q q 0 0 0 rg BT 404.52 591.00 Td (to ) Tj ET Q q 0 0 0 rg BT 414.75 591.00 Td (make ) Tj ET Q q 0 0 0 rg BT 438.87 591.00 Td (these ) Tj ET Q q 0 0 0 rg BT 461.87 591.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 501.54 591.00 Td (as ) Tj ET Q q 0 0 0 rg BT 512.33 591.00 Td (our ) Tj ET Q q 0 0 0 rg BT 528.12 591.00 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 579.00 Td (and ) Tj ET Q q 0 0 0 rg BT 65.65 579.00 Td (the ) Tj ET Q q 0 0 0 rg BT 79.58 579.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 120.16 579.00 Td (environment ) Tj ET Q q 0 0 0 rg BT 172.42 579.00 Td (change. ) Tj ET Q q 0 0 0 rg BT 204.94 579.00 Td ( ) Tj ET Q q 0 0 0 rg BT 206.28 579.00 Td (Although ) Tj ET Q q 0 0 0 rg BT 245.77 579.00 Td (the ) Tj ET Q q 0 0 0 rg BT 259.69 579.00 Td (use ) Tj ET Q q 0 0 0 rg BT 274.73 579.00 Td (of ) Tj ET Q q 0 0 0 rg BT 284.78 579.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 323.70 579.00 Td (is ) Tj ET Q q 0 0 0 rg BT 332.08 579.00 Td (pervasive ) Tj ET Q q 0 0 0 rg BT 372.11 579.00 Td (throughout ) Tj ET Q q 0 0 0 rg BT 417.71 579.00 Td (the ) Tj ET Q q 0 0 0 rg BT 431.63 579.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 468.33 579.00 Td (statements, ) Tj ET Q q 0 0 0 rg BT 514.75 579.00 Td (we ) Tj ET Q q 0 0 0 rg BT 528.12 579.00 Td (consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 567.00 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 567.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 107.81 567.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 143.63 567.00 Td (to ) Tj ET Q q 0 0 0 rg BT 153.91 567.00 Td (be ) Tj ET Q q 0 0 0 rg BT 165.85 567.00 Td (critical ) Tj ET Q q 0 0 0 rg BT 196.11 567.00 Td (if:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 543.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 543.00 Td (it ) Tj ET Q q 0 0 0 rg BT 88.01 543.00 Td (requires ) Tj ET Q q 0 0 0 rg BT 122.71 543.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 174.66 543.00 Td (to ) Tj ET Q q 0 0 0 rg BT 184.94 543.00 Td (be ) Tj ET Q q 0 0 0 rg BT 196.88 543.00 Td (made ) Tj ET Q q 0 0 0 rg BT 221.03 543.00 Td (about ) Tj ET Q q 0 0 0 rg BT 245.75 543.00 Td (matters ) Tj ET Q q 0 0 0 rg BT 277.68 543.00 Td (that ) Tj ET Q q 0 0 0 rg BT 295.18 543.00 Td (were ) Tj ET Q q 0 0 0 rg BT 317.11 543.00 Td (highly ) Tj ET Q q 0 0 0 rg BT 345.16 543.00 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 384.87 543.00 Td (at ) Tj ET Q q 0 0 0 rg BT 394.58 543.00 Td (the ) Tj ET Q q 0 0 0 rg BT 409.30 543.00 Td (time ) Tj ET Q q 0 0 0 rg BT 429.57 543.00 Td (the ) Tj ET Q q 0 0 0 rg BT 444.29 543.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 480.11 543.00 Td (was ) Tj ET Q q 0 0 0 rg BT 498.16 543.00 Td (made, ) Tj ET Q q 0 0 0 rg BT 524.82 543.00 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 525.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 525.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 114.17 525.00 Td (in ) Tj ET Q q 0 0 0 rg BT 123.95 525.00 Td (the ) Tj ET Q q 0 0 0 rg BT 138.18 525.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 173.51 525.00 Td (that ) Tj ET Q q 0 0 0 rg BT 190.51 525.00 Td (are ) Tj ET Q q 0 0 0 rg BT 204.72 525.00 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 250.05 525.00 Td (likely ) Tj ET Q q 0 0 0 rg BT 274.83 525.00 Td (to ) Tj ET Q q 0 0 0 rg BT 284.62 525.00 Td (occur ) Tj ET Q q 0 0 0 rg BT 308.83 525.00 Td (from ) Tj ET Q q 0 0 0 rg BT 330.28 525.00 Td (period ) Tj ET Q q 0 0 0 rg BT 357.83 525.00 Td (to ) Tj ET Q q 0 0 0 rg BT 367.62 525.00 Td (period ) Tj ET Q q 0 0 0 rg BT 395.18 525.00 Td (or ) Tj ET Q q 0 0 0 rg BT 405.51 525.00 Td (dif) Tj ET Q q 0 0 0 rg BT 416.44 525.00 Td (ferent ) Tj ET Q q 0 0 0 rg BT 441.77 525.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 480.99 525.00 Td (that ) Tj ET Q q 0 0 0 rg BT 497.99 525.00 Td (could ) Tj ET Q q 0 0 0 rg BT 522.21 525.00 Td (have ) Tj ET Q q 0 0 0 rg BT 543.10 525.00 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.95 513.00 Td (selected ) Tj ET Q q 0 0 0 rg BT 114.65 513.00 Td (would ) Tj ET Q q 0 0 0 rg BT 142.15 513.00 Td (have ) Tj ET Q q 0 0 0 rg BT 163.53 513.00 Td (a ) Tj ET Q q 0 0 0 rg BT 170.47 513.00 Td (material ) Tj ET Q q 0 0 0 rg BT 205.73 513.00 Td (ef) Tj ET Q q 0 0 0 rg BT 213.31 513.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 230.80 513.00 Td (on ) Tj ET Q q 0 0 0 rg BT 243.30 513.00 Td (our ) Tj ET Q q 0 0 0 rg BT 259.13 513.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 296.61 513.00 Td (condition, ) Tj ET Q q 0 0 0 rg BT 339.38 513.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 359.65 513.00 Td (flows ) Tj ET Q q 0 0 0 rg BT 384.37 513.00 Td (or ) Tj ET Q q 0 0 0 rg BT 395.20 513.00 Td (results ) Tj ET Q q 0 0 0 rg BT 423.81 513.00 Td (of ) Tj ET Q q 0 0 0 rg BT 434.64 513.00 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 492.00 Td (W) Tj ET Q q 0 0 0 rg BT 89.64 492.00 Td (e ) Tj ET Q q 0 0 0 rg BT 97.71 492.00 Td (believe ) Tj ET Q q 0 0 0 rg BT 130.21 492.00 Td (that ) Tj ET Q q 0 0 0 rg BT 148.83 492.00 Td (the ) Tj ET Q q 0 0 0 rg BT 164.68 492.00 Td (current ) Tj ET Q q 0 0 0 rg BT 196.62 492.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 249.70 492.00 Td (and ) Tj ET Q q 0 0 0 rg BT 267.77 492.00 Td (other ) Tj ET Q q 0 0 0 rg BT 291.94 492.00 Td (considerations ) Tj ET Q q 0 0 0 rg BT 353.34 492.00 Td (used ) Tj ET Q q 0 0 0 rg BT 375.30 492.00 Td (to ) Tj ET Q q 0 0 0 rg BT 386.70 492.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 423.65 492.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 461.17 492.00 Td (reflected ) Tj ET Q q 0 0 0 rg BT 499.77 492.00 Td (in ) Tj ET Q q 0 0 0 rg BT 511.18 492.00 Td (the ) Tj ET Q q 0 0 0 rg BT 527.02 492.00 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 93.99 480.00 Td (are ) Tj ET Q q 0 0 0 rg BT 108.48 480.00 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 158.80 480.00 Td ( ) Tj ET Q q 0 0 0 rg BT 161.08 480.00 Td (However) Tj ET Q q 0 0 0 rg BT 197.33 480.00 Td (, ) Tj ET Q q 0 0 0 rg BT 202.11 480.00 Td (if ) Tj ET Q q 0 0 0 rg BT 210.51 480.00 Td (actual ) Tj ET Q q 0 0 0 rg BT 236.66 480.00 Td (experience ) Tj ET Q q 0 0 0 rg BT 282.24 480.00 Td (dif) Tj ET Q q 0 0 0 rg BT 293.17 480.00 Td (fers ) Tj ET Q q 0 0 0 rg BT 310.44 480.00 Td (from ) Tj ET Q q 0 0 0 rg BT 332.17 480.00 Td (the ) Tj ET Q q 0 0 0 rg BT 346.67 480.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 398.40 480.00 Td (and ) Tj ET Q q 0 0 0 rg BT 415.12 480.00 Td (the ) Tj ET Q q 0 0 0 rg BT 429.62 480.00 Td (considerations ) Tj ET Q q 0 0 0 rg BT 489.66 480.00 Td (used ) Tj ET Q q 0 0 0 rg BT 510.28 480.00 Td (in ) Tj ET Q q 0 0 0 rg BT 520.34 480.00 Td (estimating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.00 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 88.57 468.00 Td (the ) Tj ET Q q 0 0 0 rg BT 103.46 468.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 141.14 468.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 176.02 468.00 Td (could ) Tj ET Q q 0 0 0 rg BT 200.92 468.00 Td (have ) Tj ET Q q 0 0 0 rg BT 222.48 468.00 Td (a ) Tj ET Q q 0 0 0 rg BT 229.60 468.00 Td (material ) Tj ET Q q 0 0 0 rg BT 265.03 468.00 Td (adverse ) Tj ET Q q 0 0 0 rg BT 298.25 468.00 Td (ef) Tj ET Q q 0 0 0 rg BT 305.84 468.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 323.50 468.00 Td (on ) Tj ET Q q 0 0 0 rg BT 336.18 468.00 Td (our ) Tj ET Q q 0 0 0 rg BT 352.19 468.00 Td (results ) Tj ET Q q 0 0 0 rg BT 380.98 468.00 Td (of ) Tj ET Q q 0 0 0 rg BT 391.99 468.00 Td (operations, ) Tj ET Q q 0 0 0 rg BT 438.83 468.00 Td (and ) Tj ET Q q 0 0 0 rg BT 455.94 468.00 Td (in ) Tj ET Q q 0 0 0 rg BT 466.40 468.00 Td (certain ) Tj ET Q q 0 0 0 rg BT 496.28 468.00 Td (situations, ) Tj ET Q q 0 0 0 rg BT 539.80 468.00 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.00 Td (have ) Tj ET Q q 0 0 0 rg BT 70.88 456.00 Td (a ) Tj ET Q q 0 0 0 rg BT 77.82 456.00 Td (material ) Tj ET Q q 0 0 0 rg BT 113.07 456.00 Td (adverse ) Tj ET Q q 0 0 0 rg BT 146.11 456.00 Td (ef) Tj ET Q q 0 0 0 rg BT 153.70 456.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 171.18 456.00 Td (on ) Tj ET Q q 0 0 0 rg BT 183.68 456.00 Td (our ) Tj ET Q q 0 0 0 rg BT 199.51 456.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.00 456.00 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 435.00 Td (The ) Tj ET Q q 0 0 0 rg BT 99.98 435.00 Td (following ) Tj ET Q q 0 0 0 rg BT 142.29 435.00 Td (is ) Tj ET Q q 0 0 0 rg BT 152.39 435.00 Td (a ) Tj ET Q q 0 0 0 rg BT 160.26 435.00 Td (summary ) Tj ET Q q 0 0 0 rg BT 200.91 435.00 Td (of ) Tj ET Q q 0 0 0 rg BT 212.67 435.00 Td (our ) Tj ET Q q 0 0 0 rg BT 229.43 435.00 Td (most ) Tj ET Q q 0 0 0 rg BT 252.31 435.00 Td (critical ) Tj ET Q q 0 0 0 rg BT 283.50 435.00 Td (policies ) Tj ET Q q 0 0 0 rg BT 318.03 435.00 Td (and ) Tj ET Q q 0 0 0 rg BT 335.90 435.00 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 379.04 435.00 Td (See ) Tj ET Q q 0 0 0 rg BT 396.91 435.00 Td (Note ) Tj ET Q q 0 0 0 rg BT 419.78 435.00 Td (1 ) Tj ET Q q 0 0 0 rg BT 428.21 435.00 Td (of ) Tj ET Q q 0 0 0 rg BT 439.97 435.00 Td (the ) Tj ET Q q 0 0 0 rg BT 455.62 435.00 Td (Notes ) Tj ET Q q 0 0 0 rg BT 482.38 435.00 Td (to ) Tj ET Q q 0 0 0 rg BT 493.59 435.00 Td (the ) Tj ET Q q 0 0 0 rg BT 509.23 435.00 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.00 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.21 423.00 Td (Statements ) Tj ET Q q 0 0 0 rg BT 135.59 423.00 Td (for ) Tj ET Q q 0 0 0 rg BT 149.75 423.00 Td (a ) Tj ET Q q 0 0 0 rg BT 156.69 423.00 Td (listing ) Tj ET Q q 0 0 0 rg BT 184.20 423.00 Td (of ) Tj ET Q q 0 0 0 rg BT 195.03 423.00 Td (our ) Tj ET Q q 0 0 0 rg BT 210.86 423.00 Td (other ) Tj ET Q q 0 0 0 rg BT 233.90 423.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 278.62 423.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.99 423.00 Td (policies.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 397.00 Td (V) Tj ET Q q 0 0 0 rg BT 54.50 397.00 Td (aluation ) Tj ET Q q 0 0 0 rg BT 90.33 397.00 Td (of ) Tj ET Q q 0 0 0 rg BT 100.61 397.00 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 373.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.22 373.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 143.72 373.00 Td (is ) Tj ET Q q 0 0 0 rg BT 152.56 373.00 Td (valued ) Tj ET Q q 0 0 0 rg BT 181.38 373.00 Td (at ) Tj ET Q q 0 0 0 rg BT 190.77 373.00 Td (the ) Tj ET Q q 0 0 0 rg BT 205.16 373.00 Td (lower ) Tj ET Q q 0 0 0 rg BT 230.10 373.00 Td (of ) Tj ET Q q 0 0 0 rg BT 240.60 373.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 258.88 373.00 Td (or ) Tj ET Q q 0 0 0 rg BT 269.38 373.00 Td (market ) Tj ET Q q 0 0 0 rg BT 299.31 373.00 Td (determined ) Tj ET Q q 0 0 0 rg BT 346.46 373.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 385.84 373.00 Td (using ) Tj ET Q q 0 0 0 rg BT 409.68 373.00 Td (the ) Tj ET Q q 0 0 0 rg BT 424.07 373.00 Td (retail ) Tj ET Q q 0 0 0 rg BT 446.78 373.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 487.28 373.00 Td (method, ) Tj ET Q q 0 0 0 rg BT 521.95 373.00 Td (or ) Tj ET Q q 0 0 0 rg BT 532.45 373.00 Td ("RIM." ) Tj ET Q q 0 0 0 rg BT 564.50 373.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.00 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 361.00 Td (o ) Tj ET Q q 0 0 0 rg BT 62.61 361.00 Td (determine ) Tj ET Q q 0 0 0 rg BT 105.29 361.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 146.32 361.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 165.13 361.00 Td (under ) Tj ET Q q 0 0 0 rg BT 190.59 361.00 Td (RIM, ) Tj ET Q q 0 0 0 rg BT 214.69 361.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 255.71 361.00 Td (at ) Tj ET Q q 0 0 0 rg BT 265.63 361.00 Td (its ) Tj ET Q q 0 0 0 rg BT 277.78 361.00 Td (retail ) Tj ET Q q 0 0 0 rg BT 301.02 361.00 Td (selling ) Tj ET Q q 0 0 0 rg BT 330.38 361.00 Td (value ) Tj ET Q q 0 0 0 rg BT 354.74 361.00 Td (is ) Tj ET Q q 0 0 0 rg BT 364.11 361.00 Td (segregated ) Tj ET Q q 0 0 0 rg BT 409.56 361.00 Td (into ) Tj ET Q q 0 0 0 rg BT 427.82 361.00 Td (groupings ) Tj ET Q q 0 0 0 rg BT 470.52 361.00 Td (of ) Tj ET Q q 0 0 0 rg BT 481.55 361.00 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 534.78 361.00 Td (having ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 80.35 349.00 Td (characteristics, ) Tj ET Q q 0 0 0 rg BT 143.12 349.00 Td (which ) Tj ET Q q 0 0 0 rg BT 170.64 349.00 Td (are ) Tj ET Q q 0 0 0 rg BT 185.93 349.00 Td (then ) Tj ET Q q 0 0 0 rg BT 206.23 349.00 Td (converted ) Tj ET Q q 0 0 0 rg BT 248.73 349.00 Td (to ) Tj ET Q q 0 0 0 rg BT 259.59 349.00 Td (a ) Tj ET Q q 0 0 0 rg BT 267.11 349.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 286.30 349.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 309.38 349.00 Td (by ) Tj ET Q q 0 0 0 rg BT 322.46 349.00 Td (applying ) Tj ET Q q 0 0 0 rg BT 360.54 349.00 Td (specific ) Tj ET Q q 0 0 0 rg BT 394.71 349.00 Td (average ) Tj ET Q q 0 0 0 rg BT 428.88 349.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 448.07 349.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 478.36 349.00 Td (for ) Tj ET Q q 0 0 0 rg BT 493.10 349.00 Td (each ) Tj ET Q q 0 0 0 rg BT 514.50 349.00 Td (grouping ) Tj ET Q q 0 0 0 rg BT 553.68 349.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.00 Td (merchandise. ) Tj ET Q q 0 0 0 rg BT 104.88 337.00 Td (Cost ) Tj ET Q q 0 0 0 rg BT 125.57 337.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 155.13 337.00 Td (represent ) Tj ET Q q 0 0 0 rg BT 194.13 337.00 Td (the ) Tj ET Q q 0 0 0 rg BT 208.70 337.00 Td (average ) Tj ET Q q 0 0 0 rg BT 242.13 337.00 Td (cost-to-retail ) Tj ET Q q 0 0 0 rg BT 295.57 337.00 Td (ratio ) Tj ET Q q 0 0 0 rg BT 316.25 337.00 Td (for ) Tj ET Q q 0 0 0 rg BT 330.26 337.00 Td (each ) Tj ET Q q 0 0 0 rg BT 350.93 337.00 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 403.81 337.00 Td (group ) Tj ET Q q 0 0 0 rg BT 429.49 337.00 Td (based ) Tj ET Q q 0 0 0 rg BT 454.61 337.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 476.96 337.00 Td (the ) Tj ET Q q 0 0 0 rg BT 491.53 337.00 Td (year) Tj ET Q q 0 0 0 rg BT 509.11 337.00 Td () Tj ET Q q 0 0 0 rg BT 511.89 337.00 Td (s ) Tj ET Q q 0 0 0 rg BT 518.13 337.00 Td (purchasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 325.00 Td (activity ) Tj ET Q q 0 0 0 rg BT 82.30 325.00 Td (for ) Tj ET Q q 0 0 0 rg BT 96.77 325.00 Td (each ) Tj ET Q q 0 0 0 rg BT 117.89 325.00 Td (store ) Tj ET Q q 0 0 0 rg BT 140.14 325.00 Td (location. ) Tj ET Q q 0 0 0 rg BT 177.04 325.00 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 226.38 325.00 Td (, ) Tj ET Q q 0 0 0 rg BT 231.69 325.00 Td (a ) Tj ET Q q 0 0 0 rg BT 238.93 325.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 283.96 325.00 Td (assumption ) Tj ET Q q 0 0 0 rg BT 332.32 325.00 Td (under ) Tj ET Q q 0 0 0 rg BT 357.90 325.00 Td (the ) Tj ET Q q 0 0 0 rg BT 372.92 325.00 Td (retail ) Tj ET Q q 0 0 0 rg BT 396.28 325.00 Td (method ) Tj ET Q q 0 0 0 rg BT 429.08 325.00 Td (is ) Tj ET Q q 0 0 0 rg BT 438.56 325.00 Td (that ) Tj ET Q q 0 0 0 rg BT 456.36 325.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 497.50 325.00 Td (in ) Tj ET Q q 0 0 0 rg BT 508.08 325.00 Td (each ) Tj ET Q q 0 0 0 rg BT 529.21 325.00 Td (group ) Tj ET Q q 0 0 0 rg BT 555.35 325.00 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 80.14 313.00 Td (in ) Tj ET Q q 0 0 0 rg BT 90.79 313.00 Td (terms ) Tj ET Q q 0 0 0 rg BT 115.87 313.00 Td (of ) Tj ET Q q 0 0 0 rg BT 127.07 313.00 Td (its ) Tj ET Q q 0 0 0 rg BT 139.39 313.00 Td (cost-to-retail ) Tj ET Q q 0 0 0 rg BT 193.34 313.00 Td (relationship ) Tj ET Q q 0 0 0 rg BT 243.42 313.00 Td (and ) Tj ET Q q 0 0 0 rg BT 260.73 313.00 Td (has ) Tj ET Q q 0 0 0 rg BT 276.93 313.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 307.57 313.00 Td (turnover ) Tj ET Q q 0 0 0 rg BT 344.31 313.00 Td (rates. ) Tj ET Q q 0 0 0 rg BT 368.35 313.00 Td (W) Tj ET Q q 0 0 0 rg BT 376.99 313.00 Td (e ) Tj ET Q q 0 0 0 rg BT 384.29 313.00 Td (monitor ) Tj ET Q q 0 0 0 rg BT 418.82 313.00 Td (the ) Tj ET Q q 0 0 0 rg BT 433.91 313.00 Td (content ) Tj ET Q q 0 0 0 rg BT 466.21 313.00 Td (of ) Tj ET Q q 0 0 0 rg BT 477.41 313.00 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 530.81 313.00 Td (in ) Tj ET Q q 0 0 0 rg BT 541.45 313.00 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.00 Td (groupings ) Tj ET Q q 0 0 0 rg BT 92.00 301.00 Td (to ) Tj ET Q q 0 0 0 rg BT 102.28 301.00 Td (prevent ) Tj ET Q q 0 0 0 rg BT 134.76 301.00 Td (distortions ) Tj ET Q q 0 0 0 rg BT 179.49 301.00 Td (that ) Tj ET Q q 0 0 0 rg BT 196.99 301.00 Td (would ) Tj ET Q q 0 0 0 rg BT 224.49 301.00 Td (have ) Tj ET Q q 0 0 0 rg BT 245.86 301.00 Td (a ) Tj ET Q q 0 0 0 rg BT 252.80 301.00 Td (material ) Tj ET Q q 0 0 0 rg BT 288.06 301.00 Td (ef) Tj ET Q q 0 0 0 rg BT 295.65 301.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 313.13 301.00 Td (on ) Tj ET Q q 0 0 0 rg BT 325.63 301.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 366.46 301.00 Td (valuation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 280.00 Td (RIM ) Tj ET Q q 0 0 0 rg BT 106.86 280.00 Td (inherently ) Tj ET Q q 0 0 0 rg BT 149.88 280.00 Td (requires ) Tj ET Q q 0 0 0 rg BT 184.56 280.00 Td (management ) Tj ET Q q 0 0 0 rg BT 238.12 280.00 Td (judgment ) Tj ET Q q 0 0 0 rg BT 278.36 280.00 Td (and ) Tj ET Q q 0 0 0 rg BT 295.27 280.00 Td (certain ) Tj ET Q q 0 0 0 rg BT 324.95 280.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 364.63 280.00 Td (that ) Tj ET Q q 0 0 0 rg BT 382.10 280.00 Td (may ) Tj ET Q q 0 0 0 rg BT 401.79 280.00 Td (significantly ) Tj ET Q q 0 0 0 rg BT 454.25 280.00 Td (af) Tj ET Q q 0 0 0 rg BT 461.84 280.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 479.30 280.00 Td (the ) Tj ET Q q 0 0 0 rg BT 493.99 280.00 Td (ending ) Tj ET Q q 0 0 0 rg BT 523.67 280.00 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.00 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 92.25 268.00 Td (as ) Tj ET Q q 0 0 0 rg BT 103.62 268.00 Td (well ) Tj ET Q q 0 0 0 rg BT 123.88 268.00 Td (as ) Tj ET Q q 0 0 0 rg BT 135.25 268.00 Td (gross ) Tj ET Q q 0 0 0 rg BT 159.40 268.00 Td (mar) Tj ET Q q 0 0 0 rg BT 174.77 268.00 Td (gin. ) Tj ET Q q 0 0 0 rg BT 192.86 268.00 Td (The ) Tj ET Q q 0 0 0 rg BT 211.45 268.00 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 273.37 268.00 Td (utilized ) Tj ET Q q 0 0 0 rg BT 306.40 268.00 Td (by ) Tj ET Q q 0 0 0 rg BT 319.44 268.00 Td (SHO ) Tj ET Q q 0 0 0 rg BT 342.49 268.00 Td (in ) Tj ET Q q 0 0 0 rg BT 353.30 268.00 Td (its ) Tj ET Q q 0 0 0 rg BT 365.79 268.00 Td (application ) Tj ET Q q 0 0 0 rg BT 413.26 268.00 Td (of ) Tj ET Q q 0 0 0 rg BT 424.63 268.00 Td (RIM ) Tj ET Q q 0 0 0 rg BT 446.56 268.00 Td (are ) Tj ET Q q 0 0 0 rg BT 461.81 268.00 Td (consistent ) Tj ET Q q 0 0 0 rg BT 504.84 268.00 Td (for ) Tj ET Q q 0 0 0 rg BT 519.54 268.00 Td (all ) Tj ET Q q 0 0 0 rg BT 532.58 268.00 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.00 Td (presented. ) Tj ET Q q 0 0 0 rg BT 93.71 256.00 Td (Such ) Tj ET Q q 0 0 0 rg BT 117.11 256.00 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 179.39 256.00 Td (include ) Tj ET Q q 0 0 0 rg BT 212.22 256.00 Td (the ) Tj ET Q q 0 0 0 rg BT 227.83 256.00 Td (development ) Tj ET Q q 0 0 0 rg BT 282.88 256.00 Td (of ) Tj ET Q q 0 0 0 rg BT 294.61 256.00 Td (the ) Tj ET Q q 0 0 0 rg BT 310.22 256.00 Td (cost-to-retail ) Tj ET Q q 0 0 0 rg BT 364.71 256.00 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 392.83 256.00 Td (the ) Tj ET Q q 0 0 0 rg BT 408.44 256.00 Td (groupings ) Tj ET Q q 0 0 0 rg BT 451.84 256.00 Td (of ) Tj ET Q q 0 0 0 rg BT 463.56 256.00 Td (homogeneous ) Tj ET Q q 0 0 0 rg BT 522.51 256.00 Td (classes ) Tj ET Q q 0 0 0 rg BT 553.67 256.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.00 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 105.46 244.00 Td (the ) Tj ET Q q 0 0 0 rg BT 120.60 244.00 Td (development ) Tj ET Q q 0 0 0 rg BT 175.17 244.00 Td (of ) Tj ET Q q 0 0 0 rg BT 186.43 244.00 Td (shrinkage ) Tj ET Q q 0 0 0 rg BT 228.23 244.00 Td (and ) Tj ET Q q 0 0 0 rg BT 245.59 244.00 Td (obsolescence ) Tj ET Q q 0 0 0 rg BT 301.27 244.00 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 339.46 244.00 Td (and ) Tj ET Q q 0 0 0 rg BT 356.82 244.00 Td (the ) Tj ET Q q 0 0 0 rg BT 371.96 244.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 418.76 244.00 Td (for ) Tj ET Q q 0 0 0 rg BT 433.34 244.00 Td (retail ) Tj ET Q q 0 0 0 rg BT 456.81 244.00 Td (price ) Tj ET Q q 0 0 0 rg BT 479.72 244.00 Td (changes. ) Tj ET Q q 0 0 0 rg BT 517.14 244.00 Td (W) Tj ET Q q 0 0 0 rg BT 525.78 244.00 Td (e ) Tj ET Q q 0 0 0 rg BT 533.14 244.00 Td (believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.00 Td (that ) Tj ET Q q 0 0 0 rg BT 66.53 232.00 Td (SHO) Tj ET Q q 0 0 0 rg BT 89.31 232.00 Td (s ) Tj ET Q q 0 0 0 rg BT 95.23 232.00 Td (RIM ) Tj ET Q q 0 0 0 rg BT 116.16 232.00 Td (provides ) Tj ET Q q 0 0 0 rg BT 152.63 232.00 Td (an ) Tj ET Q q 0 0 0 rg BT 164.09 232.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 204.45 232.00 Td (valuation ) Tj ET Q q 0 0 0 rg BT 243.69 232.00 Td (that ) Tj ET Q q 0 0 0 rg BT 260.72 232.00 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 306.07 232.00 Td (approximates ) Tj ET Q q 0 0 0 rg BT 361.97 232.00 Td (cost. ) Tj ET Q q 0 0 0 rg BT 382.16 232.00 Td (Among ) Tj ET Q q 0 0 0 rg BT 414.19 232.00 Td (others, ) Tj ET Q q 0 0 0 rg BT 443.16 232.00 Td (two ) Tj ET Q q 0 0 0 rg BT 460.19 232.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 504.44 232.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 543.68 232.00 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.00 Td (in ) Tj ET Q q 0 0 0 rg BT 60.41 220.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 101.87 220.00 Td (valuation ) Tj ET Q q 0 0 0 rg BT 142.21 220.00 Td (are ) Tj ET Q q 0 0 0 rg BT 157.55 220.00 Td (the ) Tj ET Q q 0 0 0 rg BT 172.90 220.00 Td (level ) Tj ET Q q 0 0 0 rg BT 195.46 220.00 Td (and ) Tj ET Q q 0 0 0 rg BT 213.03 220.00 Td (timing ) Tj ET Q q 0 0 0 rg BT 242.28 220.00 Td (of ) Tj ET Q q 0 0 0 rg BT 253.74 220.00 Td (permanent ) Tj ET Q q 0 0 0 rg BT 299.07 220.00 Td (markdowns ) Tj ET Q q 0 0 0 rg BT 348.86 220.00 Td (\(clearance ) Tj ET Q q 0 0 0 rg BT 393.06 220.00 Td (markdowns ) Tj ET Q q 0 0 0 rg BT 442.85 220.00 Td (used ) Tj ET Q q 0 0 0 rg BT 464.32 220.00 Td (to ) Tj ET Q q 0 0 0 rg BT 475.23 220.00 Td (clear ) Tj ET Q q 0 0 0 rg BT 497.78 220.00 Td (unproductive ) Tj ET Q q 0 0 0 rg BT 553.68 220.00 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.00 Td (slow-moving ) Tj ET Q q 0 0 0 rg BT 104.99 208.00 Td (inventory\) ) Tj ET Q q 0 0 0 rg BT 149.36 208.00 Td (and ) Tj ET Q q 0 0 0 rg BT 166.51 208.00 Td (shrinkage. ) Tj ET Q q 0 0 0 rg BT 210.01 208.00 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 249.39 208.00 Td (are ) Tj ET Q q 0 0 0 rg BT 264.31 208.00 Td (char) Tj ET Q q 0 0 0 rg BT 281.34 208.00 Td (ged ) Tj ET Q q 0 0 0 rg BT 298.49 208.00 Td (to ) Tj ET Q q 0 0 0 rg BT 308.98 208.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 327.80 208.00 Td (of ) Tj ET Q q 0 0 0 rg BT 338.85 208.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 361.00 208.00 Td (at ) Tj ET Q q 0 0 0 rg BT 370.93 208.00 Td (the ) Tj ET Q q 0 0 0 rg BT 385.86 208.00 Td (time ) Tj ET Q q 0 0 0 rg BT 406.35 208.00 Td (the ) Tj ET Q q 0 0 0 rg BT 421.28 208.00 Td (retail ) Tj ET Q q 0 0 0 rg BT 444.53 208.00 Td (value ) Tj ET Q q 0 0 0 rg BT 468.90 208.00 Td (of ) Tj ET Q q 0 0 0 rg BT 479.95 208.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 520.99 208.00 Td (is ) Tj ET Q q 0 0 0 rg BT 530.37 208.00 Td (reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.00 Td (through ) Tj ET Q q 0 0 0 rg BT 83.11 196.00 Td (the ) Tj ET Q q 0 0 0 rg BT 97.83 196.00 Td (use ) Tj ET Q q 0 0 0 rg BT 113.66 196.00 Td (of ) Tj ET Q q 0 0 0 rg BT 124.49 196.00 Td (permanent ) Tj ET Q q 0 0 0 rg BT 169.19 196.00 Td (markdowns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 175.00 Td (Factors ) Tj ET Q q 0 0 0 rg BT 118.34 175.00 Td (considered ) Tj ET Q q 0 0 0 rg BT 165.05 175.00 Td (in ) Tj ET Q q 0 0 0 rg BT 176.22 175.00 Td (the ) Tj ET Q q 0 0 0 rg BT 191.84 175.00 Td (determination ) Tj ET Q q 0 0 0 rg BT 250.77 175.00 Td (of ) Tj ET Q q 0 0 0 rg BT 262.50 175.00 Td (permanent ) Tj ET Q q 0 0 0 rg BT 308.10 175.00 Td (markdowns ) Tj ET Q q 0 0 0 rg BT 358.16 175.00 Td (include ) Tj ET Q q 0 0 0 rg BT 390.99 175.00 Td (current ) Tj ET Q q 0 0 0 rg BT 422.70 175.00 Td (and ) Tj ET Q q 0 0 0 rg BT 440.54 175.00 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 487.80 175.00 Td (demand, ) Tj ET Q q 0 0 0 rg BT 525.36 175.00 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.00 Td (preferences, ) Tj ET Q q 0 0 0 rg BT 100.94 163.00 Td (age ) Tj ET Q q 0 0 0 rg BT 117.69 163.00 Td (of ) Tj ET Q q 0 0 0 rg BT 128.89 163.00 Td (the ) Tj ET Q q 0 0 0 rg BT 143.98 163.00 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 199.88 163.00 Td (fashion ) Tj ET Q q 0 0 0 rg BT 232.19 163.00 Td (and ) Tj ET Q q 0 0 0 rg BT 249.50 163.00 Td (design ) Tj ET Q q 0 0 0 rg BT 278.48 163.00 Td (trends ) Tj ET Q q 0 0 0 rg BT 305.79 163.00 Td (and ) Tj ET Q q 0 0 0 rg BT 323.09 163.00 Td (weather ) Tj ET Q q 0 0 0 rg BT 357.61 163.00 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 404.64 163.00 Td (In ) Tj ET Q q 0 0 0 rg BT 415.84 163.00 Td (addition, ) Tj ET Q q 0 0 0 rg BT 453.99 163.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 495.18 163.00 Td (is ) Tj ET Q q 0 0 0 rg BT 504.72 163.00 Td (also ) Tj ET Q q 0 0 0 rg BT 523.70 163.00 Td (evaluated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.00 Td (against ) Tj ET Q q 0 0 0 rg BT 79.38 151.00 Td (corporate ) Tj ET Q q 0 0 0 rg BT 118.69 151.00 Td (pre-determined ) Tj ET Q q 0 0 0 rg BT 181.33 151.00 Td (historical ) Tj ET Q q 0 0 0 rg BT 220.10 151.00 Td (markdown ) Tj ET Q q 0 0 0 rg BT 264.43 151.00 Td (cadences. ) Tj ET Q q 0 0 0 rg BT 304.46 151.00 Td (When ) Tj ET Q q 0 0 0 rg BT 329.89 151.00 Td (a ) Tj ET Q q 0 0 0 rg BT 335.89 151.00 Td (decision ) Tj ET Q q 0 0 0 rg BT 370.77 151.00 Td (is ) Tj ET Q q 0 0 0 rg BT 379.00 151.00 Td (made ) Tj ET Q q 0 0 0 rg BT 402.21 151.00 Td (to ) Tj ET Q q 0 0 0 rg BT 411.55 151.00 Td (permanently ) Tj ET Q q 0 0 0 rg BT 463.08 151.00 Td (mark ) Tj ET Q q 0 0 0 rg BT 485.19 151.00 Td (down ) Tj ET Q q 0 0 0 rg BT 508.97 151.00 Td (merchandise, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.00 Td (the ) Tj ET Q q 0 0 0 rg BT 63.77 139.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 100.83 139.00 Td (gross ) Tj ET Q q 0 0 0 rg BT 124.00 139.00 Td (mar) Tj ET Q q 0 0 0 rg BT 139.37 139.00 Td (gin ) Tj ET Q q 0 0 0 rg BT 154.20 139.00 Td (reduction ) Tj ET Q q 0 0 0 rg BT 194.02 139.00 Td (is ) Tj ET Q q 0 0 0 rg BT 202.75 139.00 Td (recognized ) Tj ET Q q 0 0 0 rg BT 248.67 139.00 Td (in ) Tj ET Q q 0 0 0 rg BT 258.51 139.00 Td (the ) Tj ET Q q 0 0 0 rg BT 272.78 139.00 Td (period ) Tj ET Q q 0 0 0 rg BT 300.39 139.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.66 139.00 Td (markdown ) Tj ET Q q 0 0 0 rg BT 359.49 139.00 Td (is ) Tj ET Q q 0 0 0 rg BT 368.22 139.00 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 407.60 139.00 Td (The ) Tj ET Q q 0 0 0 rg BT 425.21 139.00 Td (timing ) Tj ET Q q 0 0 0 rg BT 453.38 139.00 Td (of ) Tj ET Q q 0 0 0 rg BT 463.77 139.00 Td (the ) Tj ET Q q 0 0 0 rg BT 478.04 139.00 Td (decision, ) Tj ET Q q 0 0 0 rg BT 515.93 139.00 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.00 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 100.33 127.00 Td (the ) Tj ET Q q 0 0 0 rg BT 115.05 127.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 148.08 127.00 Td (sheet ) Tj ET Q q 0 0 0 rg BT 171.13 127.00 Td (date, ) Tj ET Q q 0 0 0 rg BT 192.78 127.00 Td (can ) Tj ET Q q 0 0 0 rg BT 209.16 127.00 Td (have ) Tj ET Q q 0 0 0 rg BT 230.54 127.00 Td (a ) Tj ET Q q 0 0 0 rg BT 237.47 127.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 282.19 127.00 Td (ef) Tj ET Q q 0 0 0 rg BT 289.77 127.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 307.26 127.00 Td (on ) Tj ET Q q 0 0 0 rg BT 319.76 127.00 Td (the ) Tj ET Q q 0 0 0 rg BT 334.48 127.00 Td (results ) Tj ET Q q 0 0 0 rg BT 363.08 127.00 Td (of ) Tj ET Q q 0 0 0 rg BT 373.91 127.00 Td (operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 101.00 Td (Income ) Tj ET Q q 0 0 0 rg BT 81.43 101.00 Td (T) Tj ET Q q 0 0 0 rg BT 86.07 101.00 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 77.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.46 77.00 Td (deferred ) Tj ET Q q 0 0 0 rg BT 139.18 77.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 153.81 77.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 179.55 77.00 Td (and ) Tj ET Q q 0 0 0 rg BT 196.40 77.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 236.03 77.00 Td (are ) Tj ET Q q 0 0 0 rg BT 250.64 77.00 Td (recognized ) Tj ET Q q 0 0 0 rg BT 296.92 77.00 Td (for ) Tj ET Q q 0 0 0 rg BT 310.99 77.00 Td (the ) Tj ET Q q 0 0 0 rg BT 325.62 77.00 Td (future ) Tj ET Q q 0 0 0 rg BT 351.91 77.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 366.53 77.00 Td (consequences ) Tj ET Q q 0 0 0 rg BT 423.92 77.00 Td (attributable ) Tj ET Q q 0 0 0 rg BT 471.87 77.00 Td (to ) Tj ET Q q 0 0 0 rg BT 482.06 77.00 Td (dif) Tj ET Q q 0 0 0 rg BT 492.99 77.00 Td (ferences ) Tj ET Q q 0 0 0 rg BT 528.70 77.00 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.00 Td (the ) Tj ET Q q 0 0 0 rg BT 63.51 65.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 100.29 65.00 Td (reporting ) Tj ET Q q 0 0 0 rg BT 138.74 65.00 Td (and ) Tj ET Q q 0 0 0 rg BT 154.97 65.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 168.98 65.00 Td (bases ) Tj ET Q q 0 0 0 rg BT 192.43 65.00 Td (of ) Tj ET Q q 0 0 0 rg BT 202.56 65.00 Td (recorded ) Tj ET Q q 0 0 0 rg BT 239.33 65.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 264.45 65.00 Td (and ) Tj ET Q q 0 0 0 rg BT 280.69 65.00 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 322.20 65.00 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 359.52 65.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 373.53 65.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 398.66 65.00 Td (and ) Tj ET Q q 0 0 0 rg BT 414.89 65.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 453.90 65.00 Td (are ) Tj ET Q q 0 0 0 rg BT 467.90 65.00 Td (measured ) Tj ET Q q 0 0 0 rg BT 508.01 65.00 Td (using ) Tj ET Q q 0 0 0 rg BT 531.48 65.00 Td (enacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.45 53.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 86.06 53.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 124.32 53.00 Td (to ) Tj ET Q q 0 0 0 rg BT 134.83 53.00 Td (apply ) Tj ET Q q 0 0 0 rg BT 159.78 53.00 Td (to ) Tj ET Q q 0 0 0 rg BT 170.29 53.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 201.89 53.00 Td (income ) Tj ET Q q 0 0 0 rg BT 234.05 53.00 Td (in ) Tj ET Q q 0 0 0 rg BT 244.56 53.00 Td (the ) Tj ET Q q 0 0 0 rg BT 259.51 53.00 Td (years ) Tj ET Q q 0 0 0 rg BT 283.34 53.00 Td (in ) Tj ET Q q 0 0 0 rg BT 293.85 53.00 Td (which ) Tj ET Q q 0 0 0 rg BT 321.02 53.00 Td (those ) Tj ET Q q 0 0 0 rg BT 344.86 53.00 Td (temporary ) Tj ET Q q 0 0 0 rg BT 388.68 53.00 Td (dif) Tj ET Q q 0 0 0 rg BT 399.61 53.00 Td (ferences ) Tj ET Q q 0 0 0 rg BT 435.65 53.00 Td (are ) Tj ET Q q 0 0 0 rg BT 450.58 53.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 488.85 53.00 Td (to ) Tj ET Q q 0 0 0 rg BT 499.36 53.00 Td (be ) Tj ET Q q 0 0 0 rg BT 511.53 53.00 Td (recovered ) Tj ET Q q 0 0 0 rg BT 553.67 53.00 Td (or ) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (settled. ) Tj ET Q q 0 0 0 rg BT 80.25 742.10 Td (For ) Tj ET Q q 0 0 0 rg BT 96.29 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.65 742.10 Td (year) Tj ET Q q 0 0 0 rg BT 127.66 742.10 Td (-ended ) Tj ET Q q 0 0 0 rg BT 157.02 742.10 Td (January ) Tj ET Q q 0 0 0 rg BT 190.26 742.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 204.91 742.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 229.56 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.14 742.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 275.50 742.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 318.18 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.66 742.10 Td ($100.1 ) Tj ET Q q 0 0 0 rg BT 358.31 742.10 Td (million ) Tj ET Q q 0 0 0 rg BT 389.35 742.10 Td (has ) Tj ET Q q 0 0 0 rg BT 404.82 742.10 Td (been ) Tj ET Q q 0 0 0 rg BT 425.85 742.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 462.97 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 476.78 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.14 742.10 Td (full ) Tj ET Q q 0 0 0 rg BT 507.18 742.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 539.32 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 742.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (net ) Tj ET Q q 0 0 0 rg BT 63.62 730.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 98.83 730.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 112.95 730.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 140.69 730.10 Td (In ) Tj ET Q q 0 0 0 rg BT 153.42 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.54 730.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 195.82 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 209.39 730.10 Td (may ) Tj ET Q q 0 0 0 rg BT 228.51 730.10 Td (record ) Tj ET Q q 0 0 0 rg BT 255.95 730.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 297.84 730.10 Td (net ) Tj ET Q q 0 0 0 rg BT 311.97 730.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 347.18 730.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 361.30 730.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 386.53 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.87 730.10 Td (if ) Tj ET Q q 0 0 0 rg BT 410.89 730.10 Td (future ) Tj ET Q q 0 0 0 rg BT 436.67 730.10 Td (utilization ) Tj ET Q q 0 0 0 rg BT 479.12 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.35 730.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 524.56 730.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.68 730.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.91 718.10 Td (uncertain, ) Tj ET Q q 0 0 0 rg BT 101.36 718.10 Td (we ) Tj ET Q q 0 0 0 rg BT 115.76 718.10 Td (may ) Tj ET Q q 0 0 0 rg BT 135.72 718.10 Td (record ) Tj ET Q q 0 0 0 rg BT 163.99 718.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 206.73 718.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 246.68 718.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 289.95 718.10 Td (against ) Tj ET Q q 0 0 0 rg BT 321.02 718.10 Td (such ) Tj ET Q q 0 0 0 rg BT 342.09 718.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 378.14 718.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 393.10 718.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 421.67 718.10 Td (In ) Tj ET Q q 0 0 0 rg BT 432.74 718.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 477.13 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.21 718.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 521.50 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.02 718.10 Td (recover ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.88 706.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 102.23 706.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 117.50 706.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 143.88 706.10 Td (within ) Tj ET Q q 0 0 0 rg BT 172.49 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.75 706.10 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 236.35 706.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.84 706.10 Td (which ) Tj ET Q q 0 0 0 rg BT 286.33 706.10 Td (they ) Tj ET Q q 0 0 0 rg BT 306.59 706.10 Td (arise, ) Tj ET Q q 0 0 0 rg BT 331.02 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 345.73 706.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 382.66 706.10 Td (all ) Tj ET Q q 0 0 0 rg BT 395.70 706.10 Td (available ) Tj ET Q q 0 0 0 rg BT 434.84 706.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 469.55 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.04 706.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 523.96 706.10 Td (evidence, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.24 694.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 133.18 694.10 Td (reversals ) Tj ET Q q 0 0 0 rg BT 171.68 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.98 694.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 219.25 694.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 234.43 694.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 277.11 694.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 317.27 694.10 Td (future ) Tj ET Q q 0 0 0 rg BT 344.11 694.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 375.95 694.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 410.84 694.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 426.02 694.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 463.98 694.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 507.21 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.61 694.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.68 694.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 76.17 682.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 122.58 682.10 Td (In ) Tj ET Q q 0 0 0 rg BT 133.15 682.10 Td (projecting ) Tj ET Q q 0 0 0 rg BT 175.95 682.10 Td (future ) Tj ET Q q 0 0 0 rg BT 202.07 682.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 233.19 682.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 267.37 682.10 Td (we ) Tj ET Q q 0 0 0 rg BT 281.28 682.10 Td (begin ) Tj ET Q q 0 0 0 rg BT 305.75 682.10 Td (with ) Tj ET Q q 0 0 0 rg BT 325.77 682.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 365.23 682.10 Td (results ) Tj ET Q q 0 0 0 rg BT 393.59 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.28 682.10 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 458.06 682.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 509.76 682.10 Td (including ) Tj ET Q q 0 0 0 rg BT 549.78 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.70 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.24 670.10 Td (future ) Tj ET Q q 0 0 0 rg BT 124.32 670.10 Td (state, ) Tj ET Q q 0 0 0 rg BT 149.35 670.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 181.31 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.95 670.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 233.04 670.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 265.56 670.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 307.53 670.10 Td (income ) Tj ET Q q 0 0 0 rg BT 341.17 670.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 370.09 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.51 670.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 422.37 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.90 670.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 480.20 670.10 Td (dif) Tj ET Q q 0 0 0 rg BT 491.13 670.10 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 531.14 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.78 670.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 114.02 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.11 658.10 Td (feasible ) Tj ET Q q 0 0 0 rg BT 156.97 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.16 658.10 Td (prudent ) Tj ET Q q 0 0 0 rg BT 205.47 658.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 219.45 658.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 256.20 658.10 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 298.10 658.10 Td (These ) Tj ET Q q 0 0 0 rg BT 323.73 658.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 374.94 658.10 Td (require ) Tj ET Q q 0 0 0 rg BT 405.01 658.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 448.98 658.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 488.52 658.10 Td (about ) Tj ET Q q 0 0 0 rg BT 512.49 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.47 658.10 Td (forecasts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 646.10 Td (future ) Tj ET Q q 0 0 0 rg BT 86.71 646.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 118.08 646.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 625.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 625.10 Td (e ) Tj ET Q q 0 0 0 rg BT 100.30 625.10 Td (account ) Tj ET Q q 0 0 0 rg BT 133.11 625.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.49 625.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 199.30 625.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.80 625.10 Td (income ) Tj ET Q q 0 0 0 rg BT 239.96 625.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 262.23 625.10 Td (according ) Tj ET Q q 0 0 0 rg BT 303.37 625.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.87 625.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 358.46 625.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 397.95 625.10 Td (for ) Tj ET Q q 0 0 0 rg BT 411.33 625.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 450.26 625.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 464.20 625.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 504.41 625.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.05 625.10 Td (e ) Tj ET Q q 0 0 0 rg BT 519.21 625.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.14 625.10 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 613.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.91 613.10 Td (a ) Tj ET Q q 0 0 0 rg BT 66.97 613.10 Td (lar) Tj ET Q q 0 0 0 rg BT 77.34 613.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 89.41 613.10 Td (number ) Tj ET Q q 0 0 0 rg BT 122.58 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.54 613.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 165.04 613.10 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 219.61 613.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.68 613.10 Td (at ) Tj ET Q q 0 0 0 rg BT 246.52 613.10 Td (any ) Tj ET Q q 0 0 0 rg BT 263.59 613.10 Td (point ) Tj ET Q q 0 0 0 rg BT 286.78 613.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.18 613.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 320.09 613.10 Td (can ) Tj ET Q q 0 0 0 rg BT 336.59 613.10 Td (have ) Tj ET Q q 0 0 0 rg BT 358.10 613.10 Td (audits ) Tj ET Q q 0 0 0 rg BT 384.61 613.10 Td (underway ) Tj ET Q q 0 0 0 rg BT 426.67 613.10 Td (at ) Tj ET Q q 0 0 0 rg BT 436.51 613.10 Td (various ) Tj ET Q q 0 0 0 rg BT 468.58 613.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 495.65 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.61 613.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 554.22 613.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 601.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.07 601.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.54 601.10 Td (these ) Tj ET Q q 0 0 0 rg BT 99.22 601.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 153.14 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.78 601.10 Td (e ) Tj ET Q q 0 0 0 rg BT 168.35 601.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 203.79 601.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.26 601.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 233.61 601.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 271.86 601.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.43 601.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 325.56 601.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 364.91 601.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.71 601.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 418.04 601.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.39 601.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 470.64 601.10 Td (that ) Tj ET Q q 0 0 0 rg BT 487.77 601.10 Td (may ) Tj ET Q q 0 0 0 rg BT 507.12 601.10 Td (be ) Tj ET Q q 0 0 0 rg BT 518.70 601.10 Td (challenged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 589.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.97 589.10 Td (local ) Tj ET Q q 0 0 0 rg BT 85.88 589.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 131.56 589.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.47 589.10 Td (may ) Tj ET Q q 0 0 0 rg BT 170.16 589.10 Td (not ) Tj ET Q q 0 0 0 rg BT 186.41 589.10 Td (be ) Tj ET Q q 0 0 0 rg BT 199.32 589.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 221.68 589.10 Td (sustained, ) Tj ET Q q 0 0 0 rg BT 264.87 589.10 Td (despite ) Tj ET Q q 0 0 0 rg BT 296.66 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.35 589.10 Td (belief ) Tj ET Q q 0 0 0 rg BT 338.59 589.10 Td (that ) Tj ET Q q 0 0 0 rg BT 357.05 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.74 589.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 419.54 589.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 435.23 589.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 474.82 589.10 Td (are ) Tj ET Q q 0 0 0 rg BT 490.50 589.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 512.85 589.10 Td (supportable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.10 Td (Unrecognized ) Tj ET Q q 0 0 0 rg BT 107.17 577.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 120.98 577.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 154.22 577.10 Td (are ) Tj ET Q q 0 0 0 rg BT 168.02 577.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 206.25 577.10 Td (on ) Tj ET Q q 0 0 0 rg BT 217.84 577.10 Td (an ) Tj ET Q q 0 0 0 rg BT 228.87 577.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 263.23 577.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 284.82 577.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.85 577.10 Td (are ) Tj ET Q q 0 0 0 rg BT 314.64 577.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 349.56 577.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.92 577.10 Td (light ) Tj ET Q q 0 0 0 rg BT 378.85 577.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.77 577.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 427.01 577.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 447.47 577.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.50 577.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 524.23 577.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 86.06 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.08 565.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 111.98 565.10 Td (audits, ) Tj ET Q q 0 0 0 rg BT 141.05 565.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 199.27 565.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.73 565.10 Td (case ) Tj ET Q q 0 0 0 rg BT 229.62 565.10 Td (law) Tj ET Q q 0 0 0 rg BT 243.41 565.10 Td (, ) Tj ET Q q 0 0 0 rg BT 248.60 565.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.72 565.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 297.29 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.30 565.10 Td (statutes ) Tj ET Q q 0 0 0 rg BT 340.98 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.99 565.10 Td (limitation. ) Tj ET Q q 0 0 0 rg BT 396.06 565.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.75 565.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 421.43 565.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 471.89 565.10 Td (are ) Tj ET Q q 0 0 0 rg BT 486.78 565.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 524.43 565.10 Td (in ) Tj ET Q q 0 0 0 rg BT 534.89 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 549.79 565.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 90.25 553.10 Td (as ) Tj ET Q q 0 0 0 rg BT 101.55 553.10 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 152.55 553.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.52 553.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 193.48 553.10 Td (to ) Tj ET Q q 0 0 0 rg BT 204.23 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.20 553.10 Td (T) Tj ET Q q 0 0 0 rg BT 224.61 553.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 237.02 553.10 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 270.44 553.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 320.33 553.10 Td (which ) Tj ET Q q 0 0 0 rg BT 347.74 553.10 Td (governs ) Tj ET Q q 0 0 0 rg BT 382.37 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.56 553.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 423.30 553.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.71 553.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 488.12 553.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.42 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.61 553.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 544.23 553.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 79.73 541.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.43 541.10 Td (pre-Separation ) Tj ET Q q 0 0 0 rg BT 150.21 541.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.57 541.10 Td (post-Separation ) Tj ET Q q 0 0 0 rg BT 231.25 541.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 245.39 541.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 279.24 541.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 302.82 541.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 341.41 541.10 Td (is ) Tj ET Q q 0 0 0 rg BT 350.00 541.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 397.46 541.10 Td (for ) Tj ET Q q 0 0 0 rg BT 411.04 541.10 Td (any ) Tj ET Q q 0 0 0 rg BT 427.40 541.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 483.18 541.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 497.32 541.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 530.89 541.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 529.10 Td (date ) Tj ET Q q 0 0 0 rg BT 83.37 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.20 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.92 529.10 Td (Separation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 508.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 132.66 508.10 Td (management ) Tj ET Q q 0 0 0 rg BT 187.02 508.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 228.07 508.10 Td (is ) Tj ET Q q 0 0 0 rg BT 238.02 508.10 Td (required ) Tj ET Q q 0 0 0 rg BT 274.61 508.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.67 508.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 337.26 508.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.87 508.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 394.92 508.10 Td (for ) Tj ET Q q 0 0 0 rg BT 409.86 508.10 Td (income ) Tj ET Q q 0 0 0 rg BT 442.57 508.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 468.89 508.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 505.48 508.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 520.97 508.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 547.58 508.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 88.83 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.39 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.72 496.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 159.05 496.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 201.70 496.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 238.79 496.10 Td (against ) Tj ET Q q 0 0 0 rg BT 269.23 496.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.68 496.10 Td (net ) Tj ET Q q 0 0 0 rg BT 299.01 496.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 334.44 496.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 348.77 496.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 376.72 496.10 Td (if ) Tj ET Q q 0 0 0 rg BT 384.94 496.10 Td (any) Tj ET Q q 0 0 0 rg BT 398.73 496.10 Td (. ) Tj ET Q q 0 0 0 rg BT 402.88 496.10 Td (As ) Tj ET Q q 0 0 0 rg BT 416.11 496.10 Td (further ) Tj ET Q q 0 0 0 rg BT 445.43 496.10 Td (described ) Tj ET Q q 0 0 0 rg BT 485.87 496.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 514.36 496.10 Td (we ) Tj ET Q q 0 0 0 rg BT 528.14 496.10 Td (consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.62 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.85 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.97 484.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 148.88 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.22 484.10 Td (character ) Tj ET Q q 0 0 0 rg BT 205.75 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.99 484.10 Td (future ) Tj ET Q q 0 0 0 rg BT 243.77 484.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 275.55 484.10 Td (income ) Tj ET Q q 0 0 0 rg BT 307.89 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.57 484.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 358.70 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.82 484.10 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 417.28 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.51 484.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 473.62 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.85 484.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 521.06 484.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 536.18 484.10 Td (assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.95 472.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 92.72 472.10 Td (ef) Tj ET Q q 0 0 0 rg BT 100.30 472.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 129.40 472.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 143.51 472.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 160.40 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.73 472.10 Td (income ) Tj ET Q q 0 0 0 rg BT 208.06 472.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 222.17 472.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 256.28 472.10 Td (could ) Tj ET Q q 0 0 0 rg BT 280.39 472.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 300.05 472.10 Td (from ) Tj ET Q q 0 0 0 rg BT 321.39 472.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 361.60 472.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 397.39 472.10 Td (due ) Tj ET Q q 0 0 0 rg BT 413.72 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.40 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.51 472.10 Td (future ) Tj ET Q q 0 0 0 rg BT 463.28 472.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 496.28 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.51 472.10 Td (various ) Tj ET Q q 0 0 0 rg BT 537.84 472.10 Td (items, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.68 460.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 126.29 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.47 460.10 Td (income ) Tj ET Q q 0 0 0 rg BT 170.31 460.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 185.93 460.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 210.16 460.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 225.78 460.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 264.18 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.02 460.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.75 460.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 343.24 460.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.62 460.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 422.80 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.64 460.10 Td (results ) Tj ET Q q 0 0 0 rg BT 470.15 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.89 460.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 526.95 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.13 460.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 83.39 448.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 123.67 448.10 Td (we ) Tj ET Q q 0 0 0 rg BT 137.83 448.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 169.20 448.10 Td (current ) Tj ET Q q 0 0 0 rg BT 200.01 448.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 239.72 448.10 Td (are ) Tj ET Q q 0 0 0 rg BT 254.43 448.10 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 302.19 448.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 328.56 448.10 Td (results ) Tj ET Q q 0 0 0 rg BT 357.17 448.10 Td (could ) Tj ET Q q 0 0 0 rg BT 381.88 448.10 Td (dif) Tj ET Q q 0 0 0 rg BT 392.81 448.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 406.41 448.10 Td (from ) Tj ET Q q 0 0 0 rg BT 428.35 448.10 Td (these ) Tj ET Q q 0 0 0 rg BT 451.39 448.10 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 427.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.73 427.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 144.59 427.10 Td (with ) Tj ET Q q 0 0 0 rg BT 165.27 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.18 427.10 Td (T) Tj ET Q q 0 0 0 rg BT 185.59 427.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 197.93 427.10 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 231.30 427.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 281.13 427.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 305.69 427.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 345.26 427.10 Td (is ) Tj ET Q q 0 0 0 rg BT 354.83 427.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 403.28 427.10 Td (for ) Tj ET Q q 0 0 0 rg BT 417.85 427.10 Td (any ) Tj ET Q q 0 0 0 rg BT 435.19 427.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 468.34 427.10 Td (state ) Tj ET Q q 0 0 0 rg BT 489.57 427.10 Td (or ) Tj ET Q q 0 0 0 rg BT 500.80 427.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 532.58 427.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.22 415.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 97.83 415.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 130.87 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.15 415.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 155.86 415.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 187.80 415.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 217.52 415.10 Td (on ) Tj ET Q q 0 0 0 rg BT 230.02 415.10 Td (or ) Tj ET Q q 0 0 0 rg BT 240.85 415.10 Td (before ) Tj ET Q q 0 0 0 rg BT 268.88 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.60 415.10 Td (Separation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 89.23 389.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 138.21 389.10 Td (Assessment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 365.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 365.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.38 365.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 139.16 365.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.40 365.10 Td ($167.0 ) Tj ET Q q 0 0 0 rg BT 176.70 365.10 Td (million ) Tj ET Q q 0 0 0 rg BT 208.40 365.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 247.30 365.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 285.66 365.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 334.56 365.10 Td (char) Tj ET Q q 0 0 0 rg BT 351.58 365.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 363.83 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.41 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.43 365.10 Td (third ) Tj ET Q q 0 0 0 rg BT 411.12 365.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 442.23 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.37 365.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 477.82 365.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 503.13 365.10 Td (which ) Tj ET Q q 0 0 0 rg BT 530.37 365.10 Td (reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.06 353.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 102.85 353.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 135.61 353.10 Td (as ) Tj ET Q q 0 0 0 rg BT 146.17 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.74 353.10 Td (January ) Tj ET Q q 0 0 0 rg BT 190.07 353.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 204.80 353.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 227.03 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.04 353.10 Td ($0. ) Tj ET Q q 0 0 0 rg BT 251.77 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.84 353.10 Td (This ) Tj ET Q q 0 0 0 rg BT 273.85 353.10 Td (char) Tj ET Q q 0 0 0 rg BT 290.88 353.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 302.55 353.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 336.43 353.10 Td (from ) Tj ET Q q 0 0 0 rg BT 358.10 353.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.67 353.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 417.55 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.11 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.56 353.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 478.10 353.10 Td (value ) Tj ET Q q 0 0 0 rg BT 501.99 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.55 353.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 550.34 353.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 85.36 341.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 134.53 341.10 Td (under ) Tj ET Q q 0 0 0 rg BT 160.38 341.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 207.33 341.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 248.17 341.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 291.80 341.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 330.43 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.95 341.10 Td (other ) Tj ET Q q 0 0 0 rg BT 371.57 341.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 414.64 341.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 443.55 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.40 341.10 Td (W) Tj ET Q q 0 0 0 rg BT 455.04 341.10 Td (e ) Tj ET Q q 0 0 0 rg BT 462.56 341.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 502.28 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.58 341.10 Td (Hometown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 76.72 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.38 329.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 119.54 329.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 162.85 329.10 Td (Showrooms ) Tj ET Q q 0 0 0 rg BT 212.86 329.10 Td (\("Hometown ) Tj ET Q q 0 0 0 rg BT 266.92 329.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 309.14 329.10 Td (Unit"\) ) Tj ET Q q 0 0 0 rg BT 336.55 329.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 374.32 329.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.20 329.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 436.52 329.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 473.17 329.10 Td (at ) Tj ET Q q 0 0 0 rg BT 482.60 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.04 329.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 539.25 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 329.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 77.67 317.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 103.05 317.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 135.10 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.27 317.10 Td (whenever ) Tj ET Q q 0 0 0 rg BT 195.86 317.10 Td (events ) Tj ET Q q 0 0 0 rg BT 225.14 317.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.20 317.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 273.13 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.64 317.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 345.01 317.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 385.39 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.34 317.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 438.38 317.10 Td (value ) Tj ET Q q 0 0 0 rg BT 463.77 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.83 317.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 515.11 317.10 Td (may ) Tj ET Q q 0 0 0 rg BT 536.06 317.10 Td (not ) Tj ET Q q 0 0 0 rg BT 552.57 317.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 101.72 305.10 Td (The ) Tj ET Q q 0 0 0 rg BT 120.59 305.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 159.47 305.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 208.89 305.10 Td (test ) Tj ET Q q 0 0 0 rg BT 226.11 305.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 264.43 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 272.19 305.10 Td (two-step ) Tj ET Q q 0 0 0 rg BT 309.95 305.10 Td (process. ) Tj ET Q q 0 0 0 rg BT 345.77 305.10 Td (In ) Tj ET Q q 0 0 0 rg BT 357.42 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.97 305.10 Td (first ) Tj ET Q q 0 0 0 rg BT 392.40 305.10 Td (step, ) Tj ET Q q 0 0 0 rg BT 414.33 305.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 437.66 305.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 480.41 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.95 305.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 513.16 305.10 Td (value ) Tj ET Q q 0 0 0 rg BT 538.14 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 305.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 96.80 293.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 139.65 293.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 160.29 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.93 293.10 Td (its ) Tj ET Q q 0 0 0 rg BT 183.23 293.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 219.41 293.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 246.42 293.10 Td (If ) Tj ET Q q 0 0 0 rg BT 255.94 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.02 293.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 287.75 293.10 Td (value ) Tj ET Q q 0 0 0 rg BT 312.27 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.46 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.53 293.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 385.83 293.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 428.68 293.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 449.32 293.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 489.37 293.10 Td (its ) Tj ET Q q 0 0 0 rg BT 501.68 293.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 537.85 293.10 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 87.69 281.10 Td (is ) Tj ET Q q 0 0 0 rg BT 96.99 281.10 Td (not ) Tj ET Q q 0 0 0 rg BT 112.40 281.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 150.57 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.64 281.10 Td (no ) Tj ET Q q 0 0 0 rg BT 180.28 281.10 Td (further ) Tj ET Q q 0 0 0 rg BT 210.12 281.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 239.41 281.10 Td (was ) Tj ET Q q 0 0 0 rg BT 257.60 281.10 Td (required. ) Tj ET Q q 0 0 0 rg BT 296.04 281.10 Td (If ) Tj ET Q q 0 0 0 rg BT 305.33 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.18 281.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 336.69 281.10 Td (value ) Tj ET Q q 0 0 0 rg BT 360.98 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.94 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.79 281.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 433.86 281.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 476.49 281.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 496.90 281.10 Td (was ) Tj ET Q q 0 0 0 rg BT 515.08 281.10 Td (less ) Tj ET Q q 0 0 0 rg BT 532.71 281.10 Td (than ) Tj ET Q q 0 0 0 rg BT 552.56 281.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 84.85 269.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 111.03 269.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 133.07 269.10 Td (must ) Tj ET Q q 0 0 0 rg BT 154.54 269.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 188.78 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.03 269.10 Td (second ) Tj ET Q q 0 0 0 rg BT 232.83 269.10 Td (step ) Tj ET Q q 0 0 0 rg BT 250.97 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.33 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.57 269.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 323.70 269.10 Td (test ) Tj ET Q q 0 0 0 rg BT 339.62 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.43 269.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 384.77 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.02 269.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 431.05 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.41 269.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 489.54 269.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 509.63 269.10 Td (In ) Tj ET Q q 0 0 0 rg BT 519.99 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.24 269.10 Td (second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (step, ) Tj ET Q q 0 0 0 rg BT 70.51 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.13 257.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 131.97 257.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 174.37 257.10 Td (Unit's ) Tj ET Q q 0 0 0 rg BT 200.24 257.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 216.52 257.10 Td (value ) Tj ET Q q 0 0 0 rg BT 240.58 257.10 Td (was ) Tj ET Q q 0 0 0 rg BT 258.53 257.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 297.02 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.21 257.10 Td (all ) Tj ET Q q 0 0 0 rg BT 319.60 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.33 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.95 257.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.69 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.53 257.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 427.15 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.88 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.50 257.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 499.34 257.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 541.74 257.10 Td (Unit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.06 245.10 Td (any ) Tj ET Q q 0 0 0 rg BT 107.28 245.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 163.93 245.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 206.71 245.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 235.32 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.89 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.11 245.10 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 305.33 245.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 340.33 245.10 Td (that ) Tj ET Q q 0 0 0 rg BT 358.11 245.10 Td (calculates ) Tj ET Q q 0 0 0 rg BT 400.31 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.32 245.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 448.65 245.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 465.32 245.10 Td (value ) Tj ET Q q 0 0 0 rg BT 489.76 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.87 245.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 539.21 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 245.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (same ) Tj ET Q q 0 0 0 rg BT 72.57 233.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 105.07 233.10 Td (as ) Tj ET Q q 0 0 0 rg BT 115.93 233.10 Td (if ) Tj ET Q q 0 0 0 rg BT 124.55 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.29 233.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 186.25 233.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 228.77 233.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 249.07 233.10 Td (were ) Tj ET Q q 0 0 0 rg BT 271.02 233.10 Td (being ) Tj ET Q q 0 0 0 rg BT 295.75 233.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 332.70 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.00 233.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.96 233.10 Td (business ) Tj ET Q q 0 0 0 rg BT 386.37 233.10 Td (combination. ) Tj ET Q q 0 0 0 rg BT 441.38 233.10 Td (If ) Tj ET Q q 0 0 0 rg BT 450.56 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.30 233.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 498.37 233.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 514.77 233.10 Td (value ) Tj ET Q q 0 0 0 rg BT 538.95 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 233.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 96.06 221.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 138.18 221.10 Td (Unit's ) Tj ET Q q 0 0 0 rg BT 163.78 221.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 201.46 221.10 Td (was ) Tj ET Q q 0 0 0 rg BT 219.13 221.10 Td (less ) Tj ET Q q 0 0 0 rg BT 236.26 221.10 Td (than ) Tj ET Q q 0 0 0 rg BT 255.60 221.10 Td (its ) Tj ET Q q 0 0 0 rg BT 267.17 221.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 302.61 221.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 328.89 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.23 221.10 Td (dif) Tj ET Q q 0 0 0 rg BT 354.16 221.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 385.70 221.10 Td (was ) Tj ET Q q 0 0 0 rg BT 403.37 221.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 440.47 221.10 Td (as ) Tj ET Q q 0 0 0 rg BT 450.93 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 457.49 221.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 495.71 221.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 543.93 221.10 Td (loss. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 204.10 Td (During ) Tj ET Q q 0 0 0 rg BT 115.82 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.02 204.10 Td (third ) Tj ET Q q 0 0 0 rg BT 150.90 204.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 181.20 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.52 204.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 215.16 204.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 239.65 204.10 Td (we ) Tj ET Q q 0 0 0 rg BT 253.29 204.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 300.26 204.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.24 204.10 Td (suf) Tj ET Q q 0 0 0 rg BT 329.28 204.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 356.81 204.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 398.23 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.55 204.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 445.53 204.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 493.62 204.10 Td (existed ) Tj ET Q q 0 0 0 rg BT 523.93 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.69 204.10 Td (require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.07 192.10 Td (we ) Tj ET Q q 0 0 0 rg BT 79.30 192.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 112.53 192.10 Td (an ) Tj ET Q q 0 0 0 rg BT 123.55 192.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 154.00 192.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 201.68 192.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 235.47 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.37 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.17 192.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 305.18 192.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 346.75 192.10 Td (Unit's ) Tj ET Q q 0 0 0 rg BT 371.79 192.10 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 411.31 192.10 Td (These ) Tj ET Q q 0 0 0 rg BT 436.76 192.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 477.77 192.10 Td (included ) Tj ET Q q 0 0 0 rg BT 513.78 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 519.79 192.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.66 180.10 Td (sustained ) Tj ET Q q 0 0 0 rg BT 106.61 180.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 138.21 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.71 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.65 180.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 190.80 180.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 221.85 180.10 Td (values ) Tj ET Q q 0 0 0 rg BT 250.13 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.18 180.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 289.61 180.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 315.94 180.10 Td (coupled ) Tj ET Q q 0 0 0 rg BT 350.32 180.10 Td (with ) Tj ET Q q 0 0 0 rg BT 370.83 180.10 Td (market ) Tj ET Q q 0 0 0 rg BT 401.32 180.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 445.71 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.87 180.10 Td (business ) Tj ET Q q 0 0 0 rg BT 499.49 180.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 526.66 180.10 Td (af) Tj ET Q q 0 0 0 rg BT 534.24 180.10 Td (fecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.02 168.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 108.77 168.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 150.07 168.10 Td (Unit. ) Tj ET Q q 0 0 0 rg BT 171.56 168.10 Td (The ) Tj ET Q q 0 0 0 rg BT 188.41 168.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 221.37 168.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.44 168.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 288.96 168.10 Td (were ) Tj ET Q q 0 0 0 rg BT 309.69 168.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 343.76 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.85 168.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 385.80 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.54 168.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 450.62 168.10 Td (for ) Tj ET Q q 0 0 0 rg BT 463.58 168.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 486.54 168.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 510.35 168.10 Td (Merchandise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.89 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.51 156.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 123.02 156.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 145.86 156.10 Td (were ) Tj ET Q q 0 0 0 rg BT 168.14 156.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 207.64 156.10 Td (by ) Tj ET Q q 0 0 0 rg BT 220.49 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.55 156.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 263.96 156.10 Td (promotional ) Tj ET Q q 0 0 0 rg BT 315.69 156.10 Td (environment, ) Tj ET Q q 0 0 0 rg BT 371.58 156.10 Td (along ) Tj ET Q q 0 0 0 rg BT 396.64 156.10 Td (with ) Tj ET Q q 0 0 0 rg BT 417.27 156.10 Td (other ) Tj ET Q q 0 0 0 rg BT 440.66 156.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 470.72 156.10 Td (that ) Tj ET Q q 0 0 0 rg BT 488.56 156.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 518.62 156.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 554.23 156.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 98.64 144.10 Td (store ) Tj ET Q q 0 0 0 rg BT 120.58 144.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 142.52 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.46 144.10 Td (related ) Tj ET Q q 0 0 0 rg BT 189.16 144.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 239.43 144.10 Td (below ) Tj ET Q q 0 0 0 rg BT 266.37 144.10 Td (expectations ) Tj ET Q q 0 0 0 rg BT 318.85 144.10 Td (for ) Tj ET Q q 0 0 0 rg BT 333.01 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.72 144.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 394.66 144.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 437.16 144.10 Td (Unit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 127.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 107.75 127.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 148.33 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.79 127.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 178.92 127.10 Td (value ) Tj ET Q q 0 0 0 rg BT 202.82 127.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.40 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.87 127.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 274.56 127.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 316.80 127.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 336.83 127.10 Td (using ) Tj ET Q q 0 0 0 rg BT 360.75 127.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.44 127.10 Td (weighting ) Tj ET Q q 0 0 0 rg BT 409.69 127.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.27 127.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 436.39 127.10 Td (values ) Tj ET Q q 0 0 0 rg BT 464.19 127.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 496.43 127.10 Td (from ) Tj ET Q q 0 0 0 rg BT 518.11 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.58 127.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 88.67 115.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.64 115.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.38 115.10 Td (market ) Tj ET Q q 0 0 0 rg BT 150.67 115.10 Td (approach. ) Tj ET Q q 0 0 0 rg BT 192.34 115.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 219.86 115.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.60 115.10 Td (income ) Tj ET Q q 0 0 0 rg BT 266.56 115.10 Td (approach, ) Tj ET Q q 0 0 0 rg BT 308.23 115.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 330.76 115.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 373.81 115.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.56 115.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 404.96 115.10 Td (value ) Tj ET Q q 0 0 0 rg BT 429.14 115.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.00 115.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.74 115.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 501.70 115.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 544.22 115.10 Td (Unit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.68 103.10 Td (on ) Tj ET Q q 0 0 0 rg BT 87.08 103.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.71 103.10 Td (present ) Tj ET Q q 0 0 0 rg BT 132.99 103.10 Td (value ) Tj ET Q q 0 0 0 rg BT 157.05 103.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.79 103.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.42 103.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 229.26 103.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 271.66 103.10 Td (Unit's ) Tj ET Q q 0 0 0 rg BT 297.54 103.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 338.27 103.10 Td (future ) Tj ET Q q 0 0 0 rg BT 364.55 103.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 384.73 103.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 411.68 103.10 Td (The ) Tj ET Q q 0 0 0 rg BT 429.64 103.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 449.81 103.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 470.55 103.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 517.39 103.10 Td (were ) Tj ET Q q 0 0 0 rg BT 539.23 103.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.10 Td (on ) Tj ET Q q 0 0 0 rg BT 60.81 91.10 Td (management's ) Tj ET Q q 0 0 0 rg BT 118.91 91.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 157.43 91.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.08 91.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 200.04 91.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 229.68 91.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 249.87 91.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.62 91.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 304.70 91.10 Td (mar) Tj ET Q q 0 0 0 rg BT 320.07 91.10 Td (gins, ) Tj ET Q q 0 0 0 rg BT 340.55 91.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 366.86 91.10 Td (into ) Tj ET Q q 0 0 0 rg BT 383.73 91.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 438.91 91.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 473.01 91.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.76 91.10 Td (market ) Tj ET Q q 0 0 0 rg BT 517.83 91.10 Td (conditions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 72.18 79.10 Td (used ) Tj ET Q q 0 0 0 rg BT 93.18 79.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.29 79.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 136.85 79.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 154.51 79.10 Td (that ) Tj ET Q q 0 0 0 rg BT 172.17 79.10 Td (was ) Tj ET Q q 0 0 0 rg BT 190.40 79.10 Td (based ) Tj ET Q q 0 0 0 rg BT 215.84 79.10 Td (on ) Tj ET Q q 0 0 0 rg BT 228.51 79.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.62 79.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 274.95 79.10 Td (average ) Tj ET Q q 0 0 0 rg BT 308.71 79.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 327.49 79.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.49 79.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 367.81 79.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 403.81 79.10 Td (for ) Tj ET Q q 0 0 0 rg BT 418.14 79.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.03 79.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 467.91 79.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 485.58 79.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 529.35 79.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.80 79.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 109.20 67.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.05 67.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.79 67.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 181.74 67.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 224.25 67.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 244.55 67.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.50 67.10 Td (its ) Tj ET Q q 0 0 0 rg BT 273.47 67.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 313.19 67.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 333.47 67.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 360.71 67.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 388.93 67.10 Td (market ) Tj ET Q q 0 0 0 rg BT 419.21 67.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 458.37 67.10 Td (used ) Tj ET Q q 0 0 0 rg BT 479.22 67.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 520.06 67.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.45 67.10 Td (values ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (based ) Tj ET Q q 0 0 0 rg BT 76.01 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 89.76 742.10 Td (market ) Tj ET Q q 0 0 0 rg BT 121.26 742.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 162.23 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.30 742.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 209.69 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.88 742.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 265.50 742.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 299.23 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 322.41 742.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 372.79 742.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 409.31 742.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 438.04 742.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 484.55 742.10 Td (with ) Tj ET Q q 0 0 0 rg BT 506.07 742.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 547.58 742.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.50 730.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 154.82 730.10 Td (that ) Tj ET Q q 0 0 0 rg BT 171.93 730.10 Td (were ) Tj ET Q q 0 0 0 rg BT 193.49 730.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 242.25 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.15 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.49 730.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 306.38 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.94 730.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.94 730.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 428.25 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.71 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.05 730.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 499.61 730.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 541.73 730.10 Td (Unit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 104.31 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.24 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.61 713.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 175.75 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.34 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.71 713.10 Td (ef) Tj ET Q q 0 0 0 rg BT 214.29 713.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 230.88 713.10 Td (required ) Tj ET Q q 0 0 0 rg BT 266.35 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.28 713.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 311.75 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.12 713.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 342.15 713.10 Td (value ) Tj ET Q q 0 0 0 rg BT 365.95 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.43 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.80 713.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 437.39 713.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 479.54 713.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 499.46 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 513.28 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.64 713.10 Td (first ) Tj ET Q q 0 0 0 rg BT 545.90 713.10 Td (step ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.43 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.24 701.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 123.93 701.10 Td (test ) Tj ET Q q 0 0 0 rg BT 140.41 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.45 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.82 701.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 203.74 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.55 701.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 235.02 701.10 Td (values ) Tj ET Q q 0 0 0 rg BT 263.16 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.09 701.10 Td (all ) Tj ET Q q 0 0 0 rg BT 286.68 701.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 312.60 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.64 701.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 369.45 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.37 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.19 701.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 442.22 701.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 484.81 701.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 505.18 701.10 Td (for ) Tj ET Q q 0 0 0 rg BT 519.44 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.25 701.10 Td (second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (step ) Tj ET Q q 0 0 0 rg BT 68.20 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.12 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.93 689.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 142.62 689.10 Td (test, ) Tj ET Q q 0 0 0 rg BT 161.59 689.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 184.19 689.10 Td (used ) Tj ET Q q 0 0 0 rg BT 205.11 689.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 221.58 689.10 Td (value ) Tj ET Q q 0 0 0 rg BT 245.82 689.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 285.62 689.10 Td (that ) Tj ET Q q 0 0 0 rg BT 303.21 689.10 Td (were ) Tj ET Q q 0 0 0 rg BT 325.23 689.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 357.80 689.10 Td (based ) Tj ET Q q 0 0 0 rg BT 383.16 689.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.75 689.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 447.79 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.82 689.10 Td (analyses ) Tj ET Q q 0 0 0 rg BT 501.29 689.10 Td (that ) Tj ET Q q 0 0 0 rg BT 518.87 689.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.67 689.10 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.83 677.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 102.66 677.10 Td (SHO) Tj ET Q q 0 0 0 rg BT 125.45 677.10 Td (s ) Tj ET Q q 0 0 0 rg BT 131.89 677.10 Td (first-step ) Tj ET Q q 0 0 0 rg BT 169.99 677.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 214.20 677.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 257.85 677.10 Td (that ) Tj ET Q q 0 0 0 rg BT 275.40 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.17 677.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 306.60 677.10 Td (value ) Tj ET Q q 0 0 0 rg BT 330.81 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.70 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.47 677.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 403.46 677.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 446.01 677.10 Td (Unit ) Tj ET Q q 0 0 0 rg BT 466.35 677.10 Td (was ) Tj ET Q q 0 0 0 rg BT 484.46 677.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 537.56 677.10 Td (below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (its ) Tj ET Q q 0 0 0 rg BT 61.39 665.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 97.15 665.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 123.75 665.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 150.64 665.10 Td (on ) Tj ET Q q 0 0 0 rg BT 163.08 665.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 191.23 665.10 Td (second-step ) Tj ET Q q 0 0 0 rg BT 240.88 665.10 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 279.70 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.36 665.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 327.36 665.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 343.68 665.10 Td (value ) Tj ET Q q 0 0 0 rg BT 367.78 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.56 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.22 665.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 440.11 665.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 482.55 665.10 Td (Unit's ) Tj ET Q q 0 0 0 rg BT 508.46 665.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 546.46 665.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td ($0. ) Tj ET Q q 0 0 0 rg BT 63.44 653.10 Td (As ) Tj ET Q q 0 0 0 rg BT 76.39 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 82.67 653.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 109.23 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.51 653.10 Td (full ) Tj ET Q q 0 0 0 rg BT 131.24 653.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 179.18 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.35 653.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 226.75 653.10 Td (was ) Tj ET Q q 0 0 0 rg BT 244.15 653.10 Td (required ) Tj ET Q q 0 0 0 rg BT 279.30 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.59 653.10 Td (we ) Tj ET Q q 0 0 0 rg BT 309.09 653.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 345.91 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.19 653.10 Td ($167.0 ) Tj ET Q q 0 0 0 rg BT 381.53 653.10 Td (million ) Tj ET Q q 0 0 0 rg BT 412.26 653.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 450.20 653.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 487.60 653.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 535.54 653.10 Td (char) Tj ET Q q 0 0 0 rg BT 552.57 653.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.02 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.98 641.10 Td (third ) Tj ET Q q 0 0 0 rg BT 96.60 641.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 127.66 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.73 641.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 163.13 641.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 188.37 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.55 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 224.96 641.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 262.67 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 273.74 641.10 Td ("Impairment ) Tj ET Q q 0 0 0 rg BT 327.21 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.28 641.10 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 379.08 641.10 Td (property) Tj ET Q q 0 0 0 rg BT 412.31 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 417.55 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.73 641.10 Td (equipment" ) Tj ET Q q 0 0 0 rg BT 483.76 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.28 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.24 641.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 96.84 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.64 629.10 Td (Operations. ) Tj ET Q q 0 0 0 rg BT 158.22 629.10 Td (The ) Tj ET Q q 0 0 0 rg BT 177.23 629.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 212.35 629.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 239.13 629.10 Td (that ) Tj ET Q q 0 0 0 rg BT 257.58 629.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 306.59 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.83 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.51 629.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 372.53 629.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 422.09 629.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 441.11 629.10 Td (was ) Tj ET Q q 0 0 0 rg BT 460.12 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.80 629.10 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 542.01 629.10 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.39 617.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 115.40 617.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 146.96 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.86 617.10 Td (less-optimistic ) Tj ET Q q 0 0 0 rg BT 217.31 617.10 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 254.97 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 268.76 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.10 617.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 325.75 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.20 617.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 359.98 617.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 382.11 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.67 617.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 422.45 617.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 444.57 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.13 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.47 617.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 534.80 617.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 81.44 605.10 Td (those ) Tj ET Q q 0 0 0 rg BT 105.05 605.10 Td (periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 571.10 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 119.65 571.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.82 571.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 162.99 571.10 Td (on ) Tj ET Q q 0 0 0 rg BT 175.49 571.10 Td (Franchisee ) Tj ET Q q 0 0 0 rg BT 222.98 571.10 Td (Receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 554.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.86 554.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 143.56 554.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 188.13 554.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.39 554.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 225.07 554.10 Td (for ) Tj ET Q q 0 0 0 rg BT 238.55 554.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 264.25 554.10 Td (on ) Tj ET Q q 0 0 0 rg BT 276.07 554.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 318.97 554.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 365.75 554.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 395.34 554.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 424.93 554.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 463.96 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.10 554.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 517.00 554.10 Td (promissory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (notes\) ) Tj ET Q q 0 0 0 rg BT 76.53 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 86.90 542.10 Td (an ) Tj ET Q q 0 0 0 rg BT 98.93 542.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 131.52 542.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 155.77 542.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.14 542.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 207.05 542.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 244.63 542.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 271.12 542.10 Td (net ) Tj ET Q q 0 0 0 rg BT 285.93 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.85 542.10 Td (recoveries. ) Tj ET Q q 0 0 0 rg BT 343.03 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.43 542.10 Td (The ) Tj ET Q q 0 0 0 rg BT 363.57 542.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 395.03 542.10 Td (is ) Tj ET Q q 0 0 0 rg BT 404.29 542.10 Td (based ) Tj ET Q q 0 0 0 rg BT 429.65 542.10 Td (on ) Tj ET Q q 0 0 0 rg BT 442.25 542.10 Td (an ) Tj ET Q q 0 0 0 rg BT 454.28 542.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 489.09 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.01 542.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 538.14 542.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (write-of) Tj ET Q q 0 0 0 rg BT 81.53 530.10 Td (fs, ) Tj ET Q q 0 0 0 rg BT 92.55 530.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 125.52 530.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 165.69 530.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 211.16 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.90 530.10 Td (an ) Tj ET Q q 0 0 0 rg BT 237.63 530.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 283.37 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.01 530.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 325.40 530.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 372.24 530.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 414.62 530.10 Td (promissory ) Tj ET Q q 0 0 0 rg BT 460.93 530.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 483.34 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.08 530.10 Td (other ) Tj ET Q q 0 0 0 rg BT 520.92 530.10 Td (franchisee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 97.46 518.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 143.76 518.10 Td (at ) Tj ET Q q 0 0 0 rg BT 153.96 518.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 171.95 518.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.27 518.10 Td (uncollectible. ) Tj ET Q q 0 0 0 rg BT 240.40 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.17 518.10 Td (The ) Tj ET Q q 0 0 0 rg BT 261.71 518.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 296.90 518.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 340.98 518.10 Td (with ) Tj ET Q q 0 0 0 rg BT 361.75 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.95 518.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 408.81 518.10 Td (for ) Tj ET Q q 0 0 0 rg BT 423.45 518.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 450.33 518.10 Td (on ) Tj ET Q q 0 0 0 rg BT 463.32 518.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 507.39 518.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 555.35 518.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.90 506.10 Td (as ) Tj ET Q q 0 0 0 rg BT 106.77 506.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 138.47 506.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 172.94 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.92 506.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 249.66 506.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 286.91 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 289.45 506.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 312.55 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.42 506.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.29 506.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 382.91 506.10 Td (promissory ) Tj ET Q q 0 0 0 rg BT 430.45 506.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 454.09 506.10 Td (authorize ) Tj ET Q q 0 0 0 rg BT 493.84 506.10 Td (us ) Tj ET Q q 0 0 0 rg BT 505.27 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.58 506.10 Td (deduct ) Tj ET Q q 0 0 0 rg BT 544.78 506.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (service ) Tj ET Q q 0 0 0 rg BT 79.93 494.10 Td (from ) Tj ET Q q 0 0 0 rg BT 101.48 494.10 Td (our ) Tj ET Q q 0 0 0 rg BT 116.92 494.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 171.26 494.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 212.25 494.10 Td (due ) Tj ET Q q 0 0 0 rg BT 228.81 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.36 494.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 278.56 494.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.46 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.79 494.10 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 352.38 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.93 494.10 Td (we ) Tj ET Q q 0 0 0 rg BT 382.70 494.10 Td (routinely ) Tj ET Q q 0 0 0 rg BT 420.92 494.10 Td (make ) Tj ET Q q 0 0 0 rg BT 444.69 494.10 Td (those ) Tj ET Q q 0 0 0 rg BT 467.91 494.10 Td (deductions ) Tj ET Q q 0 0 0 rg BT 513.35 494.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.24 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.57 494.10 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.22 482.10 Td (available ) Tj ET Q q 0 0 0 rg BT 100.70 482.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 156.32 482.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 193.31 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.46 482.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.40 482.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 247.66 482.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.71 482.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 289.99 482.10 Td (on ) Tj ET Q q 0 0 0 rg BT 303.39 482.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 347.86 482.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 396.23 482.10 Td (is ) Tj ET Q q 0 0 0 rg BT 406.29 482.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 447.99 482.10 Td (based ) Tj ET Q q 0 0 0 rg BT 474.15 482.10 Td (on ) Tj ET Q q 0 0 0 rg BT 487.54 482.10 Td (our ) Tj ET Q q 0 0 0 rg BT 504.27 482.10 Td (receivable-by-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 93.84 470.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 141.54 470.10 Td (during ) Tj ET Q q 0 0 0 rg BT 170.91 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.39 470.10 Td (year ) Tj ET Q q 0 0 0 rg BT 206.86 470.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.12 470.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 245.59 470.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 283.28 470.10 Td (would ) Tj ET Q q 0 0 0 rg BT 311.54 470.10 Td (be ) Tj ET Q q 0 0 0 rg BT 324.24 470.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 370.27 470.10 Td (uncollectible ) Tj ET Q q 0 0 0 rg BT 425.18 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.22 470.10 Td (future ) Tj ET Q q 0 0 0 rg BT 463.36 470.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 496.06 470.10 Td (due ) Tj ET Q q 0 0 0 rg BT 513.76 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.80 470.10 Td (declining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (results ) Tj ET Q q 0 0 0 rg BT 77.83 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.37 458.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 132.24 458.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 145.29 458.10 Td (or ) Tj ET Q q 0 0 0 rg BT 155.84 458.10 Td (other ) Tj ET Q q 0 0 0 rg BT 178.60 458.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 211.36 458.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.55 458.10 Td (events ) Tj ET Q q 0 0 0 rg BT 276.32 458.10 Td (with ) Tj ET Q q 0 0 0 rg BT 296.31 458.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 326.84 458.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 339.34 458.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 378.20 458.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 403.75 458.10 Td (that ) Tj ET Q q 0 0 0 rg BT 420.96 458.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 459.83 458.10 Td (that ) Tj ET Q q 0 0 0 rg BT 477.04 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.47 458.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 538.67 458.10 Td (might ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (not ) Tj ET Q q 0 0 0 rg BT 64.35 446.10 Td (be ) Tj ET Q q 0 0 0 rg BT 75.86 446.10 Td (able ) Tj ET Q q 0 0 0 rg BT 94.58 446.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.43 446.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 125.93 446.10 Td (their ) Tj ET Q q 0 0 0 rg BT 146.33 446.10 Td (debt-service ) Tj ET Q q 0 0 0 rg BT 197.26 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.76 446.10 Td (other ) Tj ET Q q 0 0 0 rg BT 236.38 446.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 282.89 446.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.74 446.10 Td (us ) Tj ET Q q 0 0 0 rg BT 303.70 446.10 Td (as ) Tj ET Q q 0 0 0 rg BT 314.10 446.10 Td (they ) Tj ET Q q 0 0 0 rg BT 333.39 446.10 Td (became ) Tj ET Q q 0 0 0 rg BT 365.99 446.10 Td (due. ) Tj ET Q q 0 0 0 rg BT 385.00 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.07 446.10 Td (During ) Tj ET Q q 0 0 0 rg BT 417.47 446.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 441.19 446.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 463.26 446.10 Td (we ) Tj ET Q q 0 0 0 rg BT 476.99 446.10 Td (also ) Tj ET Q q 0 0 0 rg BT 495.17 446.10 Td (for) Tj ET Q q 0 0 0 rg BT 506.65 446.10 Td (gave ) Tj ET Q q 0 0 0 rg BT 527.59 446.10 Td (balances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.49 434.10 Td (on ) Tj ET Q q 0 0 0 rg BT 79.04 434.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 122.68 434.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 170.20 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 180.54 434.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 228.05 434.10 Td (with ) Tj ET Q q 0 0 0 rg BT 248.38 434.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 292.58 434.10 Td (franchise-termination ) Tj ET Q q 0 0 0 rg BT 381.21 434.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 431.79 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.79 434.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.67 434.10 Td (part ) Tj ET Q q 0 0 0 rg BT 477.77 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.65 434.10 Td (these ) Tj ET Q q 0 0 0 rg BT 511.75 434.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 422.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 105.60 422.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 148.64 422.10 Td (store ) Tj ET Q q 0 0 0 rg BT 170.58 422.10 Td (furniture, ) Tj ET Q q 0 0 0 rg BT 210.56 422.10 Td (fixtures, ) Tj ET Q q 0 0 0 rg BT 246.11 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.05 422.10 Td (equipment.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (CAUTIONAR) Tj ET Q q 0 0 0 rg BT 111.32 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 118.17 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 132.16 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 138.64 742.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 181.80 742.25 Td ( REGARDING FOR) Tj ET Q q 0 0 0 rg BT 269.78 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 278.67 742.25 Td (ARD-LOOKING INFORMA) Tj ET Q q 0 0 0 rg BT 403.20 742.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 718.25 Td (This ) Tj ET Q q 0 0 0 rg BT 92.23 718.25 Td (Annual Report on Form 10-K contains 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 50.00 706.25 Td (Litigation Reform ) Tj ET Q q 0 0 0 rg BT 124.43 706.25 Td (Act of 1995 \(the forward looking statements\). Statements preceded or followed by) Tj ET Q q 0 0 0 rg BT 465.07 706.25 Td (, or that otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (include, the words believes, expects, anticipates, intends, project, estimates, plans, forecast, is likely to, "on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 682.25 Td (get," and similar expressions or future or conditional verbs such as will, may) Tj ET Q q 0 0 0 rg BT 379.82 682.25 Td (, would, should, and could are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (generally forward-looking in nature and not historical facts. ) Tj ET Q q 0 0 0 rg BT 293.63 670.25 Td (The forward-looking statements are subject to significant risks and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (uncertainties that may cause our actual results, performance, and achievements in the future to be materially dif) Tj ET Q q 0 0 0 rg BT 495.75 658.25 Td (ferent from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (future results, future performance, and future achievements expressed or implied by the forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 520.21 646.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (forward-looking statements include, without limitation, information concerning our future financial performance, business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (strategies, plans, goals, beliefs, expectations, and objectives. ) Tj ET Q q 0 0 0 rg BT 293.92 622.25 Td (The forward-looking statements are based upon the current beliefs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (and expectations of our management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 586.25 Td (The following factors, among others, \(1\) could cause our actual results, performance, and achievements to dif) Tj ET Q q 0 0 0 rg BT 510.78 586.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (materially from those expressed in the forward-looking statements, and one or more of the dif) Tj ET Q q 0 0 0 rg BT 424.99 574.25 Td (ferences could have a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.63 562.25 Td (fect on our ability to operate our business and \(2\) could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 418.93 562.25 Td (fect on our results of operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (financial condition, liquidity) Tj ET Q q 0 0 0 rg BT 163.50 550.25 Td (, and cash flows: if Sears Holdings seeks the protection of the U.S. bankruptcy laws \(including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 538.25 Td (fects of the imposition of the "automatic stay" and the ef) Tj ET Q q 0 0 0 rg BT 283.29 538.25 Td (fects if Sears Holdings were to seek to reject one or more of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (agreements with Sears Holdings\); our ability to of) Tj ET Q q 0 0 0 rg BT 250.06 526.25 Td (fer merchandise and services that our customers want, including those under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (the KCD Marks; the Merchandising ) Tj ET Q q 0 0 0 rg BT 195.81 514.25 Td (Agreement between us and Sears Holdings provides that \(1\) if a third party that is not an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 502.25 Td (filiate of Sears Holdings acquires all rights, title and interest in and to one or more \(but less than all\) of the KCD Marks Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Holdings may terminate our rights to buy merchandise branded with the acquired KCD Marks and \(2\) if a third party that is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (an af) Tj ET Q q 0 0 0 rg BT 69.53 478.25 Td (filiate of Sears Holdings acquires all rights, title and interest in and to all of the KCD Marks Sears Holdings may terminate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (the Merchandising ) Tj ET Q q 0 0 0 rg BT 126.65 466.25 Td (Agreement in its entirety) Tj ET Q q 0 0 0 rg BT 225.69 466.25 Td (, over which events we have no control; the sale by Sears Holdings and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (subsidiaries to other retailers that compete with us of major home appliances and other products branded with one of the KCD ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Marks; on May 26, 2016 Sears Holdings announced that it would explore alternatives for its Kenmore, Craftsman, and Diehard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (businesses and further expand the presence of these brands and on ) Tj ET Q q 0 0 0 rg BT 316.86 430.25 Td (August 25, 2016 Sears Holdings announced that it was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (continuing to explore alternatives for these businesses by evaluating potential partnerships or other transactions; on March 9, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (2017 Sears Holdings announced that it had completed its sale to Stanley Black& Decker) Tj ET Q q 0 0 0 rg BT 405.63 406.25 Td (, Inc. of Sears Holdings's Craftsman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (business \(the "Stanley Purchase"\), including the Craftsman brand name and related intellectual property rights \(Sears Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (has waived its right in the Merchandising ) Tj ET Q q 0 0 0 rg BT 217.47 382.25 Td (Agreement to terminate, as a result of the Stanley Purchase, the Company's rights to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (buy from Sears Holdings merchandise branded with the Craftsman brand\); the willingness and ability of Sears Holdings to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (fulfill its contractual obligations to us; our ability to successfully manage our inventory levels and implement initiatives to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (improve inventory management and other capabilities; competitive conditions in the retail industry; worldwide economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (conditions and business uncertainty) Tj ET Q q 0 0 0 rg BT 191.83 334.25 Td (, the availability of consumer and commercial credit, changes in consumer confidence, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (tastes, preferences and spending, and changes in vendor relationships; the fact that our past performance generally) Tj ET Q q 0 0 0 rg BT 506.12 322.25 Td (, as reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (on our historical financial statements, may not be indicative of our future performance as a result of, among other things, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (consolidation of our Hometown and Outlet businesses into a single business entity) Tj ET Q q 0 0 0 rg BT 379.03 298.25 Td (, the Separation, and operating as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (standalone business entity; the impact of increased costs due to a decrease in our purchasing power following the Separation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (and other losses of benefits \(such as a more ef) Tj ET Q q 0 0 0 rg BT 233.93 274.25 Td (fective and productive business relationship with Sears Holdings\) that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (associated with having been wholly owned by Sears Holdings and its subsidiaries prior to the Separation; our continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (reliance on Sears Holdings for most products and services that are important to the successful operation of our business, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (our potential need to rely on Sears Holdings for some products and services beyond the expiration, or earlier termination by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Sears Holdings, of our agreements with Sears Holdings; the willingness of Sears Holdings) Tj ET Q q 0 0 0 rg BT 413.93 226.25 Td ( appliance, lawn and garden, tools, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (and other vendors to continue to supply to Sears Holdings, on terms \(including vendor payment terms for Sears Holdings) Tj ET Q q 0 0 0 rg BT 537.23 214.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (merchandise purchases\) that are acceptable to it and to us, merchandise that we would need to purchase from Sears Holdings to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (ensure continuity of merchandise supplies for our businesses; the willingness of Sears Holdings) Tj ET Q q 0 0 0 rg BT 435.30 190.25 Td ( appliance, lawn and garden, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (tools, and other vendors to continue to pay to Sears Holdings merchandise-related subsidies and allowances and cash discounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (\(some of which Sears Holdings is obligated to pay to us\); if Sears Holdings' sales of major appliances and lawn and garden ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (merchandise to its retail customers decline Sears Holdings' sales to us of out-of-box products could decline; our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (resolve, on commercially reasonable terms, future disputes with Sears Holdings regarding the material terms and conditions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (our agreements with Sears Holdings; our ability to establish information, merchandising, logistics, and other systems separate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (from Sears Holdings that would be necessary to ensure continuity of merchandise supplies for our businesses if vendors were to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (reduce, or cease, their merchandise sales to Sears Holdings or if Sears Holdings were to reduce, or cease, its merchandise sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (to us; our ability to maintain an ef) Tj ET Q q 0 0 0 rg BT 185.63 94.25 Td (fective and productive business relationship with Sears Holdings, particularly if future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (disputes were to arise with respect to the terms and conditions of our agreements with Sears Holdings; most of our agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (related to the Separation and our continuing relationship with Sears Holdings were negotiated while we were a subsidiary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (Sears Holdings, and we may have received dif) Tj ET Q q 0 0 0 rg BT 235.31 58.25 Td (ferent terms from unaf) Tj ET Q q 0 0 0 rg BT 325.37 58.25 Td (filiated third parties \(including with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (merchandise-vendor and service-provider indemnification and defense for negligence claims and claims arising out of failure to ) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (comply with contractual obligations\); our reliance on Sears Holdings to provide computer systems to process transactions with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our customers \(including the point-of-sale system for the stores we operate and the stores that our independent dealers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (franchisees operate, which point-of-sale system captures, among other things, credit-card information supplied by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (customers\) and others, quantify our results of operations, and manage our business \(SHO) Tj ET Q q 0 0 0 rg BT 413.81 706.10 Td (s SHC-Supplied Systems\); SHO) Tj ET Q q 0 0 0 rg BT 550.21 706.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (SHC-Supplied Systems could be subject to disruptions and data/security breaches \(Kmart, owned by Sears Holdings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (announced in October 2014 that its payment-data systems had been breached\), and Sears Holdings could be unwilling or unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (to indemnify and defend us against third-party claims and other losses resulting from such disruptions and data/security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (breaches, which could have one or more material adverse ef) Tj ET Q q 0 0 0 rg BT 289.71 658.10 Td (fects on SHO; our ability to implement our IT) Tj ET Q q 0 0 0 rg BT 473.38 658.10 Td ( transformation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (initiative in accordance with our plans, expectations, current timetable, and anticipated cost; imitations and restrictions in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.06 634.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 97.69 634.10 Td ( Facility and related agreements governing our indebtedness and our ability to service our indebtedness; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (competitors could continue to reduce their promotional pricing on new-in-box appliances, which could continue to adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (impact our sales of out-of-box appliances and associated mar) Tj ET Q q 0 0 0 rg BT 294.18 610.10 Td (gin; our ability to generate profitable sales of merchandise and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (services on our transactional ecommerce websites in the amounts we have planned to generate; our ability to obtain additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (financing on acceptable terms; our dependence on the ability and willingness of our independent dealers and independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (franchisees to operate their stores profitably and in a manner consistent with our concepts and standards; our dependence on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (sources outside the U.S. for significant amounts of our merchandise inventories; fixed-asset impairment for long-lived assets; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (our ability to attract, motivate, and retain key executives and other employees; our ability to maintain ef) Tj ET Q q 0 0 0 rg BT 465.24 550.10 Td (fective internal controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (as a publicly held company; our ability to realize the benefits that we expect to achieve from the Separation; litigation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (regulatory trends challenging various aspects of the franchisor) Tj ET Q q 0 0 0 rg BT 298.88 526.10 Td (-franchisee relationship could expand to challenge or adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 514.10 Td (fect our relationships with our independent dealers and independent franchisees; low trading volume of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (due to limited liquidity or a lack of analyst coverage; and the impact on our common stock and our overall performance as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (result of our principal stockholders) Tj ET Q q 0 0 0 rg BT 192.55 490.10 Td ( ability to exert control over us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 466.10 Td (The foregoing factors should not be understood as exhaustive and should be read in conjunction with the other cautionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (statements, including the "Risk Factors," that are included in this ) Tj ET Q q 0 0 0 rg BT 311.46 454.10 Td (Annual Report on Form 10-K and in our other filings with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Securities and Exchange Commission and our other public announcements. ) Tj ET Q q 0 0 0 rg BT 354.19 442.10 Td (While we believe that our forecasts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (assumptions are reasonable, we caution that actual results may dif) Tj ET Q q 0 0 0 rg BT 313.62 430.10 Td (fer materially) Tj ET Q q 0 0 0 rg BT 367.11 430.10 Td (. If one or more of these or other risks or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (we projected. Consequently) Tj ET Q q 0 0 0 rg BT 160.71 406.10 Td (, actual events and results may vary significantly from those included in or contemplated or implied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (by our forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 193.40 394.10 Td (The forward-looking statements included in this ) Tj ET Q q 0 0 0 rg BT 387.80 394.10 Td (Annual Report on Form 10-K are made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (only as of the date of this ) Tj ET Q q 0 0 0 rg BT 153.04 382.10 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 276.73 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 285.37 382.10 Td (e undertake no obligation to publicly update or review any forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (or circumstances, or otherwise, except as required by law) Tj ET Q q 0 0 0 rg BT 278.71 358.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Item 7A. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 254.81 322.10 Td (es about Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 298.10 Td (e are subject to interest rate risk associated with our Senior ) Tj ET Q q 0 0 0 rg BT 332.06 298.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 351.69 298.10 Td ( Facility) Tj ET Q q 0 0 0 rg BT 384.10 298.10 Td (, which bears interest at a variable rate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Assuming our Senior ) Tj ET Q q 0 0 0 rg BT 136.95 286.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 156.58 286.10 Td ( Facility were fully drawn in principal amount equal to $250 million, each one percentage point ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (change ) Tj ET Q q 0 0 0 rg BT 80.82 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.09 274.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 123.03 274.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 144.40 274.10 Td (would ) Tj ET Q q 0 0 0 rg BT 171.90 274.10 Td (result ) Tj ET Q q 0 0 0 rg BT 196.62 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.90 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.84 274.10 Td ($2.5 ) Tj ET Q q 0 0 0 rg BT 233.84 274.10 Td (million ) Tj ET Q q 0 0 0 rg BT 265.23 274.10 Td (change ) Tj ET Q q 0 0 0 rg BT 296.04 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.32 274.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 335.48 274.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 355.75 274.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 387.68 274.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 422.39 274.10 Td (on ) Tj ET Q q 0 0 0 rg BT 434.89 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.72 274.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 478.77 274.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 498.40 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.90 274.10 Td (Facility) Tj ET Q /GS0 gs q 4.68 0 0 10.09 531.13 271.94 cm /I21 Do Q BT /F1 10.00 Tf ET endstream endobj 117 0 obj <><><><><><><><><><><><>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Item 8. 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.15 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.97 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.52 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 290.00 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.92 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 391.68 730.25 Td (TIONS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 719.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 676.95 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 676.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 676.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 676.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 676.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 676.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 676.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 676.95 4.00 -14.00 re f /GS0 gs 0.8 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(434,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 604.52 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 603.62 Td (9,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 603.62 Td (22,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 589.52 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 588.62 Td (408,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 588.62 Td (487,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.52 Td (PROPERTY AND EQUIPMENT, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 573.62 Td (40,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 573.62 Td (49,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.52 Td (INTANGIBLE ASSETS, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 558.62 Td (1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 558.62 Td (4,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.52 Td (LONG-TERM DEFERRED TAXES) Tj ET Q BT /F1 10.00 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(26,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 469.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 469.62 Td (68,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 455.52 Td (Payable to Sears Holdings Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 454.62 Td (80,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 454.62 Td (54,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 440.52 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 439.62 Td (17,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 439.62 Td (39,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 425.52 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 424.62 Td (70,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 424.62 Td (66,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 410.52 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 409.62 Td (195,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 409.62 Td (228,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 395.52 Td (OTHER LONG-TERM LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 394.62 Td (1,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 394.62 Td (2,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.52 Td (TOTAL LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 379.62 Td (197,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 379.62 Td (231,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 365.52 Td (COMMITMENTS AND CONTINGENCIES \(Note 11\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 350.68 Td (STOCKHOLDERS' EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 335.52 Td (Common stock: $.01 par value;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 334.62 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 334.62 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 320.52 Td (Authorized shares: 400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 305.52 Td (Issued 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244.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 244.62 Td (468,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 244.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 244.62 Td (633,833) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.45 Td (See Notes to Consolidated Financial Statements.) 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488.50 480.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 452.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 452.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 452.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 452.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 452.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 452.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 424.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 424.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 424.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 424.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 424.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 424.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 396.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 396.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 396.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 396.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 396.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 396.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 396.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 359.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 359.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 359.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 359.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 359.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 359.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 331.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 331.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 331.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 331.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 331.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 331.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 331.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 294.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 294.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 294.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 294.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 294.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 294.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 294.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 266.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 266.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 266.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 266.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 266.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 266.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 266.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 229.95 283.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 229.95 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 229.95 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 229.95 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 229.95 72.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 229.95 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 229.95 74.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 192.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 192.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 192.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 192.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 192.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 192.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 192.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 164.95 283.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 164.95 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 164.95 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 164.95 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 164.95 72.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 164.95 5.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 164.95 74.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 126.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 126.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 126.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 126.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 126.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 126.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 126.95 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 98.95 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 98.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 98.95 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 98.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 98.95 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 98.95 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 98.95 74.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 684.95 m 407.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 684.95 m 411.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 684.95 m 483.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 684.95 m 488.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 684.95 m 562.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 684.95 m 407.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 659.95 m 407.5 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 684.95 m 411.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 659.95 m 411.5 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 684.95 m 483.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 659.95 m 483.5 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 684.95 m 488.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 659.95 m 488.5 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 684.95 m 562.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 659.95 m 562.5 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 382.95000000000005 m 407.5 382.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 382.95000000000005 m 483.5 382.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 359.95000000000005 m 407.5 359.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 359.95000000000005 m 483.5 359.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 382.95000000000005 m 562.5 382.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 359.95000000000005 m 562.5 359.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 317.95000000000005 m 407.5 317.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 317.95000000000005 m 483.5 317.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 317.95000000000005 m 562.5 317.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 294.95000000000005 m 407.5 294.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 294.95000000000005 m 483.5 294.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 294.95000000000005 m 562.5 294.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 229.95000000000005 m 407.5 229.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 229.95000000000005 m 483.5 229.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 229.95000000000005 m 562.5 229.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 206.95000000000005 m 407.5 206.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 206.95000000000005 m 483.5 206.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 206.95000000000005 m 562.5 206.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 192.95000000000005 m 407.5 192.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 192.95000000000005 m 483.5 192.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 192.95000000000005 m 562.5 192.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 178.95000000000005 m 407.5 178.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 178.95000000000005 m 483.5 178.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 178.95000000000005 m 562.5 178.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 165.95000000000005 m 407.5 165.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 163.95000000000005 m 407.5 163.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 165.95000000000005 m 483.5 165.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 163.95000000000005 m 483.5 163.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 178.95000000000005 m 562.5 178.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 165.95000000000005 m 562.5 165.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 163.95000000000005 m 562.5 163.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 127.95000000000005 m 407.5 127.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 125.95000000000005 m 407.5 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(Balance at January 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.15 425.97 Td (22,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 425.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 425.97 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 425.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.10 425.97 Td (555,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 425.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 426.02 Td (\(285,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 425.97 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 425.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 425.97 Td (270,699) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.80 Td (See Notes to Consolidated Financial Statements.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (NOTE 1BACKGROUND, BASIS OF) Tj ET Q q 0 0 0 rg BT 218.60 713.25 Td ( PRESENT) Tj ET Q q 0 0 0 rg BT 266.48 713.25 Td (A) Tj ET Q q 0 0 0 rg BT 272.96 713.25 Td (TION, ) Tj ET Q q 0 0 0 rg BT 302.97 713.25 Td (AND SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 393.63 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 395.58 713.25 Td (ACCOUNTING POLICIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (Backgr) Tj ET Q q 0 0 0 rg BT 80.43 696.25 Td (ound) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 679.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 110.00 679.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 157.29 679.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.57 679.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 202.41 679.25 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 232.75 679.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 250.86 679.25 Td (is ) Tj ET Q q 0 0 0 rg BT 260.37 679.25 Td (a ) Tj ET Q q 0 0 0 rg BT 267.66 679.25 Td (national ) Tj ET Q q 0 0 0 rg BT 302.71 679.25 Td (retailer ) Tj ET Q q 0 0 0 rg BT 333.86 679.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 373.92 679.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 407.86 679.25 Td (on ) Tj ET Q q 0 0 0 rg BT 420.70 679.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 450.21 679.25 Td (home ) Tj ET Q q 0 0 0 rg BT 475.27 679.25 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 522.82 679.25 Td (hardware, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.25 Td (tools ) Tj ET Q q 0 0 0 rg BT 70.97 667.25 Td (and ) Tj ET Q q 0 0 0 rg BT 87.42 667.25 Td (lawn ) Tj ET Q q 0 0 0 rg BT 108.88 667.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.34 667.25 Td (garden ) Tj ET Q q 0 0 0 rg BT 154.56 667.25 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 200.85 667.25 Td (As ) Tj ET Q q 0 0 0 rg BT 213.98 667.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.32 667.25 Td (January ) Tj ET Q q 0 0 0 rg BT 257.44 667.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 271.96 667.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 296.48 667.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.71 667.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.62 667.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.07 667.25 Td (our ) Tj ET Q q 0 0 0 rg BT 383.42 667.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 434.31 667.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 464.65 667.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.10 667.25 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 528.10 667.25 Td (operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 655.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.77 655.25 Td (total ) Tj ET Q q 0 0 0 rg BT 77.38 655.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.55 655.25 Td (1,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.05 655.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.89 655.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 140.05 655.25 Td (across ) Tj ET Q q 0 0 0 rg BT 167.88 655.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.71 655.25 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.71 655.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.54 655.25 Td (states ) Tj ET Q q 0 0 0 rg BT 218.60 655.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.87 655.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.49 655.25 Td (Puerto ) Tj ET Q q 0 0 0 rg BT 275.43 655.25 Td (Rico ) Tj ET Q q 0 0 0 rg BT 297.15 655.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.43 655.25 Td (Bermuda. ) Tj ET Q q 0 0 0 rg BT 356.42 655.25 Td ( ) Tj ET Q q 0 0 0 rg BT 359.25 655.25 Td (In ) Tj ET Q q 0 0 0 rg BT 370.42 655.25 Td (these ) Tj ET Q q 0 0 0 rg BT 393.80 655.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 417.75 655.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.80 655.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 457.85 655.25 Td ("we," ) Tj ET Q q 0 0 0 rg BT 483.01 655.25 Td ("us," ) Tj ET Q q 0 0 0 rg BT 505.41 655.25 Td ("our) Tj ET Q q 0 0 0 rg BT 522.42 655.25 Td (," ) Tj ET Q q 0 0 0 rg BT 531.83 655.25 Td ("SHO," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 643.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.16 643.25 Td ("Company" ) Tj ET Q q 0 0 0 rg BT 130.71 643.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 152.07 643.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.35 643.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 186.51 643.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 233.45 643.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.39 643.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 277.88 643.25 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 307.88 643.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 325.65 643.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.59 643.25 Td (its ) Tj ET Q q 0 0 0 rg BT 354.54 643.25 Td (subsidiaries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (The Separation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 593.25 Td (The Company separated from Sears Holdings Corporation \(Sears Holdings\) in October 2012 \(the Separation\). ) Tj ET Q q 0 0 0 rg BT 545.47 593.25 Td (T) Tj ET Q q 0 0 0 rg BT 550.88 593.25 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (our knowledge Sears Holdings does not own any shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 365.01 581.25 Td (As part of the Separation, Sears Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (contributed to SHO equity intercompany balances due to/from Sears Holdings, which included amounts arising from pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (Separation purchases of merchandise inventories. ) Tj ET Q q 0 0 0 rg BT 251.94 557.25 Td (After the Separation, the Company continues to purchase most of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (merchandise from Sears Holdings and amounts payable to Sears Holdings are reflected separately on the consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 77.37 533.25 Td (The Company has specified rights to use the "Sears" name under a license agreement from Sears Holdings. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 507.25 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 95.43 507.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 473.25 Td (These ) Tj ET Q q 0 0 0 rg BT 112.45 473.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.07 473.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 204.12 473.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 249.41 473.25 Td (include ) Tj ET Q q 0 0 0 rg BT 281.91 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.20 473.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 335.26 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.67 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.96 473.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 403.92 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.43 473.25 Td (its ) Tj ET Q q 0 0 0 rg BT 433.95 473.25 Td (wholly ) Tj ET Q q 0 0 0 rg BT 464.80 473.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 494.54 473.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 547.33 473.25 Td ( ) Tj ET Q q 0 0 0 rg BT 549.72 473.25 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 106.98 461.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 157.24 461.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.18 461.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 211.11 461.25 Td (have ) Tj ET Q q 0 0 0 rg BT 232.48 461.25 Td (been ) Tj ET Q q 0 0 0 rg BT 253.86 461.25 Td (eliminated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 439.65 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 439.65 Td (e ) Tj ET Q q 0 0 0 rg BT 101.74 439.65 Td (operate ) Tj ET Q q 0 0 0 rg BT 134.32 439.65 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.59 439.65 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.59 439.65 Td ( ) Tj ET Q q 0 0 0 rg BT 186.75 439.65 Td (segments--our ) Tj ET Q q 0 0 0 rg BT 247.11 439.65 Td (Sears ) Tj ET Q q 0 0 0 rg BT 271.93 439.65 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 319.53 439.65 Td (and ) Tj ET Q q 0 0 0 rg BT 337.13 439.65 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 379.70 439.65 Td (segment ) Tj ET Q q 0 0 0 rg BT 416.19 439.65 Td (\("Hometown"\) ) Tj ET Q q 0 0 0 rg BT 478.61 439.65 Td (and ) Tj ET Q q 0 0 0 rg BT 496.21 439.65 Td (our ) Tj ET Q q 0 0 0 rg BT 512.70 439.65 Td (Sears ) Tj ET Q q 0 0 0 rg BT 537.52 439.65 Td (Outlet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.65 Td (segment ) Tj ET Q q 0 0 0 rg BT 85.33 427.65 Td (\("Outlet"\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 398.65 Td (Reclassifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.34 398.65 Td (- ) Tj ET Q q 0 0 0 rg BT 160.74 398.65 Td (Certain ) Tj ET Q q 0 0 0 rg BT 192.25 398.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 213.76 398.65 Td (year ) Tj ET Q q 0 0 0 rg BT 233.04 398.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 269.00 398.65 Td (have ) Tj ET Q q 0 0 0 rg BT 289.95 398.65 Td (been ) Tj ET Q q 0 0 0 rg BT 310.90 398.65 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 358.51 398.65 Td (in ) Tj ET Q q 0 0 0 rg BT 368.36 398.65 Td (order ) Tj ET Q q 0 0 0 rg BT 391.53 398.65 Td (to ) Tj ET Q q 0 0 0 rg BT 401.38 398.65 Td (conform ) Tj ET Q q 0 0 0 rg BT 437.33 398.65 Td (to ) Tj ET Q q 0 0 0 rg BT 447.18 398.65 Td (the ) Tj ET Q q 0 0 0 rg BT 461.47 398.65 Td (current ) Tj ET Q q 0 0 0 rg BT 491.86 398.65 Td (year ) Tj ET Q q 0 0 0 rg BT 511.14 398.65 Td (presentation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.65 Td (For ) Tj ET Q q 0 0 0 rg BT 66.70 386.65 Td (the ) Tj ET Q q 0 0 0 rg BT 82.22 386.65 Td (years ) Tj ET Q q 0 0 0 rg BT 106.63 386.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.82 386.65 Td (January ) Tj ET Q q 0 0 0 rg BT 168.22 386.65 Td (30, ) Tj ET Q q 0 0 0 rg BT 184.03 386.65 Td (2016 ) Tj ET Q q 0 0 0 rg BT 207.34 386.65 Td (and ) Tj ET Q q 0 0 0 rg BT 225.09 386.65 Td (January ) Tj ET Q q 0 0 0 rg BT 259.49 386.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 275.30 386.65 Td (2015, ) Tj ET Q q 0 0 0 rg BT 301.11 386.65 Td (the ) Tj ET Q q 0 0 0 rg BT 316.63 386.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 358.83 386.65 Td (reclassified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.67 386.65 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 428.48 386.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.37 386.65 Td ( ) Tj ET Q q 0 0 0 rg BT 460.68 386.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.42 386.65 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 499.23 386.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.12 386.65 Td ( ) Tj ET Q q 0 0 0 rg BT 531.43 386.65 Td (of ) Tj ET Q q 0 0 0 rg BT 543.07 386.65 Td (store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 97.14 374.65 Td (char) Tj ET Q q 0 0 0 rg BT 114.16 374.65 Td (ges ) Tj ET Q q 0 0 0 rg BT 129.03 374.65 Td (previously ) Tj ET Q q 0 0 0 rg BT 172.78 374.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 209.30 374.65 Td (in ) Tj ET Q q 0 0 0 rg BT 218.61 374.65 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 276.23 374.65 Td (and ) Tj ET Q q 0 0 0 rg BT 292.20 374.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 348.72 374.65 Td (to ) Tj ET Q q 0 0 0 rg BT 358.03 374.65 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 410.66 374.65 Td (of ) Tj ET Q q 0 0 0 rg BT 420.52 374.65 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 460.12 374.65 Td (property) Tj ET Q q 0 0 0 rg BT 493.35 374.65 Td (, ) Tj ET Q q 0 0 0 rg BT 497.38 374.65 Td (and ) Tj ET Q q 0 0 0 rg BT 513.36 374.65 Td (equipment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.65 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 362.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.93 362.65 Td (does ) Tj ET Q q 0 0 0 rg BT 129.76 362.65 Td (not ) Tj ET Q q 0 0 0 rg BT 145.04 362.65 Td (consider ) Tj ET Q q 0 0 0 rg BT 181.42 362.65 Td (this ) Tj ET Q q 0 0 0 rg BT 198.37 362.65 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 244.75 362.65 Td (to ) Tj ET Q q 0 0 0 rg BT 255.03 362.65 Td (be ) Tj ET Q q 0 0 0 rg BT 266.97 362.65 Td (significant ) Tj ET Q q 0 0 0 rg BT 311.68 362.65 Td (to ) Tj ET Q q 0 0 0 rg BT 321.96 362.65 Td (the ) Tj ET Q q 0 0 0 rg BT 336.67 362.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 389.71 362.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 427.20 362.65 Td (statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.65 Td (V) Tj ET Q q 0 0 0 rg BT 55.80 324.65 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 109.78 324.65 Td (est Entities and Consolidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 307.65 Td (The Financial ) Tj ET Q q 0 0 0 rg BT 142.71 307.65 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 272.97 307.65 Td (ASB"\) has issued guidance on variable interest entities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.65 Td (consolidation for determining whether an entity is a variable interest entity as well as the methods permitted for determining the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.65 Td (primary beneficiary of a variable interest entity) Tj ET Q q 0 0 0 rg BT 237.65 283.65 Td (. In addition, this guidance requires ongoing reassessments of whether a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.65 Td (company is the primary beneficiary of a variable interest entity and disclosures related to a company) Tj ET Q q 0 0 0 rg BT 454.08 271.65 Td (s involvement with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.65 Td (variable interest entity) Tj ET Q q 0 0 0 rg BT 138.26 259.65 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 242.65 Td (On an ongoing basis the Company evaluates its business relationships, such as those with its dealers, franchisees, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.65 Td (suppliers, to identify potential variable interest entities. Generally) Tj ET Q q 0 0 0 rg BT 311.27 230.65 Td (, these businesses qualify for a scope exception under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.65 Td (consolidation guidance, or) Tj ET Q q 0 0 0 rg BT 154.91 218.65 Td (, where a variable interest exists, the Company does not possess the power to direct the activities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.65 Td (most significantly impact the economic performance of these businesses. ) Tj ET Q q 0 0 0 rg BT 343.68 206.65 Td (The Company has not consolidated any of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.65 Td (entities in the periods presented. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.65 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 116.00 168.65 Td ( ) Tj ET Q q 0 0 0 rg BT 117.95 168.65 Td (ACCOUNTING POLICIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 151.65 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 76.62 151.65 Td (Y) Tj ET Q q 0 0 0 rg BT 82.74 151.65 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 134.65 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.50 134.65 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 127.61 134.65 Td (years ) Tj ET Q q 0 0 0 rg BT 151.16 134.65 Td (end ) Tj ET Q q 0 0 0 rg BT 168.04 134.65 Td (on ) Tj ET Q q 0 0 0 rg BT 180.50 134.65 Td (the ) Tj ET Q q 0 0 0 rg BT 195.16 134.65 Td (Saturday ) Tj ET Q q 0 0 0 rg BT 233.16 134.65 Td (closest ) Tj ET Q q 0 0 0 rg BT 262.83 134.65 Td (to ) Tj ET Q q 0 0 0 rg BT 273.05 134.65 Td (January31. ) Tj ET Q q 0 0 0 rg BT 321.60 134.65 Td (Unless ) Tj ET Q q 0 0 0 rg BT 351.28 134.65 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 392.60 134.65 Td (stated, ) Tj ET Q q 0 0 0 rg BT 420.88 134.65 Td (references ) Tj ET Q q 0 0 0 rg BT 464.40 134.65 Td (to ) Tj ET Q q 0 0 0 rg BT 474.63 134.65 Td (specific ) Tj ET Q q 0 0 0 rg BT 508.17 134.65 Td (years ) Tj ET Q q 0 0 0 rg BT 531.72 134.65 Td (in ) Tj ET Q q 0 0 0 rg BT 541.95 134.65 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 73.11 122.65 Td (are ) Tj ET Q q 0 0 0 rg BT 87.82 122.65 Td (to ) Tj ET Q q 0 0 0 rg BT 98.09 122.65 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 122.25 122.65 Td (years. ) Tj ET Q q 0 0 0 rg BT 148.17 122.65 Td (The ) Tj ET Q q 0 0 0 rg BT 166.21 122.65 Td (following ) Tj ET Q q 0 0 0 rg BT 207.60 122.65 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 231.76 122.65 Td (periods ) Tj ET Q q 0 0 0 rg BT 263.69 122.65 Td (are ) Tj ET Q q 0 0 0 rg BT 278.40 122.65 Td (presented ) Tj ET Q q 0 0 0 rg BT 319.22 122.65 Td (herein.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 111.85 Td () Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (59) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 696.50 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.00 696.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 696.50 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 668.50 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.00 668.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 668.50 54.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 719.5 m 88 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 696.5 m 88 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88 719.5 m 188 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88 696.5 m 188 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 719.5 m 242 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 696.5 m 242 696.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.50 708.73 Td (Fiscal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.55 700.73 Td (Year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.35 700.73 Td (Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.35 700.73 Td (Weeks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 687.07 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.20 687.07 Td (January 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 687.07 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 673.07 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.20 673.07 Td (January 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 673.07 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 659.07 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.20 659.07 Td (January 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 659.07 Td (52) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 603.00 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 586.00 Td (The ) Tj ET Q q 0 0 0 rg BT 103.30 586.00 Td (preparation ) Tj ET Q q 0 0 0 rg BT 151.09 586.00 Td (of ) Tj ET Q q 0 0 0 rg BT 161.68 586.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.91 586.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 243.38 586.00 Td (in ) Tj ET Q q 0 0 0 rg BT 253.42 586.00 Td (conformity ) Tj ET Q q 0 0 0 rg BT 300.10 586.00 Td (with ) Tj ET Q q 0 0 0 rg BT 320.14 586.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 366.27 586.00 Td (principles ) Tj ET Q q 0 0 0 rg BT 407.96 586.00 Td (generally ) Tj ET Q q 0 0 0 rg BT 447.41 586.00 Td (accepted ) Tj ET Q q 0 0 0 rg BT 484.64 586.00 Td (in ) Tj ET Q q 0 0 0 rg BT 494.67 586.00 Td (the ) Tj ET Q q 0 0 0 rg BT 509.15 586.00 Td (United ) Tj ET Q q 0 0 0 rg BT 538.62 586.00 Td (States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.00 Td (of ) Tj ET Q q 0 0 0 rg BT 59.97 574.00 Td (America ) Tj ET Q q 0 0 0 rg BT 97.13 574.00 Td (requires ) Tj ET Q q 0 0 0 rg BT 132.08 574.00 Td (management ) Tj ET Q q 0 0 0 rg BT 185.91 574.00 Td (to ) Tj ET Q q 0 0 0 rg BT 196.43 574.00 Td (make ) Tj ET Q q 0 0 0 rg BT 220.83 574.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 260.78 574.00 Td (and ) Tj ET Q q 0 0 0 rg BT 277.96 574.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 330.15 574.00 Td (about ) Tj ET Q q 0 0 0 rg BT 355.11 574.00 Td (future ) Tj ET Q q 0 0 0 rg BT 381.73 574.00 Td (events. ) Tj ET Q q 0 0 0 rg BT 412.32 574.00 Td (The ) Tj ET Q q 0 0 0 rg BT 430.61 574.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 470.56 574.00 Td (and ) Tj ET Q q 0 0 0 rg BT 487.74 574.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 539.93 574.00 Td (af) Tj ET Q q 0 0 0 rg BT 547.52 574.00 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.00 Td (the ) Tj ET Q q 0 0 0 rg BT 63.39 562.00 Td (reported ) Tj ET Q q 0 0 0 rg BT 98.38 562.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 133.93 562.00 Td (of ) Tj ET Q q 0 0 0 rg BT 143.93 562.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 168.94 562.00 Td (and ) Tj ET Q q 0 0 0 rg BT 185.05 562.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 223.93 562.00 Td (and ) Tj ET Q q 0 0 0 rg BT 240.04 562.00 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 282.26 562.00 Td (of ) Tj ET Q q 0 0 0 rg BT 292.26 562.00 Td (contingent ) Tj ET Q q 0 0 0 rg BT 336.15 562.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 361.15 562.00 Td (and ) Tj ET Q q 0 0 0 rg BT 377.26 562.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 416.15 562.00 Td (at ) Tj ET Q q 0 0 0 rg BT 425.03 562.00 Td (the ) Tj ET Q q 0 0 0 rg BT 438.92 562.00 Td (date ) Tj ET Q q 0 0 0 rg BT 457.25 562.00 Td (of ) Tj ET Q q 0 0 0 rg BT 467.25 562.00 Td (the ) Tj ET Q q 0 0 0 rg BT 481.14 562.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.79 562.00 Td (statements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.00 Td (as ) Tj ET Q q 0 0 0 rg BT 60.14 550.00 Td (well ) Tj ET Q q 0 0 0 rg BT 79.66 550.00 Td (as ) Tj ET Q q 0 0 0 rg BT 90.30 550.00 Td (reported ) Tj ET Q q 0 0 0 rg BT 125.92 550.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 162.11 550.00 Td (of ) Tj ET Q q 0 0 0 rg BT 172.75 550.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 210.60 550.00 Td (and ) Tj ET Q q 0 0 0 rg BT 227.34 550.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 265.75 550.00 Td (during ) Tj ET Q q 0 0 0 rg BT 294.16 550.00 Td (the ) Tj ET Q q 0 0 0 rg BT 308.69 550.00 Td (reporting ) Tj ET Q q 0 0 0 rg BT 347.65 550.00 Td (period. ) Tj ET Q q 0 0 0 rg BT 377.84 550.00 Td (W) Tj ET Q q 0 0 0 rg BT 386.47 550.00 Td (e ) Tj ET Q q 0 0 0 rg BT 393.22 550.00 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 428.84 550.00 Td (our ) Tj ET Q q 0 0 0 rg BT 444.48 550.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 483.99 550.00 Td (and ) Tj ET Q q 0 0 0 rg BT 500.74 550.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 552.50 550.00 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.00 Td (an ) Tj ET Q q 0 0 0 rg BT 60.91 538.00 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 95.66 538.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 117.62 538.00 Td (using ) Tj ET Q q 0 0 0 rg BT 141.26 538.00 Td (historical ) Tj ET Q q 0 0 0 rg BT 180.44 538.00 Td (experience ) Tj ET Q q 0 0 0 rg BT 225.71 538.00 Td (and ) Tj ET Q q 0 0 0 rg BT 242.12 538.00 Td (other ) Tj ET Q q 0 0 0 rg BT 264.64 538.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 293.81 538.00 Td (that ) Tj ET Q q 0 0 0 rg BT 310.78 538.00 Td (management ) Tj ET Q q 0 0 0 rg BT 363.84 538.00 Td (believes ) Tj ET Q q 0 0 0 rg BT 398.57 538.00 Td (to ) Tj ET Q q 0 0 0 rg BT 408.32 538.00 Td (be ) Tj ET Q q 0 0 0 rg BT 419.73 538.00 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 464.45 538.00 Td (under ) Tj ET Q q 0 0 0 rg BT 489.19 538.00 Td (the ) Tj ET Q q 0 0 0 rg BT 503.37 538.00 Td (circumstances. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.00 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 101.89 526.00 Td (to ) Tj ET Q q 0 0 0 rg BT 111.49 526.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 150.53 526.00 Td (and ) Tj ET Q q 0 0 0 rg BT 166.80 526.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 218.08 526.00 Td (are ) Tj ET Q q 0 0 0 rg BT 232.11 526.00 Td (made ) Tj ET Q q 0 0 0 rg BT 255.60 526.00 Td (when ) Tj ET Q q 0 0 0 rg BT 279.08 526.00 Td (facts ) Tj ET Q q 0 0 0 rg BT 299.79 526.00 Td (and ) Tj ET Q q 0 0 0 rg BT 316.06 526.00 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 374.53 526.00 Td (dictate. ) Tj ET Q q 0 0 0 rg BT 405.10 526.00 Td (As ) Tj ET Q q 0 0 0 rg BT 418.04 526.00 Td (future ) Tj ET Q q 0 0 0 rg BT 443.75 526.00 Td (events ) Tj ET Q q 0 0 0 rg BT 471.13 526.00 Td (and ) Tj ET Q q 0 0 0 rg BT 487.39 526.00 Td (their ) Tj ET Q q 0 0 0 rg BT 507.55 526.00 Td (ef) Tj ET Q q 0 0 0 rg BT 515.13 526.00 Td (fects ) Tj ET Q q 0 0 0 rg BT 535.84 526.00 Td (cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.00 Td (be ) Tj ET Q q 0 0 0 rg BT 60.53 514.00 Td (determined ) Tj ET Q q 0 0 0 rg BT 107.10 514.00 Td (with ) Tj ET Q q 0 0 0 rg BT 126.47 514.00 Td (absolute ) Tj ET Q q 0 0 0 rg BT 161.39 514.00 Td (certainty) Tj ET Q q 0 0 0 rg BT 195.72 514.00 Td (, ) Tj ET Q q 0 0 0 rg BT 199.81 514.00 Td (actual ) Tj ET Q q 0 0 0 rg BT 225.28 514.00 Td (results ) Tj ET Q q 0 0 0 rg BT 252.98 514.00 Td (may ) Tj ET Q q 0 0 0 rg BT 271.79 514.00 Td (dif) Tj ET Q q 0 0 0 rg BT 282.71 514.00 Td (fer ) Tj ET Q q 0 0 0 rg BT 295.40 514.00 Td (from ) Tj ET Q q 0 0 0 rg BT 316.43 514.00 Td (the ) Tj ET Q q 0 0 0 rg BT 330.24 514.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 369.05 514.00 Td (used ) Tj ET Q q 0 0 0 rg BT 388.97 514.00 Td (in ) Tj ET Q q 0 0 0 rg BT 398.34 514.00 Td (preparing ) Tj ET Q q 0 0 0 rg BT 438.25 514.00 Td (the ) Tj ET Q q 0 0 0 rg BT 452.05 514.00 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 511.96 514.00 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.49 502.00 Td (statements. ) Tj ET Q q 0 0 0 rg BT 137.20 502.00 Td (Significant ) Tj ET Q q 0 0 0 rg BT 185.09 502.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 226.31 502.00 Td (and ) Tj ET Q q 0 0 0 rg BT 244.75 502.00 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 298.21 502.00 Td (are ) Tj ET Q q 0 0 0 rg BT 314.42 502.00 Td (required ) Tj ET Q q 0 0 0 rg BT 351.74 502.00 Td (as ) Tj ET Q q 0 0 0 rg BT 364.08 502.00 Td (part ) Tj ET Q q 0 0 0 rg BT 383.63 502.00 Td (of ) Tj ET Q q 0 0 0 rg BT 395.97 502.00 Td (determining ) Tj ET Q q 0 0 0 rg BT 448.29 502.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 490.62 502.00 Td (and ) Tj ET Q q 0 0 0 rg BT 509.07 502.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 548.06 502.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.00 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 92.66 490.00 Td (receivables ) Tj ET Q q 0 0 0 rg BT 139.71 490.00 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 181.50 490.00 Td (estimating ) Tj ET Q q 0 0 0 rg BT 225.24 490.00 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 276.74 490.00 Td (and ) Tj ET Q q 0 0 0 rg BT 293.26 490.00 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 350.87 490.00 Td (of ) Tj ET Q q 0 0 0 rg BT 361.27 490.00 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 404.46 490.00 Td (assets, ) Tj ET Q q 0 0 0 rg BT 432.37 490.00 Td (establishing ) Tj ET Q q 0 0 0 rg BT 482.22 490.00 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 525.11 490.00 Td (warranty) Tj ET Q q 0 0 0 rg BT 560.00 490.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.00 Td (legal ) Tj ET Q q 0 0 0 rg BT 71.14 478.00 Td (and ) Tj ET Q q 0 0 0 rg BT 87.79 478.00 Td (other ) Tj ET Q q 0 0 0 rg BT 110.55 478.00 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 148.02 478.00 Td (performing ) Tj ET Q q 0 0 0 rg BT 195.21 478.00 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 232.98 478.00 Td (and ) Tj ET Q q 0 0 0 rg BT 249.62 478.00 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 292.94 478.00 Td (asset ) Tj ET Q q 0 0 0 rg BT 314.59 478.00 Td (impairment ) Tj ET Q q 0 0 0 rg BT 362.89 478.00 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 399.82 478.00 Td (and ) Tj ET Q q 0 0 0 rg BT 416.47 478.00 Td (establishing ) Tj ET Q q 0 0 0 rg BT 466.45 478.00 Td (valuation ) Tj ET Q q 0 0 0 rg BT 505.87 478.00 Td (allowances ) Tj ET Q q 0 0 0 rg BT 552.51 478.00 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.00 Td (deferred ) Tj ET Q q 0 0 0 rg BT 85.31 466.00 Td (income ) Tj ET Q q 0 0 0 rg BT 117.24 466.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 131.96 466.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.79 466.00 Td (and ) Tj ET Q q 0 0 0 rg BT 174.72 466.00 Td (reserves ) Tj ET Q q 0 0 0 rg BT 209.98 466.00 Td (for ) Tj ET Q q 0 0 0 rg BT 224.14 466.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 238.86 466.00 Td (examination ) Tj ET Q q 0 0 0 rg BT 290.79 466.00 Td (exposures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 440.00 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 423.00 Td (Cash ) Tj ET Q q 0 0 0 rg BT 108.10 423.00 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 156.24 423.00 Td (include ) Tj ET Q q 0 0 0 rg BT 188.27 423.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 202.52 423.00 Td (all ) Tj ET Q q 0 0 0 rg BT 215.11 423.00 Td (highly ) Tj ET Q q 0 0 0 rg BT 243.27 423.00 Td (liquid ) Tj ET Q q 0 0 0 rg BT 269.20 423.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 319.57 423.00 Td (with ) Tj ET Q q 0 0 0 rg BT 339.94 423.00 Td (original ) Tj ET Q q 0 0 0 rg BT 373.64 423.00 Td (maturities ) Tj ET Q q 0 0 0 rg BT 416.23 423.00 Td (of ) Tj ET Q q 0 0 0 rg BT 427.16 423.00 Td (three ) Tj ET Q q 0 0 0 rg BT 449.74 423.00 Td (months ) Tj ET Q q 0 0 0 rg BT 481.79 423.00 Td (or ) Tj ET Q q 0 0 0 rg BT 492.71 423.00 Td (less ) Tj ET Q q 0 0 0 rg BT 510.31 423.00 Td (at ) Tj ET Q q 0 0 0 rg BT 520.12 423.00 Td (the ) Tj ET Q q 0 0 0 rg BT 534.94 423.00 Td (date ) Tj ET Q q 0 0 0 rg BT 554.19 423.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 87.54 411.00 Td (and ) Tj ET Q q 0 0 0 rg BT 104.48 411.00 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 118.64 411.00 Td (deposits ) Tj ET Q q 0 0 0 rg BT 153.91 411.00 Td (in-transit ) Tj ET Q q 0 0 0 rg BT 192.52 411.00 Td (from ) Tj ET Q q 0 0 0 rg BT 214.46 411.00 Td (banks ) Tj ET Q q 0 0 0 rg BT 240.29 411.00 Td (for ) Tj ET Q q 0 0 0 rg BT 254.45 411.00 Td (payments ) Tj ET Q q 0 0 0 rg BT 295.27 411.00 Td (related ) Tj ET Q q 0 0 0 rg BT 324.97 411.00 Td (to ) Tj ET Q q 0 0 0 rg BT 335.25 411.00 Td (third-party ) Tj ET Q q 0 0 0 rg BT 380.52 411.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 405.78 411.00 Td (card ) Tj ET Q q 0 0 0 rg BT 425.49 411.00 Td (and ) Tj ET Q q 0 0 0 rg BT 442.42 411.00 Td (debit ) Tj ET Q q 0 0 0 rg BT 464.92 411.00 Td (card ) Tj ET Q q 0 0 0 rg BT 484.63 411.00 Td (transactions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.00 Td (Allowance for) Tj ET Q q 0 0 0 rg BT 109.03 385.00 Td ( Doubtful ) Tj ET Q q 0 0 0 rg BT 151.82 385.00 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 368.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 368.00 Td (e ) Tj ET Q q 0 0 0 rg BT 101.45 368.00 Td (provide ) Tj ET Q q 0 0 0 rg BT 134.88 368.00 Td (an ) Tj ET Q q 0 0 0 rg BT 147.19 368.00 Td (allowance ) Tj ET Q q 0 0 0 rg BT 190.60 368.00 Td (for ) Tj ET Q q 0 0 0 rg BT 205.14 368.00 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 241.91 368.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 279.77 368.00 Td (based ) Tj ET Q q 0 0 0 rg BT 305.41 368.00 Td (on ) Tj ET Q q 0 0 0 rg BT 318.29 368.00 Td (both ) Tj ET Q q 0 0 0 rg BT 338.95 368.00 Td (historical ) Tj ET Q q 0 0 0 rg BT 379.04 368.00 Td (experience ) Tj ET Q q 0 0 0 rg BT 425.21 368.00 Td (and ) Tj ET Q q 0 0 0 rg BT 442.53 368.00 Td (a ) Tj ET Q q 0 0 0 rg BT 449.85 368.00 Td (specific ) Tj ET Q q 0 0 0 rg BT 483.82 368.00 Td (identification ) Tj ET Q q 0 0 0 rg BT 540.01 368.00 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.00 Td (Allowances ) Tj ET Q q 0 0 0 rg BT 99.66 356.00 Td (for ) Tj ET Q q 0 0 0 rg BT 114.27 356.00 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 151.11 356.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 189.05 356.00 Td (on ) Tj ET Q q 0 0 0 rg BT 202.00 356.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 239.94 356.00 Td (and ) Tj ET Q q 0 0 0 rg BT 257.33 356.00 Td (notes ) Tj ET Q q 0 0 0 rg BT 281.40 356.00 Td (receivable ) Tj ET Q q 0 0 0 rg BT 325.43 356.00 Td (balances ) Tj ET Q q 0 0 0 rg BT 362.81 356.00 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.19 356.00 Td ($8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.69 356.00 Td ( ) Tj ET Q q 0 0 0 rg BT 405.64 356.00 Td (million ) Tj ET Q q 0 0 0 rg BT 437.49 356.00 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.66 356.00 Td (January28, ) Tj ET Q q 0 0 0 rg BT 496.71 356.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.71 356.00 Td ( ) Tj ET Q q 0 0 0 rg BT 519.66 356.00 Td ( ) Tj ET Q q 0 0 0 rg BT 522.61 356.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 356.00 Td ($12.1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.00 Td (million ) Tj ET Q q 0 0 0 rg BT 79.99 344.00 Td (at ) Tj ET Q q 0 0 0 rg BT 88.80 344.00 Td (January30, ) Tj ET Q q 0 0 0 rg BT 136.50 344.00 Td (2016. ) Tj ET Q q 0 0 0 rg BT 160.59 344.00 Td ( ) Tj ET Q q 0 0 0 rg BT 162.19 344.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 179.34 344.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 215.92 344.00 Td (receivable ) Tj ET Q q 0 0 0 rg BT 258.60 344.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 290.73 344.00 Td (is ) Tj ET Q q 0 0 0 rg BT 298.99 344.00 Td (comprised ) Tj ET Q q 0 0 0 rg BT 342.24 344.00 Td (of ) Tj ET Q q 0 0 0 rg BT 352.17 344.00 Td (various ) Tj ET Q q 0 0 0 rg BT 383.21 344.00 Td (vendor) Tj ET Q q 0 0 0 rg BT 410.77 344.00 Td (-related ) Tj ET Q q 0 0 0 rg BT 442.90 344.00 Td (and ) Tj ET Q q 0 0 0 rg BT 458.94 344.00 Td (customer) Tj ET Q q 0 0 0 rg BT 495.39 344.00 Td (-related ) Tj ET Q q 0 0 0 rg BT 527.52 344.00 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.00 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 94.51 332.00 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 332.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 112.94 332.00 Td (notes ) Tj ET Q q 0 0 0 rg BT 135.48 332.00 Td (receivable ) Tj ET Q q 0 0 0 rg BT 178.00 332.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 209.96 332.00 Td (is ) Tj ET Q q 0 0 0 rg BT 218.07 332.00 Td (comprised ) Tj ET Q q 0 0 0 rg BT 261.16 332.00 Td (of ) Tj ET Q q 0 0 0 rg BT 270.93 332.00 Td (promissory ) Tj ET Q q 0 0 0 rg BT 317.36 332.00 Td (notes ) Tj ET Q q 0 0 0 rg BT 339.91 332.00 Td (that ) Tj ET Q q 0 0 0 rg BT 356.34 332.00 Td (relate ) Tj ET Q q 0 0 0 rg BT 379.97 332.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 418.62 332.00 Td (to ) Tj ET Q q 0 0 0 rg BT 427.83 332.00 Td (the ) Tj ET Q q 0 0 0 rg BT 441.49 332.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 458.47 332.00 Td (of ) Tj ET Q q 0 0 0 rg BT 468.24 332.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 493.00 332.00 Td (for ) Tj ET Q q 0 0 0 rg BT 506.10 332.00 Td (our ) Tj ET Q q 0 0 0 rg BT 520.86 332.00 Td (franchised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.00 Td (locations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 303.00 Td (The ) Tj ET Q q 0 0 0 rg BT 102.34 303.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 142.52 303.00 Td (provides ) Tj ET Q q 0 0 0 rg BT 178.25 303.00 Td (an ) Tj ET Q q 0 0 0 rg BT 188.98 303.00 Td (allowance ) Tj ET Q q 0 0 0 rg BT 230.81 303.00 Td (for ) Tj ET Q q 0 0 0 rg BT 243.76 303.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 268.95 303.00 Td (on ) Tj ET Q q 0 0 0 rg BT 280.24 303.00 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 322.62 303.00 Td (receivables ) Tj ET Q q 0 0 0 rg BT 368.88 303.00 Td (\(which ) Tj ET Q q 0 0 0 rg BT 397.94 303.00 Td (consist ) Tj ET Q q 0 0 0 rg BT 427.01 303.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 465.52 303.00 Td (of ) Tj ET Q q 0 0 0 rg BT 475.14 303.00 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 517.52 303.00 Td (promissory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.00 Td (notes\) ) Tj ET Q q 0 0 0 rg BT 76.12 291.00 Td (in ) Tj ET Q q 0 0 0 rg BT 86.08 291.00 Td (an ) Tj ET Q q 0 0 0 rg BT 97.70 291.00 Td (amount ) Tj ET Q q 0 0 0 rg BT 129.88 291.00 Td (equal ) Tj ET Q q 0 0 0 rg BT 153.72 291.00 Td (to ) Tj ET Q q 0 0 0 rg BT 163.68 291.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 204.18 291.00 Td (probable ) Tj ET Q q 0 0 0 rg BT 241.35 291.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 267.42 291.00 Td (net ) Tj ET Q q 0 0 0 rg BT 281.82 291.00 Td (of ) Tj ET Q q 0 0 0 rg BT 292.34 291.00 Td (recoveries. ) Tj ET Q q 0 0 0 rg BT 337.95 291.00 Td (The ) Tj ET Q q 0 0 0 rg BT 355.68 291.00 Td (allowance ) Tj ET Q q 0 0 0 rg BT 398.39 291.00 Td (is ) Tj ET Q q 0 0 0 rg BT 407.24 291.00 Td (based ) Tj ET Q q 0 0 0 rg BT 432.19 291.00 Td (on ) Tj ET Q q 0 0 0 rg BT 444.38 291.00 Td (an ) Tj ET Q q 0 0 0 rg BT 456.00 291.00 Td (analysis ) Tj ET Q q 0 0 0 rg BT 490.40 291.00 Td (of ) Tj ET Q q 0 0 0 rg BT 500.91 291.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 538.62 291.00 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.00 Td (write-of) Tj ET Q q 0 0 0 rg BT 81.53 279.00 Td (fs, ) Tj ET Q q 0 0 0 rg BT 92.58 279.00 Td (existing ) Tj ET Q q 0 0 0 rg BT 125.58 279.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 165.79 279.00 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 211.29 279.00 Td (and ) Tj ET Q q 0 0 0 rg BT 227.06 279.00 Td (an ) Tj ET Q q 0 0 0 rg BT 237.83 279.00 Td (assessment ) Tj ET Q q 0 0 0 rg BT 283.61 279.00 Td (of ) Tj ET Q q 0 0 0 rg BT 293.27 279.00 Td (specific ) Tj ET Q q 0 0 0 rg BT 325.70 279.00 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 372.57 279.00 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 414.99 279.00 Td (promissory ) Tj ET Q q 0 0 0 rg BT 461.32 279.00 Td (notes ) Tj ET Q q 0 0 0 rg BT 483.77 279.00 Td (and ) Tj ET Q q 0 0 0 rg BT 499.54 279.00 Td (other ) Tj ET Q q 0 0 0 rg BT 521.42 279.00 Td (franchisee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.00 Td (receivables ) Tj ET Q q 0 0 0 rg BT 96.97 267.00 Td (considered ) Tj ET Q q 0 0 0 rg BT 142.79 267.00 Td (at ) Tj ET Q q 0 0 0 rg BT 152.51 267.00 Td (risk ) Tj ET Q q 0 0 0 rg BT 170.02 267.00 Td (or ) Tj ET Q q 0 0 0 rg BT 180.85 267.00 Td (uncollectible. ) Tj ET Q q 0 0 0 rg BT 237.32 267.00 Td (The ) Tj ET Q q 0 0 0 rg BT 255.37 267.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 290.08 267.00 Td (associated ) Tj ET Q q 0 0 0 rg BT 333.68 267.00 Td (with ) Tj ET Q q 0 0 0 rg BT 353.96 267.00 Td (the ) Tj ET Q q 0 0 0 rg BT 368.68 267.00 Td (allowance ) Tj ET Q q 0 0 0 rg BT 411.72 267.00 Td (for ) Tj ET Q q 0 0 0 rg BT 425.88 267.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 452.28 267.00 Td (on ) Tj ET Q q 0 0 0 rg BT 464.78 267.00 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 508.37 267.00 Td (receivables ) Tj ET Q q 0 0 0 rg BT 555.85 267.00 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.00 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.86 255.00 Td (as ) Tj ET Q q 0 0 0 rg BT 106.69 255.00 Td (selling, ) Tj ET Q q 0 0 0 rg BT 138.36 255.00 Td (and ) Tj ET Q q 0 0 0 rg BT 155.30 255.00 Td (administrative ) Tj ET Q q 0 0 0 rg BT 215.00 255.00 Td (expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 229.00 Td (Mer) Tj ET Q q 0 0 0 rg BT 67.63 229.00 Td (chandise Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 212.00 Td (Merchandise ) Tj ET Q q 0 0 0 rg BT 139.87 212.00 Td (inventories ) Tj ET Q q 0 0 0 rg BT 187.03 212.00 Td (are ) Tj ET Q q 0 0 0 rg BT 201.97 212.00 Td (valued ) Tj ET Q q 0 0 0 rg BT 231.35 212.00 Td (at ) Tj ET Q q 0 0 0 rg BT 241.29 212.00 Td (the ) Tj ET Q q 0 0 0 rg BT 256.24 212.00 Td (lower ) Tj ET Q q 0 0 0 rg BT 281.73 212.00 Td (of ) Tj ET Q q 0 0 0 rg BT 292.79 212.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 311.63 212.00 Td (or ) Tj ET Q q 0 0 0 rg BT 322.68 212.00 Td (market. ) Tj ET Q q 0 0 0 rg BT 355.67 212.00 Td (Merchandise ) Tj ET Q q 0 0 0 rg BT 410.05 212.00 Td (inventories ) Tj ET Q q 0 0 0 rg BT 457.21 212.00 Td (are ) Tj ET Q q 0 0 0 rg BT 472.14 212.00 Td (valued ) Tj ET Q q 0 0 0 rg BT 501.52 212.00 Td (under ) Tj ET Q q 0 0 0 rg BT 527.02 212.00 Td (the ) Tj ET Q q 0 0 0 rg BT 541.96 212.00 Td (retail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.33 200.00 Td (method, ) Tj ET Q q 0 0 0 rg BT 125.32 200.00 Td (or ) Tj ET Q q 0 0 0 rg BT 136.15 200.00 Td ("RIM," ) Tj ET Q q 0 0 0 rg BT 168.21 200.00 Td (using ) Tj ET Q q 0 0 0 rg BT 192.38 200.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 232.09 200.00 Td (a ) Tj ET Q q 0 0 0 rg BT 239.03 200.00 Td (last-in, ) Tj ET Q q 0 0 0 rg BT 269.02 200.00 Td (first-out, ) Tj ET Q q 0 0 0 rg BT 306.24 200.00 Td (or ) Tj ET Q q 0 0 0 rg BT 317.07 200.00 Td ("LIFO," ) Tj ET Q q 0 0 0 rg BT 352.45 200.00 Td (cost-flow ) Tj ET Q q 0 0 0 rg BT 392.72 200.00 Td (assumption.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 179.00 Td (Inherent ) Tj ET Q q 0 0 0 rg BT 122.57 179.00 Td (in ) Tj ET Q q 0 0 0 rg BT 134.10 179.00 Td (RIM ) Tj ET Q q 0 0 0 rg BT 156.75 179.00 Td (calculations ) Tj ET Q q 0 0 0 rg BT 208.26 179.00 Td (are ) Tj ET Q q 0 0 0 rg BT 224.22 179.00 Td (certain ) Tj ET Q q 0 0 0 rg BT 255.18 179.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 301.14 179.00 Td (management ) Tj ET Q q 0 0 0 rg BT 355.99 179.00 Td (judgments ) Tj ET Q q 0 0 0 rg BT 401.40 179.00 Td (and ) Tj ET Q q 0 0 0 rg BT 419.60 179.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 460.56 179.00 Td (including, ) Tj ET Q q 0 0 0 rg BT 504.59 179.00 Td (among ) Tj ET Q q 0 0 0 rg BT 535.56 179.00 Td (others, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.00 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 101.98 167.00 Td (markons, ) Tj ET Q q 0 0 0 rg BT 140.87 167.00 Td (markups, ) Tj ET Q q 0 0 0 rg BT 179.76 167.00 Td (markdowns, ) Tj ET Q q 0 0 0 rg BT 230.87 167.00 Td (and ) Tj ET Q q 0 0 0 rg BT 247.26 167.00 Td (shrinkage, ) Tj ET Q q 0 0 0 rg BT 290.58 167.00 Td (which ) Tj ET Q q 0 0 0 rg BT 316.97 167.00 Td (significantly ) Tj ET Q q 0 0 0 rg BT 368.91 167.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 398.07 167.00 Td (the ) Tj ET Q q 0 0 0 rg BT 412.24 167.00 Td (ending ) Tj ET Q q 0 0 0 rg BT 441.41 167.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 481.68 167.00 Td (valuation ) Tj ET Q q 0 0 0 rg BT 520.84 167.00 Td (at ) Tj ET Q q 0 0 0 rg BT 530.01 167.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 548.07 167.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 86.72 155.00 Td (gross ) Tj ET Q q 0 0 0 rg BT 110.07 155.00 Td (mar) Tj ET Q q 0 0 0 rg BT 125.43 155.00 Td (gins. ) Tj ET Q q 0 0 0 rg BT 146.67 155.00 Td (The ) Tj ET Q q 0 0 0 rg BT 164.45 155.00 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 225.56 155.00 Td (utilized ) Tj ET Q q 0 0 0 rg BT 257.78 155.00 Td (by ) Tj ET Q q 0 0 0 rg BT 270.01 155.00 Td (us ) Tj ET Q q 0 0 0 rg BT 281.13 155.00 Td (in ) Tj ET Q q 0 0 0 rg BT 291.13 155.00 Td (our ) Tj ET Q q 0 0 0 rg BT 306.69 155.00 Td (application ) Tj ET Q q 0 0 0 rg BT 353.35 155.00 Td (of ) Tj ET Q q 0 0 0 rg BT 363.91 155.00 Td (RIM ) Tj ET Q q 0 0 0 rg BT 385.03 155.00 Td (are ) Tj ET Q q 0 0 0 rg BT 399.47 155.00 Td (consistent ) Tj ET Q q 0 0 0 rg BT 441.69 155.00 Td (for ) Tj ET Q q 0 0 0 rg BT 455.58 155.00 Td (all ) Tj ET Q q 0 0 0 rg BT 467.80 155.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 499.47 155.00 Td (presented. ) Tj ET Q q 0 0 0 rg BT 542.52 155.00 Td (Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.00 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 111.52 143.00 Td (include ) Tj ET Q q 0 0 0 rg BT 144.08 143.00 Td (the ) Tj ET Q q 0 0 0 rg BT 159.44 143.00 Td (development ) Tj ET Q q 0 0 0 rg BT 214.22 143.00 Td (of ) Tj ET Q q 0 0 0 rg BT 225.69 143.00 Td (the ) Tj ET Q q 0 0 0 rg BT 241.04 143.00 Td (cost-to-retail ) Tj ET Q q 0 0 0 rg BT 295.26 143.00 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 323.11 143.00 Td (the ) Tj ET Q q 0 0 0 rg BT 338.46 143.00 Td (groupings ) Tj ET Q q 0 0 0 rg BT 381.60 143.00 Td (of ) Tj ET Q q 0 0 0 rg BT 393.06 143.00 Td (homogeneous ) Tj ET Q q 0 0 0 rg BT 451.75 143.00 Td (classes ) Tj ET Q q 0 0 0 rg BT 482.65 143.00 Td (of ) Tj ET Q q 0 0 0 rg BT 494.11 143.00 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 550.28 143.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.00 Td (development ) Tj ET Q q 0 0 0 rg BT 103.14 131.00 Td (of ) Tj ET Q q 0 0 0 rg BT 113.45 131.00 Td (shrinkage ) Tj ET Q q 0 0 0 rg BT 154.31 131.00 Td (and ) Tj ET Q q 0 0 0 rg BT 170.74 131.00 Td (obsolescence ) Tj ET Q q 0 0 0 rg BT 225.47 131.00 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 262.72 131.00 Td (the ) Tj ET Q q 0 0 0 rg BT 276.92 131.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 322.78 131.00 Td (for ) Tj ET Q q 0 0 0 rg BT 336.42 131.00 Td (price ) Tj ET Q q 0 0 0 rg BT 358.39 131.00 Td (changes, ) Tj ET Q q 0 0 0 rg BT 395.08 131.00 Td (and ) Tj ET Q q 0 0 0 rg BT 411.51 131.00 Td (the ) Tj ET Q q 0 0 0 rg BT 425.71 131.00 Td (computations ) Tj ET Q q 0 0 0 rg BT 481.58 131.00 Td (inherent ) Tj ET Q q 0 0 0 rg BT 516.32 131.00 Td (in ) Tj ET Q q 0 0 0 rg BT 526.09 131.00 Td (the ) Tj ET Q q 0 0 0 rg BT 540.29 131.00 Td (LIFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.00 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 95.37 119.00 Td (\(where ) Tj ET Q q 0 0 0 rg BT 125.13 119.00 Td (applicable\). ) Tj ET Q q 0 0 0 rg BT 174.04 119.00 Td (Management ) Tj ET Q q 0 0 0 rg BT 228.23 119.00 Td (believes ) Tj ET Q q 0 0 0 rg BT 262.99 119.00 Td (that ) Tj ET Q q 0 0 0 rg BT 279.97 119.00 Td (RIM ) Tj ET Q q 0 0 0 rg BT 300.86 119.00 Td (provides ) Tj ET Q q 0 0 0 rg BT 337.29 119.00 Td (an ) Tj ET Q q 0 0 0 rg BT 348.72 119.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 389.04 119.00 Td (valuation ) Tj ET Q q 0 0 0 rg BT 428.24 119.00 Td (that ) Tj ET Q q 0 0 0 rg BT 445.23 119.00 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 490.54 119.00 Td (approximates ) Tj ET Q q 0 0 0 rg BT 546.40 119.00 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.00 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 107.00 Td (results ) Tj ET Q q 0 0 0 rg BT 95.05 107.00 Td (in ) Tj ET Q q 0 0 0 rg BT 105.33 107.00 Td (carrying ) Tj ET Q q 0 0 0 rg BT 141.14 107.00 Td (inventory ) Tj ET Q q 0 0 0 rg BT 181.97 107.00 Td (at ) Tj ET Q q 0 0 0 rg BT 191.68 107.00 Td (the ) Tj ET Q q 0 0 0 rg BT 206.40 107.00 Td (lower ) Tj ET Q q 0 0 0 rg BT 231.67 107.00 Td (of ) Tj ET Q q 0 0 0 rg BT 242.50 107.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 261.11 107.00 Td (or ) Tj ET Q q 0 0 0 rg BT 271.94 107.00 Td (market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 86.00 Td (In ) Tj ET Q q 0 0 0 rg BT 96.88 86.00 Td (connection ) Tj ET Q q 0 0 0 rg BT 143.79 86.00 Td (with ) Tj ET Q q 0 0 0 rg BT 164.62 86.00 Td (our ) Tj ET Q q 0 0 0 rg BT 180.99 86.00 Td (LIFO ) Tj ET Q q 0 0 0 rg BT 206.26 86.00 Td (calculation ) Tj ET Q q 0 0 0 rg BT 253.17 86.00 Td (we ) Tj 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(Statistics. ) Tj ET Q q 0 0 0 rg BT 288.36 74.00 Td (If ) Tj ET Q q 0 0 0 rg BT 297.89 74.00 Td (we ) Tj ET Q q 0 0 0 rg BT 312.42 74.00 Td (had ) Tj ET Q q 0 0 0 rg BT 329.73 74.00 Td (used ) Tj ET Q q 0 0 0 rg BT 350.94 74.00 Td (the ) Tj ET Q q 0 0 0 rg BT 366.02 74.00 Td (first-in, ) Tj ET Q q 0 0 0 rg BT 398.61 74.00 Td (first-out, ) Tj ET Q q 0 0 0 rg BT 436.20 74.00 Td (or ) Tj ET Q q 0 0 0 rg BT 447.41 74.00 Td ("FIFO" ) Tj ET Q q 0 0 0 rg BT 480.12 74.00 Td (method ) Tj ET Q q 0 0 0 rg BT 512.98 74.00 Td (of ) Tj ET Q q 0 0 0 rg BT 524.19 74.00 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.00 Td (valuation ) Tj ET Q q 0 0 0 rg BT 88.81 62.00 Td (instead ) Tj ET Q q 0 0 0 rg BT 119.23 62.00 Td (of ) Tj ET Q q 0 0 0 rg BT 129.65 62.00 Td (the ) Tj ET Q q 0 0 0 rg BT 143.96 62.00 Td (LIFO ) Tj ET Q q 0 0 0 rg BT 168.28 62.00 Td (method, ) Tj ET Q q 0 0 0 rg BT 202.87 62.00 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 255.50 62.00 Td (inventories ) Tj ET Q q 0 0 0 rg BT 302.02 62.00 Td (would ) Tj ET Q q 0 0 0 rg BT 329.12 62.00 Td (have ) Tj ET Q q 0 0 0 rg BT 350.09 62.00 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.06 62.00 Td ($0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.56 62.00 Td ( ) Tj ET Q q 0 0 0 rg BT 390.66 62.00 Td (million ) Tj ET Q q 0 0 0 rg BT 421.64 62.00 Td (higher ) Tj ET Q q 0 0 0 rg BT 449.29 62.00 Td (at ) Tj ET Q q 0 0 0 rg BT 458.60 62.00 Td (January ) Tj ET Q q 0 0 0 rg BT 491.79 62.00 Td (28, ) Tj ET Q q 0 0 0 rg BT 506.38 62.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 528.48 62.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 62.00 Td ($0.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 50.00 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 50.00 Td (higher ) Tj ET Q q 0 0 0 rg BT 108.94 50.00 Td (at ) Tj ET Q q 0 0 0 rg BT 118.66 50.00 Td (January ) Tj ET Q q 0 0 0 rg BT 152.25 50.00 Td (30, ) Tj ET Q q 0 0 0 rg BT 167.25 50.00 Td (2016.) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.80 713.25 Td (endor) Tj ET Q q 0 0 0 rg BT 80.62 713.25 Td ( Rebates and ) Tj ET Q q 0 0 0 rg BT 137.58 713.25 Td (Allowances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 701.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 109.53 701.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 148.56 701.25 Td (receives ) Tj ET Q q 0 0 0 rg BT 183.69 701.25 Td (rebates ) Tj ET Q q 0 0 0 rg BT 214.37 701.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.17 701.25 Td (allowances ) Tj ET Q q 0 0 0 rg BT 277.96 701.25 Td (from ) Tj ET 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689.25 Td (products. ) Tj ET Q q 0 0 0 rg BT 309.10 689.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 332.88 689.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 371.67 689.25 Td (allocates ) Tj ET Q q 0 0 0 rg BT 408.76 689.25 Td (a ) Tj ET Q q 0 0 0 rg BT 415.32 689.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 446.33 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 456.77 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.11 689.25 Td (rebates ) Tj ET Q q 0 0 0 rg BT 501.54 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.10 689.25 Td (allowances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.62 677.25 Td (us ) Tj ET Q q 0 0 0 rg BT 70.86 677.25 Td (based ) Tj ET Q q 0 0 0 rg BT 95.98 677.25 Td (on ) Tj ET Q q 0 0 0 rg BT 108.32 677.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 151.23 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 161.35 677.25 Td (or ) Tj ET Q q 0 0 0 rg BT 172.03 677.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 193.81 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 204.49 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.05 677.25 Td (related ) Tj ET Q q 0 0 0 rg BT 248.60 677.25 Td (products ) Tj ET Q q 0 0 0 rg BT 285.38 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.51 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.07 677.25 Td (Company) Tj ET Q q 0 0 0 rg BT 348.31 677.25 Td (. ) Tj ET Q q 0 0 0 rg BT 352.99 677.25 Td (These ) Tj ET Q q 0 0 0 rg BT 379.21 677.25 Td (vendor ) Tj ET Q q 0 0 0 rg BT 409.32 677.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 449.99 677.25 Td (are ) Tj ET Q q 0 0 0 rg BT 464.55 677.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 510.76 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.54 677.25 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.57 665.25 Td (a ) Tj ET Q q 0 0 0 rg BT 67.75 665.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 108.25 665.25 Td (to ) Tj ET Q q 0 0 0 rg BT 118.76 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.72 665.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 152.57 665.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.63 665.25 Td 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 543.25 Td (Property ) Tj ET Q q 0 0 0 rg BT 122.44 543.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.38 543.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 184.09 543.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 218.26 543.25 Td (of ) Tj ET Q q 0 0 0 rg BT 229.09 543.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.81 543.25 Td (following:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 532.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 501.95 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 501.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 501.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 501.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 473.95 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 473.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 473.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 473.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 445.95 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 445.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 445.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 445.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 417.95 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 417.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 417.95 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 417.95 78.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 501.95 m 456 501.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 501.95 m 538 501.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 501.95 m 456 501.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 501.95 m 538 501.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 445.95 m 456 445.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 445.95 m 538 445.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 417.95 m 456 417.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 417.95 m 538 417.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 404.95 m 456 404.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 402.95 m 456 402.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 404.95 m 538 404.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 402.95 m 538 402.95 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 506.20 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.25 506.18 Td (January 28, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.25 506.18 Td (January 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 492.52 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 492.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 492.52 Td (1,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 492.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 492.52 Td (2,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 478.52 Td (Buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 478.52 Td (41,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 478.52 Td (49,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 464.52 Td (Furniture, fixtures and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 464.52 Td (37,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 464.52 Td (37,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 450.52 Td (Capitalized leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 450.52 Td (1,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 450.52 Td (1,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 436.52 Td (Total property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 436.52 Td (81,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 436.52 Td (90,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 422.52 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.30 422.57 Td (\(40,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 422.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.30 422.57 Td (\(41,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 422.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 408.52 Td (Total property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 408.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 408.52 Td (40,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 408.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 408.52 Td (49,315) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 383.45 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 139.80 383.45 Td (expense, ) Tj ET Q q 0 0 0 rg BT 177.17 383.45 Td (which ) Tj ET Q q 0 0 0 rg BT 204.28 383.45 Td (includes ) Tj ET Q q 0 0 0 rg BT 240.27 383.45 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 292.35 383.45 Td (on ) Tj ET Q q 0 0 0 rg BT 305.01 383.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 331.01 383.45 Td (under ) Tj ET Q q 0 0 0 rg BT 356.44 383.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 385.75 383.45 Td (leases, ) Tj ET Q q 0 0 0 rg BT 414.79 383.45 Td (is ) Tj ET Q q 0 0 0 rg BT 424.13 383.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 461.76 383.45 Td (over ) Tj ET Q q 0 0 0 rg BT 482.20 383.45 Td (the ) Tj ET Q q 0 0 0 rg BT 497.08 383.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 538.06 383.45 Td (useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.45 Td (lives ) Tj ET Q q 0 0 0 rg BT 71.91 371.45 Td (of ) Tj ET Q q 0 0 0 rg BT 83.76 371.45 Td (the ) Tj ET Q q 0 0 0 rg BT 99.49 371.45 Td (respective ) Tj ET Q q 0 0 0 rg BT 143.54 371.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.39 371.45 Td (using ) Tj ET Q q 0 0 0 rg BT 195.58 371.45 Td (the ) Tj ET Q q 0 0 0 rg BT 211.32 371.45 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 263.16 371.45 Td (method ) Tj ET Q q 0 0 0 rg BT 296.67 371.45 Td (for ) Tj ET Q q 0 0 0 rg BT 311.85 371.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 350.35 371.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 392.19 371.45 Td (purposes ) Tj ET Q q 0 0 0 rg BT 431.26 371.45 Td (and ) Tj ET Q q 0 0 0 rg BT 449.22 371.45 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 497.70 371.45 Td (methods ) Tj ET Q q 0 0 0 rg BT 535.10 371.45 Td (for ) Tj ET Q q 0 0 0 rg BT 550.28 371.45 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.45 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 89.80 359.45 Td (The ) Tj ET Q q 0 0 0 rg BT 107.78 359.45 Td (range ) Tj ET Q q 0 0 0 rg BT 132.41 359.45 Td (of ) Tj ET Q q 0 0 0 rg BT 143.17 359.45 Td (lives ) Tj ET Q q 0 0 0 rg BT 164.48 359.45 Td (are ) Tj ET Q q 0 0 0 rg BT 179.11 359.45 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.74 359.45 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.74 359.45 Td ( ) Tj ET Q q 0 0 0 rg BT 231.17 359.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.38 359.45 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.38 359.45 Td ( ) Tj ET Q q 0 0 0 rg BT 253.80 359.45 Td (years ) Tj ET Q q 0 0 0 rg BT 277.33 359.45 Td (for ) Tj ET Q q 0 0 0 rg BT 291.41 359.45 Td (buildings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.57 359.45 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.57 359.45 Td ( ) Tj ET Q q 0 0 0 rg BT 340.99 359.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.20 359.45 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.20 359.45 Td ( ) Tj ET Q q 0 0 0 rg BT 363.63 359.45 Td (years ) Tj ET Q q 0 0 0 rg BT 387.15 359.45 Td (for ) Tj ET Q q 0 0 0 rg BT 401.24 359.45 Td (furniture, ) Tj ET Q q 0 0 0 rg BT 441.15 359.45 Td (fixtures, ) Tj ET Q q 0 0 0 rg BT 476.62 359.45 Td (and ) Tj ET Q q 0 0 0 rg BT 493.49 359.45 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 540.63 359.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.49 359.45 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.49 359.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.66 347.45 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.66 347.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.05 347.45 Td (years ) Tj ET Q q 0 0 0 rg BT 90.53 347.45 Td (for ) Tj ET Q q 0 0 0 rg BT 104.57 347.45 Td (computer ) Tj ET Q q 0 0 0 rg BT 144.72 347.45 Td (systems ) Tj ET Q q 0 0 0 rg BT 178.78 347.45 Td (and ) Tj ET Q q 0 0 0 rg BT 195.60 347.45 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 242.70 347.45 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 286.17 347.45 Td (improvements ) Tj ET Q q 0 0 0 rg BT 345.77 347.45 Td (are ) Tj ET Q q 0 0 0 rg BT 360.36 347.45 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 408.82 347.45 Td (over ) Tj ET Q q 0 0 0 rg BT 428.98 347.45 Td (the ) Tj ET Q q 0 0 0 rg BT 443.58 347.45 Td (shorter ) Tj ET Q q 0 0 0 rg BT 473.73 347.45 Td (of ) Tj ET Q q 0 0 0 rg BT 484.45 347.45 Td (the ) Tj ET Q q 0 0 0 rg BT 499.05 347.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 542.52 347.45 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.45 Td (term ) Tj ET Q q 0 0 0 rg BT 70.56 335.45 Td (or ) Tj ET Q q 0 0 0 rg BT 81.63 335.45 Td (the ) Tj ET Q q 0 0 0 rg BT 96.58 335.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 137.64 335.45 Td (useful ) Tj ET Q q 0 0 0 rg BT 164.81 335.45 Td (life ) Tj ET Q q 0 0 0 rg BT 180.87 335.45 Td (of ) Tj ET Q q 0 0 0 rg BT 191.94 335.45 Td (the ) Tj ET Q q 0 0 0 rg BT 206.89 335.45 Td (asset. ) Tj ET Q q 0 0 0 rg BT 231.56 335.45 Td ( ) Tj ET Q q 0 0 0 rg BT 234.30 335.45 Td ( ) Tj ET Q q 0 0 0 rg BT 236.84 335.45 Td (T) Tj ET Q q 0 0 0 rg BT 242.25 335.45 Td (otal ) Tj ET Q q 0 0 0 rg BT 259.98 335.45 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 312.13 335.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 347.08 335.45 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.36 335.45 Td ($10.6 ) Tj ET Q q 0 0 0 rg BT 390.60 335.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.49 335.45 Td ( ) Tj ET Q q 0 0 0 rg BT 422.23 335.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.46 335.45 Td ($8.8 ) Tj ET Q q 0 0 0 rg BT 447.70 335.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.59 335.45 Td (, ) Tj ET Q q 0 0 0 rg BT 481.83 335.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 335.45 Td ($9.0 ) Tj ET Q q 0 0 0 rg BT 519.24 335.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.13 335.45 Td ( ) Tj ET Q q 0 0 0 rg BT 550.86 335.45 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.45 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 73.66 323.45 Td (years ) Tj ET Q q 0 0 0 rg BT 97.25 323.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 119.75 323.45 Td (and ) Tj ET Q q 0 0 0 rg BT 136.69 323.45 Td (2015 ) Tj ET Q q 0 0 0 rg BT 159.19 323.45 Td (and ) Tj ET Q q 0 0 0 rg BT 176.13 323.45 Td (2014, ) Tj ET Q q 0 0 0 rg BT 201.13 323.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 248.79 323.45 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 302.45 Td (As ) Tj ET Q q 0 0 0 rg BT 97.95 302.45 Td (of ) Tj ET Q q 0 0 0 rg BT 107.61 302.45 Td (January ) Tj ET Q q 0 0 0 rg BT 140.05 302.45 Td (28, ) Tj ET Q q 0 0 0 rg BT 153.88 302.45 Td (2017, ) Tj ET Q q 0 0 0 rg BT 177.71 302.45 Td (management ) Tj ET Q q 0 0 0 rg BT 230.14 302.45 Td (has ) Tj ET Q q 0 0 0 rg BT 244.80 302.45 Td (identified ) Tj ET Q q 0 0 0 rg BT 284.46 302.45 Td (one ) Tj ET Q q 0 0 0 rg BT 300.23 302.45 Td (property ) Tj ET Q q 0 0 0 rg BT 335.44 302.45 Td (that ) Tj ET Q q 0 0 0 rg BT 351.77 302.45 Td (is ) Tj ET Q q 0 0 0 rg BT 359.78 302.45 Td (deemed ) Tj ET Q q 0 0 0 rg BT 392.20 302.45 Td (held ) Tj ET Q q 0 0 0 rg BT 410.75 302.45 Td (for ) Tj ET Q q 0 0 0 rg BT 423.75 302.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 440.63 302.45 Td (based ) Tj ET Q q 0 0 0 rg BT 464.73 302.45 Td (on ) Tj ET Q q 0 0 0 rg BT 476.07 302.45 Td (criteria ) Tj ET Q q 0 0 0 rg BT 505.71 302.45 Td (in ) Tj ET Q q 0 0 0 rg BT 514.83 302.45 Td ( ) Tj ET Q q 0 0 0 rg BT 515.87 302.45 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.45 Td (Standards ) Tj ET Q q 0 0 0 rg BT 92.20 290.45 Td (Codification ) Tj ET Q q 0 0 0 rg BT 145.45 290.45 Td (\("ASC"\) ) Tj ET Q q 0 0 0 rg BT 182.98 290.45 Td (360-10-45-9. ) Tj ET Q q 0 0 0 rg BT 238.50 290.45 Td (This ) Tj ET Q q 0 0 0 rg BT 259.54 290.45 Td (property ) Tj ET Q q 0 0 0 rg BT 296.67 290.45 Td (is ) Tj ET Q q 0 0 0 rg BT 306.60 290.45 Td (reflected ) Tj ET Q q 0 0 0 rg BT 344.83 290.45 Td (in ) Tj ET Q q 0 0 0 rg BT 355.87 290.45 Td (each ) Tj ET Q q 0 0 0 rg BT 377.44 290.45 Td (category ) Tj ET Q q 0 0 0 rg BT 415.13 290.45 Td (of ) Tj ET Q q 0 0 0 rg BT 426.72 290.45 Td (Property ) Tj ET Q q 0 0 0 rg BT 464.41 290.45 Td (and ) Tj ET Q q 0 0 0 rg BT 482.11 290.45 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 529.25 290.45 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 290.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.45 Td (exception ) Tj ET Q q 0 0 0 rg BT 91.01 278.45 Td (of ) Tj ET Q q 0 0 0 rg BT 101.98 278.45 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 147.93 278.45 Td (leases ) Tj ET Q q 0 0 0 rg BT 174.45 278.45 Td (in ) Tj ET Q q 0 0 0 rg BT 184.87 278.45 Td (the ) Tj ET Q q 0 0 0 rg BT 199.72 278.45 Td (table ) Tj ET Q q 0 0 0 rg BT 221.80 278.45 Td (above ) Tj ET Q q 0 0 0 rg BT 248.32 278.45 Td (and ) Tj ET Q q 0 0 0 rg BT 265.39 278.45 Td (had ) Tj ET Q q 0 0 0 rg BT 282.47 278.45 Td (a ) Tj ET Q q 0 0 0 rg BT 289.55 278.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 325.51 278.45 Td (value ) Tj ET Q q 0 0 0 rg BT 349.80 278.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.78 278.45 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 380.92 278.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.81 278.45 Td ( ) Tj ET Q q 0 0 0 rg BT 412.45 278.45 Td (as ) Tj ET Q q 0 0 0 rg BT 423.42 278.45 Td (of ) Tj ET Q q 0 0 0 rg BT 434.39 278.45 Td (January ) Tj ET Q q 0 0 0 rg BT 468.13 278.45 Td (28, ) Tj ET Q q 0 0 0 rg BT 483.27 278.45 Td (2017. ) Tj ET Q q 0 0 0 rg BT 508.22 278.45 Td (This ) Tj ET Q q 0 0 0 rg BT 528.64 278.45 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.45 Td (is ) Tj ET Q q 0 0 0 rg BT 58.51 266.45 Td (currently ) Tj ET Q q 0 0 0 rg BT 96.95 266.45 Td (listed ) Tj ET Q q 0 0 0 rg BT 120.96 266.45 Td (on ) Tj ET Q q 0 0 0 rg BT 133.30 266.45 Td (the ) Tj ET Q q 0 0 0 rg BT 147.86 266.45 Td (open ) Tj ET Q q 0 0 0 rg BT 169.65 266.45 Td (market ) Tj ET Q q 0 0 0 rg BT 199.75 266.45 Td (and ) Tj ET Q q 0 0 0 rg BT 216.54 266.45 Td (is ) Tj ET Q q 0 0 0 rg BT 225.55 266.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 263.43 266.45 Td (to ) Tj ET Q q 0 0 0 rg BT 273.55 266.45 Td (be ) Tj ET Q q 0 0 0 rg BT 285.33 266.45 Td (sold ) Tj ET Q q 0 0 0 rg BT 304.34 266.45 Td (to ) Tj ET Q q 0 0 0 rg BT 314.47 266.45 Td (a ) Tj ET Q q 0 0 0 rg BT 321.25 266.45 Td (third ) Tj ET Q q 0 0 0 rg BT 342.48 266.45 Td (party ) Tj ET Q q 0 0 0 rg BT 365.37 266.45 Td (in ) Tj ET Q q 0 0 0 rg BT 375.49 266.45 Td (the ) Tj ET Q q 0 0 0 rg BT 390.05 266.45 Td (first ) Tj ET Q q 0 0 0 rg BT 408.50 266.45 Td (half ) Tj ET Q q 0 0 0 rg BT 426.39 266.45 Td (of ) Tj ET Q q 0 0 0 rg BT 437.07 266.45 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 461.07 266.45 Td (year ) Tj ET Q q 0 0 0 rg BT 480.62 266.45 Td (2017. ) Tj ET Q q 0 0 0 rg BT 505.46 266.45 Td ( ) Tj ET Q q 0 0 0 rg BT 507.29 266.45 Td (As ) Tj ET Q q 0 0 0 rg BT 520.75 266.45 Td (of ) Tj ET Q q 0 0 0 rg BT 531.42 266.45 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.45 Td (28, ) Tj ET Q q 0 0 0 rg BT 64.50 254.45 Td (2017, ) Tj ET Q q 0 0 0 rg BT 89.50 254.45 Td (the ) Tj ET Q q 0 0 0 rg BT 104.22 254.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 142.25 254.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 158.63 254.45 Td (value ) Tj ET Q q 0 0 0 rg BT 182.78 254.45 Td (less ) Tj ET Q q 0 0 0 rg BT 200.28 254.45 Td (the ) Tj ET Q q 0 0 0 rg BT 215.00 254.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 233.61 254.45 Td (of ) Tj ET Q q 0 0 0 rg BT 244.44 254.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 262.48 254.45 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 302.18 254.45 Td (the ) Tj ET Q q 0 0 0 rg BT 316.89 254.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 352.71 254.45 Td (value ) Tj ET Q q 0 0 0 rg BT 376.86 254.45 Td (of ) Tj ET Q q 0 0 0 rg BT 387.69 254.45 Td (the ) Tj ET Q q 0 0 0 rg BT 402.41 254.45 Td (Property ) Tj ET Q q 0 0 0 rg BT 439.35 254.45 Td (and ) Tj ET Q q 0 0 0 rg BT 456.29 254.45 Td (Equipment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.45 Td (Impairment of Long-Lived ) Tj ET Q q 0 0 0 rg BT 166.45 228.45 Td (Assets and Costs ) Tj ET Q q 0 0 0 rg BT 239.52 228.45 Td (Associated with Exit ) Tj ET Q q 0 0 0 rg BT 328.69 228.45 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 211.45 Td (In ) Tj ET Q q 0 0 0 rg BT 96.62 211.45 Td (accordance ) Tj ET Q q 0 0 0 rg BT 144.38 211.45 Td (with ) Tj ET Q q 0 0 0 rg BT 164.95 211.45 Td (accounting ) Tj ET Q q 0 0 0 rg BT 211.61 211.45 Td (standards ) Tj ET Q q 0 0 0 rg BT 252.17 211.45 Td (governing ) Tj ET Q q 0 0 0 rg BT 295.51 211.45 Td (the ) Tj ET Q q 0 0 0 rg BT 310.52 211.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 359.41 211.45 Td (or ) Tj ET Q q 0 0 0 rg BT 370.53 211.45 Td (disposal ) Tj ET Q q 0 0 0 rg BT 406.10 211.45 Td (of ) Tj ET Q q 0 0 0 rg BT 417.22 211.45 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 461.12 211.45 Td (assets, ) Tj ET Q q 0 0 0 rg BT 489.74 211.45 Td (the ) Tj ET Q q 0 0 0 rg BT 504.75 211.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 540.86 211.45 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.45 Td (of ) Tj ET Q q 0 0 0 rg BT 60.27 199.45 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 103.82 199.45 Td (assets, ) Tj ET Q q 0 0 0 rg BT 132.09 199.45 Td (including ) Tj ET Q q 0 0 0 rg BT 172.30 199.45 Td (property ) Tj ET Q q 0 0 0 rg BT 208.62 199.45 Td (and ) Tj ET Q q 0 0 0 rg BT 225.50 199.45 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 272.65 199.45 Td (is ) Tj ET Q q 0 0 0 rg BT 281.77 199.45 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 322.52 199.45 Td (whenever ) Tj ET Q q 0 0 0 rg BT 363.83 199.45 Td (events ) Tj ET Q q 0 0 0 rg BT 391.81 199.45 Td (or ) Tj ET Q q 0 0 0 rg BT 402.59 199.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 437.23 199.45 Td (in ) Tj ET Q q 0 0 0 rg BT 447.45 199.45 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 506.54 199.45 Td (indicate ) Tj ET Q q 0 0 0 rg BT 540.63 199.45 Td (that ) Tj ET Q q 0 0 0 rg BT 558.06 199.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.45 Td (potential ) Tj ET Q q 0 0 0 rg BT 87.68 187.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 136.97 187.45 Td (has ) Tj ET Q q 0 0 0 rg BT 153.50 187.45 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 194.16 187.45 Td (Factors ) Tj ET Q q 0 0 0 rg BT 226.79 187.45 Td (that ) Tj ET Q q 0 0 0 rg BT 244.98 187.45 Td (could ) Tj ET Q q 0 0 0 rg BT 270.39 187.45 Td (result ) Tj ET Q q 0 0 0 rg BT 295.80 187.45 Td (in ) Tj ET Q q 0 0 0 rg BT 306.77 187.45 Td (an ) Tj ET Q q 0 0 0 rg BT 319.40 187.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 368.69 187.45 Td (review ) Tj ET Q q 0 0 0 rg BT 399.09 187.45 Td (include, ) Tj ET Q q 0 0 0 rg BT 434.22 187.45 Td (but ) Tj ET Q q 0 0 0 rg BT 450.19 187.45 Td (are ) Tj ET Q q 0 0 0 rg BT 465.59 187.45 Td (not ) Tj ET Q q 0 0 0 rg BT 481.56 187.45 Td (limited ) Tj ET Q q 0 0 0 rg BT 513.08 187.45 Td (to, ) Tj ET Q q 0 0 0 rg BT 526.55 187.45 Td (a ) Tj ET Q q 0 0 0 rg BT 534.18 187.45 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.45 Td (period ) Tj ET Q q 0 0 0 rg BT 78.39 175.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 99.51 175.45 Td (flow ) Tj ET Q q 0 0 0 rg BT 121.18 175.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 140.09 175.45 Td (combined ) Tj ET Q q 0 0 0 rg BT 182.87 175.45 Td (with ) Tj ET Q q 0 0 0 rg BT 204.00 175.45 Td (a ) Tj ET Q q 0 0 0 rg BT 211.78 175.45 Td (history ) Tj ET Q q 0 0 0 rg BT 242.91 175.45 Td (of ) Tj ET Q q 0 0 0 rg BT 254.58 175.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 275.70 175.45 Td (flow ) Tj ET Q q 0 0 0 rg BT 297.37 175.45 Td (losses, ) Tj ET Q q 0 0 0 rg BT 327.11 175.45 Td (current ) Tj ET Q q 0 0 0 rg BT 358.77 175.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 379.89 175.45 Td (flows ) Tj ET Q q 0 0 0 rg BT 405.45 175.45 Td (that ) Tj ET Q q 0 0 0 rg BT 423.80 175.45 Td (may ) Tj ET Q q 0 0 0 rg BT 444.36 175.45 Td (be ) Tj ET Q q 0 0 0 rg BT 457.14 175.45 Td (insuf) Tj ET Q q 0 0 0 rg BT 476.96 175.45 Td (ficient ) Tj ET Q q 0 0 0 rg BT 505.85 175.45 Td (to ) Tj ET Q q 0 0 0 rg BT 516.98 175.45 Td (recover ) Tj ET Q q 0 0 0 rg BT 550.30 175.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.92 163.45 Td (in ) Tj ET Q q 0 0 0 rg BT 106.23 163.45 Td (the ) Tj ET Q q 0 0 0 rg BT 120.98 163.45 Td (property ) Tj ET Q q 0 0 0 rg BT 157.40 163.45 Td (over ) Tj ET Q q 0 0 0 rg BT 177.70 163.45 Td (the ) Tj ET Q q 0 0 0 rg BT 192.45 163.45 Td (remaining ) Tj ET Q q 0 0 0 rg BT 235.53 163.45 Td (useful ) Tj ET Q q 0 0 0 rg BT 262.50 163.45 Td (life, ) Tj ET Q q 0 0 0 rg BT 280.87 163.45 Td (or ) Tj ET Q q 0 0 0 rg BT 291.73 163.45 Td (a ) Tj ET Q q 0 0 0 rg BT 298.71 163.45 Td (projection ) Tj ET Q q 0 0 0 rg BT 341.78 163.45 Td (that ) Tj ET Q q 0 0 0 rg BT 359.31 163.45 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 414.61 163.45 Td (continuing ) Tj ET Q q 0 0 0 rg BT 459.92 163.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 486.35 163.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 529.98 163.45 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 163.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.45 Td (use ) Tj ET Q q 0 0 0 rg BT 65.45 151.45 Td (of ) Tj ET Q q 0 0 0 rg BT 76.41 151.45 Td (a ) Tj ET Q q 0 0 0 rg BT 83.47 151.45 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 127.20 151.45 Td (asset, ) Tj ET Q q 0 0 0 rg BT 151.76 151.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 196.60 151.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 231.43 151.45 Td (in ) Tj ET Q q 0 0 0 rg BT 241.83 151.45 Td (the ) Tj ET Q q 0 0 0 rg BT 256.68 151.45 Td (manner ) Tj ET Q q 0 0 0 rg BT 289.29 151.45 Td (of ) Tj ET Q q 0 0 0 rg BT 300.24 151.45 Td (use ) Tj ET Q q 0 0 0 rg BT 316.19 151.45 Td (of ) Tj ET Q q 0 0 0 rg BT 327.15 151.45 Td (the ) Tj ET Q q 0 0 0 rg BT 341.99 151.45 Td (assets, ) Tj ET Q q 0 0 0 rg BT 370.44 151.45 Td (or ) Tj ET Q q 0 0 0 rg BT 381.40 151.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 426.24 151.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 461.07 151.45 Td (in ) Tj ET Q q 0 0 0 rg BT 471.47 151.45 Td (business ) Tj ET Q q 0 0 0 rg BT 507.99 151.45 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 550.30 151.45 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.39 139.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 116.75 139.45 Td (is ) Tj ET Q q 0 0 0 rg BT 126.22 139.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 172.87 139.45 Td (when ) Tj ET Q q 0 0 0 rg BT 197.33 139.45 Td (the ) Tj ET Q q 0 0 0 rg BT 212.34 139.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 253.46 139.45 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 309.58 139.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 330.14 139.45 Td (flows ) Tj ET Q q 0 0 0 rg BT 355.16 139.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 393.49 139.45 Td (to ) Tj ET Q q 0 0 0 rg BT 404.06 139.45 Td (result ) Tj ET Q q 0 0 0 rg BT 429.07 139.45 Td (from ) Tj ET Q q 0 0 0 rg BT 451.31 139.45 Td (the ) Tj ET Q q 0 0 0 rg BT 466.32 139.45 Td (use ) Tj ET Q q 0 0 0 rg BT 482.44 139.45 Td (of ) Tj ET Q q 0 0 0 rg BT 493.57 139.45 Td (the ) Tj ET Q q 0 0 0 rg BT 508.58 139.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 530.82 139.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 550.28 139.45 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.45 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 87.58 127.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 125.65 127.45 Td (from ) Tj ET Q q 0 0 0 rg BT 147.63 127.45 Td (disposition ) Tj ET Q q 0 0 0 rg BT 194.06 127.45 Td (of ) Tj ET Q q 0 0 0 rg BT 204.93 127.45 Td (the ) Tj ET Q q 0 0 0 rg BT 219.69 127.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 241.66 127.45 Td (\(if ) Tj ET Q q 0 0 0 rg BT 253.64 127.45 Td (any\) ) Tj ET Q q 0 0 0 rg BT 273.95 127.45 Td (are ) Tj ET Q q 0 0 0 rg BT 288.69 127.45 Td (less ) Tj ET Q q 0 0 0 rg BT 306.23 127.45 Td (than ) Tj ET Q q 0 0 0 rg BT 325.99 127.45 Td (the ) Tj ET Q q 0 0 0 rg BT 340.75 127.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 376.60 127.45 Td (value ) Tj ET Q q 0 0 0 rg BT 400.79 127.45 Td (of ) Tj ET Q q 0 0 0 rg BT 411.66 127.45 Td (the ) Tj ET Q q 0 0 0 rg BT 426.42 127.45 Td (asset. ) Tj ET Q q 0 0 0 rg BT 450.71 127.45 Td (When ) Tj ET Q q 0 0 0 rg BT 477.13 127.45 Td (an ) Tj ET Q q 0 0 0 rg BT 489.11 127.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 537.74 127.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 555.84 127.45 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.45 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 98.17 115.45 Td (the ) Tj ET Q q 0 0 0 rg BT 112.70 115.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 148.32 115.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 180.62 115.45 Td (of ) Tj ET Q q 0 0 0 rg BT 191.26 115.45 Td (the ) Tj ET Q q 0 0 0 rg BT 205.79 115.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 227.54 115.45 Td (is ) Tj ET Q q 0 0 0 rg BT 236.51 115.45 Td (reduced ) Tj ET Q q 0 0 0 rg BT 270.47 115.45 Td (to ) Tj ET Q q 0 0 0 rg BT 280.55 115.45 Td (its ) Tj ET Q q 0 0 0 rg BT 292.31 115.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 332.94 115.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 349.13 115.45 Td (value ) Tj ET Q q 0 0 0 rg BT 373.09 115.45 Td (as ) Tj ET Q q 0 0 0 rg BT 383.73 115.45 Td (determined ) Tj ET Q q 0 0 0 rg BT 431.02 115.45 Td (based ) Tj ET Q q 0 0 0 rg BT 456.09 115.45 Td (on ) Tj ET Q q 0 0 0 rg BT 468.40 115.45 Td (quoted ) Tj ET Q q 0 0 0 rg BT 497.93 115.45 Td (market ) Tj ET Q q 0 0 0 rg BT 528.00 115.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 554.19 115.45 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.45 Td (through ) Tj ET Q q 0 0 0 rg BT 83.12 103.45 Td (the ) Tj ET Q q 0 0 0 rg BT 97.84 103.45 Td (use ) Tj ET Q q 0 0 0 rg BT 113.68 103.45 Td (of ) Tj ET Q q 0 0 0 rg BT 124.52 103.45 Td (other ) Tj ET Q q 0 0 0 rg BT 147.58 103.45 Td (valuation ) Tj ET Q q 0 0 0 rg BT 187.30 103.45 Td (techniques. ) Tj ET Q q 0 0 0 rg BT 234.89 103.45 Td (W) Tj ET Q q 0 0 0 rg BT 243.53 103.45 Td (e ) Tj ET Q q 0 0 0 rg BT 250.47 103.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 287.96 103.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 336.56 103.45 Td (char) Tj ET Q q 0 0 0 rg BT 353.59 103.45 Td (ges ) Tj ET Q q 0 0 0 rg BT 369.43 103.45 Td (with ) Tj ET Q q 0 0 0 rg BT 389.72 103.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 420.54 103.45 Td (to ) Tj ET Q q 0 0 0 rg BT 430.83 103.45 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 474.44 103.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 500.28 103.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.12 103.45 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 531.13 103.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 103.45 Td (, ) Tj ET Q q 0 0 0 rg BT 565.02 103.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.45 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 69.88 91.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.77 91.45 Td ( ) Tj ET Q q 0 0 0 rg BT 101.66 91.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.98 91.45 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 139.36 91.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.25 91.45 Td ( ) Tj ET Q q 0 0 0 rg BT 171.14 91.45 Td (in ) Tj ET Q q 0 0 0 rg BT 181.80 91.45 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 206.34 91.45 Td (years ) Tj ET Q q 0 0 0 rg BT 230.32 91.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 255.70 91.45 Td (2015 ) Tj ET Q q 0 0 0 rg BT 278.59 91.45 Td (and ) Tj ET Q q 0 0 0 rg BT 295.91 91.45 Td (2014, ) Tj ET Q q 0 0 0 rg BT 321.29 91.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 368.95 91.45 Td (, ) Tj ET Q q 0 0 0 rg BT 374.34 91.45 Td (included ) Tj ET Q q 0 0 0 rg BT 411.65 91.45 Td (in ) Tj ET Q q 0 0 0 rg BT 422.31 91.45 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 471.85 91.45 Td (of ) Tj ET Q q 0 0 0 rg BT 483.06 91.45 Td (Goodwill, ) Tj ET Q q 0 0 0 rg BT 526.22 91.45 Td (Property) Tj ET Q q 0 0 0 rg BT 560.01 91.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.45 Td (and ) Tj ET Q q 0 0 0 rg BT 66.70 79.45 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 113.35 79.45 Td (in ) Tj ET Q q 0 0 0 rg BT 123.89 79.45 Td (the ) Tj ET Q q 0 0 0 rg BT 138.88 79.45 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 199.95 79.45 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 255.49 79.45 Td (Statement ) Tj ET Q q 0 0 0 rg BT 298.25 79.45 Td (of ) Tj ET Q q 0 0 0 rg BT 309.34 79.45 Td (Operations. ) Tj ET Q q 0 0 0 rg BT 358.48 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 361.25 79.45 Td (See ) Tj ET Q q 0 0 0 rg BT 378.45 79.45 Td (Note ) Tj ET Q q 0 0 0 rg BT 400.66 79.45 Td (5 ) Tj ET Q q 0 0 0 rg BT 408.42 79.45 Td (regarding ) Tj ET Q q 0 0 0 rg BT 449.50 79.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.48 79.45 Td ($167.0 ) Tj ET Q q 0 0 0 rg BT 494.75 79.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.64 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 526.40 79.45 Td (non-cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.45 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 87.56 67.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 136.16 67.45 Td (char) Tj ET Q q 0 0 0 rg BT 153.18 67.45 Td (ge ) Tj ET Q q 0 0 0 rg BT 165.12 67.45 Td (we ) Tj ET Q q 0 0 0 rg BT 179.28 67.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 216.76 67.45 Td (in ) Tj ET Q q 0 0 0 rg BT 227.03 67.45 Td (the ) Tj ET Q q 0 0 0 rg BT 241.75 67.45 Td (third ) Tj ET Q q 0 0 0 rg BT 263.14 67.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 293.95 67.45 Td (of ) Tj ET Q q 0 0 0 rg BT 304.78 67.45 Td (our ) Tj ET Q q 0 0 0 rg BT 320.61 67.45 Td (2014 ) Tj ET Q q 0 0 0 rg BT 343.11 67.45 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 367.27 67.45 Td (year) Tj ET Q q 0 0 0 rg BT 383.92 67.45 Td (.) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 445.5 m 345 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 443.5 m 345 443.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 708.73 Td (Fiscal Year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 708.73 Td ( Capital Leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.60 708.73 Td ( Operating Leases) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 88.50 693.95 Td (thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 679.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 679.17 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 679.17 Td (52,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 664.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 664.17 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 664.17 Td (37,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 649.17 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 474.17 Td ( Less Current Portion of Capital Lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 464.17 Td (Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.80 464.17 Td (\(269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 464.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 449.17 Td ( Long-term Capital Lease Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 449.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 449.17 Td (274) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 367.00 Td (Insurance Pr) Tj ET Q q 0 0 0 rg BT 105.15 367.00 Td (ograms) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.00 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 350.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 350.00 Td (e ) Tj ET Q q 0 0 0 rg BT 100.77 350.00 Td (maintain ) Tj ET Q q 0 0 0 rg BT 137.96 350.00 Td (with ) Tj ET Q q 0 0 0 rg BT 157.94 350.00 Td (third-party ) Tj ET Q q 0 0 0 rg BT 202.90 350.00 Td (insurance ) Tj ET Q q 0 0 0 rg BT 243.42 350.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 288.38 350.00 Td (our ) Tj ET Q q 0 0 0 rg BT 303.91 350.00 Td (own ) Tj ET Q q 0 0 0 rg BT 323.33 350.00 Td (insurance ) Tj ET Q q 0 0 0 rg BT 363.84 350.00 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 419.90 350.00 Td (for ) Tj ET Q q 0 0 0 rg BT 433.76 350.00 Td (exposures ) Tj ET Q q 0 0 0 rg BT 475.95 350.00 Td (incurred ) Tj ET Q q 0 0 0 rg BT 511.47 350.00 Td (for ) Tj ET Q q 0 0 0 rg BT 525.33 350.00 Td (a ) Tj ET Q q 0 0 0 rg BT 531.96 350.00 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.00 Td (of ) Tj ET Q q 0 0 0 rg BT 60.59 338.00 Td (risks ) Tj ET Q q 0 0 0 rg BT 82.24 338.00 Td (including ) Tj ET Q q 0 0 0 rg BT 122.77 338.00 Td (worker) Tj ET Q q 0 0 0 rg BT 151.46 338.00 Td () Tj ET Q q 0 0 0 rg BT 154.24 338.00 Td (s ) Tj ET Q q 0 0 0 rg BT 160.89 338.00 Td (compensation ) Tj ET Q q 0 0 0 rg BT 219.19 338.00 Td (and ) Tj ET Q q 0 0 0 rg BT 236.39 338.00 Td (general ) Tj ET Q q 0 0 0 rg BT 268.57 338.00 Td (liability ) Tj ET Q q 0 0 0 rg BT 302.44 338.00 Td (claims. ) Tj ET Q q 0 0 0 rg BT 333.80 338.00 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 375.43 338.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 410.39 338.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.48 338.00 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 441.74 338.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.63 338.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.89 338.00 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 496.15 338.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.04 338.00 Td ( ) Tj ET Q q 0 0 0 rg BT 527.80 338.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 338.00 Td ($5.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 326.00 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 326.00 Td (was ) Tj ET Q q 0 0 0 rg BT 98.94 326.00 Td (recorded ) Tj ET Q q 0 0 0 rg BT 136.42 326.00 Td (during ) Tj ET Q q 0 0 0 rg BT 165.03 326.00 Td (2016, ) Tj ET Q q 0 0 0 rg BT 190.03 326.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 212.53 326.00 Td (and ) Tj ET Q q 0 0 0 rg BT 229.47 326.00 Td (2014, ) Tj ET Q q 0 0 0 rg BT 254.47 326.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 302.13 326.00 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 309.00 Td (Loss ) Tj ET Q q 0 0 0 rg BT 71.45 309.00 Td (Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 292.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 292.00 Td (e ) Tj ET Q q 0 0 0 rg BT 102.62 292.00 Td (account ) Tj ET Q q 0 0 0 rg BT 137.75 292.00 Td (for ) Tj ET Q q 0 0 0 rg BT 153.45 292.00 Td (contingent ) Tj ET Q q 0 0 0 rg BT 199.70 292.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 227.63 292.00 Td (in ) Tj ET Q q 0 0 0 rg BT 239.45 292.00 Td (accordance ) Tj ET Q q 0 0 0 rg BT 288.45 292.00 Td (with ) Tj ET Q q 0 0 0 rg BT 310.27 292.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 358.18 292.00 Td (standards ) Tj ET Q q 0 0 0 rg BT 399.99 292.00 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 444.57 292.00 Td (to ) Tj ET Q q 0 0 0 rg BT 456.39 292.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 475.99 292.00 Td (contingencies. ) Tj ET Q q 0 0 0 rg BT 537.51 292.00 Td (Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 96.40 280.00 Td (standards, ) Tj ET Q q 0 0 0 rg BT 139.70 280.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 158.29 280.00 Td (contingency ) Tj ET Q q 0 0 0 rg BT 210.19 280.00 Td (provisions ) Tj ET Q q 0 0 0 rg BT 254.89 280.00 Td (are ) Tj ET Q q 0 0 0 rg BT 270.12 280.00 Td (recorded ) Tj ET Q q 0 0 0 rg BT 308.13 280.00 Td (for ) Tj ET Q q 0 0 0 rg BT 322.82 280.00 Td (probable ) Tj ET Q q 0 0 0 rg BT 360.83 280.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 387.75 280.00 Td (at ) Tj ET Q q 0 0 0 rg BT 398.00 280.00 Td (management) Tj ET Q q 0 0 0 rg BT 451.86 280.00 Td (s ) Tj ET Q q 0 0 0 rg BT 458.79 280.00 Td (best ) Tj ET Q q 0 0 0 rg BT 477.92 280.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 514.27 280.00 Td (of ) Tj ET Q q 0 0 0 rg BT 525.63 280.00 Td (a ) Tj ET Q q 0 0 0 rg BT 533.10 280.00 Td (loss, ) Tj ET Q q 0 0 0 rg BT 554.19 280.00 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.00 Td (when ) Tj ET Q q 0 0 0 rg BT 72.63 268.00 Td (a ) Tj ET Q q 0 0 0 rg BT 78.54 268.00 Td (best ) Tj ET Q q 0 0 0 rg BT 96.12 268.00 Td (estimate ) Tj ET Q q 0 0 0 rg BT 130.91 268.00 Td (cannot ) Tj ET Q q 0 0 0 rg BT 159.03 268.00 Td (be ) Tj ET Q q 0 0 0 rg BT 169.94 268.00 Td (made, ) Tj ET Q q 0 0 0 rg BT 195.56 268.00 Td (a ) Tj ET Q q 0 0 0 rg BT 201.47 268.00 Td (minimum ) Tj ET Q q 0 0 0 rg BT 241.83 268.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 258.87 268.00 Td (contingency ) Tj ET Q q 0 0 0 rg BT 309.21 268.00 Td (amount ) Tj ET Q q 0 0 0 rg BT 340.67 268.00 Td (is ) Tj ET Q q 0 0 0 rg BT 348.81 268.00 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 387.76 268.00 Td ( ) Tj ET Q q 0 0 0 rg BT 389.12 268.00 Td (These ) Tj ET Q q 0 0 0 rg BT 414.47 268.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 453.15 268.00 Td (are ) Tj ET Q q 0 0 0 rg BT 466.83 268.00 Td (often ) Tj ET Q q 0 0 0 rg BT 488.84 268.00 Td (initially ) Tj ET Q q 0 0 0 rg BT 521.42 268.00 Td (developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.00 Td (substantially ) Tj ET Q q 0 0 0 rg BT 101.86 256.00 Td (earlier ) Tj ET Q q 0 0 0 rg BT 129.21 256.00 Td (than ) Tj ET Q q 0 0 0 rg BT 148.24 256.00 Td (the ) Tj ET Q q 0 0 0 rg BT 162.26 256.00 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 196.84 256.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 214.22 256.00 Td (is ) Tj ET Q q 0 0 0 rg BT 222.70 256.00 Td (known, ) Tj ET Q q 0 0 0 rg BT 254.23 256.00 Td (and ) Tj ET Q q 0 0 0 rg BT 270.48 256.00 Td (the ) Tj ET Q q 0 0 0 rg BT 284.51 256.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 323.53 256.00 Td (are ) Tj ET Q q 0 0 0 rg BT 337.55 256.00 Td (refined ) Tj ET Q q 0 0 0 rg BT 367.68 256.00 Td (each ) Tj ET Q q 0 0 0 rg BT 387.81 256.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 433.49 256.00 Td (period, ) Tj ET Q q 0 0 0 rg BT 463.35 256.00 Td (as ) Tj ET Q q 0 0 0 rg BT 473.49 256.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 515.29 256.00 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.00 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 244.00 Td (known.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 218.00 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 201.00 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 127.57 201.00 Td (include ) Tj ET Q q 0 0 0 rg BT 160.20 201.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 182.83 201.00 Td (of ) Tj ET Q q 0 0 0 rg BT 194.35 201.00 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 250.58 201.00 Td (commissions ) Tj ET Q q 0 0 0 rg BT 306.00 201.00 Td (on ) Tj ET Q q 0 0 0 rg BT 319.19 201.00 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 372.92 201.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 395.55 201.00 Td (made ) Tj ET Q q 0 0 0 rg BT 420.40 201.00 Td (through ) Tj ET Q q 0 0 0 rg BT 454.70 201.00 Td (www) Tj ET Q q 0 0 0 rg BT 475.71 201.00 Td (.sears.com, ) Tj ET Q q 0 0 0 rg BT 523.62 201.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 565.00 201.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.00 Td (websites, ) Tj ET Q q 0 0 0 rg BT 89.46 189.00 Td (services ) Tj ET Q q 0 0 0 rg BT 124.70 189.00 Td (and ) Tj ET Q q 0 0 0 rg BT 142.16 189.00 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 212.92 189.00 Td (plans, ) Tj ET Q q 0 0 0 rg BT 239.56 189.00 Td (financing ) Tj ET Q q 0 0 0 rg BT 280.34 189.00 Td (programs, ) Tj ET Q q 0 0 0 rg BT 323.64 189.00 Td (and ) Tj ET Q q 0 0 0 rg BT 341.10 189.00 Td (delivery ) Tj ET Q q 0 0 0 rg BT 376.89 189.00 Td (and ) Tj ET Q q 0 0 0 rg BT 394.35 189.00 Td (handling ) Tj ET Q q 0 0 0 rg BT 432.37 189.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 470.94 189.00 Td (related ) Tj ET Q q 0 0 0 rg BT 501.16 189.00 Td (to ) Tj ET Q q 0 0 0 rg BT 511.97 189.00 Td (merchandise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.00 Td (sold. ) Tj ET Q q 0 0 0 rg BT 71.26 177.00 Td (W) Tj ET Q q 0 0 0 rg BT 79.90 177.00 Td (e ) Tj ET Q q 0 0 0 rg BT 87.12 177.00 Td (recognize ) Tj ET Q q 0 0 0 rg BT 128.78 177.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 167.10 177.00 Td (from ) Tj ET Q q 0 0 0 rg BT 189.33 177.00 Td (retail ) Tj ET Q q 0 0 0 rg BT 212.66 177.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 257.11 177.00 Td (at ) Tj ET Q q 0 0 0 rg BT 267.11 177.00 Td (the ) Tj ET Q q 0 0 0 rg BT 282.12 177.00 Td (later ) Tj ET Q q 0 0 0 rg BT 302.67 177.00 Td (of ) Tj ET Q q 0 0 0 rg BT 313.79 177.00 Td (the ) Tj ET Q q 0 0 0 rg BT 328.80 177.00 Td (point ) Tj ET Q q 0 0 0 rg BT 352.14 177.00 Td (of ) Tj ET Q q 0 0 0 rg BT 363.26 177.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 381.60 177.00 Td (or ) Tj ET Q q 0 0 0 rg BT 392.72 177.00 Td (the ) Tj ET Q q 0 0 0 rg BT 407.73 177.00 Td (delivery ) Tj ET Q q 0 0 0 rg BT 443.28 177.00 Td (of ) Tj ET Q q 0 0 0 rg BT 454.40 177.00 Td (goods ) Tj ET Q q 0 0 0 rg BT 481.08 177.00 Td (to ) Tj ET Q q 0 0 0 rg BT 491.65 177.00 Td (the ) Tj ET Q q 0 0 0 rg BT 506.65 177.00 Td (end ) Tj ET Q q 0 0 0 rg BT 523.88 177.00 Td (user) Tj ET Q q 0 0 0 rg BT 539.99 177.00 Td (. ) Tj ET Q q 0 0 0 rg BT 545.28 177.00 Td ( ) Tj ET Q q 0 0 0 rg BT 548.07 177.00 Td (Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.31 165.00 Td (are ) Tj ET Q q 0 0 0 rg BT 85.88 165.00 Td (presented ) Tj ET Q q 0 0 0 rg BT 126.57 165.00 Td (net ) Tj ET Q q 0 0 0 rg BT 141.16 165.00 Td (of ) Tj ET Q q 0 0 0 rg BT 151.86 165.00 Td (any ) Tj ET Q q 0 0 0 rg BT 168.66 165.00 Td (taxes ) Tj ET Q q 0 0 0 rg BT 191.58 165.00 Td (collected ) Tj ET Q q 0 0 0 rg BT 230.04 165.00 Td (from ) Tj ET Q q 0 0 0 rg BT 251.85 165.00 Td (customers ) Tj ET Q q 0 0 0 rg BT 294.76 165.00 Td (and ) Tj ET Q q 0 0 0 rg BT 311.57 165.00 Td (remitted ) Tj ET Q q 0 0 0 rg BT 347.26 165.00 Td (or ) Tj ET Q q 0 0 0 rg BT 357.96 165.00 Td (payable ) Tj ET Q q 0 0 0 rg BT 391.42 165.00 Td (to ) Tj ET Q q 0 0 0 rg BT 401.57 165.00 Td (governmental ) Tj ET Q q 0 0 0 rg BT 458.92 165.00 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 506.00 165.00 Td ( ) Tj ET Q q 0 0 0 rg BT 508.20 165.00 Td (W) Tj ET Q q 0 0 0 rg BT 516.84 165.00 Td (e ) Tj ET Q q 0 0 0 rg BT 523.65 165.00 Td (recognize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.71 153.00 Td (from ) Tj ET Q q 0 0 0 rg BT 109.83 153.00 Td (commissions ) Tj ET Q q 0 0 0 rg BT 164.73 153.00 Td (on ) Tj ET Q q 0 0 0 rg BT 177.40 153.00 Td (services ) Tj ET Q q 0 0 0 rg BT 212.28 153.00 Td (and ) Tj ET Q q 0 0 0 rg BT 229.40 153.00 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 299.81 153.00 Td (plans, ) Tj ET Q q 0 0 0 rg BT 326.09 153.00 Td (and ) Tj ET Q q 0 0 0 rg BT 343.21 153.00 Td (delivery ) Tj ET Q q 0 0 0 rg BT 378.65 153.00 Td (and ) Tj ET Q q 0 0 0 rg BT 395.76 153.00 Td (handling ) Tj ET Q q 0 0 0 rg BT 433.43 153.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 471.64 153.00 Td (related ) Tj ET Q q 0 0 0 rg BT 501.52 153.00 Td (to ) Tj ET Q q 0 0 0 rg BT 511.97 153.00 Td (merchandise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.00 Td (sold, ) Tj ET Q q 0 0 0 rg BT 71.20 141.00 Td (at ) Tj ET Q q 0 0 0 rg BT 80.94 141.00 Td (the ) Tj ET Q q 0 0 0 rg BT 95.68 141.00 Td (point ) Tj ET Q q 0 0 0 rg BT 118.77 141.00 Td (of ) Tj ET Q q 0 0 0 rg BT 129.62 141.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 147.70 141.00 Td (as ) Tj ET Q q 0 0 0 rg BT 158.56 141.00 Td (we ) Tj ET Q q 0 0 0 rg BT 172.74 141.00 Td (are ) Tj ET Q q 0 0 0 rg BT 187.48 141.00 Td (not ) Tj ET Q q 0 0 0 rg BT 202.78 141.00 Td (the ) Tj ET Q q 0 0 0 rg BT 217.52 141.00 Td (primary ) Tj ET Q q 0 0 0 rg BT 251.71 141.00 Td (obligor ) Tj ET Q q 0 0 0 rg BT 283.12 141.00 Td (with ) Tj ET Q q 0 0 0 rg BT 303.43 141.00 Td (respect ) Tj ET Q q 0 0 0 rg BT 334.27 141.00 Td (to ) Tj ET Q q 0 0 0 rg BT 344.57 141.00 Td (such ) Tj ET Q q 0 0 0 rg BT 365.43 141.00 Td (services ) Tj ET Q q 0 0 0 rg BT 400.16 141.00 Td (and ) Tj ET Q q 0 0 0 rg BT 417.13 141.00 Td (have ) Tj ET Q q 0 0 0 rg BT 438.53 141.00 Td (no ) Tj ET Q q 0 0 0 rg BT 451.06 141.00 Td (future ) Tj ET Q q 0 0 0 rg BT 477.46 141.00 Td (obligations ) Tj ET Q q 0 0 0 rg BT 524.43 141.00 Td (for ) Tj ET Q q 0 0 0 rg BT 538.62 141.00 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.00 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 108.00 Td (The ) Tj ET Q q 0 0 0 rg BT 104.13 108.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 146.10 108.00 Td (accepts ) Tj ET Q q 0 0 0 rg BT 178.60 108.00 Td (Sears ) Tj ET Q q 0 0 0 rg BT 203.34 108.00 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 243.09 108.00 Td (gift ) Tj ET Q q 0 0 0 rg BT 260.06 108.00 Td (cards ) Tj ET Q q 0 0 0 rg BT 284.24 108.00 Td (as ) Tj ET Q q 0 0 0 rg BT 295.65 108.00 Td (tender ) Tj ET Q q 0 0 0 rg BT 323.72 108.00 Td (for ) Tj ET Q q 0 0 0 rg BT 338.46 108.00 Td (purchases ) Tj ET Q q 0 0 0 rg BT 380.97 108.00 Td (and ) Tj ET Q q 0 0 0 rg BT 398.49 108.00 Td (is ) Tj ET Q q 0 0 0 rg BT 408.24 108.00 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 456.31 108.00 Td (by ) Tj ET Q q 0 0 0 rg BT 469.39 108.00 Td (Sears ) Tj ET Q q 0 0 0 rg BT 494.13 108.00 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 533.88 108.00 Td (for ) Tj ET Q q 0 0 0 rg BT 548.62 108.00 Td (gift ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.00 Td (cards ) Tj ET Q q 0 0 0 rg BT 73.10 96.00 Td (tendered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 70.00 Td (Reserve for) Tj ET Q q 0 0 0 rg BT 98.46 70.00 Td ( Sales Returns and ) Tj ET Q q 0 0 0 rg BT 180.14 70.00 Td (Allowances) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 127.26 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 149.58 713.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 202.99 713.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 225.31 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.62 713.10 Td (services ) Tj ET Q q 0 0 0 rg BT 277.71 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 292.80 713.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 328.99 713.10 Td (net ) Tj ET Q q 0 0 0 rg BT 344.09 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.30 713.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 396.50 713.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 427.15 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.47 713.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 491.77 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.09 713.10 Td (exclude ) Tj ET Q q 0 0 0 rg BT 543.06 713.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 74.11 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.56 701.10 Td (The ) Tj ET Q q 0 0 0 rg BT 92.67 701.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 123.09 701.10 Td (for ) Tj ET Q q 0 0 0 rg BT 136.32 701.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 165.65 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.65 701.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 227.63 701.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.86 701.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 277.95 701.10 Td (as ) Tj ET Q q 0 0 0 rg BT 287.84 701.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.84 701.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 338.71 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.60 701.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 369.60 701.10 Td (based ) Tj ET Q q 0 0 0 rg BT 393.93 701.10 Td (on ) Tj ET Q q 0 0 0 rg BT 405.49 701.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 444.26 701.10 Td (return ) Tj ET Q q 0 0 0 rg BT 469.70 701.10 Td (percentages. ) Tj ET Q q 0 0 0 rg BT 520.95 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.52 701.10 Td (Estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 79.71 689.10 Td (are ) Tj ET Q q 0 0 0 rg BT 94.36 689.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 131.78 689.10 Td (as ) Tj ET Q q 0 0 0 rg BT 142.55 689.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.43 689.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 189.63 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.40 689.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 222.28 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.16 689.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 257.71 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.48 689.10 Td (sales. ) Tj ET Q q 0 0 0 rg BT 292.86 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.13 689.10 Td (The ) Tj ET Q q 0 0 0 rg BT 313.12 689.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 344.43 689.10 Td (for ) Tj ET Q q 0 0 0 rg BT 358.53 689.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 388.74 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.62 689.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 452.48 689.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.48 689.10 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 490.42 689.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.31 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.75 689.10 Td (at ) Tj ET Q q 0 0 0 rg BT 531.41 689.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 64.50 677.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 87.00 677.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.94 677.10 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 123.94 677.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.83 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.33 677.10 Td (at ) Tj ET Q q 0 0 0 rg BT 165.05 677.10 Td (January ) Tj ET Q q 0 0 0 rg BT 198.65 677.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 213.65 677.10 Td (2016. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.10 Td (Cost of Sales and Occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 634.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 106.87 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.23 634.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 140.69 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.16 634.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 203.94 634.10 Td (are ) Tj ET Q q 0 0 0 rg BT 219.18 634.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 263.86 634.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 310.21 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.57 634.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 375.13 634.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 400.66 634.10 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 454.79 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.26 634.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 521.40 634.10 Td (\(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (receiving ) Tj ET Q q 0 0 0 rg BT 90.06 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.85 622.10 Td (store ) Tj ET Q q 0 0 0 rg BT 130.65 622.10 Td (delivery\) ) Tj ET Q q 0 0 0 rg BT 170.10 622.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 195.96 622.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 219.86 622.10 Td (store ) Tj ET Q q 0 0 0 rg BT 242.65 622.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 288.76 622.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 314.62 622.10 Td (home ) Tj ET Q q 0 0 0 rg BT 340.19 622.10 Td (services ) Tj ET Q q 0 0 0 rg BT 375.76 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.55 622.10 Td (installation ) Tj ET Q q 0 0 0 rg BT 441.35 622.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 467.21 622.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 506.10 622.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 528.06 622.10 Td (royalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 86.05 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.29 610.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 126.41 610.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 168.53 610.10 Td (related ) Tj ET Q q 0 0 0 rg BT 201.19 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.43 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.22 610.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 254.22 610.10 Td (products ) Tj ET Q q 0 0 0 rg BT 294.12 610.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 331.79 610.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.02 610.10 Td (one ) Tj ET Q q 0 0 0 rg BT 374.92 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.71 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.38 610.10 Td (KENMORE, ) Tj ET Q q 0 0 0 rg BT 471.38 610.10 Td (CRAFTSMAN, ) Tj ET Q q 0 0 0 rg BT 548.06 610.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (DIEHARDmarks ) Tj ET Q q 0 0 0 rg BT 131.02 598.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 148.56 598.10 Td ("KCD ) Tj ET Q q 0 0 0 rg BT 175.74 598.10 Td (Marks," ) Tj ET Q q 0 0 0 rg BT 209.87 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.29 598.10 Td (products ) Tj ET Q q 0 0 0 rg BT 262.72 598.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 296.92 598.10 Td (with ) Tj ET Q q 0 0 0 rg BT 316.69 598.10 Td (one ) Tj ET Q q 0 0 0 rg BT 333.12 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.44 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.64 598.10 Td (KCD ) Tj ET Q q 0 0 0 rg BT 380.75 598.10 Td (Marks ) Tj ET Q q 0 0 0 rg BT 408.29 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 422.48 598.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 456.11 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.88 598.10 Td (as ) Tj ET Q q 0 0 0 rg BT 476.20 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.40 598.10 Td ("KCD ) Tj ET Q q 0 0 0 rg BT 517.59 598.10 Td (Products"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.08 586.10 Td (shipping ) Tj ET Q q 0 0 0 rg BT 124.45 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.81 586.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 177.73 586.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 202.16 586.10 Td (vendor ) Tj ET Q q 0 0 0 rg BT 231.85 586.10 Td (allowances, ) Tj ET Q q 0 0 0 rg BT 280.70 586.10 Td (markdowns, ) Tj ET Q q 0 0 0 rg BT 331.78 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.14 586.10 Td (physical ) Tj ET Q q 0 0 0 rg BT 383.39 586.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 423.64 586.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 451.96 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.74 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.21 586.10 Td (KCD ) Tj ET Q q 0 0 0 rg BT 494.25 586.10 Td (Marks ) Tj ET Q q 0 0 0 rg BT 521.72 586.10 Td (are ) Tj ET Q q 0 0 0 rg BT 535.85 586.10 Td (owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 574.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 111.72 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.55 574.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 146.71 574.10 Td (Holdings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (Selling and ) Tj ET Q q 0 0 0 rg BT 98.97 548.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 531.10 Td (Selling ) Tj ET Q q 0 0 0 rg BT 115.71 531.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.03 531.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 191.12 531.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 229.10 531.10 Td (are ) Tj ET Q q 0 0 0 rg BT 243.19 531.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 286.72 531.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 331.92 531.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.13 531.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 368.43 531.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.75 531.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 427.72 531.10 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 484.32 531.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 514.53 531.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.85 531.10 Td (benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.00 519.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.16 519.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 109.20 519.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.14 519.10 Td (support ) Tj ET Q q 0 0 0 rg BT 158.64 519.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 206.40 519.10 Td (advertising, ) Tj ET Q q 0 0 0 rg BT 255.84 519.10 Td (pre-opening ) Tj ET Q q 0 0 0 rg BT 306.65 519.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 331.65 519.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.59 519.10 Td (other ) Tj ET Q q 0 0 0 rg BT 371.64 519.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 431.35 519.10 Td (expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 495.10 Td (Dealer) Tj ET Q q 0 0 0 rg BT 77.63 495.10 Td ( and Franchisee Commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 471.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.10 471.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 143.33 471.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.38 471.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.98 471.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 226.78 471.10 Td (with ) Tj ET Q q 0 0 0 rg BT 246.83 471.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.43 471.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 293.01 471.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.72 471.10 Td (franchisees, ) Tj ET Q q 0 0 0 rg BT 359.46 471.10 Td (we ) Tj ET Q q 0 0 0 rg BT 373.39 471.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 390.10 471.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 444.60 471.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.65 471.10 Td (our ) Tj ET Q q 0 0 0 rg BT 470.25 471.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 500.83 471.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.54 471.10 Td (franchisees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.37 459.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.45 459.10 Td (net ) Tj ET Q q 0 0 0 rg BT 89.53 459.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 110.83 459.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.03 459.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 173.43 459.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.73 459.10 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 259.33 459.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 284.81 459.10 Td (In ) Tj ET Q q 0 0 0 rg BT 295.00 459.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 332.14 459.10 Td (each ) Tj ET Q q 0 0 0 rg BT 352.32 459.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 378.61 459.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.92 459.10 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 437.86 459.10 Td (can ) Tj ET Q q 0 0 0 rg BT 453.61 459.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 472.68 459.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 526.77 459.10 Td (for ) Tj ET Q q 0 0 0 rg BT 540.30 459.10 Td (third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (party ) Tj ET Q q 0 0 0 rg BT 73.17 447.10 Td (gift ) Tj ET Q q 0 0 0 rg BT 90.18 447.10 Td (cards ) Tj ET Q q 0 0 0 rg BT 114.41 447.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 134.20 447.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.77 447.10 Td (can ) Tj ET Q q 0 0 0 rg BT 168.77 447.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 189.10 447.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 232.77 447.10 Td (support, ) Tj ET Q q 0 0 0 rg BT 268.39 447.10 Td (home ) Tj ET Q q 0 0 0 rg BT 293.73 447.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 350.18 447.10 Td (referrals, ) Tj ET Q q 0 0 0 rg BT 389.11 447.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 407.78 447.10 Td (support, ) Tj ET Q q 0 0 0 rg BT 443.41 447.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.97 447.10 Td (other ) Tj ET Q q 0 0 0 rg BT 484.64 447.10 Td (items. ) Tj ET Q q 0 0 0 rg BT 511.93 447.10 Td (Commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.07 435.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.86 435.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 126.64 435.10 Td (as ) Tj ET Q q 0 0 0 rg BT 137.54 435.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 173.43 435.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.45 435.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 227.99 435.10 Td (within ) Tj ET Q q 0 0 0 rg BT 256.12 435.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 285.36 435.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.38 435.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 362.16 435.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 403.33 435.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 456.47 435.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 479.05 435.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.05 435.10 Td ($209.5 ) Tj ET Q q 0 0 0 rg BT 531.13 435.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 435.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.10 Td ($278.1 ) Tj ET Q q 0 0 0 rg BT 79.13 423.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.02 423.10 Td (, ) Tj ET Q q 0 0 0 rg BT 112.64 423.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.21 423.10 Td ($297.1 ) Tj ET Q q 0 0 0 rg BT 158.83 423.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.72 423.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.85 423.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.75 423.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 224.38 423.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 246.50 423.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.07 423.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 287.69 423.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 335.35 423.10 Td (. ) Tj ET Q q 0 0 0 rg BT 339.98 423.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.11 423.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 394.80 423.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 416.92 423.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 436.82 423.10 Td (based ) Tj ET Q q 0 0 0 rg BT 461.71 423.10 Td (on ) Tj ET Q q 0 0 0 rg BT 473.84 423.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 503.17 423.10 Td (including ) Tj ET Q q 0 0 0 rg BT 543.07 423.10 Td (store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.10 Td (count, ) Tj ET Q q 0 0 0 rg BT 76.72 411.10 Td (number ) Tj ET Q q 0 0 0 rg BT 109.76 411.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.59 411.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 147.52 411.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.46 411.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 203.60 411.10 Td (locations, ) Tj ET Q q 0 0 0 rg BT 244.71 411.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 266.64 411.10 Td (mix, ) Tj ET Q q 0 0 0 rg BT 287.20 411.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 309.14 411.10 Td (volume, ) Tj ET Q q 0 0 0 rg BT 344.13 411.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.07 411.10 Td (commission ) Tj ET Q q 0 0 0 rg BT 411.91 411.10 Td (rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.87 385.10 Td (e-Opening Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 368.10 Td (Pre-opening ) Tj ET Q q 0 0 0 rg BT 136.88 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.82 368.10 Td (start-up ) Tj ET Q q 0 0 0 rg BT 186.86 368.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 219.35 368.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 241.85 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 256.56 368.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 296.27 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.54 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.26 368.10 Td (period ) Tj ET Q q 0 0 0 rg BT 349.31 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.59 368.10 Td (which ) Tj ET Q q 0 0 0 rg BT 386.53 368.10 Td (they ) Tj ET Q q 0 0 0 rg BT 406.24 368.10 Td (occur) Tj ET Q q 0 0 0 rg BT 427.90 368.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (Advertising Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 325.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 134.92 325.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 157.12 325.10 Td (are ) Tj ET Q q 0 0 0 rg BT 171.53 325.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 210.94 325.10 Td (as ) Tj ET Q q 0 0 0 rg BT 221.47 325.10 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 259.48 325.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 298.89 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.30 325.10 Td (first ) Tj ET Q q 0 0 0 rg BT 331.61 325.10 Td (time ) Tj ET Q q 0 0 0 rg BT 351.59 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.01 325.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 412.64 325.10 Td (occurs, ) Tj ET Q q 0 0 0 rg BT 443.44 325.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.08 325.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.71 325.10 Td ($65.2 ) Tj ET Q q 0 0 0 rg BT 506.41 325.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 325.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 325.10 Td ($70.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.70 313.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.45 313.10 Td ($73.9 ) Tj ET Q q 0 0 0 rg BT 125.26 313.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.15 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.46 313.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.43 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.74 313.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 201.55 313.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 224.86 313.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.61 313.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 268.42 313.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 316.08 313.10 Td (. ) Tj ET Q q 0 0 0 rg BT 321.89 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.96 313.10 Td (These ) Tj ET Q q 0 0 0 rg BT 352.14 313.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 375.45 313.10 Td (are ) Tj ET Q q 0 0 0 rg BT 390.97 313.10 Td (included ) Tj ET Q q 0 0 0 rg BT 428.71 313.10 Td (within ) Tj ET Q q 0 0 0 rg BT 457.58 313.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 487.55 313.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.30 313.10 Td (administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 88.10 301.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.38 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.09 301.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 173.90 301.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 226.95 301.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 271.66 301.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.49 301.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.48 275.10 Td (T) Tj ET Q q 0 0 0 rg BT 89.23 275.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 258.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 258.10 Td (e ) Tj ET Q q 0 0 0 rg BT 100.77 258.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 133.51 258.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 169.01 258.10 Td (income ) Tj ET Q q 0 0 0 rg BT 200.64 258.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 215.05 258.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 240.57 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.20 258.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 296.62 258.10 Td (based ) Tj ET Q q 0 0 0 rg BT 321.58 258.10 Td (on ) Tj ET Q q 0 0 0 rg BT 333.77 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.18 258.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 388.70 258.10 Td (future ) Tj ET Q q 0 0 0 rg BT 414.77 258.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 429.18 258.10 Td (ef) Tj ET Q q 0 0 0 rg BT 436.77 258.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 457.84 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.36 258.10 Td (dif) Tj ET Q q 0 0 0 rg BT 479.29 258.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 514.79 258.10 Td (between ) Tj ET Q q 0 0 0 rg BT 550.30 258.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.75 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.46 246.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 120.94 246.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 144.21 246.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.81 246.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 182.40 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.11 246.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 240.60 246.10 Td (based ) Tj ET Q q 0 0 0 rg BT 266.63 246.10 Td (on ) Tj ET Q q 0 0 0 rg BT 279.90 246.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 319.26 246.10 Td (enacted ) Tj ET Q q 0 0 0 rg BT 353.06 246.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 368.55 246.10 Td (laws. ) Tj ET Q q 0 0 0 rg BT 392.41 246.10 Td (The ) Tj ET Q q 0 0 0 rg BT 411.22 246.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 426.71 246.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 464.40 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.11 246.10 Td (income ) Tj ET Q q 0 0 0 rg BT 514.81 246.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 530.29 246.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 96.61 234.10 Td (by ) Tj ET Q q 0 0 0 rg BT 109.85 234.10 Td (us ) Tj ET Q q 0 0 0 rg BT 121.99 234.10 Td (are ) Tj ET Q q 0 0 0 rg BT 137.45 234.10 Td (based ) Tj ET Q q 0 0 0 rg BT 163.46 234.10 Td (on ) Tj ET Q q 0 0 0 rg BT 176.71 234.10 Td (management) Tj ET Q q 0 0 0 rg BT 230.57 234.10 Td (s ) Tj ET Q q 0 0 0 rg BT 237.71 234.10 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 294.82 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.40 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.86 234.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 337.33 234.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 358.90 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.48 234.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 407.05 234.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 462.24 234.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 495.48 234.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 510.94 234.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 546.39 234.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 81.63 222.10 Td (our ) Tj ET Q q 0 0 0 rg BT 97.67 222.10 Td (best ) Tj ET Q q 0 0 0 rg BT 116.48 222.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 156.40 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.55 222.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 225.70 222.10 Td (regarding, ) Tj ET Q q 0 0 0 rg BT 269.22 222.10 Td (among ) Tj ET Q q 0 0 0 rg BT 299.15 222.10 Td (other ) Tj ET Q q 0 0 0 rg BT 322.40 222.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 352.05 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.98 222.10 Td (level ) Tj ET Q q 0 0 0 rg BT 389.12 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.15 222.10 Td (future ) Tj ET Q q 0 0 0 rg BT 426.74 222.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 458.32 222.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 492.96 222.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.88 222.10 Td (planning, ) Tj ET Q q 0 0 0 rg BT 548.08 222.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.25 210.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 105.77 210.10 Td (allowance. ) Tj ET Q q 0 0 0 rg BT 151.12 210.10 Td (For ) Tj ET Q q 0 0 0 rg BT 167.32 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.85 210.10 Td (year) Tj ET Q q 0 0 0 rg BT 198.86 210.10 Td (-ended ) Tj ET Q q 0 0 0 rg BT 228.38 210.10 Td (January ) Tj ET Q q 0 0 0 rg BT 261.79 210.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 276.60 210.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 301.41 210.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.16 210.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 347.69 210.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 390.53 210.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.17 210.10 Td ($100.1 ) Tj ET Q q 0 0 0 rg BT 430.98 210.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.88 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 462.19 210.10 Td (has ) Tj ET Q q 0 0 0 rg BT 477.83 210.10 Td (been ) Tj ET Q q 0 0 0 rg BT 499.02 210.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 536.31 210.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.28 210.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (full ) Tj ET Q q 0 0 0 rg BT 65.89 198.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 98.39 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.23 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.95 198.10 Td (net ) Tj ET Q q 0 0 0 rg BT 138.68 198.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 174.49 198.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 189.21 198.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 217.55 198.10 Td (In ) Tj ET Q q 0 0 0 rg BT 230.89 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.61 198.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 274.49 198.10 Td (we ) Tj ET Q q 0 0 0 rg BT 288.66 198.10 Td (may ) Tj ET Q q 0 0 0 rg BT 308.38 198.10 Td (record ) Tj ET Q q 0 0 0 rg BT 336.42 198.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 378.92 198.10 Td (net ) Tj ET Q q 0 0 0 rg BT 393.64 198.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 429.46 198.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 444.18 198.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 470.02 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.96 198.10 Td (if ) Tj ET Q q 0 0 0 rg BT 495.58 198.10 Td (future ) Tj ET Q q 0 0 0 rg BT 521.96 198.10 Td (utilization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.57 186.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 96.61 186.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 111.57 186.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 137.64 186.10 Td (is ) Tj ET Q q 0 0 0 rg BT 147.05 186.10 Td (uncertain, ) Tj ET Q q 0 0 0 rg BT 189.49 186.10 Td (we ) Tj ET Q q 0 0 0 rg BT 203.89 186.10 Td (may ) Tj ET Q q 0 0 0 rg BT 223.85 186.10 Td (record ) Tj ET Q q 0 0 0 rg BT 252.12 186.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 294.85 186.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 334.80 186.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 378.07 186.10 Td (against ) Tj ET Q q 0 0 0 rg BT 409.14 186.10 Td (such ) Tj ET Q q 0 0 0 rg BT 430.21 186.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 466.25 186.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 481.21 186.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 509.78 186.10 Td (In ) Tj ET Q q 0 0 0 rg BT 520.85 186.10 Td (evaluating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.36 174.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 93.45 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.76 174.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 136.27 174.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.13 174.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 187.97 174.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 202.72 174.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.58 174.10 Td (within ) Tj ET Q q 0 0 0 rg BT 256.67 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.42 174.10 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 319.51 174.10 Td (from ) Tj ET Q q 0 0 0 rg BT 341.48 174.10 Td (which ) Tj ET Q q 0 0 0 rg BT 368.45 174.10 Td (they ) Tj ET Q q 0 0 0 rg BT 388.20 174.10 Td (arise, ) Tj ET Q q 0 0 0 rg BT 412.11 174.10 Td (we ) Tj ET Q q 0 0 0 rg BT 426.31 174.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 462.72 174.10 Td (all ) Tj ET Q q 0 0 0 rg BT 475.24 174.10 Td (available ) Tj ET Q q 0 0 0 rg BT 513.87 174.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 548.06 174.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 85.03 162.10 Td (evidence, ) Tj ET Q q 0 0 0 rg BT 124.72 162.10 Td (including ) Tj ET Q q 0 0 0 rg BT 164.15 162.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 205.79 162.10 Td (reversals ) Tj ET Q q 0 0 0 rg BT 242.99 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.98 162.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 287.94 162.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.81 162.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 343.19 162.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 382.05 162.10 Td (future ) Tj ET Q q 0 0 0 rg BT 407.58 162.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 438.11 162.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 471.70 162.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 485.58 162.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 522.23 162.10 Td (strategies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.15 150.10 Td (results ) Tj ET Q q 0 0 0 rg BT 94.47 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.01 150.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 131.65 150.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 178.02 150.10 Td (In ) Tj ET Q q 0 0 0 rg BT 188.56 150.10 Td (projecting ) Tj ET Q q 0 0 0 rg BT 231.31 150.10 Td (future ) Tj ET Q q 0 0 0 rg BT 257.40 150.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 288.48 150.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 322.63 150.10 Td (we ) Tj ET Q q 0 0 0 rg BT 336.50 150.10 Td (begin ) Tj ET Q q 0 0 0 rg BT 360.93 150.10 Td (with ) Tj ET Q q 0 0 0 rg BT 380.92 150.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 420.34 150.10 Td (results ) Tj ET Q q 0 0 0 rg BT 448.67 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.32 150.10 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 513.06 150.10 Td (assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.14 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.22 138.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 138.07 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.27 138.10 Td (future ) Tj ET Q q 0 0 0 rg BT 176.01 138.10 Td (state, ) Tj ET Q q 0 0 0 rg BT 199.69 138.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 230.31 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.61 138.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 279.35 138.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 310.53 138.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.16 138.10 Td (income ) Tj ET Q q 0 0 0 rg BT 383.45 138.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 411.04 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.12 138.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 460.63 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.82 138.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 515.77 138.10 Td (dif) Tj ET Q q 0 0 0 rg BT 526.70 138.10 Td (ferences, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.18 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.63 126.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 145.63 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.20 126.10 Td (feasible ) Tj ET Q q 0 0 0 rg BT 189.53 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.21 126.10 Td (prudent ) Tj ET Q q 0 0 0 rg BT 238.99 126.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 253.45 126.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 290.68 126.10 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 333.02 126.10 Td (These ) Tj ET Q q 0 0 0 rg BT 359.13 126.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 410.82 126.10 Td (require ) Tj ET Q q 0 0 0 rg BT 441.37 126.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 485.82 126.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 525.83 126.10 Td (about ) Tj ET Q q 0 0 0 rg BT 550.29 126.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 87.54 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.37 114.10 Td (future ) Tj ET Q q 0 0 0 rg BT 124.74 114.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 156.12 114.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 93.10 Td (T) Tj ET Q q 0 0 0 rg BT 90.91 93.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 102.01 93.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 139.79 93.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.66 93.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 199.19 93.10 Td (when ) Tj ET Q q 0 0 0 rg BT 222.51 93.10 Td (they ) Tj ET Q q 0 0 0 rg BT 241.39 93.10 Td (are ) Tj ET Q q 0 0 0 rg BT 255.26 93.10 Td (more ) Tj ET Q q 0 0 0 rg BT 277.47 93.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 301.90 93.10 Td (than ) Tj ET Q q 0 0 0 rg BT 320.78 93.10 Td (not ) Tj ET Q q 0 0 0 rg BT 335.22 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.67 93.10 Td (be ) Tj ET Q q 0 0 0 rg BT 355.77 93.10 Td (sustained ) Tj ET Q q 0 0 0 rg BT 394.65 93.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 416.31 93.10 Td (examination. ) Tj ET Q q 0 0 0 rg BT 469.78 93.10 Td (The ) Tj ET Q q 0 0 0 rg BT 486.99 93.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 518.65 93.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.59 81.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 99.33 81.10 Td (as ) Tj ET Q q 0 0 0 rg BT 110.08 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.72 81.10 Td (lar) Tj ET Q q 0 0 0 rg BT 135.09 81.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 153.62 81.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 186.03 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.79 81.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 226.97 81.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.39 81.10 Td (is ) Tj ET Q q 0 0 0 rg BT 253.48 81.10 Td (more ) Tj ET Q q 0 0 0 rg BT 276.45 81.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 301.64 81.10 Td (than ) Tj ET Q q 0 0 0 rg BT 321.28 81.10 Td (not ) Tj ET Q q 0 0 0 rg BT 336.48 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.23 81.10 Td (being ) Tj ET Q q 0 0 0 rg BT 371.87 81.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 418.16 81.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 440.58 81.10 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 486.60 81.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.85 81.10 Td (W) Tj ET Q q 0 0 0 rg BT 497.48 81.10 Td (e ) Tj ET Q q 0 0 0 rg BT 504.34 81.10 Td (will ) Tj ET Q q 0 0 0 rg BT 522.32 81.10 Td (be ) Tj ET Q q 0 0 0 rg BT 534.18 81.10 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.24 69.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 93.96 69.10 Td (audits ) Tj ET Q q 0 0 0 rg BT 119.80 69.10 Td (by ) Tj ET Q q 0 0 0 rg BT 131.76 69.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.94 69.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 178.99 69.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 215.93 69.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 247.87 69.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.27 69.10 Td (other ) Tj ET Q q 0 0 0 rg BT 286.78 69.10 Td (state ) Tj ET Q q 0 0 0 rg BT 307.06 69.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.46 69.10 Td (local ) Tj ET Q q 0 0 0 rg BT 344.85 69.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 371.80 69.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 418.47 69.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.29 69.10 Td (Theses ) Tj ET Q q 0 0 0 rg BT 450.01 69.10 Td (audits ) Tj ET Q q 0 0 0 rg BT 475.86 69.10 Td (may ) Tj ET Q q 0 0 0 rg BT 495.03 69.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 535.30 69.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.36 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.11 57.10 Td (Company) Tj ET Q q 0 0 0 rg BT 116.77 57.10 Td (s ) Tj ET Q q 0 0 0 rg BT 123.19 57.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 137.94 57.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 176.58 57.10 Td (such ) Tj ET Q q 0 0 0 rg BT 197.44 57.10 Td (as ) Tj ET Q q 0 0 0 rg BT 208.30 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.05 57.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 251.69 57.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.66 57.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 301.18 57.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.04 57.10 Td (income ) Tj ET Q q 0 0 0 rg BT 344.01 57.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.97 57.10 Td (deductions ) Tj ET Q q 0 0 0 rg BT 406.83 57.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.80 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.54 57.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 480.50 57.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.36 57.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 522.76 57.10 Td (income ) Tj ET Q q 0 0 0 rg BT 554.72 57.10 Td (to ) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (various ) Tj ET Q q 0 0 0 rg BT 81.99 713.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 97.27 713.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 152.27 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.10 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 163.74 713.10 Td (e ) Tj ET Q q 0 0 0 rg BT 171.23 713.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 207.60 713.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.98 713.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 239.26 713.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 278.43 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.92 713.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 333.98 713.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 374.25 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.08 713.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 433.10 713.10 Td (with ) Tj ET Q q 0 0 0 rg BT 453.93 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.20 713.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 513.35 713.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 552.50 713.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 96.49 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.29 701.10 Td (income ) Tj ET Q q 0 0 0 rg BT 137.73 701.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 162.80 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.66 701.10 Td (These ) Tj ET Q q 0 0 0 rg BT 190.56 701.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 204.79 701.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 257.89 701.10 Td (are ) Tj ET Q q 0 0 0 rg BT 272.11 701.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 310.77 701.10 Td (as ) Tj ET Q q 0 0 0 rg BT 321.11 701.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 342.01 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.46 701.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 417.11 701.10 Td (change ) Tj ET Q q 0 0 0 rg BT 447.44 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.90 701.10 Td (are ) Tj ET Q q 0 0 0 rg BT 478.12 701.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 513.46 701.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 560.01 701.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (This ) Tj ET Q q 0 0 0 rg BT 70.38 689.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 105.69 689.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 151.00 689.10 Td (management ) Tj ET Q q 0 0 0 rg BT 205.19 689.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 246.06 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.94 689.10 Td (estimating ) Tj ET Q q 0 0 0 rg BT 301.70 689.10 Td (final ) Tj ET Q q 0 0 0 rg BT 323.13 689.10 Td (outcomes. ) Tj ET Q q 0 0 0 rg BT 366.37 689.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 396.13 689.10 Td (results ) Tj ET Q q 0 0 0 rg BT 425.33 689.10 Td (could ) Tj ET Q q 0 0 0 rg BT 450.65 689.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 494.29 689.10 Td (dif) Tj ET Q q 0 0 0 rg BT 505.22 689.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 519.42 689.10 Td (from ) Tj ET Q q 0 0 0 rg BT 541.96 689.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.49 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.70 677.10 Td (could ) Tj ET Q q 0 0 0 rg BT 131.69 677.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 184.46 677.10 Td (af) Tj ET Q q 0 0 0 rg BT 192.05 677.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 209.81 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.80 677.10 Td (ef) Tj ET Q q 0 0 0 rg BT 232.39 677.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 262.37 677.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.36 677.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 295.12 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.34 677.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 332.88 677.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 357.88 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.43 677.10 Td (future ) Tj ET Q q 0 0 0 rg BT 395.09 677.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 421.46 677.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 454.22 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.44 677.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 509.75 677.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.74 677.10 Td (classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 665.10 Td (income ) Tj ET Q q 0 0 0 rg BT 92.26 665.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 106.98 665.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 141.69 665.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.97 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.68 665.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 221.96 665.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 268.34 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.17 665.10 Td (Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 644.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 107.63 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.53 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.87 644.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 179.26 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.72 644.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 225.72 644.10 Td (income ) Tj ET Q q 0 0 0 rg BT 257.28 644.10 Td (was ) Tj ET Q q 0 0 0 rg BT 274.96 644.10 Td (included ) Tj ET Q q 0 0 0 rg BT 311.52 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.42 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.77 644.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 388.43 644.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 420.81 644.10 Td (state ) Tj ET Q q 0 0 0 rg BT 441.27 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.83 644.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 488.83 644.10 Td (income ) Tj ET Q q 0 0 0 rg BT 520.40 644.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 534.74 644.10 Td (returns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.93 632.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 85.70 632.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 125.47 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 136.91 632.10 Td (its ) Tj ET Q q 0 0 0 rg BT 149.46 632.10 Td (af) Tj ET Q q 0 0 0 rg BT 157.05 632.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 189.87 632.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 222.96 632.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 246.61 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.49 632.10 Td (these ) Tj ET Q q 0 0 0 rg BT 281.14 632.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 334.79 632.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 372.87 632.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 418.19 632.10 Td (have ) Tj ET Q q 0 0 0 rg BT 440.17 632.10 Td (been ) Tj ET Q q 0 0 0 rg BT 462.15 632.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 509.12 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 522.22 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.77 632.10 Td (separate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (return ) Tj ET Q q 0 0 0 rg BT 75.88 620.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 100.89 620.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 128.39 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.15 620.10 Td (T) Tj ET Q q 0 0 0 rg BT 140.56 620.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 152.51 620.10 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 185.57 620.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 232.50 620.10 Td (between ) Tj ET Q q 0 0 0 rg BT 268.33 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.05 620.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 324.44 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.39 620.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 365.56 620.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 404.73 620.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 436.67 620.10 Td (into ) Tj ET Q q 0 0 0 rg BT 454.73 620.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 476.68 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.96 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.69 620.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 546.96 620.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td ("T) Tj ET Q q 0 0 0 rg BT 58.99 608.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 70.21 608.10 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 102.71 608.10 Td (Agreement"\), ) Tj ET Q q 0 0 0 rg BT 158.83 608.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 182.27 608.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 220.72 608.10 Td (is ) Tj ET Q q 0 0 0 rg BT 229.17 608.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 276.50 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 289.95 608.10 Td (any ) Tj ET Q q 0 0 0 rg BT 306.17 608.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 338.20 608.10 Td (state ) Tj ET Q q 0 0 0 rg BT 358.31 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.42 608.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 399.08 608.10 Td (income ) Tj ET Q q 0 0 0 rg BT 430.30 608.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 444.30 608.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 477.19 608.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 509.51 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.07 608.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 533.07 608.10 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 79.74 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 92.76 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.11 596.10 Td (before ) Tj ET Q q 0 0 0 rg BT 132.67 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.91 596.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 193.69 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.15 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.39 596.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 268.30 596.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.99 596.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 326.56 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 341.24 596.10 Td (any ) Tj ET Q q 0 0 0 rg BT 358.70 596.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 391.98 596.10 Td (state ) Tj ET Q q 0 0 0 rg BT 413.32 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 424.67 596.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 456.57 596.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 471.81 596.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 505.94 596.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 539.50 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.30 596.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 81.44 584.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 111.16 584.10 Td (after ) Tj ET Q q 0 0 0 rg BT 131.97 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.69 584.10 Td (Separation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 67.64 558.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.96 558.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.27 558.10 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 541.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 541.10 Td (e ) Tj ET Q q 0 0 0 rg BT 100.72 541.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 142.85 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.22 541.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.24 541.10 Td (value ) Tj ET Q q 0 0 0 rg BT 197.05 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.53 541.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.66 541.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 293.47 541.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.40 541.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 350.50 541.10 Td (with ) Tj ET Q q 0 0 0 rg BT 370.43 541.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 410.35 541.10 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 453.04 541.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.97 541.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 478.99 541.10 Td (value ) Tj ET Q q 0 0 0 rg BT 502.79 541.10 Td (measurements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 71.71 529.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 111.68 529.10 Td (define ) Tj ET Q q 0 0 0 rg BT 138.87 529.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 154.96 529.10 Td (value ) Tj ET Q q 0 0 0 rg BT 178.82 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.46 529.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 232.66 529.10 Td (a ) Tj ET Q q 0 0 0 rg BT 239.31 529.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 285.38 529.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.25 529.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 343.11 529.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 359.19 529.10 Td (value ) Tj ET Q q 0 0 0 rg BT 383.05 529.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.04 529.10 Td (Generally ) Tj ET Q q 0 0 0 rg BT 434.18 529.10 Td (Accepted ) Tj ET Q q 0 0 0 rg BT 473.65 529.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 522.51 529.10 Td (Principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.10 Td (\("GAAP"\). ) Tj ET Q q 0 0 0 rg BT 96.92 517.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 124.79 517.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.54 517.10 Td (value ) Tj ET Q q 0 0 0 rg BT 166.06 517.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 222.25 517.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 268.99 517.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 312.13 517.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 328.88 517.10 Td (value ) Tj ET Q q 0 0 0 rg BT 353.41 517.10 Td (is ) Tj ET Q q 0 0 0 rg BT 362.95 517.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 409.14 517.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.79 517.10 Td (be ) Tj ET Q q 0 0 0 rg BT 432.10 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.19 517.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 487.82 517.10 Td (price ) Tj ET Q q 0 0 0 rg BT 510.68 517.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.33 517.10 Td (an ) Tj ET Q q 0 0 0 rg BT 533.64 517.10 Td (orderly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 95.83 505.10 Td (between ) Tj ET Q q 0 0 0 rg BT 131.61 505.10 Td (market ) Tj ET Q q 0 0 0 rg BT 161.84 505.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 210.95 505.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.19 505.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 237.54 505.10 Td (an ) Tj ET Q q 0 0 0 rg BT 249.44 505.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.34 505.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.14 505.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 315.13 505.10 Td (a ) Tj ET Q q 0 0 0 rg BT 322.04 505.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 355.61 505.10 Td (at ) Tj ET Q q 0 0 0 rg BT 365.29 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.96 505.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 435.74 505.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 457.18 505.10 Td (W) Tj ET Q q 0 0 0 rg BT 465.81 505.10 Td (e ) Tj ET Q q 0 0 0 rg BT 472.72 505.10 Td (report ) Tj ET Q q 0 0 0 rg BT 499.06 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.73 505.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 530.07 505.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.19 505.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.10 493.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.06 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.12 493.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 169.96 493.10 Td (based ) Tj ET Q q 0 0 0 rg BT 195.35 493.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.98 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.82 493.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 239.32 493.10 Td (value ) Tj ET Q q 0 0 0 rg BT 263.60 493.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 303.97 493.10 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 348.24 493.10 Td (by ) Tj ET Q q 0 0 0 rg BT 360.87 493.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 407.36 493.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 447.75 493.10 Td (for ) Tj ET Q q 0 0 0 rg BT 462.04 493.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 478.54 493.10 Td (value ) Tj ET Q q 0 0 0 rg BT 502.82 493.10 Td (measurements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.44 481.10 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 119.48 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.20 481.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 161.15 481.10 Td (to ) Tj ET Q q 0 0 0 rg BT 171.42 481.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 211.14 481.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 256.40 481.10 Td (used ) Tj ET Q q 0 0 0 rg BT 277.23 481.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.51 481.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 323.32 481.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 339.70 481.10 Td (value ) Tj ET Q q 0 0 0 rg BT 363.86 481.10 Td (into ) Tj ET Q q 0 0 0 rg BT 381.91 481.10 Td (three ) Tj ET Q q 0 0 0 rg BT 404.40 481.10 Td (levels, ) Tj ET Q q 0 0 0 rg BT 432.72 481.10 Td (as ) Tj ET Q q 0 0 0 rg BT 443.55 481.10 Td (follows:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 464.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 110.05 464.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 117.95 464.10 Td (inputs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.40 464.10 Td (unadjusted ) Tj ET Q q 0 0 0 rg BT 198.62 464.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 228.73 464.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 255.51 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.18 464.10 Td (active ) Tj ET Q q 0 0 0 rg BT 292.95 464.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 327.50 464.10 Td (for ) Tj ET Q q 0 0 0 rg BT 342.06 464.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 379.39 464.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 405.61 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 416.84 464.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 456.95 464.10 Td (that ) Tj ET Q q 0 0 0 rg BT 474.85 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 489.40 464.10 Td (have ) Tj ET Q q 0 0 0 rg BT 511.18 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.29 464.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 554.74 464.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (access. ) Tj ET Q q 0 0 0 rg BT 78.72 452.10 Td (An ) Tj ET Q q 0 0 0 rg BT 92.46 452.10 Td (active ) Tj ET Q q 0 0 0 rg BT 117.85 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 147.13 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.31 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.05 452.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 195.00 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 204.85 452.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 237.48 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 245.67 452.10 Td (one ) Tj ET Q q 0 0 0 rg BT 261.63 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.92 452.10 Td (which ) Tj ET Q q 0 0 0 rg BT 296.88 452.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 346.16 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 359.34 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.08 452.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.03 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.88 452.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 436.51 452.10 Td (occurs ) Tj ET Q q 0 0 0 rg BT 464.13 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 483.42 452.10 Td (suf) Tj ET Q q 0 0 0 rg BT 495.46 452.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 522.52 452.10 Td (frequency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 440.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 98.93 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.21 440.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 142.26 440.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 177.54 440.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 208.36 440.10 Td (information.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 423.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 108.82 423.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 115.49 423.10 Td (inputs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.94 423.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 176.06 423.10 Td (other ) Tj ET Q q 0 0 0 rg BT 198.27 423.10 Td (than ) Tj ET Q q 0 0 0 rg BT 217.16 423.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 246.05 423.10 Td (market ) Tj ET Q q 0 0 0 rg BT 275.48 423.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 301.02 423.10 Td (included ) Tj ET Q q 0 0 0 rg BT 337.13 423.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.57 423.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 371.01 423.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 377.68 423.10 Td (that ) Tj ET Q q 0 0 0 rg BT 394.34 423.10 Td (are ) Tj ET Q q 0 0 0 rg BT 408.22 423.10 Td (observable, ) Tj ET Q q 0 0 0 rg BT 455.70 423.10 Td (either ) Tj ET Q q 0 0 0 rg BT 480.13 423.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 512.34 423.10 Td (or ) Tj ET Q q 0 0 0 rg BT 522.34 423.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 560.01 423.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.09 411.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.24 411.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 101.60 411.10 Td (or ) Tj ET Q q 0 0 0 rg BT 112.86 411.10 Td (liability) Tj ET Q q 0 0 0 rg BT 143.32 411.10 Td (. ) Tj ET Q q 0 0 0 rg BT 148.75 411.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 174.45 411.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 182.38 411.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 209.75 411.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 244.62 411.10 Td (but ) Tj ET Q q 0 0 0 rg BT 260.33 411.10 Td (are ) Tj ET Q q 0 0 0 rg BT 275.46 411.10 Td (not ) Tj ET Q q 0 0 0 rg BT 291.17 411.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 322.43 411.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 335.64 411.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 365.78 411.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 392.59 411.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.18 411.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 437.88 411.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 464.14 411.10 Td (or ) Tj ET Q q 0 0 0 rg BT 475.40 411.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 515.55 411.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.26 411.10 Td (an ) Tj ET Q q 0 0 0 rg BT 538.63 411.10 Td (active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 81.94 399.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 111.33 399.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 137.38 399.10 Td (for ) Tj ET Q q 0 0 0 rg BT 151.21 399.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 187.82 399.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.32 399.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 228.27 399.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 253.77 399.10 Td (or ) Tj ET Q q 0 0 0 rg BT 264.28 399.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 303.67 399.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.62 399.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 347.45 399.10 Td (that ) Tj ET Q q 0 0 0 rg BT 364.62 399.10 Td (are ) Tj ET Q q 0 0 0 rg BT 379.00 399.10 Td (not ) Tj ET Q q 0 0 0 rg BT 393.96 399.10 Td (active ) Tj ET Q q 0 0 0 rg BT 420.00 399.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.61 399.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 463.24 399.10 Td (other ) Tj ET Q q 0 0 0 rg BT 485.96 399.10 Td (than ) Tj ET Q q 0 0 0 rg BT 505.35 399.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 534.74 399.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 76.17 387.10 Td (that ) Tj ET Q q 0 0 0 rg BT 93.95 387.10 Td (are ) Tj ET Q q 0 0 0 rg BT 108.95 387.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 155.05 387.10 Td (for ) Tj ET Q q 0 0 0 rg BT 169.50 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.51 387.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 206.74 387.10 Td (or ) Tj ET Q q 0 0 0 rg BT 217.86 387.10 Td (liability) Tj ET Q q 0 0 0 rg BT 248.32 387.10 Td (, ) Tj ET Q q 0 0 0 rg BT 253.60 387.10 Td (such ) Tj ET Q q 0 0 0 rg BT 274.72 387.10 Td (as ) Tj ET Q q 0 0 0 rg BT 285.84 387.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.07 387.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 335.84 387.10 Td (curves ) Tj ET Q q 0 0 0 rg BT 364.73 387.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.96 387.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 404.74 387.10 Td (curves ) Tj ET Q q 0 0 0 rg BT 433.63 387.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 479.74 387.10 Td (at ) Tj ET Q q 0 0 0 rg BT 489.74 387.10 Td (commonly ) Tj ET Q q 0 0 0 rg BT 535.31 387.10 Td (quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.10 Td (intervals, ) Tj ET Q q 0 0 0 rg BT 88.93 375.10 Td (volatilities, ) Tj ET Q q 0 0 0 rg BT 136.15 375.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 161.41 375.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 178.91 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.85 375.10 Td (default ) Tj ET Q q 0 0 0 rg BT 226.12 375.10 Td (rates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 358.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 109.66 358.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 117.16 358.10 Td (inputs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.60 358.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 207.42 358.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 234.37 358.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.53 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.24 358.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 285.18 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.01 358.10 Td (liability) Tj ET Q q 0 0 0 rg BT 326.47 358.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 341.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 108.92 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.78 341.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 147.97 341.10 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 199.44 341.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 253.39 341.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 291.80 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.00 341.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 328.08 341.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 370.67 341.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 405.18 341.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 444.70 341.10 Td (\(level ) Tj ET Q q 0 0 0 rg BT 470.88 341.10 Td (1\), ) Tj ET Q q 0 0 0 rg BT 485.14 341.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 523.54 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.40 341.10 Td (notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 95.70 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.75 329.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 157.02 329.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 176.85 329.10 Td (\(level ) Tj ET Q q 0 0 0 rg BT 202.23 329.10 Td (2\) ) Tj ET Q q 0 0 0 rg BT 213.18 329.10 Td (are ) Tj ET Q q 0 0 0 rg BT 228.00 329.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 265.59 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.99 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.82 329.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 346.21 329.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 381.03 329.10 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 409.75 329.10 Td (at ) Tj ET Q q 0 0 0 rg BT 419.58 329.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 440.81 329.10 Td (which ) Tj ET Q q 0 0 0 rg BT 467.86 329.10 Td (approximates ) Tj ET Q q 0 0 0 rg BT 524.35 329.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.84 329.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.39 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 76.62 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.29 317.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 135.40 317.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 162.84 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.62 317.10 Td (these ) Tj ET Q q 0 0 0 rg BT 196.62 317.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 248.24 317.10 Td (For ) Tj ET Q q 0 0 0 rg BT 264.58 317.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 308.69 317.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 330.86 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.53 317.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 380.18 317.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 412.07 317.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 433.40 317.10 Td (are ) Tj ET Q q 0 0 0 rg BT 448.06 317.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.95 317.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 499.61 317.10 Td (input ) Tj ET Q q 0 0 0 rg BT 522.62 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.85 317.10 Td (our ) Tj ET Q q 0 0 0 rg BT 548.64 317.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (value ) Tj ET Q q 0 0 0 rg BT 73.66 305.10 Td (assessments. ) Tj ET Q q 0 0 0 rg BT 126.80 305.10 Td (The ) Tj ET Q q 0 0 0 rg BT 144.85 305.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 180.67 305.10 Td (value ) Tj ET Q q 0 0 0 rg BT 204.82 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.65 305.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 257.59 305.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 281.19 305.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 324.77 305.10 Td (approximates ) Tj ET Q q 0 0 0 rg BT 381.15 305.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.52 305.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 288.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 288.10 Td (e ) Tj ET Q q 0 0 0 rg BT 100.65 288.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 136.05 288.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 165.33 288.10 Td (non-financial ) Tj ET Q q 0 0 0 rg BT 220.71 288.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 246.12 288.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.64 288.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 304.43 288.10 Td (including ) Tj ET Q q 0 0 0 rg BT 344.28 288.10 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 387.47 288.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 415.37 288.10 Td (at ) Tj ET Q q 0 0 0 rg BT 424.67 288.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 440.62 288.10 Td (value ) Tj ET Q q 0 0 0 rg BT 464.35 288.10 Td (on ) Tj ET Q q 0 0 0 rg BT 476.43 288.10 Td (a ) Tj ET Q q 0 0 0 rg BT 482.95 288.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 540.00 288.10 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.93 276.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 102.47 276.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.57 276.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 134.32 276.10 Td (5, ) Tj ET Q q 0 0 0 rg BT 144.14 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.68 276.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 199.89 276.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 237.18 276.10 Td (a ) Tj ET Q q 0 0 0 rg BT 243.94 276.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 281.81 276.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 330.23 276.10 Td (char) Tj ET Q q 0 0 0 rg BT 347.26 276.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 359.02 276.10 Td (during ) Tj ET Q q 0 0 0 rg BT 387.44 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.98 276.10 Td (third ) Tj ET Q q 0 0 0 rg BT 423.19 276.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 453.82 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.47 276.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 488.45 276.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 510.76 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 276.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 78.77 264.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 120.83 264.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 146.23 264.10 Td (during ) Tj ET Q q 0 0 0 rg BT 174.41 264.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 198.14 264.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 222.25 264.10 Td (As ) Tj ET Q q 0 0 0 rg BT 235.43 264.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 274.72 264.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.57 264.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 306.08 264.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 315.65 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.94 264.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.89 264.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 407.94 264.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 456.11 264.10 Td (char) Tj ET Q q 0 0 0 rg BT 473.13 264.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 488.54 264.10 Td (on ) Tj ET Q q 0 0 0 rg BT 500.61 264.10 Td (its ) Tj ET Q q 0 0 0 rg BT 512.12 264.10 Td (property ) Tj ET Q q 0 0 0 rg BT 548.07 264.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 94.44 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.94 252.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 129.33 252.10 Td (years ) Tj ET Q q 0 0 0 rg BT 153.15 252.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 178.38 252.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 203.61 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.77 252.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 246.00 252.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 293.66 252.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.69 252.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.96 252.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 358.58 252.10 Td (utilized ) Tj ET Q q 0 0 0 rg BT 391.29 252.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 416.79 252.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 424.51 252.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 451.69 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.19 252.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 498.24 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.18 252.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.78 252.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.17 252.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 90.06 240.10 Td (property ) Tj ET Q q 0 0 0 rg BT 126.43 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.37 240.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 190.58 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.52 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.24 240.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 264.73 240.10 Td (assets.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (New ) Tj ET Q q 0 0 0 rg BT 70.33 713.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 132.09 713.25 Td (onouncements - ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 687.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 687.25 Td (T) Tj ET Q q 0 0 0 rg BT 90.14 687.25 Td (echnical Corr) Tj ET Q q 0 0 0 rg BT 145.60 687.25 Td (ections and Impr) Tj ET Q q 0 0 0 rg BT 213.00 687.25 Td (ovements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 661.25 Td (In December 2016, the F) Tj ET Q q 0 0 0 rg BT 184.45 661.25 Td (ASB issued an accounting standards update \(ASU 2016-19\) which made minor changes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.25 Td (certain aspects of the F) Tj ET Q q 0 0 0 rg BT 140.95 649.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 162.35 649.25 Td (Accounting Standards Codification. ) Tj ET Q q 0 0 0 rg BT 308.25 649.25 Td (The types of changes made by the ) Tj ET Q q 0 0 0 rg BT 446.26 649.25 Td (ASU can be categorized as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 637.25 Td (follows: 1\) changes to resolve dif) Tj ET Q q 0 0 0 rg BT 182.90 637.25 Td (ferences between current and pre-Codification guidance \(e.g., F) Tj ET Q q 0 0 0 rg BT 437.04 637.25 Td (ASB Statements, EITF Issues\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.25 Td (2\) updates to wording and references to avoid misapplication, 3\) textual simplifications to increase the Codification's utility and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 613.25 Td (understandability) Tj ET Q q 0 0 0 rg BT 118.28 613.25 Td (, and 4\) minor amendments to guidance that are not expected to have a significant ef) Tj ET Q q 0 0 0 rg BT 455.75 613.25 Td (fect on current accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 601.25 Td (practice or create a significant administrative cost to most entities. 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Guidance in the Codification was amended in response to SEC staf) Tj ET Q q 0 0 0 rg BT 557.37 341.25 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (announcements made at the September 22, 2016 and November 17, 2016 EITF meetings. ) Tj ET Q q 0 0 0 rg BT 411.73 329.25 Td (The announcements addressed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (addressed the following topics:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 291.25 Td (- ) Tj ET Q q 0 0 0 rg BT 91.15 291.25 Td (The "additional qualitative disclosures" that a registrant is expected to provide when it "cannot reasonably estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 279.25 Td (the impact" that ) Tj ET Q q 0 0 0 rg BT 150.95 279.25 Td (ASUs 2014-09, 2016-02, and 2016-03 will have in applying the guidance in SAB ) Tj ET Q q 0 0 0 rg BT 479.35 279.25 Td (T) Tj ET Q q 0 0 0 rg BT 484.76 279.25 Td (opic 1) Tj ET Q q 0 0 0 rg BT 509.10 279.25 Td (1.M .) 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 195.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 195.25 Td (Classification of Certain Cash Flows Receipts and Cash Payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 171.25 Td (In ) Tj ET Q q 0 0 0 rg BT 95.78 171.25 Td (August 2016, the F) Tj ET Q q 0 0 0 rg BT 171.71 171.25 Td (ASB issued an accounting standards update \(ASU 2016-15, ) Tj ET Q q 0 0 0 rg BT 412.88 171.25 Td (T) Tj ET Q q 0 0 0 rg BT 418.29 171.25 Td (opic 230\) which amended ) Tj ET Q q 0 0 0 rg BT 523.82 171.25 Td (ASC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.25 Td (230. ) Tj ET Q q 0 0 0 rg BT 69.32 159.25 Td (The update adds and clarifies guidance on the classification of certain cash receipts and payments in the statement of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 76.54 147.25 Td (The ) Tj ET Q q 0 0 0 rg BT 94.04 147.25 Td (ASU is a result of consensus reached by the F) Tj ET Q q 0 0 0 rg BT 276.87 147.25 Td (ASB's Emer) Tj ET Q q 0 0 0 rg BT 328.49 147.25 Td (ging Issues ) Tj ET Q q 0 0 0 rg BT 375.53 147.25 Td (T) Tj ET Q q 0 0 0 rg BT 380.94 147.25 Td (ask Force \(EITF\) on issues related to eight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.25 Td (types of cash flows, including: 1\) debt prepayment or debt extinguishment costs, 2\) settlement of zero coupon bonds, 3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.25 Td (contingent consideration payments made after a business combination, 4\) proceeds from the settlement of insurance claims, 5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.25 Td (proceeds from the settlement of corporate-owned life insurance policies, 6\) distributions received from equity-method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.25 Td (investees, 7\) beneficial interests in securitization transactions, and 8\) separately identifiable cash flows and application of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.25 Td (predominance principle. ) Tj ET Q q 0 0 0 rg BT 149.00 87.25 Td (The pronouncement becomes ef) Tj ET Q q 0 0 0 rg BT 276.82 87.25 Td (fective for fiscal years beginning after December 15, 2017 \(which will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.25 Td (be the Company's 2018 fiscal year\) and interim periods within those fiscal years. ) Tj ET Q q 0 0 0 rg BT 379.92 75.25 Td (W) Tj ET Q q 0 0 0 rg BT 388.56 75.25 Td (e are currently evaluating the ef) Tj ET Q q 0 0 0 rg BT 515.26 75.25 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.25 Td (update will have on our consolidated financial statements and related disclosures.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (66) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 713.10 Td (Stock-based Compensation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 689.10 Td (In March 2016, the F) Tj ET Q q 0 0 0 rg BT 169.46 689.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 218.37 689.10 Td (ASU 2016-09, CompensationStock Compensation \(T) Tj ET Q q 0 0 0 rg BT 436.27 689.10 Td (opic 718\): Improvements to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (Employee Share-Based Payment ) Tj ET Q q 0 0 0 rg BT 182.52 677.10 Td (Accounting, which makes several modifications to the accounting for employee share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (payment transactions, including the requirement to recognize the income tax ef) Tj ET Q q 0 0 0 rg BT 365.59 665.10 Td (fects of awards that vest or settle as income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 86.53 653.10 Td (This guidance also clarifies the presentation of certain components of share-based awards in the statement of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 76.54 641.10 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 152.17 641.10 Td (fective for annual reporting periods beginning after December 15, 2016, and interim periods within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (those annual periods, and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 265.93 629.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.57 629.10 Td (e are currently evaluating the ef) Tj ET Q q 0 0 0 rg BT 401.26 629.10 Td (fect the update will have on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (consolidated financial statements and related disclosures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 599.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 599.70 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 582.70 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 179.46 582.70 Td (ASB issued an accounting standards update \(ASU 2016-02, ) Tj ET Q q 0 0 0 rg BT 420.64 582.70 Td (T) Tj ET Q q 0 0 0 rg BT 426.05 582.70 Td (opic 746\) which replaces the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 570.70 Td (current lease accounting standard. ) Tj ET Q q 0 0 0 rg BT 187.87 570.70 Td (The update will require, among other items, lessees to recognize a right-of-use \("ROU"\) asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.70 Td (and a lease liability for most leases. Extensive quantitative and qualitative disclosures, including significant judgments made by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 546.70 Td (management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 534.70 Td (recognized from existing contracts. ) Tj ET Q q 0 0 0 rg BT 192.88 534.70 Td (The updateis ef) Tj ET Q q 0 0 0 rg BT 256.84 534.70 Td (fective for fiscal years beginning after December 15, 2018, and interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 522.70 Td (periods within those fiscal years, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 306.76 522.70 Td (The new standard must be adopted using a modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.70 Td (retrospective transition, and provides for certain practical expedients. ) Tj ET Q q 0 0 0 rg BT 328.66 510.70 Td (T) Tj ET Q q 0 0 0 rg BT 334.41 510.70 Td (ransition will require application of the new guidance at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.70 Td (the beginning of the earliest comparative period presented. ) Tj ET Q q 0 0 0 rg BT 286.73 498.70 Td (W) Tj ET Q q 0 0 0 rg BT 295.37 498.70 Td (e are currently evaluating the ef) Tj ET Q q 0 0 0 rg BT 422.06 498.70 Td (fect the update will have on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.70 Td (consolidated financial statements. Upon adoption, the Company expects that the ROU asset and the lease liability will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.70 Td (recognized in the balance sheets in amounts that will be material. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.70 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 445.70 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 128.16 445.70 Td (om Contracts with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 428.70 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 161.70 428.70 Td (ASB issued an accounting standards update \(ASU 2014-09, ) Tj ET Q q 0 0 0 rg BT 402.87 428.70 Td (T) Tj ET Q q 0 0 0 rg BT 408.28 428.70 Td (opic 606\) which replaces the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.70 Td (revenue recognition standards. ) Tj ET Q q 0 0 0 rg BT 174.28 416.70 Td (The new revenue recognition standard provides a five-step analysis of transactions to determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.70 Td (when and how revenue is recognized. ) Tj ET Q q 0 0 0 rg BT 202.32 404.70 Td (The core principle is that a company should recognize revenue to depict the transfer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.70 Td (promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.70 Td (exchange for those goods or services. ) Tj ET Q q 0 0 0 rg BT 203.90 380.70 Td (After the F) Tj ET Q q 0 0 0 rg BT 247.03 380.70 Td (ASB's ) Tj ET Q q 0 0 0 rg BT 274.13 380.70 Td (August 2015 update to defer the ef) Tj ET Q q 0 0 0 rg BT 412.80 380.70 Td (fective date one year) Tj ET Q q 0 0 0 rg BT 495.40 380.70 Td (, this update will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.70 Td (be ef) Tj ET Q q 0 0 0 rg BT 69.03 368.70 Td (fective for the Company in the first quarter of 2018 and may be applied retrospectively for each period presented or as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.70 Td (cumulative-ef) Tj ET Q q 0 0 0 rg BT 104.85 356.70 Td (fect adjustment at the date of adoption. ) Tj ET Q q 0 0 0 rg BT 262.95 356.70 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 304.18 356.70 Td (, in May 2016, F) Tj ET Q q 0 0 0 rg BT 370.11 356.70 Td (ASB issued another accounting standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.70 Td (update \(ASU 2016-12, ) Tj ET Q q 0 0 0 rg BT 142.64 344.70 Td (T) Tj ET Q q 0 0 0 rg BT 148.05 344.70 Td (opic 606\) which amends certain aspects of the Board's revenue standard, ) Tj ET Q q 0 0 0 rg BT 440.31 344.70 Td (ASU 2014-09, "Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.70 Td (From Contracts ) Tj ET Q q 0 0 0 rg BT 114.31 332.70 Td (W) Tj ET Q q 0 0 0 rg BT 123.35 332.70 Td (ith Customers." ) Tj ET Q q 0 0 0 rg BT 188.09 332.70 Td (W) Tj ET Q q 0 0 0 rg BT 196.73 332.70 Td (e have formed a committee to evaluate the ef) Tj ET Q q 0 0 0 rg BT 376.46 332.70 Td (fect of adopting these new standards, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.70 Td (committee has not yet determined the method by which the standards will be adopted.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 303.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 303.70 Td (Pr) Tj ET Q q 0 0 0 rg BT 95.13 303.70 Td (esentation of Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 286.70 Td (In ) Tj ET Q q 0 0 0 rg BT 95.78 286.70 Td (August 2014, the F) Tj ET Q q 0 0 0 rg BT 171.71 286.70 Td (ASB issued an accounting standards update \(ASU 2014-15, Subtopic 205-40\), which became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.70 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 274.70 Td (fective for the Company beginning in the fourth quarter of our fiscal year ending January 28, 2017 \("2016"\). ) Tj ET Q q 0 0 0 rg BT 495.78 274.70 Td (The new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.70 Td (accounting standards update requires the management of an entity to assess with respect to each of the entity's quarterly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.70 Td (annual reporting periods whether there are conditions or events, considered in the aggregate, that raise substantial doubt about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.70 Td (the entity) Tj ET Q q 0 0 0 rg BT 89.77 238.70 Td (s ability to continue as a going concern within the year after the entity issues financial statements. Depending on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.70 Td (assessment conducted by the entity's management, additional disclosures in the notes to the financial statements may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.70 Td (required. ) Tj ET Q q 0 0 0 rg BT 90.13 214.70 Td (The adoption of the new standard did not have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 419.49 214.70 Td (s consolidated financial position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.70 Td (results of operations, cash flows, or disclosures. ) Tj ET Q q 0 0 0 rg BT 245.67 202.70 Td (The new accounting standards do not require us to make any additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.70 Td (disclosure with respect to the fourth quarter of our 2016 fiscal year or for the entire 2016 fiscal year) Tj ET Q q 0 0 0 rg BT 447.69 190.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 2.50 0 0 10.09 85.50 176.54 cm /I22 Do Q BT /F1 10.00 Tf ET endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (NOTE 2ACCOUNTS ) Tj ET Q q 0 0 0 rg BT 153.41 713.25 Td (AND FRANCHISEE RECEIV) Tj ET Q q 0 0 0 rg BT 283.25 713.25 Td (ABLES ) Tj ET Q q 0 0 0 rg BT 317.99 713.25 Td (AND OTHER ) Tj ET Q q 0 0 0 rg BT 380.22 713.25 Td (ASSETS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 696.25 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 125.77 696.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.71 696.25 Td (franchisee ) Tj ET Q q 0 0 0 rg BT 186.29 696.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 233.76 696.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.70 696.25 Td (other ) Tj ET Q q 0 0 0 rg BT 273.75 696.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 299.58 696.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 329.86 696.25 Td (of ) Tj ET Q q 0 0 0 rg BT 340.69 696.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.40 696.25 Td (following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 85.00 666.75 325.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 666.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 666.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 666.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 666.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 85.00 638.75 325.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 638.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 638.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 638.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 638.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 85.00 610.75 325.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 610.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 610.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 610.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 610.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 85.00 582.75 325.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 582.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 582.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 582.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 582.75 72.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 666.75 m 486 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 666.75 m 562 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 666.75 m 486 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 666.75 m 562 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 582.75 m 562 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 582.75 m 486 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 569.75 m 486 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 567.75 m 486 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 582.75 m 562 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 569.75 m 562 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 567.75 m 562 567.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 87.50 671.00 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.25 670.98 Td (January 28 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.25 670.98 Td (January 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 657.32 Td (Short-term franchisee receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 657.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 657.32 Td (1,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 657.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 657.32 Td (2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 643.32 Td (Miscellaneous receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 643.32 Td (10,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 643.32 Td (10,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 629.32 Td (Long-term franchisee receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 629.32 Td (18,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 629.32 Td (23,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 615.32 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 615.32 Td (6,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 615.32 Td (1,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 601.32 Td (Allowance for losses on short-term franchisee receivables \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 601.37 Td (\(947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 601.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 601.37 Td (\(1,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 601.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 587.32 Td (Allowance for losses on long-term franchisee receivables \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 587.37 Td (\(7,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 587.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 587.37 Td (\(10,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 587.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 573.32 Td (Total Accounts and franchisee receivables and other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 573.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 573.32 Td (28,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 573.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 573.32 Td (25,734) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 535.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 99.48 535.25 Td (The Company recognizes an allowance for losses on franchisee receivables \(which consist primarily of franchisee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.25 Td (promissory notes\) in an amount equal to estimated probable losses net of recoveries. ) Tj ET Q q 0 0 0 rg BT 389.23 523.25 Td (The allowance is based on an analysis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.25 Td (expected future write-of) Tj ET Q q 0 0 0 rg BT 145.94 511.25 Td (fs, existing economic conditions, and an assessment of specific identifiable franchisee promissory notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.25 Td (and other franchisee receivables considered at risk or uncollectible. ) Tj ET Q q 0 0 0 rg BT 320.87 499.25 Td (The expense associated with the allowance for losses on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.25 Td (franchisee receivables is recognized as selling and administrative expense. Most of our franchisee promissory notes authorize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.25 Td (us to deduct debt service from our commissions otherwise due and payable to the franchisees, and we routinely make those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.25 Td (deductions to the extent of available commissions payable. ) Tj ET Q q 0 0 0 rg BT 287.31 463.25 Td (W) Tj ET Q q 0 0 0 rg BT 295.95 463.25 Td (e established an allowance for losses on franchisee receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.25 Td (beginning in fiscal 2014 based on our receivable-by-receivable assessment during the year that some of the franchisee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.25 Td (receivables were potentially uncollectible in future periods due to declining results of operations of, or other adverse financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.25 Td (events with respect to, franchise stores that indicated that the franchisees might not be able, or were unable or unwilling, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.25 Td (meet their debt-service and other obligations to us as they became due.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (NOTE 3ALLOW) Tj ET Q q 0 0 0 rg BT 133.07 372.25 Td (ANCE FOR LOSSES ON FRANCHISEE RECEIV) Tj ET Q q 0 0 0 rg BT 350.99 372.25 Td (ABLES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 355.25 Td (The ) Tj ET Q q 0 0 0 rg BT 104.05 355.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 147.08 355.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.24 355.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 187.63 355.25 Td (on ) Tj ET Q q 0 0 0 rg BT 200.13 355.25 Td (Franchisee ) Tj ET Q q 0 0 0 rg BT 245.95 355.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 296.76 355.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 330.93 355.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.76 355.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.47 355.25 Td (following:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 344.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.95 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 313.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 313.95 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 313.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 313.95 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.95 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 285.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 285.95 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 285.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 285.95 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 257.95 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 257.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 257.95 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 257.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 257.95 84.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 313.95000000000005 m 443.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 313.95000000000005 m 531.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 313.95000000000005 m 443.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 313.95000000000005 m 531.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 257.95000000000005 m 443.5 257.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 257.95000000000005 m 531.5 257.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 257.95000000000005 m 443.5 257.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 244.95000000000005 m 443.5 244.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 242.95000000000005 m 443.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 257.95000000000005 m 531.5 257.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 244.95000000000005 m 531.5 244.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 242.95000000000005 m 531.5 242.95000000000005 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 318.20 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.25 318.18 Td (January 28, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.75 318.18 Td (January 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.52 Td (Allowance for losses on franchisee receivables, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 304.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 304.52 Td (12,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 304.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 304.52 Td (11,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 290.52 Td (Expense \(benefit\) during the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.30 290.57 Td (\(791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 290.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 290.52 Td (25,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.52 Td (Write off of franchisee receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 276.57 Td (\(3,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 276.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.80 276.57 Td (\(24,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 276.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 262.52 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 262.52 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 262.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 248.52 Td (Allowance for losses on franchisee receivables, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 248.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 248.52 Td (8,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 248.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 248.52 Td (12,141) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 218.45 Td (NOTE 4OTHER CURRENT) Tj ET Q q 0 0 0 rg BT 183.23 218.45 Td ( ) Tj ET Q q 0 0 0 rg BT 185.17 218.45 Td (AND LONG-TERM LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 201.45 Td (Other ) Tj ET Q q 0 0 0 rg BT 110.77 201.45 Td (current ) Tj ET Q q 0 0 0 rg BT 141.58 201.45 Td (and ) Tj ET Q q 0 0 0 rg BT 158.52 201.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 200.46 201.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 240.17 201.45 Td (consist ) Tj ET Q q 0 0 0 rg BT 270.45 201.45 Td (of ) Tj ET Q q 0 0 0 rg BT 281.28 201.45 Td (the ) Tj ET Q q 0 0 0 rg BT 296.00 201.45 Td (following:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 190.65 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 160.15 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 160.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 160.15 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 160.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 160.15 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 132.15 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 132.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 132.15 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 132.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 132.15 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 104.15 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 104.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 104.15 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 104.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 104.15 83.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 160.14999999999998 m 453 160.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 160.14999999999998 m 540 160.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 160.14999999999998 m 453 160.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 160.14999999999998 m 540 160.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 90.14999999999998 m 453 90.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 77.14999999999998 m 453 77.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 75.14999999999998 m 453 75.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 90.14999999999998 m 540 90.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 77.14999999999998 m 540 77.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 75.14999999999998 m 540 75.14999999999998 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 164.40 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.75 164.38 Td (January 28, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 164.38 Td (January 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 150.72 Td (Customer deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 150.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 150.72 Td (19,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 150.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 150.72 Td (24,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 136.72 Td (Sales and other taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 136.72 Td (11,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 136.72 Td (12,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 122.72 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 122.72 Td (27,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 122.72 Td (23,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 108.72 Td (Payroll and related items) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 108.72 Td (5,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 108.72 Td (6,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 94.72 Td (Store closing, severance and executive transition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 94.72 Td (7,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 94.72 Td (1,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 80.72 Td (Total Other current and long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 80.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 80.72 Td (72,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 80.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 80.72 Td (69,136) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (NOTE 5GOODWILL) Tj ET Q q 0 0 0 rg BT 152.58 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 154.52 713.25 Td (AND INT) Tj ET Q q 0 0 0 rg BT 195.73 713.25 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 243.80 713.25 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 52.31 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 55.12 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.92 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 60.73 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.54 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 66.35 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 69.15 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.76 679.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.40 679.25 Td (e ) Tj ET Q q 0 0 0 rg BT 87.64 679.25 Td (had ) Tj ET Q q 0 0 0 rg BT 104.89 679.25 Td (a ) Tj ET Q q 0 0 0 rg BT 112.13 679.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 150.50 679.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 183.84 679.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.98 679.25 Td ($167.0 ) Tj ET Q q 0 0 0 rg BT 225.28 679.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.17 679.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.98 679.25 Td (which ) Tj ET Q q 0 0 0 rg BT 284.23 679.25 Td (was ) Tj ET Q q 0 0 0 rg BT 302.59 679.25 Td (assigned ) Tj ET Q q 0 0 0 rg BT 339.83 679.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.42 679.25 Td (our ) Tj ET Q q 0 0 0 rg BT 366.56 679.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 391.03 679.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 438.27 679.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 477.73 679.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 496.10 679.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 518.91 679.25 Td (separation. ) Tj ET Q q 0 0 0 rg BT 565.00 679.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 667.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 667.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 102.55 667.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.49 667.25 Td ($167.0 ) Tj ET Q q 0 0 0 rg BT 139.49 667.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.38 667.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.88 667.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 209.48 667.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 247.54 667.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 296.14 667.25 Td (char) Tj ET Q q 0 0 0 rg BT 313.16 667.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 325.10 667.25 Td (in ) Tj ET Q q 0 0 0 rg BT 335.38 667.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.10 667.25 Td (third ) Tj ET Q q 0 0 0 rg BT 371.48 667.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 402.30 667.25 Td (of ) Tj ET Q q 0 0 0 rg BT 413.13 667.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 437.28 667.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 462.28 667.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 650.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 650.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 650.25 Td (e reviewed the Hometown Stores and Home ) Tj ET Q q 0 0 0 rg BT 259.20 650.25 Td (Appliance Showrooms \("Hometown Reporting Unit"\) goodwill for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.25 Td (impairment annually at the beginning of the fourth fiscal quarter and whenever events or changes in circumstances indicated the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (carrying value of goodwill might not be recoverable. ) Tj ET Q q 0 0 0 rg BT 265.36 626.25 Td (The goodwill impairment test involved a two-step process. In the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (step, SHO compared the fair value of the Hometown Reporting Unit to its carrying value. If the fair value of the Hometown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (Reporting Unit exceeded its carrying value, goodwill was not impaired and no further testing was required. If the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (the Hometown Reporting Unit was less than its carrying value, SHO performed the second step of the impairment test to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (measure the amount of impairment loss. In the second step, the Hometown Reporting Unit's fair value was allocated to all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (the assets and liabilities of the Hometown Reporting Unit, including any unrecognized intangible assets, in a hypothetical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (analysis that calculates the implied fair value of goodwill in the same manner as if the Hometown Reporting Unit were being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.25 Td (acquired in a business combination. If the implied fair value of the Hometown Reporting Unit's goodwill was less than its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (carrying value, the dif) Tj ET Q q 0 0 0 rg BT 137.62 530.25 Td (ference was recorded as a non-cash impairment loss. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 513.25 Td (During the third quarter of fiscal 2014 we determined that suf) Tj ET Q q 0 0 0 rg BT 318.41 513.25 Td (ficient indicators of potential impairment existed to require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.25 Td (that we conduct an interim impairment analysis of the Hometown Reporting Unit's goodwill. ) Tj ET Q q 0 0 0 rg BT 425.77 501.25 Td (These indicators included a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.25 Td (significant and sustained decline in the recent trading values of SHO's stock, coupled with market conditions and business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.25 Td (trends af) Tj ET Q q 0 0 0 rg BT 84.03 477.25 Td (fecting the Hometown Reporting Unit. ) Tj ET Q q 0 0 0 rg BT 243.54 477.25 Td (The primary operating factors were declines in revenue and profitability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.25 Td (fiscal 2014. Merchandise revenues in fiscal 2014 were impacted by the highly promotional environment, along with other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.25 Td (factors that caused declines in comparable store sales and related profitability below expectations for the Hometown Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.25 Td (Unit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 424.25 Td (SHO estimated the fair value of the Hometown Reporting Unit using a weighting of fair values derived from the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (approach and the market approach. Under the income approach, SHO calculated the fair value of the Hometown Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (Unit based on the present value of the Hometown Reporting Unit's estimated future cash flows. ) Tj ET Q q 0 0 0 rg BT 435.75 400.25 Td (The cash flow projections were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (based on management's estimates of revenue growth rates and operating mar) Tj ET Q q 0 0 0 rg BT 356.01 388.25 Td (gins, taking into consideration industry and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (conditions. SHO used a discount rate that was based on a weighted average cost of capital adjusted for the relevant risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (associated with the characteristics of the Hometown Reporting Unit and its projected cash flows. SHO's market approach used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (estimated fair values based on market multiples of revenue and earnings derived from comparable publicly traded companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (with operating and investment characteristics that were comparable to the operating and investment characteristics of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (Hometown Reporting Unit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 304.25 Td (Due to the complexity and the ef) Tj ET Q q 0 0 0 rg BT 207.39 304.25 Td (fort required to estimate the fair value of the Hometown Reporting Unit for the first step ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (of the impairment test and to estimate the fair values of all assets and liabilities of the Hometown Reporting Unit for the second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (step of the impairment test, SHO used fair value estimates that were derived based on assumptions and analyses that are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (to change. SHO) Tj ET Q q 0 0 0 rg BT 118.38 268.25 Td (s first-step evaluation concluded that the fair value of the Hometown Reporting Unit was substantially below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.25 Td (its carrying value. Based on SHO's second-step analyses, the implied fair value of the Hometown Reporting Unit's goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 244.25 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.55 244.25 Td (. ) Tj ET Q q 0 0 0 rg BT 84.50 244.25 Td (As a result, a full impairment of goodwill was required and we recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.46 244.25 Td ($167.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.35 244.25 Td ( non-cash goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.13 232.25 Td (ge in fiscal 2014, which is reflected as "Impairment of goodwill, property and equipment" in the Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (Statements of Operations. ) Tj ET Q q 0 0 0 rg BT 157.91 220.25 Td (The primary factor that contributed to the goodwill impairment loss was the aforementioned 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (operating issues leading to less-optimistic forecasts for the remainder of fiscal 2014 and fiscal 2015 and the projected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (corresponding impact beyond those periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 175.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 95.90 175.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 154.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 128.54 154.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 154.37 154.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 184.65 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.48 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.20 154.25 Td (following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 95.50 114.75 249.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 114.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 114.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 114.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 114.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 95.50 86.75 249.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 86.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 86.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 86.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 86.75 81.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 114.75 m 429.5 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 114.75 m 515.5 114.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 86.75 m 429.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 86.75 m 515.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 73.75 m 429.5 73.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 71.75 m 429.5 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 73.75 m 515.5 73.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 71.75 m 515.5 71.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 98.00 119.00 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.25 118.98 Td (January 28, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.25 118.98 Td (January 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 105.32 Td (Reacquisition rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 105.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 105.32 Td (6,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 105.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 105.32 Td (6,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 91.32 Td (Less: accumulated amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 91.37 Td (\(4,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 91.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 91.37 Td (\(1,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 91.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 77.32 Td (Total intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 77.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 77.32 Td (1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 77.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 77.32 Td (4,377) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.25 Td ( ) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 713.10 Td (In fiscal 2016, the Company repurchased a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.44 713.10 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.44 713.10 Td ( franchised locations of which there was no reacquisition rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (value associated with the transactions as several of the reacquired stores were closed and the remaining had negative cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (and minimal time remaining on the lease. ) Tj ET Q q 0 0 0 rg BT 222.61 689.10 Td (The fiscal 2015 repurchase transactions included the execution of definitive asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (purchase and termination agreements which terminated the franchise agreements and sublease arrangements for those locations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (These definitive agreements also required the Company to purchase store furniture, fixtures, and equipment. ) Tj ET Q q 0 0 0 rg BT 485.01 665.10 Td (The franchisees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (the af) Tj ET Q q 0 0 0 rg BT 71.80 653.10 Td (fected locations were obligors on promissory notes payable to the Company and as part of the definitive agreements, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Company wrote-of) Tj ET Q q 0 0 0 rg BT 125.13 641.10 Td (f the franchisee note receivable balances net of the value of the reacquisition rights and the value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (furniture, fixtures, and equipment that the Company purchased. Reacquisition rights were recorded at estimated fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (using the income approach. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 593.10 Td (Reacquisition rights are definite-life assets, and as such, we record amortization expense based on a method that most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (appropriately reflects our expected cash flows from these assets with a weighted-average amortization period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.60 581.10 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.10 581.10 Td ( years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Amortization expense for reacquisition rights were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.54 569.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.44 569.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.88 569.10 Td ($1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.38 569.10 Td ( for the years ended January 28, 2017 and January 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (2016, respectively) Tj ET Q q 0 0 0 rg BT 122.16 557.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.11 557.10 Td (Amortization expense is estimated to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.84 557.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.74 557.10 Td ( in 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.51 557.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.41 557.10 Td ( in 2018, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.12 557.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.01 557.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (2019. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 519.10 Td (NOTE 6INCOME ) Tj ET Q q 0 0 0 rg BT 139.88 519.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.81 519.10 Td (AXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 502.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 502.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 142.59 502.10 Td (with ) Tj ET Q q 0 0 0 rg BT 162.82 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.48 502.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 225.19 502.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 247.64 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.53 502.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 288.63 502.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 327.75 502.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 359.62 502.10 Td (into ) Tj ET Q q 0 0 0 rg BT 377.62 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.33 502.10 Td (T) Tj ET Q q 0 0 0 rg BT 389.74 502.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 401.63 502.10 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 434.64 502.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 481.51 502.10 Td (with ) Tj ET Q q 0 0 0 rg BT 501.74 502.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 525.84 502.10 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.56 490.10 Td (governs ) Tj ET Q q 0 0 0 rg BT 100.29 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.58 490.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 139.42 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.93 490.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 202.44 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.84 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.12 490.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 255.85 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 275.69 490.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 306.07 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.92 490.10 Td (pre-Separation ) Tj ET Q q 0 0 0 rg BT 376.85 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.36 490.10 Td (post-Separation ) Tj ET Q q 0 0 0 rg BT 458.19 490.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 472.47 490.10 Td (matters. ) Tj ET Q q 0 0 0 rg BT 506.48 490.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 533.53 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.67 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 553.08 490.10 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 81.96 478.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 130.62 478.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 154.02 478.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 192.42 478.10 Td (is ) Tj ET Q q 0 0 0 rg BT 200.83 478.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 248.11 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 261.51 478.10 Td (any ) Tj ET Q q 0 0 0 rg BT 277.68 478.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 309.67 478.10 Td (state ) Tj ET Q q 0 0 0 rg BT 329.73 478.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.80 478.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 370.41 478.10 Td (income ) Tj ET Q q 0 0 0 rg BT 401.58 478.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 415.53 478.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 448.38 478.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 480.65 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.17 478.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 504.12 478.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 535.30 478.10 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.12 466.10 Td (or ) Tj ET Q q 0 0 0 rg BT 73.08 466.10 Td (before ) Tj ET Q q 0 0 0 rg BT 101.24 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.08 466.10 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 163.97 466.10 Td (For ) Tj ET Q q 0 0 0 rg BT 180.49 466.10 Td (all ) Tj ET Q q 0 0 0 rg BT 193.11 466.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 225.17 466.10 Td (after ) Tj ET Q q 0 0 0 rg BT 246.11 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.95 466.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 308.84 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.68 466.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 365.19 466.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.49 466.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 422.66 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.94 466.10 Td (any ) Tj ET Q q 0 0 0 rg BT 454.00 466.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 486.88 466.10 Td (state ) Tj ET Q q 0 0 0 rg BT 507.83 466.10 Td (or ) Tj ET Q q 0 0 0 rg BT 518.79 466.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 550.29 466.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (liability) Tj ET Q q 0 0 0 rg BT 79.96 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.96 454.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 118.01 454.10 Td (income ) Tj ET Q q 0 0 0 rg BT 149.94 454.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 172.99 454.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 206.58 454.10 Td (for ) Tj ET Q q 0 0 0 rg BT 220.74 454.10 Td (any ) Tj ET Q q 0 0 0 rg BT 237.68 454.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 270.43 454.10 Td (state ) Tj ET Q q 0 0 0 rg BT 291.26 454.10 Td (or ) Tj ET Q q 0 0 0 rg BT 302.09 454.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 333.46 454.10 Td (income ) Tj ET Q q 0 0 0 rg BT 365.40 454.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 380.12 454.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 410.38 454.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.55 454.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 455.37 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.65 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.36 454.10 Td (period ) Tj ET Q q 0 0 0 rg BT 508.41 454.10 Td (incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 433.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 433.10 Td (e ) Tj ET Q q 0 0 0 rg BT 100.42 433.10 Td (account ) Tj ET Q q 0 0 0 rg BT 133.36 433.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.86 433.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 199.79 433.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.41 433.10 Td (income ) Tj ET Q q 0 0 0 rg BT 240.69 433.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 263.08 433.10 Td (according ) Tj ET Q q 0 0 0 rg BT 304.35 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.97 433.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 359.68 433.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 399.30 433.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.80 433.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 451.85 433.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 465.91 433.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 506.23 433.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.62 433.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.60 421.10 Td (present ) Tj ET Q q 0 0 0 rg BT 91.92 421.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.13 421.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.00 421.10 Td (lar) Tj ET Q q 0 0 0 rg BT 121.37 421.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 134.24 421.10 Td (number ) Tj ET Q q 0 0 0 rg BT 168.22 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.98 421.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 212.29 421.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 265.17 421.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 285.54 421.10 Td (at ) Tj ET Q q 0 0 0 rg BT 296.19 421.10 Td (any ) Tj ET Q q 0 0 0 rg BT 314.06 421.10 Td (point ) Tj ET Q q 0 0 0 rg BT 338.05 421.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.27 421.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 372.97 421.10 Td (can ) Tj ET Q q 0 0 0 rg BT 390.29 421.10 Td (have ) Tj ET Q q 0 0 0 rg BT 412.60 421.10 Td (audits ) Tj ET Q q 0 0 0 rg BT 439.92 421.10 Td (underway ) Tj ET Q q 0 0 0 rg BT 482.78 421.10 Td (at ) Tj ET Q q 0 0 0 rg BT 493.43 421.10 Td (various ) Tj ET Q q 0 0 0 rg BT 526.30 421.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 554.18 421.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 96.83 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.94 409.10 Td (one ) Tj ET Q q 0 0 0 rg BT 123.71 409.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.38 409.10 Td (more ) Tj ET Q q 0 0 0 rg BT 157.26 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.93 409.10 Td (these ) Tj ET Q q 0 0 0 rg BT 190.81 409.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 244.92 409.10 Td (W) Tj ET Q q 0 0 0 rg BT 253.56 409.10 Td (e ) Tj ET Q q 0 0 0 rg BT 260.33 409.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 295.98 409.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.64 409.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 326.19 409.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 364.65 409.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.42 409.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 418.75 409.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 458.30 409.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.30 409.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 511.84 409.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 526.39 409.10 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.85 397.10 Td (may ) Tj ET Q q 0 0 0 rg BT 86.43 397.10 Td (be ) Tj ET Q q 0 0 0 rg BT 98.23 397.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 143.90 397.10 Td (by ) Tj ET Q q 0 0 0 rg BT 156.26 397.10 Td (local ) Tj ET Q q 0 0 0 rg BT 178.05 397.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 222.63 397.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.42 397.10 Td (may ) Tj ET Q q 0 0 0 rg BT 259.00 397.10 Td (not ) Tj ET Q q 0 0 0 rg BT 274.14 397.10 Td (be ) Tj ET Q q 0 0 0 rg BT 285.94 397.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 307.18 397.10 Td (sustained, ) Tj ET Q q 0 0 0 rg BT 349.26 397.10 Td (despite ) Tj ET Q q 0 0 0 rg BT 379.95 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.52 397.10 Td (belief ) Tj ET Q q 0 0 0 rg BT 419.65 397.10 Td (that ) Tj ET Q q 0 0 0 rg BT 437.00 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.58 397.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 497.26 397.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.84 397.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.32 397.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 71.52 385.10 Td (supportable. ) Tj ET Q q 0 0 0 rg BT 123.81 385.10 Td (Unrecognized ) Tj ET Q q 0 0 0 rg BT 183.03 385.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 198.38 385.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 233.17 385.10 Td (are ) Tj ET Q q 0 0 0 rg BT 248.51 385.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 288.29 385.10 Td (on ) Tj ET Q q 0 0 0 rg BT 301.43 385.10 Td (an ) Tj ET Q q 0 0 0 rg BT 314.00 385.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 349.92 385.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 373.05 385.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.62 385.10 Td (are ) Tj ET Q q 0 0 0 rg BT 405.96 385.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 442.42 385.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.34 385.10 Td (light ) Tj ET Q q 0 0 0 rg BT 474.81 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.27 385.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 526.06 385.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 548.07 385.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 110.72 373.10 Td (including ) Tj ET Q q 0 0 0 rg BT 150.58 373.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 186.55 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.96 373.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 211.26 373.10 Td (audits, ) Tj ET Q q 0 0 0 rg BT 239.73 373.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 297.36 373.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.22 373.10 Td (case ) Tj ET Q q 0 0 0 rg BT 326.51 373.10 Td (law) Tj ET Q q 0 0 0 rg BT 340.30 373.10 Td (, ) Tj ET Q q 0 0 0 rg BT 344.89 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.41 373.10 Td (closings ) Tj ET Q q 0 0 0 rg BT 396.27 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.68 373.10 Td (statutes ) Tj ET Q q 0 0 0 rg BT 438.76 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.18 373.10 Td (limitation. ) Tj ET Q q 0 0 0 rg BT 492.65 373.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 514.73 373.10 Td (adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.64 361.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 102.55 361.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.27 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.42 361.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 143.57 361.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 184.29 361.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.56 361.10 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 246.53 361.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 284.46 361.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.18 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.12 361.10 Td (T) Tj ET Q q 0 0 0 rg BT 315.53 361.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 327.91 361.10 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 361.30 361.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 411.16 361.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 435.76 361.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 475.37 361.10 Td (is ) Tj ET Q q 0 0 0 rg BT 484.97 361.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 533.46 361.10 Td (for ) Tj ET Q q 0 0 0 rg BT 548.06 361.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 106.16 349.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 121.17 349.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 161.19 349.10 Td (or ) Tj ET Q q 0 0 0 rg BT 172.32 349.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 206.77 349.10 Td (through ) Tj ET Q q 0 0 0 rg BT 240.68 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.69 349.10 Td (date ) Tj ET Q q 0 0 0 rg BT 275.14 349.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.27 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.29 349.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 346.85 349.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.08 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.10 349.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 420.78 349.10 Td (is ) Tj ET Q q 0 0 0 rg BT 430.25 349.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 478.60 349.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.05 349.10 Td (any ) Tj ET Q q 0 0 0 rg BT 510.29 349.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 550.29 349.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.49 337.10 Td (after ) Tj ET Q q 0 0 0 rg BT 109.68 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.76 337.10 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 172.90 337.10 Td (For ) Tj ET Q q 0 0 0 rg BT 189.66 337.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 215.03 337.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 237.90 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.21 337.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 280.58 337.10 Td (no ) Tj ET Q q 0 0 0 rg BT 293.46 337.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 350.19 337.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 365.28 337.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 399.80 337.10 Td (have ) Tj ET Q q 0 0 0 rg BT 421.55 337.10 Td (been ) Tj ET Q q 0 0 0 rg BT 443.30 337.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 484.49 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.80 337.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 539.64 337.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 337.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 325.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 325.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 134.19 325.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 315.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 303.50 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 303.50 Td (e ) Tj ET Q q 0 0 0 rg BT 100.92 303.50 Td (classify ) Tj ET Q q 0 0 0 rg BT 133.80 303.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 165.57 303.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 200.12 303.50 Td (and ) Tj ET Q q 0 0 0 rg BT 216.90 303.50 Td (penalties ) Tj ET Q q 0 0 0 rg BT 254.78 303.50 Td (related ) Tj ET Q q 0 0 0 rg BT 284.32 303.50 Td (to ) Tj ET Q q 0 0 0 rg BT 294.44 303.50 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 350.64 303.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 365.19 303.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 399.19 303.50 Td (and ) Tj ET Q q 0 0 0 rg BT 415.96 303.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 447.74 303.50 Td (income ) Tj ET Q q 0 0 0 rg BT 479.51 303.50 Td (on ) Tj ET Q q 0 0 0 rg BT 491.85 303.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 506.40 303.50 Td (overpayments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.50 Td (as ) Tj ET Q q 0 0 0 rg BT 61.02 291.50 Td (components ) Tj ET Q q 0 0 0 rg BT 112.54 291.50 Td (of ) Tj ET Q q 0 0 0 rg BT 124.07 291.50 Td (income ) Tj ET Q q 0 0 0 rg BT 156.70 291.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 172.11 291.50 Td (expense. ) Tj ET Q q 0 0 0 rg BT 209.31 291.50 Td (As ) Tj ET Q q 0 0 0 rg BT 223.61 291.50 Td (no ) Tj ET Q q 0 0 0 rg BT 236.81 291.50 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 293.87 291.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 309.28 291.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 344.13 291.50 Td (have ) Tj ET Q q 0 0 0 rg BT 366.20 291.50 Td (been ) Tj ET Q q 0 0 0 rg BT 388.27 291.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 429.79 291.50 Td (and ) Tj ET Q q 0 0 0 rg BT 447.42 291.50 Td (reflected ) Tj ET Q q 0 0 0 rg BT 485.59 291.50 Td (in ) Tj ET Q q 0 0 0 rg BT 496.56 291.50 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 291.50 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.10 279.50 Td (statements, ) Tj ET Q q 0 0 0 rg BT 134.44 279.50 Td (no ) Tj ET Q q 0 0 0 rg BT 147.07 279.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 179.12 279.50 Td (or ) Tj ET Q q 0 0 0 rg BT 190.08 279.50 Td (penalties ) Tj ET Q q 0 0 0 rg BT 228.25 279.50 Td (related ) Tj ET Q q 0 0 0 rg BT 258.07 279.50 Td (to ) Tj ET Q q 0 0 0 rg BT 268.47 279.50 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 324.96 279.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 339.80 279.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 374.08 279.50 Td (are ) Tj ET Q q 0 0 0 rg BT 388.91 279.50 Td (reflected ) Tj ET Q q 0 0 0 rg BT 426.51 279.50 Td (in ) Tj ET Q q 0 0 0 rg BT 436.91 279.50 Td (the ) Tj ET Q q 0 0 0 rg BT 451.75 279.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 504.92 279.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 538.08 279.50 Td (sheets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.50 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 267.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 105.04 267.50 Td (of ) Tj ET Q q 0 0 0 rg BT 115.87 267.50 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 243.50 Td (As ) Tj ET Q q 0 0 0 rg BT 98.90 243.50 Td (of ) Tj ET Q q 0 0 0 rg BT 109.52 243.50 Td (January ) Tj ET Q q 0 0 0 rg BT 142.91 243.50 Td (28, ) Tj ET Q q 0 0 0 rg BT 157.70 243.50 Td (2012 ) Tj ET Q q 0 0 0 rg BT 179.99 243.50 Td (the ) Tj ET Q q 0 0 0 rg BT 194.50 243.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 220.12 243.50 Td (and ) Tj ET Q q 0 0 0 rg BT 236.85 243.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 276.35 243.50 Td (of ) Tj ET Q q 0 0 0 rg BT 286.97 243.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.48 243.50 Td (Sears ) Tj ET Q q 0 0 0 rg BT 325.43 243.50 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 372.16 243.50 Td (and ) Tj ET Q q 0 0 0 rg BT 388.89 243.50 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 430.60 243.50 Td (and ) Tj ET Q q 0 0 0 rg BT 447.33 243.50 Td (Sears ) Tj ET Q q 0 0 0 rg BT 471.28 243.50 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 498.56 243.50 Td (businesses ) Tj ET Q q 0 0 0 rg BT 543.07 243.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.50 Td (ownedby ) Tj ET Q q 0 0 0 rg BT 90.86 231.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 140.29 231.50 Td (of ) Tj ET Q q 0 0 0 rg BT 150.82 231.50 Td (Sears ) Tj ET Q q 0 0 0 rg BT 174.69 231.50 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 216.06 231.50 Td ( ) Tj ET Q q 0 0 0 rg BT 218.26 231.50 Td (On ) Tj ET Q q 0 0 0 rg BT 232.20 231.50 Td (August ) Tj ET Q q 0 0 0 rg BT 263.30 231.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 278.01 231.50 Td (2012, ) Tj ET Q q 0 0 0 rg BT 302.71 231.50 Td (through ) Tj ET Q q 0 0 0 rg BT 336.02 231.50 Td (a ) Tj ET Q q 0 0 0 rg BT 342.67 231.50 Td (series ) Tj ET Q q 0 0 0 rg BT 367.64 231.50 Td (of ) Tj ET Q q 0 0 0 rg BT 378.17 231.50 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 435.36 231.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 485.33 231.50 Td (Sears ) Tj ET Q q 0 0 0 rg BT 509.19 231.50 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 548.07 231.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.50 Td (several ) Tj ET Q q 0 0 0 rg BT 80.81 219.50 Td (of ) Tj ET Q q 0 0 0 rg BT 92.14 219.50 Td (its ) Tj ET Q q 0 0 0 rg BT 104.58 219.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 154.79 219.50 Td (transferred ) Tj ET Q q 0 0 0 rg BT 201.09 219.50 Td (the ) Tj ET Q q 0 0 0 rg BT 216.31 219.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 242.63 219.50 Td (and ) Tj ET Q q 0 0 0 rg BT 260.07 219.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 300.28 219.50 Td (comprising ) Tj ET Q q 0 0 0 rg BT 348.27 219.50 Td (the ) Tj ET Q q 0 0 0 rg BT 363.48 219.50 Td (Sears ) Tj ET Q q 0 0 0 rg BT 388.14 219.50 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 435.57 219.50 Td (and ) Tj ET Q q 0 0 0 rg BT 453.01 219.50 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 495.42 219.50 Td (and ) Tj ET Q q 0 0 0 rg BT 512.85 219.50 Td (Sears ) Tj ET Q q 0 0 0 rg BT 537.51 219.50 Td (Outlet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.50 Td (businesses ) Tj ET Q q 0 0 0 rg BT 94.14 207.50 Td (to ) Tj ET Q q 0 0 0 rg BT 104.34 207.50 Td (SHO. ) Tj ET Q q 0 0 0 rg BT 131.76 207.50 Td (In ) Tj ET Q q 0 0 0 rg BT 142.51 207.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 188.80 207.50 Td (with ) Tj ET Q q 0 0 0 rg BT 209.00 207.50 Td (the ) Tj ET Q q 0 0 0 rg BT 223.63 207.50 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 281.03 207.50 Td (transactions,for ) Tj ET Q q 0 0 0 rg BT 347.87 207.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 362.51 207.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 400.48 207.50 Td (the ) Tj ET Q q 0 0 0 rg BT 415.11 207.50 Td (transferred ) Tj ET Q q 0 0 0 rg BT 460.84 207.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 486.59 207.50 Td (and ) Tj ET Q q 0 0 0 rg BT 503.44 207.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 543.08 207.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.50 Td (stepped ) Tj ET Q q 0 0 0 rg BT 82.46 195.50 Td (up ) Tj ET Q q 0 0 0 rg BT 94.88 195.50 Td (to ) Tj ET Q q 0 0 0 rg BT 105.07 195.50 Td (their ) Tj ET Q q 0 0 0 rg BT 125.81 195.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 166.54 195.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 182.83 195.50 Td (market ) Tj ET Q q 0 0 0 rg BT 213.01 195.50 Td (values ) Tj ET Q q 0 0 0 rg BT 240.97 195.50 Td (as ) Tj ET Q q 0 0 0 rg BT 251.72 195.50 Td (of ) Tj ET Q q 0 0 0 rg BT 261.93 195.50 Td (August ) Tj ET Q q 0 0 0 rg BT 293.24 195.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 308.15 195.50 Td (2012, ) Tj ET Q q 0 0 0 rg BT 333.07 195.50 Td (but ) Tj ET Q q 0 0 0 rg BT 348.26 195.50 Td (for ) Tj ET Q q 0 0 0 rg BT 362.33 195.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.73 195.50 Td (statement ) Tj ET Q q 0 0 0 rg BT 440.46 195.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 478.43 195.50 Td (the ) Tj ET Q q 0 0 0 rg BT 493.06 195.50 Td (book ) Tj ET Q q 0 0 0 rg BT 515.48 195.50 Td (value ) Tj ET Q q 0 0 0 rg BT 539.55 195.50 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 195.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 74.66 183.50 Td (and ) Tj ET Q q 0 0 0 rg BT 90.92 183.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 129.96 183.50 Td (remained ) Tj ET Q q 0 0 0 rg BT 168.99 183.50 Td (unchanged ) Tj ET Q q 0 0 0 rg BT 214.13 183.50 Td (at ) Tj ET Q q 0 0 0 rg BT 223.18 183.50 Td (their ) Tj ET Q q 0 0 0 rg BT 243.33 183.50 Td (historical ) Tj ET Q q 0 0 0 rg BT 282.37 183.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 300.30 183.50 Td (bases. ) Tj ET Q q 0 0 0 rg BT 326.29 183.50 Td ( ) Tj ET Q q 0 0 0 rg BT 327.98 183.50 Td (This ) Tj ET Q q 0 0 0 rg BT 347.59 183.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 361.63 183.50 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 407.34 183.50 Td (related ) Tj ET Q q 0 0 0 rg BT 436.37 183.50 Td (to ) Tj ET Q q 0 0 0 rg BT 445.97 183.50 Td (the ) Tj ET Q q 0 0 0 rg BT 460.01 183.50 Td (Separation ) Tj ET Q q 0 0 0 rg BT 504.60 183.50 Td (was ) Tj ET Q q 0 0 0 rg BT 521.98 183.50 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.50 Td (for ) Tj ET Q q 0 0 0 rg BT 63.86 171.50 Td (as ) Tj ET Q q 0 0 0 rg BT 74.89 171.50 Td (an ) Tj ET Q q 0 0 0 rg BT 87.03 171.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 114.72 171.50 Td (contribution ) Tj ET Q q 0 0 0 rg BT 166.31 171.50 Td (that ) Tj ET Q q 0 0 0 rg BT 184.00 171.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 224.46 171.50 Td (net ) Tj ET Q q 0 0 0 rg BT 239.37 171.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 275.38 171.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 290.30 171.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 316.33 171.50 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.03 171.50 Td ($80.4 ) Tj ET Q q 0 0 0 rg BT 354.23 171.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.12 171.50 Td ( ) Tj ET Q q 0 0 0 rg BT 385.82 171.50 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 426.83 171.50 Td (the ) Tj ET Q q 0 0 0 rg BT 441.75 171.50 Td (stepped-up ) Tj ET Q q 0 0 0 rg BT 488.32 171.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 503.24 171.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 525.94 171.50 Td (in ) Tj ET Q q 0 0 0 rg BT 536.42 171.50 Td (excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.50 Td (of ) Tj ET Q q 0 0 0 rg BT 61.21 159.50 Td (the ) Tj ET Q q 0 0 0 rg BT 76.80 159.50 Td (book ) Tj ET Q q 0 0 0 rg BT 100.17 159.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 123.55 159.50 Td (that ) Tj ET Q q 0 0 0 rg BT 141.92 159.50 Td (occurred ) Tj ET Q q 0 0 0 rg BT 180.27 159.50 Td (in ) Tj ET Q q 0 0 0 rg BT 191.42 159.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 238.67 159.50 Td (with ) Tj ET Q q 0 0 0 rg BT 259.83 159.50 Td (the ) Tj ET Q q 0 0 0 rg BT 275.42 159.50 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 333.77 159.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 384.91 159.50 Td (described ) Tj ET Q q 0 0 0 rg BT 426.60 159.50 Td (above, ) Tj ET Q q 0 0 0 rg BT 456.36 159.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 496.94 159.50 Td (for ) Tj ET Q q 0 0 0 rg BT 511.98 159.50 Td (merchandise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.50 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 99.77 147.50 Td (favorable ) Tj ET Q q 0 0 0 rg BT 140.86 147.50 Td (leases,fixed ) Tj ET Q q 0 0 0 rg BT 193.61 147.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 222.78 147.50 Td (and ) Tj ET Q q 0 0 0 rg BT 240.55 147.50 Td (royalty-free ) Tj ET Q q 0 0 0 rg BT 291.08 147.50 Td (licenses ) Tj ET Q q 0 0 0 rg BT 326.07 147.50 Td (to ) Tj ET Q q 0 0 0 rg BT 337.18 147.50 Td (use ) Tj ET Q q 0 0 0 rg BT 353.84 147.50 Td (the ) Tj ET Q q 0 0 0 rg BT 369.39 147.50 Td ("Sears" ) Tj ET Q q 0 0 0 rg BT 402.55 147.50 Td (name. ) Tj ET Q q 0 0 0 rg BT 430.04 147.50 Td (In ) Tj ET Q q 0 0 0 rg BT 441.70 147.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 467.54 147.50 Td (a ) Tj ET Q q 0 0 0 rg BT 475.31 147.50 Td (property ) Tj ET Q q 0 0 0 rg BT 512.52 147.50 Td (that ) Tj ET Q q 0 0 0 rg BT 530.85 147.50 Td (was ) Tj ET Q q 0 0 0 rg BT 549.74 147.50 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.50 Td (included ) Tj ET Q q 0 0 0 rg BT 85.69 135.50 Td (in ) Tj ET Q q 0 0 0 rg BT 95.22 135.50 Td (the ) Tj ET Q q 0 0 0 rg BT 109.19 135.50 Td (2012 ) Tj ET Q q 0 0 0 rg BT 130.94 135.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 169.91 135.50 Td (was ) Tj ET Q q 0 0 0 rg BT 187.21 135.50 Td (revalued ) Tj ET Q q 0 0 0 rg BT 223.39 135.50 Td (to ) Tj ET Q q 0 0 0 rg BT 232.92 135.50 Td (its ) Tj ET Q q 0 0 0 rg BT 244.12 135.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 284.19 135.50 Td (2012 ) Tj ET Q q 0 0 0 rg BT 305.95 135.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 321.58 135.50 Td (market ) Tj ET Q q 0 0 0 rg BT 351.09 135.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 376.87 135.50 Td (The ) Tj ET Q q 0 0 0 rg BT 394.17 135.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 428.68 135.50 Td (in ) Tj ET Q q 0 0 0 rg BT 438.21 135.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 452.18 135.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 473.93 135.50 Td (related ) Tj ET Q q 0 0 0 rg BT 502.89 135.50 Td (to ) Tj ET Q q 0 0 0 rg BT 512.42 135.50 Td (this ) Tj ET Q q 0 0 0 rg BT 528.62 135.50 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.50 Td (was ) Tj ET Q q 0 0 0 rg BT 66.70 123.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 103.32 123.50 Td (in ) Tj ET Q q 0 0 0 rg BT 112.74 123.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 134.38 123.50 Td (as ) Tj ET Q q 0 0 0 rg BT 144.36 123.50 Td (an ) Tj ET Q q 0 0 0 rg BT 155.44 123.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 189.84 123.50 Td (to ) Tj ET Q q 0 0 0 rg BT 199.26 123.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 234.21 123.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 248.07 123.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 273.05 123.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.02 123.50 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 302.17 123.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.06 123.50 Td ( ) Tj ET Q q 0 0 0 rg BT 332.70 123.50 Td (with ) Tj ET Q q 0 0 0 rg BT 352.13 123.50 Td (the ) Tj ET Q q 0 0 0 rg BT 365.99 123.50 Td (of) Tj ET Q q 0 0 0 rg BT 374.14 123.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 390.22 123.50 Td (reflected ) Tj ET Q q 0 0 0 rg BT 426.84 123.50 Td (as ) Tj ET Q q 0 0 0 rg BT 436.81 123.50 Td (an ) Tj ET Q q 0 0 0 rg BT 447.89 123.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 474.53 123.50 Td (contribution. ) Tj ET Q q 0 0 0 rg BT 527.56 123.50 Td ( ) Tj ET Q q 0 0 0 rg BT 529.20 123.50 Td (Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.50 Td (this ) Tj ET Q q 0 0 0 rg BT 66.74 111.50 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 105.64 111.50 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 152.31 111.50 Td (only ) Tj ET Q q 0 0 0 rg BT 172.89 111.50 Td (impacts ) Tj ET Q q 0 0 0 rg BT 206.79 111.50 Td (the ) Tj ET Q q 0 0 0 rg BT 221.80 111.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 255.13 111.50 Td (sheet ) Tj ET Q q 0 0 0 rg BT 278.47 111.50 Td (in ) Tj ET Q q 0 0 0 rg BT 289.04 111.50 Td (each ) Tj ET Q q 0 0 0 rg BT 310.15 111.50 Td (of ) Tj ET Q q 0 0 0 rg BT 321.28 111.50 Td (the ) Tj ET Q q 0 0 0 rg BT 336.29 111.50 Td (years ) Tj ET Q q 0 0 0 rg BT 360.19 111.50 Td (it ) Tj ET Q q 0 0 0 rg BT 368.54 111.50 Td (was ) Tj ET Q q 0 0 0 rg BT 386.89 111.50 Td (unrecorded ) Tj ET Q q 0 0 0 rg BT 434.66 111.50 Td (and ) Tj ET Q q 0 0 0 rg BT 451.89 111.50 Td (its ) Tj ET Q q 0 0 0 rg BT 464.13 111.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 494.14 111.50 Td (is ) Tj ET Q q 0 0 0 rg BT 503.61 111.50 Td (not ) Tj ET Q q 0 0 0 rg BT 519.18 111.50 Td (material ) Tj ET Q q 0 0 0 rg BT 554.73 111.50 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.50 Td (the ) Tj ET Q q 0 0 0 rg BT 63.69 99.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 116.20 99.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 153.15 99.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 197.33 99.50 Td (based ) Tj ET Q q 0 0 0 rg BT 222.07 99.50 Td (on ) Tj ET Q q 0 0 0 rg BT 234.04 99.50 Td (management) Tj ET Q q 0 0 0 rg BT 287.91 99.50 Td (s ) Tj ET Q q 0 0 0 rg BT 293.77 99.50 Td (assessment ) Tj ET Q q 0 0 0 rg BT 340.18 99.50 Td (of ) Tj ET Q q 0 0 0 rg BT 350.48 99.50 Td (SEC ) Tj ET Q q 0 0 0 rg BT 370.79 99.50 Td (Staf) Tj ET Q q 0 0 0 rg BT 386.72 99.50 Td (f ) Tj ET Q q 0 0 0 rg BT 391.58 99.50 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 440.21 99.50 Td (Bulletin ) Tj ET Q q 0 0 0 rg BT 474.40 99.50 Td (No. ) Tj ET Q q 0 0 0 rg BT 491.09 99.50 Td (99, ) Tj ET Q q 0 0 0 rg BT 505.56 99.50 Td (this ) Tj ET Q q 0 0 0 rg BT 521.98 99.50 Td (correction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.50 Td (was ) Tj ET Q q 0 0 0 rg BT 67.55 87.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 105.03 87.50 Td (in ) Tj ET Q q 0 0 0 rg BT 115.31 87.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 137.81 87.50 Td (and ) Tj ET Q q 0 0 0 rg BT 154.74 87.50 Td (no ) Tj ET Q q 0 0 0 rg BT 167.24 87.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 189.18 87.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 221.12 87.50 Td (were ) Tj ET Q q 0 0 0 rg BT 243.05 87.50 Td (adjusted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 63.50 Td (The ) Tj ET Q q 0 0 0 rg BT 103.55 63.50 Td (provisions ) Tj ET Q q 0 0 0 rg BT 147.72 63.50 Td (for ) Tj ET Q q 0 0 0 rg BT 161.88 63.50 Td (income ) Tj ET Q q 0 0 0 rg BT 193.81 63.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 208.53 63.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 243.23 63.50 Td (for ) Tj ET Q q 0 0 0 rg BT 257.39 63.50 Td 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0 0 rg BT 160.08 399.00 Td (income ) Tj ET Q q 0 0 0 rg BT 191.41 399.00 Td (taxes ) Tj ET Q q 0 0 0 rg BT 213.86 399.00 Td (for ) Tj ET Q q 0 0 0 rg BT 227.42 399.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.30 399.00 Td (reporting ) Tj ET Q q 0 0 0 rg BT 302.86 399.00 Td (purposes ) Tj ET Q q 0 0 0 rg BT 340.31 399.00 Td (is ) Tj ET Q q 0 0 0 rg BT 348.88 399.00 Td (dif) Tj ET Q q 0 0 0 rg BT 359.81 399.00 Td (ferent ) Tj ET Q q 0 0 0 rg BT 385.03 399.00 Td (from ) Tj ET Q q 0 0 0 rg BT 406.37 399.00 Td (the ) Tj ET Q q 0 0 0 rg BT 420.48 399.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 434.60 399.00 Td (provision ) Tj ET Q q 0 0 0 rg BT 474.28 399.00 Td (computed ) Tj ET Q q 0 0 0 rg BT 515.62 399.00 Td (by ) Tj ET Q q 0 0 0 rg BT 527.52 399.00 Td (applying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.00 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 387.00 Td (statutory ) Tj ET Q q 0 0 0 rg BT 101.71 387.00 Td (federal ) Tj ET Q q 0 0 0 rg BT 131.97 387.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 146.68 387.00 Td (rate. ) Tj ET Q q 0 0 0 rg BT 166.49 387.00 Td (The ) Tj ET Q q 0 0 0 rg BT 184.53 387.00 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 242.01 387.00 Td (of ) Tj ET Q q 0 0 0 rg BT 252.84 387.00 Td (the ) Tj ET Q q 0 0 0 rg BT 267.56 387.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 282.27 387.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 299.76 387.00 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 108.00 334.50 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 334.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 334.50 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 334.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 334.50 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 334.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 334.50 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.00 304.50 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 304.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 304.50 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 304.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 304.50 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 304.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 304.50 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.00 274.50 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 274.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 274.50 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 274.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 274.50 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 274.50 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 274.50 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 349.5 m 369 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 349.5 m 376 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 349.5 m 449 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 349.5 m 456 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 349.5 m 530 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 349.5 m 369 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 334.5 m 369 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 349.5 m 376 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 349.5 m 449 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 334.5 m 449 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 349.5 m 456 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 349.5 m 530 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 334.5 m 530 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 334.5 m 369 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 334.5 m 449 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 334.5 m 530 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 259.5 m 369 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 259.5 m 449 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 259.5 m 530 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 245.5 m 369 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 243.5 m 369 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 245.5 m 449 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 243.5 m 449 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 245.5 m 530 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 243.5 m 530 243.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.60 353.73 Td (Fiscal Year Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.00 338.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.00 338.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.50 338.73 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 324.17 Td (Federal tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.30 324.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 324.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 324.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 324.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 324.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 324.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 309.17 Td (State income tax \(net of federal benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.30 309.17 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 309.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.30 309.17 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 309.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.30 309.17 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 309.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 294.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.80 294.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 294.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.80 294.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 294.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.95 294.17 Td (\(34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.80 294.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 279.17 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.95 279.17 Td (\(198.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.80 279.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.95 279.17 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 279.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.30 279.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 279.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 264.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.30 264.17 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 264.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.30 264.17 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 264.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.30 264.17 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 264.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 249.17 Td (Effective tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.95 249.17 Td (\(161.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.80 249.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 249.17 Td (35.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 249.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.30 249.17 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 249.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 701.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.23 701.10 Td (major ) Tj ET Q q 0 0 0 rg BT 130.73 701.10 Td (components ) Tj ET Q q 0 0 0 rg BT 182.23 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.74 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.14 701.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 245.62 701.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 261.02 701.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 287.53 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.14 701.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 345.54 701.10 Td (as ) Tj ET Q q 0 0 0 rg BT 357.05 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.56 701.10 Td (January ) Tj ET Q q 0 0 0 rg BT 402.83 701.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 418.51 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.69 701.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 444.87 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.49 701.10 Td (January ) Tj ET Q q 0 0 0 rg BT 496.76 701.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 512.44 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.62 701.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 538.80 701.10 Td (are ) Tj ET Q q 0 0 0 rg BT 554.19 701.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 621.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 621.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 621.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 621.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 621.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 591.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 591.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 591.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 591.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 591.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 561.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 561.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 561.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 561.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 561.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 531.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 531.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 531.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 531.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 531.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 501.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 501.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 501.60 144.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 501.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 501.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 501.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 471.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 471.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 471.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 471.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 441.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 441.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 441.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 441.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 441.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 411.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 411.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 411.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 411.60 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 651.6 m 439.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 651.6 m 533.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 636.6 m 439.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 651.6 m 447.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 651.6 m 533.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 636.6 m 533.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 516.6 m 439.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 516.6 m 533.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 516.6 m 439.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 486.6 m 439.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 486.6 m 533.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 486.6 m 439.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 472.6 m 439.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 470.6 m 439.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 486.6 m 533.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 472.6 m 533.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 470.6 m 533.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 427.6 m 439.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 425.6 m 439.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 427.6 m 533.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 425.6 m 533.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 425.6 m 439.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 427.6 m 439.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 411.6 m 439.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 397.6 m 439.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 395.6 m 439.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 411.6 m 533.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 397.6 m 533.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 395.6 m 533.5 395.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.10 655.83 Td (Fiscal Year Ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 107.00 641.31 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.55 640.83 Td (January 28, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.55 640.83 Td (January 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 626.27 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 611.27 Td (Bad Debts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 611.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 611.27 Td (3,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 611.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 611.27 Td (4,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 596.27 Td (Deferred Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 596.27 Td (468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 596.27 Td (1,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 581.27 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 581.27 Td (3,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 581.27 Td (4,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 566.27 Td (Net Operating Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 566.27 Td (39,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 566.27 Td (9,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 551.27 Td (Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 551.27 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 551.27 Td (4,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 536.27 Td (Royalty-free License) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 536.27 Td (44,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 536.27 Td (48,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 521.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 521.27 Td (11,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 521.27 Td (7,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 506.27 Td (Sub-total deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 506.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 506.27 Td (102,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 506.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 506.27 Td (80,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 491.27 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 491.32 Td (\(100,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 491.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 491.32 Td (\(830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 491.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 476.27 Td (Total deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 476.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 476.27 Td (1,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 476.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 476.27 Td (79,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 461.27 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 446.27 Td (Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 446.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 446.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 431.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 431.32 Td (\(1,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 431.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 431.32 Td (\(753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 431.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 416.27 Td (Total deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 416.32 Td (\(1,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 416.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 416.32 Td (\(753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 416.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 401.27 Td (Net deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 401.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 401.27 Td (79,141) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 367.70 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 367.70 Td (e ) Tj ET Q q 0 0 0 rg BT 101.68 367.70 Td (account ) Tj ET Q q 0 0 0 rg BT 135.87 367.70 Td (for ) Tj ET Q q 0 0 0 rg BT 150.64 367.70 Td (income ) Tj ET Q q 0 0 0 rg BT 183.17 367.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 206.82 367.70 Td (in ) Tj ET Q q 0 0 0 rg BT 217.70 367.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 265.76 367.70 Td (with ) Tj ET Q q 0 0 0 rg BT 286.64 367.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 333.62 367.70 Td (standards ) Tj ET Q q 0 0 0 rg BT 374.49 367.70 Td (for ) Tj ET Q q 0 0 0 rg BT 389.25 367.70 Td (such ) Tj ET Q q 0 0 0 rg BT 410.68 367.70 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 436.83 367.70 Td (which ) Tj ET Q q 0 0 0 rg BT 464.37 367.70 Td (require ) Tj ET Q q 0 0 0 rg BT 495.79 367.70 Td (that ) Tj ET Q q 0 0 0 rg BT 513.89 367.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 550.30 367.70 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.28 355.70 Td (and ) Tj ET Q q 0 0 0 rg BT 92.17 355.70 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 131.84 355.70 Td (be ) Tj ET Q q 0 0 0 rg BT 143.73 355.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 190.05 355.70 Td (using ) Tj ET Q q 0 0 0 rg BT 214.17 355.70 Td (enacted ) Tj ET Q q 0 0 0 rg BT 247.16 355.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 261.83 355.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 283.16 355.70 Td (for ) Tj ET Q q 0 0 0 rg BT 297.27 355.70 Td (the ) Tj ET Q q 0 0 0 rg BT 311.94 355.70 Td (ef) Tj ET Q q 0 0 0 rg BT 319.53 355.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 336.96 355.70 Td (of ) Tj ET Q q 0 0 0 rg BT 347.75 355.70 Td (temporary ) Tj ET Q q 0 0 0 rg BT 391.29 355.70 Td (dif) Tj ET Q q 0 0 0 rg BT 402.22 355.70 Td (ferences ) Tj ET Q q 0 0 0 rg BT 437.98 355.70 Td (between ) Tj ET Q q 0 0 0 rg BT 473.75 355.70 Td (the ) Tj ET Q q 0 0 0 rg BT 488.42 355.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.85 355.70 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.70 Td (and ) Tj ET Q q 0 0 0 rg BT 65.76 343.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 79.79 343.70 Td (bases ) Tj ET Q q 0 0 0 rg BT 103.27 343.70 Td (of ) Tj ET Q q 0 0 0 rg BT 113.42 343.70 Td (recorded ) Tj ET Q q 0 0 0 rg BT 150.22 343.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 175.36 343.70 Td (and ) Tj ET Q q 0 0 0 rg BT 191.62 343.70 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 235.26 343.70 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 283.73 343.70 Td (standards ) Tj ET Q q 0 0 0 rg BT 323.32 343.70 Td (also ) Tj ET Q q 0 0 0 rg BT 341.24 343.70 Td (require ) Tj ET Q q 0 0 0 rg BT 371.38 343.70 Td (that ) Tj ET Q q 0 0 0 rg BT 388.19 343.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 423.32 343.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 437.35 343.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 462.50 343.70 Td (be ) Tj ET Q q 0 0 0 rg BT 473.76 343.70 Td (reduced ) Tj ET Q q 0 0 0 rg BT 507.22 343.70 Td (by ) Tj ET Q q 0 0 0 rg BT 519.04 343.70 Td (a ) Tj ET Q q 0 0 0 rg BT 525.30 343.70 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.70 Td (allowance ) Tj ET Q q 0 0 0 rg BT 92.53 331.70 Td (if ) Tj ET Q q 0 0 0 rg BT 101.14 331.70 Td (it ) Tj ET Q q 0 0 0 rg BT 109.20 331.70 Td (is ) Tj ET Q q 0 0 0 rg BT 118.37 331.70 Td (more ) Tj ET Q q 0 0 0 rg BT 141.41 331.70 Td (likely ) Tj ET Q q 0 0 0 rg BT 166.69 331.70 Td (than ) Tj ET Q q 0 0 0 rg BT 186.40 331.70 Td (not ) Tj ET Q q 0 0 0 rg BT 201.68 331.70 Td (that ) Tj ET Q q 0 0 0 rg BT 219.18 331.70 Td (some ) Tj ET Q q 0 0 0 rg BT 242.79 331.70 Td (portion ) Tj ET Q q 0 0 0 rg BT 274.17 331.70 Td (of ) Tj ET Q q 0 0 0 rg BT 285.00 331.70 Td (or ) Tj ET Q q 0 0 0 rg BT 295.83 331.70 Td (all ) Tj ET Q q 0 0 0 rg BT 308.33 331.70 Td (of ) Tj ET Q q 0 0 0 rg BT 319.16 331.70 Td (the ) Tj ET Q q 0 0 0 rg BT 333.88 331.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 369.68 331.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 384.40 331.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 410.23 331.70 Td (will ) Tj ET Q q 0 0 0 rg BT 428.28 331.70 Td (not ) Tj ET Q q 0 0 0 rg BT 443.56 331.70 Td (be ) Tj ET Q q 0 0 0 rg BT 455.50 331.70 Td (realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 307.70 Td (Management assesses the available positive and negative evidence to estimate if suf) Tj ET Q q 0 0 0 rg BT 421.04 307.70 Td (ficient future taxable income will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.70 Td (be generated to use the existing deferred tax assets. In performing the assessment for 2016, a significant piece of negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.70 Td (evidence evaluated was the cumulative loss incurred over the three-year period ended January 28, 2017. ) Tj ET Q q 0 0 0 rg BT 470.27 283.70 Td (The loss was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.70 Td (evaluated as book income/loss adjusted for non-deductible and non-recurring items such as goodwill impairment, sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.70 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 259.70 Td (, store closing costs, franchise income/expense and software expenses. Such objective evidence limits the ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.70 Td (consider other subjective evidence such as our projections for future growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 223.70 Td ( On the basis of this analysis and significant negative objective evidence, for the year ended January 28, 2017, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.70 Td (valuation allowance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.07 211.70 Td ($100.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.97 211.70 Td ( has been recorded for the full amount of the net deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 475.84 211.70 Td (The valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.70 Td (allowance was recorded as a non-cash char) Tj ET Q q 0 0 0 rg BT 221.45 199.70 Td (ge to income tax expense. ) Tj ET Q q 0 0 0 rg BT 326.98 199.70 Td (A) Tj ET Q q 0 0 0 rg BT 333.65 199.70 Td ( valuation allowance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.72 199.70 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.61 199.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.05 199.70 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.94 199.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.70 Td (was recognized through tax expense for the years ended January 30, 2016 and January 31, 2015, respectively due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.70 Td (estimated future foreign taxable income available to use the foreign tax credit and the Puerto Rico ) Tj ET Q q 0 0 0 rg BT 443.25 175.70 Td (AMT) Tj ET Q q 0 0 0 rg BT 465.29 175.70 Td ( credit carryforwards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 163.70 Td (e will continue to evaluate our valuation allowance in future years for any change in circumstances that causes a change in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.70 Td (judgment about the realizability of the deferred tax assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 127.70 Td (At the end of 2016 and 2015, we had a federal net operating losses \(NOL\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.51 127.70 Td ($99.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 127.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.34 127.70 Td ($22.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.23 127.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 115.70 Td (, which will expire between 2036 and 2037. ) Tj ET Q q 0 0 0 rg BT 274.34 115.70 Td (At the end of 2016 and 2015, we had state NOLs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.46 115.70 Td ($6.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.36 115.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.70 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 103.70 Td (, respectively) Tj ET Q q 0 0 0 rg BT 151.05 103.70 Td (, which will expire between 2019 and 2037. ) Tj ET Q q 0 0 0 rg BT 328.61 103.70 Td (W) Tj ET Q q 0 0 0 rg BT 337.24 103.70 Td (e have credit carryforwards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.23 103.70 Td ($3.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.12 103.70 Td ( which will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.70 Td (expire between 2023 and 2037.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 67.70 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 67.70 Td (e file federal, state and city income tax returns in the United States and foreign tax returns in Puerto Rico. SHO was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.70 Td (also a part of the Sears Holdings' combined state returns for the years ended February 2, 2013 and February 1, 2014. Currently) Tj ET Q q 0 0 0 rg BT 554.96 55.70 Td (, ) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (the Company is under audit for the years ended February 2, 2013 and February 1, 2014 as part of the Sears Holdings' combined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (return audits, as well as the Company's federal tax return for the year ended January 30, 2016. ) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (NOTE 7RELA) Tj ET Q q 0 0 0 rg BT 122.38 713.25 Td (TED-P) Tj ET Q q 0 0 0 rg BT 151.64 713.25 Td (AR) Tj ET Q q 0 0 0 rg BT 165.73 713.25 Td (TY) Tj ET Q q 0 0 0 rg BT 179.25 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.20 713.25 Td (AGREEMENTS ) Tj ET Q q 0 0 0 rg BT 254.27 713.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 278.25 713.25 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 689.25 Td (According ) Tj ET Q q 0 0 0 rg BT 130.95 689.25 Td (to ) Tj ET Q q 0 0 0 rg BT 141.98 689.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 178.00 689.25 Td (available ) Tj ET Q q 0 0 0 rg BT 217.33 689.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 270.29 689.25 Td (ESL) Tj ET Q q 0 0 0 rg BT 287.70 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 290.94 689.25 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 345.01 689.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 363.53 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.21 689.25 Td (its ) Tj ET Q q 0 0 0 rg BT 393.91 689.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 441.04 689.25 Td (af) Tj ET Q q 0 0 0 rg BT 448.62 689.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 479.08 689.25 Td (including ) Tj ET Q q 0 0 0 rg BT 520.10 689.25 Td (Edward ) Tj ET Q q 0 0 0 rg BT 554.45 689.25 Td (S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (Lampert ) Tj ET Q q 0 0 0 rg BT 86.24 677.25 Td (\(together) Tj ET Q q 0 0 0 rg BT 121.93 677.25 Td (, ) Tj ET Q q 0 0 0 rg BT 127.30 677.25 Td ("ESL"\) ) Tj ET Q q 0 0 0 rg BT 159.43 677.25 Td (beneficially ) Tj ET Q q 0 0 0 rg BT 209.50 677.25 Td (own ) Tj ET Q q 0 0 0 rg BT 229.58 677.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.21 677.25 Td (57%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.54 677.25 Td ( ) Tj ET Q q 0 0 0 rg BT 311.40 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.60 677.25 Td (our ) Tj ET Q q 0 0 0 rg BT 338.79 677.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 388.32 677.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 416.18 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.37 677.25 Td (common ) Tj ET Q q 0 0 0 rg BT 465.23 677.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 489.21 677.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 509.01 677.25 Td (as ) Tj ET Q q 0 0 0 rg BT 520.21 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.40 677.25 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 64.50 665.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 89.50 665.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.76 665.25 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.09 665.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.59 665.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.42 665.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 205.58 665.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 246.55 665.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 295.72 665.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 323.21 665.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.04 665.25 Td (common ) Tj ET Q q 0 0 0 rg BT 371.53 665.25 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 644.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 644.25 Td (e ) Tj ET Q q 0 0 0 rg BT 101.32 644.25 Td (are ) Tj ET Q q 0 0 0 rg BT 116.28 644.25 Td (party ) Tj ET Q q 0 0 0 rg BT 139.57 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 150.09 644.25 Td (various ) Tj ET Q q 0 0 0 rg BT 182.28 644.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 230.56 644.25 Td (with ) Tj ET Q q 0 0 0 rg BT 251.08 644.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 275.49 644.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 314.91 644.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 333.20 644.25 Td ("SHO-Sears ) Tj ET Q q 0 0 0 rg BT 385.02 644.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 423.83 644.25 Td (Agreements"\) ) Tj ET Q q 0 0 0 rg BT 482.31 644.25 Td (which, ) Tj ET Q q 0 0 0 rg BT 511.99 644.25 Td (among ) Tj ET Q q 0 0 0 rg BT 541.96 644.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 78.69 632.25 Td (\(1\)govern ) Tj ET Q q 0 0 0 rg BT 122.86 632.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 161.20 632.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 192.32 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.90 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.47 632.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 267.93 632.25 Td (with ) Tj ET Q q 0 0 0 rg BT 287.95 632.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 311.85 632.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 353.26 632.25 Td (\(2\)establish ) Tj ET Q q 0 0 0 rg BT 404.66 632.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 429.12 632.25 Td (under ) Tj ET Q q 0 0 0 rg BT 454.14 632.25 Td (which ) Tj ET Q q 0 0 0 rg BT 480.82 632.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 530.28 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 540.85 632.25 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 89.56 620.25 Td (are ) Tj ET Q q 0 0 0 rg BT 105.15 620.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 147.42 620.25 Td (services ) Tj ET Q q 0 0 0 rg BT 183.01 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.18 620.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 208.95 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 226.78 620.25 Td (\(3\)establish ) Tj ET Q q 0 0 0 rg BT 279.32 620.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 304.92 620.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 342.74 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.91 620.25 Td (which ) Tj ET Q q 0 0 0 rg BT 381.73 620.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 432.33 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.05 620.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 469.09 620.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 509.15 620.25 Td (are ) Tj ET Q q 0 0 0 rg BT 524.74 620.25 Td (obtaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 102.24 608.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 148.87 608.25 Td (for ) Tj ET Q q 0 0 0 rg BT 162.74 608.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 176.33 608.25 Td ( ) Tj ET Q q 0 0 0 rg BT 178.38 608.25 Td (The ) Tj ET Q q 0 0 0 rg BT 196.13 608.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 220.55 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.08 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.50 608.25 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 292.70 608.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 331.09 608.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 381.61 608.25 Td (were ) Tj ET Q q 0 0 0 rg BT 403.24 608.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 432.09 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.07 608.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 463.71 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 473.69 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.11 608.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 533.08 608.25 Td (\(except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg 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ET Q q 0 0 0 rg BT 528.57 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 539.42 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 572.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.75 560.25 Td (itself ) Tj ET Q q 0 0 0 rg BT 113.12 560.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 154.37 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.95 560.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 212.41 560.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 249.48 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 251.68 560.25 Td (The ) Tj ET Q q 0 0 0 rg BT 269.59 560.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 310.85 560.25 Td (has ) Tj ET Q q 0 0 0 rg BT 326.55 560.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 362.23 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 372.37 560.25 Td (frequent ) Tj ET Q q 0 0 0 rg BT 408.06 560.25 Td (discussions, ) Tj ET Q q 0 0 0 rg BT 458.48 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.29 560.25 Td (has ) Tj ET Q q 0 0 0 rg BT 490.99 560.25 Td (resolved ) Tj ET Q q 0 0 0 rg 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0 rg BT 112.88 524.25 Td (by ) Tj ET Q q 0 0 0 rg BT 125.42 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.17 524.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 164.92 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.90 524.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 226.10 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 236.97 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.72 524.25 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 299.25 524.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 337.90 524.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 388.75 524.25 Td (or) Tj ET Q q 0 0 0 rg BT 396.68 524.25 Td (, ) Tj ET Q q 0 0 0 rg BT 401.72 524.25 Td (if ) Tj ET Q q 0 0 0 rg BT 410.36 524.25 Td (addressed, ) Tj ET Q q 0 0 0 rg BT 454.83 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.14 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.89 524.25 Td (past ) Tj ET Q q 0 0 0 rg BT 498.54 524.25 Td (were, ) Tj ET Q q 0 0 0 rg BT 523.00 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 539.98 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 524.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (future ) Tj ET Q q 0 0 0 rg BT 75.89 512.25 Td (could ) Tj ET Q q 0 0 0 rg BT 100.63 512.25 Td (be, ) Tj ET Q q 0 0 0 rg BT 115.08 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.38 512.25 Td (dispute ) Tj ET Q q 0 0 0 rg BT 156.78 512.25 Td (as ) Tj ET Q q 0 0 0 rg BT 167.62 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.92 512.25 Td (their ) Tj ET Q q 0 0 0 rg BT 198.76 512.25 Td (meaning ) Tj ET Q q 0 0 0 rg BT 235.71 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 246.56 512.25 Td (application ) Tj ET Q q 0 0 0 rg BT 293.50 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.79 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.53 512.25 Td (context ) Tj ET Q q 0 0 0 rg BT 350.48 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 361.32 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.06 512.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 410.24 512.25 Td (business ) Tj ET Q q 0 0 0 rg BT 446.65 512.25 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 502.77 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 505.28 512.25 Td (Many ) Tj ET Q q 0 0 0 rg BT 531.13 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 512.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (discussions ) Tj ET Q q 0 0 0 rg BT 97.54 500.25 Td (have ) Tj ET Q q 0 0 0 rg BT 118.89 500.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 153.03 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 163.28 500.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 213.54 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.79 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.49 500.25 Td (relationships ) Tj ET Q q 0 0 0 rg BT 292.07 500.25 Td (that ) Tj ET Q q 0 0 0 rg BT 309.54 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.24 500.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 365.60 500.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 400.84 500.25 Td (together ) Tj ET Q q 0 0 0 rg BT 436.08 500.25 Td (are ) Tj ET Q q 0 0 0 rg BT 450.77 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 461.03 500.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 508.08 500.25 Td (best ) Tj ET Q q 0 0 0 rg BT 526.67 500.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 565.00 500.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (On ) Tj ET Q q 0 0 0 rg BT 64.68 488.25 Td (May ) Tj ET Q q 0 0 0 rg BT 85.97 488.25 Td (1) Tj ET Q q 0 0 0 rg BT 90.60 488.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 101.06 488.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 126.53 488.25 Td (SHO ) Tj ET Q q 0 0 0 rg BT 149.49 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.89 488.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 191.51 488.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 231.15 488.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 263.53 488.25 Td (into ) Tj ET Q q 0 0 0 rg BT 282.05 488.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 335.55 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 346.29 488.25 Td (most ) Tj ET Q q 0 0 0 rg BT 368.70 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.99 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.17 488.25 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 443.13 488.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 482.11 488.25 Td (Agreements. ) Tj ET Q q 0 0 0 rg BT 535.88 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.63 488.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 103.35 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 118.87 476.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 153.81 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 164.90 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.98 476.25 Td (our ) Tj ET Q q 0 0 0 rg BT 192.62 476.25 Td (Current ) Tj ET Q q 0 0 0 rg BT 226.48 476.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 257.00 476.25 Td (on ) Tj ET Q q 0 0 0 rg BT 270.31 476.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 295.29 476.25 Td (8-K ) Tj ET Q q 0 0 0 rg BT 314.15 476.25 Td (\(File ) Tj ET Q q 0 0 0 rg BT 336.34 476.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 354.37 476.25 Td (001-35641\) ) Tj ET Q q 0 0 0 rg BT 404.34 476.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 425.97 476.25 Td (with ) Tj ET Q q 0 0 0 rg BT 447.06 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.58 476.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 505.33 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.07 476.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 101.83 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 113.59 464.25 Td (May ) Tj ET Q q 0 0 0 rg BT 133.68 464.25 Td (17, ) Tj ET Q q 0 0 0 rg BT 147.94 464.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 172.21 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 173.84 464.25 Td (W) Tj ET Q q 0 0 0 rg BT 182.48 464.25 Td (e ) Tj ET Q q 0 0 0 rg BT 188.68 464.25 Td (also ) Tj ET Q q 0 0 0 rg BT 206.55 464.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 226.63 464.25 Td (a ) Tj ET Q q 0 0 0 rg BT 232.83 464.25 Td (Current ) Tj ET Q q 0 0 0 rg BT 265.14 464.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 294.12 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 305.88 464.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 329.31 464.25 Td (8-K ) Tj ET Q q 0 0 0 rg BT 346.63 464.25 Td (\(File ) Tj ET Q q 0 0 0 rg BT 367.28 464.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 383.76 464.25 Td (001-35641\) ) Tj ET Q q 0 0 0 rg BT 432.18 464.25 Td (with ) Tj ET Q q 0 0 0 rg BT 451.72 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.70 464.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 506.90 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.10 464.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 102.18 452.25 Td (on ) Tj ET Q q 0 0 0 rg BT 114.29 452.25 Td (March ) Tj ET Q q 0 0 0 rg BT 142.50 452.25 Td (9, ) Tj ET Q q 0 0 0 rg BT 152.12 452.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 174.23 452.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 214.66 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.52 452.25 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 280.07 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.50 452.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 330.49 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.04 452.25 Td (Restated ) Tj ET Q q 0 0 0 rg BT 383.58 452.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 445.22 452.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 491.75 452.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 515.52 452.25 Td (as ) Tj ET Q q 0 0 0 rg BT 525.96 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 452.25 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (8, ) Tj ET Q q 0 0 0 rg BT 59.50 440.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 82.00 440.25 Td (among ) Tj ET Q q 0 0 0 rg BT 111.72 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.43 440.25 Td (Company) Tj ET Q q 0 0 0 rg BT 164.67 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 169.67 440.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 193.83 440.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 235.50 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.44 440.25 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 284.93 440.25 Td (Black ) Tj ET Q q 0 0 0 rg BT 310.76 440.25 Td (& ) Tj ET Q q 0 0 0 rg BT 321.04 440.25 Td (Decker) Tj ET Q q 0 0 0 rg BT 349.35 440.25 Td (. ) Tj ET Q q 0 0 0 rg BT 354.35 440.25 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 419.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 419.25 Td (is ) Tj ET Q q 0 0 0 rg BT 118.10 419.25 Td (a ) Tj ET Q q 0 0 0 rg BT 125.04 419.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 164.76 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.59 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.31 419.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 217.79 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.62 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.34 419.25 Td (related-party ) Tj ET Q q 0 0 0 rg BT 296.92 419.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 347.18 419.25 Td (between ) Tj ET Q q 0 0 0 rg BT 383.00 419.25 Td (SHO ) Tj ET Q q 0 0 0 rg BT 405.50 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.44 419.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 446.60 419.25 Td (Holdings:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 395.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 395.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 395.25 Td (e ) Tj ET Q q 0 0 0 rg BT 102.56 395.25 Td (are ) Tj ET Q q 0 0 0 rg BT 118.76 395.25 Td (party ) Tj ET Q q 0 0 0 rg BT 143.29 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 155.06 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.48 395.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 209.35 395.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 257.77 395.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.53 395.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 305.18 395.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 345.84 395.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 384.26 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.03 395.25 Td (which ) Tj ET Q q 0 0 0 rg BT 424.45 395.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 450.10 395.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 490.76 395.25 Td (consummated ) Tj ET Q q 0 0 0 rg BT 550.29 395.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 383.25 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 133.11 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.29 383.25 Td (The ) Tj ET Q q 0 0 0 rg BT 153.18 383.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 197.78 383.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 247.05 383.25 Td (among ) Tj ET Q q 0 0 0 rg BT 276.61 383.25 Td (other ) Tj ET Q q 0 0 0 rg BT 299.51 383.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 328.80 383.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 366.70 383.25 Td (for ) Tj ET Q q 0 0 0 rg BT 380.71 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.27 383.25 Td (allocation ) Tj ET Q q 0 0 0 rg BT 437.05 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.83 383.25 Td (transfer) Tj ET Q q 0 0 0 rg BT 483.97 383.25 Td (, ) Tj ET Q q 0 0 0 rg BT 488.82 383.25 Td (through ) Tj ET Q q 0 0 0 rg BT 522.27 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.06 383.25 Td (series ) Tj ET Q q 0 0 0 rg BT 554.17 383.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 371.25 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 143.86 371.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 197.51 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.22 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.82 371.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.54 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.36 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.96 371.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 325.56 371.25 Td (comprising ) Tj ET Q q 0 0 0 rg BT 373.93 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.53 371.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 414.58 371.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 462.40 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.22 371.25 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 523.02 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 540.84 371.25 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 359.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 112.97 359.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 157.68 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.49 359.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 192.63 359.25 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 234.27 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 236.75 359.25 Td (In ) Tj ET Q q 0 0 0 rg BT 247.56 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.26 359.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 306.96 359.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 353.86 359.25 Td (SHO ) Tj ET Q q 0 0 0 rg BT 376.34 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.26 359.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 417.40 359.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 456.55 359.25 Td (agree ) Tj ET Q q 0 0 0 rg BT 480.68 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 490.93 359.25 Td (release ) Tj ET Q q 0 0 0 rg BT 521.17 359.25 Td (each ) Tj ET Q q 0 0 0 rg BT 541.96 359.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 347.25 Td (from ) Tj ET Q q 0 0 0 rg BT 106.93 347.25 Td (all ) Tj ET Q q 0 0 0 rg BT 118.92 347.25 Td (pre-separation ) Tj ET Q q 0 0 0 rg BT 178.10 347.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 206.19 347.25 Td (\(other ) Tj ET Q q 0 0 0 rg BT 232.06 347.25 Td (than ) Tj ET Q q 0 0 0 rg BT 251.27 347.25 Td (with ) Tj ET Q q 0 0 0 rg BT 271.04 347.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 301.35 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.12 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.32 347.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 372.85 347.25 Td (executed ) Tj ET Q q 0 0 0 rg BT 410.37 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.14 347.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 466.00 347.25 Td (with ) Tj ET Q q 0 0 0 rg BT 485.77 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.98 347.25 Td (Separation\) ) Tj ET Q q 0 0 0 rg BT 548.07 347.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 335.25 Td (each ) Tj ET Q q 0 0 0 rg BT 106.32 335.25 Td (agrees ) Tj ET Q q 0 0 0 rg BT 134.35 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 144.63 335.25 Td (defend ) Tj ET Q q 0 0 0 rg BT 174.34 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.28 335.25 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 234.88 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.60 335.25 Td (other ) Tj ET Q q 0 0 0 rg BT 272.64 335.25 Td (with ) Tj ET Q q 0 0 0 rg BT 292.92 335.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 323.74 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.02 335.25 Td (its ) Tj ET Q q 0 0 0 rg BT 345.96 335.25 Td (post-separation ) Tj ET Q q 0 0 0 rg BT 409.56 335.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 448.45 335.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 311.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 311.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 311.25 Td (e ) Tj ET Q q 0 0 0 rg BT 101.02 311.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 128.45 311.25 Td (a ) Tj ET Q q 0 0 0 rg BT 135.33 311.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 179.99 311.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 212.42 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.20 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.97 311.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 291.94 311.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 338.82 311.25 Td (from ) Tj ET Q q 0 0 0 rg BT 360.70 311.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 384.80 311.25 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 426.41 311.25 Td ( ) Tj ET Q q 0 0 0 rg BT 428.67 311.25 Td (This ) Tj ET Q q 0 0 0 rg BT 448.89 311.25 Td (enables ) Tj ET Q q 0 0 0 rg BT 481.32 311.25 Td (us ) Tj ET Q q 0 0 0 rg BT 492.65 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 502.87 311.25 Td (take ) Tj ET Q q 0 0 0 rg BT 521.97 311.25 Td (advantage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.26 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.91 299.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 146.34 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.21 299.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 190.41 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.17 299.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 227.27 299.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 269.17 299.25 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 316.48 299.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 358.51 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 361.70 299.25 Td (The ) Tj ET Q q 0 0 0 rg BT 380.68 299.25 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 429.10 299.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 468.45 299.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 520.20 299.25 Td (include ) Tj ET Q q 0 0 0 rg BT 553.06 299.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 287.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 125.64 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 141.35 287.25 Td (Restated ) Tj ET Q q 0 0 0 rg BT 177.05 287.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 238.02 287.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 283.71 287.25 Td (with ) Tj ET Q q 0 0 0 rg BT 302.75 287.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 325.68 287.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 366.12 287.25 Td (Kmart ) Tj ET Q q 0 0 0 rg BT 392.93 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.63 287.25 Td (SRC ) Tj ET Q q 0 0 0 rg BT 428.80 287.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 445.61 287.25 Td ("Merchandising ) Tj ET Q q 0 0 0 rg BT 510.67 287.25 Td (Agreement"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 275.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 123.40 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.64 275.25 Td (which ) Tj ET Q q 0 0 0 rg BT 162.53 275.25 Td (Kmart ) Tj ET Q q 0 0 0 rg BT 191.54 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 209.44 275.25 Td (SRC ) Tj ET Q q 0 0 0 rg BT 231.80 275.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 246.92 275.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 264.26 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.50 275.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 290.35 275.25 Td (with ) Tj ET Q q 0 0 0 rg BT 311.59 275.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 343.37 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 354.60 275.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 385.27 275.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 424.82 275.25 Td (product ) Tj ET Q q 0 0 0 rg BT 458.83 275.25 Td (categories, ) Tj ET Q q 0 0 0 rg BT 505.32 275.25 Td (Sears-branded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 263.25 Td (products ) Tj ET Q q 0 0 0 rg BT 121.97 263.25 Td (including ) Tj ET Q q 0 0 0 rg BT 161.77 263.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 184.91 263.25 Td (Products ) Tj ET Q q 0 0 0 rg BT 221.94 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.40 263.25 Td (vendor) Tj ET Q q 0 0 0 rg BT 265.97 263.25 Td (-branded ) Tj ET Q q 0 0 0 rg BT 303.54 263.25 Td (products ) Tj ET Q q 0 0 0 rg BT 340.00 263.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 376.46 263.25 Td (from ) Tj ET Q q 0 0 0 rg BT 397.93 263.25 Td (Kmart) Tj ET Q q 0 0 0 rg BT 426.26 263.25 Td (s ) Tj ET Q q 0 0 0 rg BT 432.17 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.64 263.25 Td (SRC) Tj ET Q q 0 0 0 rg BT 470.32 263.25 Td (s ) Tj ET Q q 0 0 0 rg BT 476.24 263.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 509.93 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.39 263.25 Td (suppliers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.07 251.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 117.86 251.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 141.54 251.25 Td (us ) Tj ET Q q 0 0 0 rg BT 153.57 251.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 188.35 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.26 251.25 Td (use ) Tj ET Q q 0 0 0 rg BT 215.73 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.08 251.25 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 278.63 251.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 308.42 251.25 Td (by ) Tj ET Q q 0 0 0 rg BT 321.56 251.25 Td (Kmart, ) Tj ET Q q 0 0 0 rg BT 352.74 251.25 Td (SRC ) Tj ET Q q 0 0 0 rg BT 374.77 251.25 Td (or ) Tj ET Q q 0 0 0 rg BT 386.23 251.25 Td (other ) Tj ET Q q 0 0 0 rg BT 409.91 251.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 460.26 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.72 251.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 496.52 251.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 538.82 251.25 Td (or ) Tj ET Q q 0 0 0 rg BT 550.28 251.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 239.25 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 114.32 239.25 Td (marks," ) Tj ET Q q 0 0 0 rg BT 148.41 239.25 Td (including ) Tj ET Q q 0 0 0 rg BT 189.26 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.55 239.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 228.73 239.25 Td (Marks ) Tj ET Q q 0 0 0 rg BT 257.36 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.21 239.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 315.16 239.25 Td (with ) Tj ET Q q 0 0 0 rg BT 336.01 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.30 239.25 Td (marketing ) Tj ET Q q 0 0 0 rg BT 394.92 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.43 239.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 431.05 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.45 239.25 Td (products ) Tj ET Q q 0 0 0 rg BT 479.97 239.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 499.71 239.25 Td (under ) Tj ET Q q 0 0 0 rg BT 525.55 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.84 239.25 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 227.25 Td (marks. ) Tj ET Q q 0 0 0 rg BT 113.93 227.25 Td (The ) Tj ET Q q 0 0 0 rg BT 131.09 227.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 156.04 227.25 Td (term ) Tj ET Q q 0 0 0 rg BT 175.98 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.92 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.75 227.25 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 260.99 227.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 307.03 227.25 Td (will ) Tj ET Q q 0 0 0 rg BT 324.20 227.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 350.79 227.25 Td (on ) Tj ET Q q 0 0 0 rg BT 362.41 227.25 Td (February ) Tj ET Q q 0 0 0 rg BT 400.12 227.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.23 227.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 433.34 227.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 463.28 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 472.67 227.25 Td (one ) Tj ET Q q 0 0 0 rg BT 488.72 227.25 Td (three-year ) Tj ET Q q 0 0 0 rg BT 530.86 227.25 Td (renewal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 215.25 Td (term ) Tj ET Q q 0 0 0 rg BT 106.27 215.25 Td (with ) Tj ET Q q 0 0 0 rg BT 126.48 215.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 157.24 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.46 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.12 215.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 205.67 215.25 Td (Products. ) Tj ET Q q 0 0 0 rg BT 245.43 215.25 Td (W) Tj ET Q q 0 0 0 rg BT 254.07 215.25 Td (e ) Tj ET Q q 0 0 0 rg BT 260.95 215.25 Td (pay) Tj ET Q q 0 0 0 rg BT 274.74 215.25 Td (, ) Tj ET Q q 0 0 0 rg BT 279.68 215.25 Td (on ) Tj ET Q q 0 0 0 rg BT 292.12 215.25 Td (a ) Tj ET Q q 0 0 0 rg BT 299.00 215.25 Td (weekly ) Tj ET Q q 0 0 0 rg BT 330.32 215.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 355.26 215.25 Td (a ) Tj ET Q q 0 0 0 rg BT 362.14 215.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 392.90 215.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 440.32 215.25 Td (by ) Tj ET Q q 0 0 0 rg BT 452.76 215.25 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 501.87 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 517.64 215.25 Td (net ) Tj ET Q q 0 0 0 rg BT 532.30 215.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 554.18 215.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.10 203.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 123.60 203.25 Td (Products ) Tj ET Q q 0 0 0 rg BT 160.99 203.25 Td (by ) Tj ET Q q 0 0 0 rg BT 173.38 203.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 211.86 203.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 234.79 203.25 Td (royalties ) Tj ET Q q 0 0 0 rg BT 271.61 203.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 292.88 203.25 Td (for ) Tj ET Q q 0 0 0 rg BT 306.92 203.25 Td (each ) Tj ET Q q 0 0 0 rg BT 327.62 203.25 Td (brand) Tj ET Q q 0 0 0 rg BT 353.17 203.25 Td (s ) Tj ET Q q 0 0 0 rg BT 359.45 203.25 Td (licensed ) Tj ET Q q 0 0 0 rg BT 394.60 203.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 433.92 203.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 464.64 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 474.80 203.25 Td ( ) Tj ET Q q 0 0 0 rg BT 477.19 203.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 527.35 203.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.50 203.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.91 191.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 128.54 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.51 191.25 Td (which ) Tj ET Q q 0 0 0 rg BT 167.14 191.25 Td (we ) Tj ET Q q 0 0 0 rg BT 181.99 191.25 Td (feature ) Tj ET Q q 0 0 0 rg BT 212.94 191.25 Td (Kenmore ) Tj ET Q q 0 0 0 rg BT 253.33 191.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 279.30 191.25 Td (products ) Tj ET Q q 0 0 0 rg BT 316.93 191.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.90 191.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 358.29 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.81 191.25 Td (our ) Tj ET Q q 0 0 0 rg BT 386.34 191.25 Td (advertising ) Tj ET Q q 0 0 0 rg BT 433.96 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.59 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.00 191.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 494.63 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 505.60 191.25 Td (which ) Tj ET Q q 0 0 0 rg BT 533.23 191.25 Td (we ) Tj ET Q q 0 0 0 rg BT 548.08 191.25 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 179.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 123.55 179.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 164.40 179.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 218.58 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 228.32 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 243.61 179.25 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 290.54 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.93 179.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 353.33 179.25 Td (Store ) Tj ET Q q 0 0 0 rg BT 376.39 179.25 Td (owners. ) Tj ET Q q 0 0 0 rg BT 409.73 179.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.55 179.25 Td (The ) Tj ET Q q 0 0 0 rg BT 429.05 179.25 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 476.00 179.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 514.20 179.25 Td (Agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 167.25 Td (also ) Tj ET Q q 0 0 0 rg BT 105.41 167.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 139.76 167.25 Td (for ) Tj ET Q q 0 0 0 rg BT 155.23 167.25 Td (related ) Tj ET Q q 0 0 0 rg BT 186.23 167.25 Td (logistics, ) Tj ET Q q 0 0 0 rg BT 225.87 167.25 Td (handling, ) Tj ET Q q 0 0 0 rg BT 267.17 167.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 313.73 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.97 167.25 Td (transportation ) Tj ET Q q 0 0 0 rg BT 391.32 167.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 429.83 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.85 167.25 Td (char) Tj ET Q q 0 0 0 rg BT 462.88 167.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 480.01 167.25 Td (for ) Tj ET Q q 0 0 0 rg BT 495.48 167.25 Td (which ) Tj ET Q q 0 0 0 rg BT 523.72 167.25 Td (are ) Tj ET Q q 0 0 0 rg BT 539.73 167.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 155.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 125.20 155.25 Td (on ) Tj ET Q q 0 0 0 rg BT 137.70 155.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 190.73 155.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 231.56 155.25 Td (units. ) Tj ET Q q 0 0 0 rg BT 256.01 155.25 Td ( ) Tj ET Q q 0 0 0 rg BT 258.33 155.25 Td (W) Tj ET Q q 0 0 0 rg BT 266.96 155.25 Td (e ) Tj ET Q q 0 0 0 rg BT 273.90 155.25 Td (also ) Tj ET Q q 0 0 0 rg BT 292.51 155.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 309.45 155.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 328.05 155.25 Td (for ) Tj ET Q q 0 0 0 rg BT 342.21 155.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 395.25 155.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.52 155.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 429.68 155.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 470.66 155.25 Td (SYW) Tj ET Q q 0 0 0 rg BT 492.70 155.25 Td ( ) Tj ET Q q 0 0 0 rg BT 495.20 155.25 Td (program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 131.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 131.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 131.25 Td (e ) Tj ET Q q 0 0 0 rg BT 100.58 131.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 127.57 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 142.90 131.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 195.43 131.25 Td (from ) Tj ET Q q 0 0 0 rg BT 216.87 131.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 240.53 131.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 279.20 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.64 131.25 Td (other ) Tj ET Q q 0 0 0 rg BT 318.18 131.25 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 354.34 131.25 Td (For ) Tj ET Q q 0 0 0 rg BT 370.23 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.45 131.25 Td (year ) Tj ET Q q 0 0 0 rg BT 403.66 131.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 429.53 131.25 Td (January ) Tj ET Q q 0 0 0 rg BT 462.63 131.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 477.13 131.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 501.63 131.25 Td (products ) Tj ET Q q 0 0 0 rg BT 538.07 131.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 119.25 Td (we ) Tj ET Q q 0 0 0 rg BT 99.38 119.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 136.02 119.25 Td (from ) Tj ET Q q 0 0 0 rg BT 157.67 119.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 181.55 119.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 222.93 119.25 Td (including ) Tj ET Q q 0 0 0 rg BT 262.92 119.25 Td (KCD ) Tj ET Q q 0 0 0 rg BT 286.25 119.25 Td (Products ) Tj ET Q q 0 0 0 rg BT 323.47 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.12 119.25 Td (other ) Tj ET Q q 0 0 0 rg BT 362.88 119.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 402.04 119.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 444.79 119.25 Td (for ) Tj ET Q q 0 0 0 rg BT 458.66 119.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.64 119.25 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.97 119.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.68 119.25 Td (82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 119.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 107.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.75 107.25 Td (84%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.08 107.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.89 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 135.04 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 151.18 107.25 Td (total ) Tj ET Q q 0 0 0 rg BT 171.76 107.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 214.01 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.15 107.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 266.29 107.25 Td (from ) Tj ET Q q 0 0 0 rg BT 288.54 107.25 Td (all ) Tj ET Q q 0 0 0 rg BT 301.34 107.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 335.82 107.25 Td (for ) Tj ET Q q 0 0 0 rg BT 350.29 107.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 375.60 107.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 400.92 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.17 107.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 443.48 107.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 491.14 107.25 Td (. ) Tj ET Q q 0 0 0 rg BT 496.45 107.25 Td ( ) Tj ET Q q 0 0 0 rg BT 499.06 107.25 Td (The ) Tj ET Q q 0 0 0 rg BT 517.42 107.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 535.79 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 546.94 107.25 Td (or ) Tj ET Q q 0 0 0 rg BT 558.08 107.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 95.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 125.70 95.25 Td (in ) Tj ET Q q 0 0 0 rg BT 135.91 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.56 95.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 182.99 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.75 95.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 246.72 95.25 Td (made ) Tj ET Q q 0 0 0 rg BT 270.81 95.25 Td (available ) Tj ET Q q 0 0 0 rg BT 309.33 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 319.55 95.25 Td (us ) Tj ET Q q 0 0 0 rg BT 330.87 95.25 Td (by ) Tj ET Q q 0 0 0 rg BT 343.31 95.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 367.40 95.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 406.50 95.25 Td (could ) Tj ET Q q 0 0 0 rg BT 431.15 95.25 Td (have ) Tj ET Q q 0 0 0 rg BT 452.47 95.25 Td (a ) Tj ET Q q 0 0 0 rg BT 459.34 95.25 Td (material ) Tj ET Q q 0 0 0 rg BT 494.53 95.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 527.50 95.25 Td (ef) Tj ET Q q 0 0 0 rg BT 535.09 95.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 552.51 95.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 83.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.33 83.25 Td (business ) Tj ET Q q 0 0 0 rg BT 137.72 83.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.66 83.25 Td (results ) Tj ET Q q 0 0 0 rg BT 183.27 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.10 83.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 59.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 59.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 108.79 59.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 147.08 59.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 183.14 59.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.99 59.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 237.50 59.25 Td (with ) Tj ET Q q 0 0 0 rg BT 256.90 59.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 294.62 59.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 334.00 59.25 Td (services ) Tj ET Q q 0 0 0 rg BT 367.83 59.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 403.89 59.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.30 59.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.14 59.25 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 473.76 59.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 511.69 59.25 Td (Agreements. ) Tj ET Q q 0 0 0 rg BT 565.01 59.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 47.25 Td (These ) Tj ET Q q 0 0 0 rg BT 112.34 47.25 Td (services ) Tj ET Q q 0 0 0 rg BT 147.51 47.25 Td (include ) Tj ET Q q 0 0 0 rg BT 179.91 47.25 Td (tax, ) Tj ET Q q 0 0 0 rg BT 197.60 47.25 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 246.93 47.25 Td (procurement, ) Tj ET Q q 0 0 0 rg BT 302.93 47.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 320.90 47.25 Td (management ) Tj ET Q q 0 0 0 rg BT 374.95 47.25 Td (and ) Tj ET Q q 0 0 0 rg BT 392.35 47.25 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 436.13 47.25 Td (advertising ) Tj ET Q q 0 0 0 rg BT 483.53 47.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.94 47.25 Td (marketing, ) Tj ET Q q 0 0 0 rg BT 546.94 47.25 Td (loss ) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (prevention, ) Tj ET Q q 0 0 0 rg BT 135.18 713.10 Td (environmental, ) Tj ET Q q 0 0 0 rg BT 199.86 713.10 Td (product ) Tj ET Q q 0 0 0 rg BT 234.82 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.68 713.10 Td (human ) Tj ET Q q 0 0 0 rg BT 285.31 713.10 Td (safety) Tj ET Q q 0 0 0 rg BT 308.54 713.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.45 713.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 356.80 713.10 Td (logistics ) Tj ET Q q 0 0 0 rg BT 394.55 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.41 713.10 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 466.44 713.10 Td (information ) Tj ET Q q 0 0 0 rg BT 518.07 713.10 Td (technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 701.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 128.67 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.94 701.10 Td (point-of-sale ) Tj ET Q q 0 0 0 rg BT 196.10 701.10 Td (system ) Tj ET Q q 0 0 0 rg BT 225.94 701.10 Td (used ) Tj ET Q q 0 0 0 rg BT 246.33 701.10 Td (by ) Tj ET Q q 0 0 0 rg BT 258.39 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.67 701.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 313.62 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.12 701.10 Td (our ) Tj ET Q q 0 0 0 rg BT 345.51 701.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 375.89 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.39 701.10 Td (franchisees\), ) Tj ET Q q 0 0 0 rg BT 445.26 701.10 Td (online, ) Tj ET Q q 0 0 0 rg BT 474.82 701.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 511.31 701.10 Td (clearing, ) Tj ET Q q 0 0 0 rg BT 548.08 701.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 689.10 Td (other ) Tj ET Q q 0 0 0 rg BT 109.33 689.10 Td (financial, ) Tj ET Q q 0 0 0 rg BT 150.09 689.10 Td (real ) Tj ET Q q 0 0 0 rg BT 168.36 689.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 194.41 689.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 251.28 689.10 Td (merchandise-related ) Tj ET Q q 0 0 0 rg BT 335.63 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.35 689.10 Td (other ) Tj ET Q q 0 0 0 rg BT 377.18 689.10 Td (support ) Tj ET Q q 0 0 0 rg BT 410.47 689.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 448.46 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 451.74 689.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 476.69 689.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 516.64 689.10 Td (char) Tj ET Q q 0 0 0 rg BT 533.67 689.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 550.28 689.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 677.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 127.13 677.10 Td (for ) Tj ET Q q 0 0 0 rg BT 141.53 677.10 Td (these ) Tj ET Q q 0 0 0 rg BT 164.82 677.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 205.31 677.10 Td (services ) Tj ET Q q 0 0 0 rg BT 240.26 677.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 280.20 677.10 Td (based ) Tj ET Q q 0 0 0 rg BT 305.71 677.10 Td (on ) Tj ET Q q 0 0 0 rg BT 318.45 677.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 345.06 677.10 Td (usage, ) Tj ET Q q 0 0 0 rg BT 373.07 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.25 677.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 396.32 677.10 Td (rata ) Tj ET Q q 0 0 0 rg BT 414.05 677.10 Td (char) Tj ET Q q 0 0 0 rg BT 431.08 677.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 443.25 677.10 Td (based ) Tj ET Q q 0 0 0 rg BT 468.76 677.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 491.50 677.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 516.18 677.10 Td (head ) Tj ET Q q 0 0 0 rg BT 537.80 677.10 Td (count, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.33 665.10 Td (square ) Tj ET Q q 0 0 0 rg BT 124.93 665.10 Td (footage, ) Tj ET Q q 0 0 0 rg BT 159.91 665.10 Td (or ) Tj ET Q q 0 0 0 rg BT 170.74 665.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.68 665.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 200.73 665.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 215.44 665.10 Td (or ) Tj ET Q q 0 0 0 rg BT 226.27 665.10 Td (commission ) Tj ET Q q 0 0 0 rg BT 277.10 665.10 Td (as ) Tj ET Q q 0 0 0 rg BT 287.93 665.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 317.08 665.10 Td (between ) Tj ET Q q 0 0 0 rg BT 352.89 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.61 665.10 Td (parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 641.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 641.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 108.86 641.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 147.22 641.10 Td (has ) Tj ET Q q 0 0 0 rg BT 162.25 641.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 196.71 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.62 641.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 251.21 641.10 Td (until ) Tj ET Q q 0 0 0 rg BT 271.24 641.10 Td (October ) Tj ET Q q 0 0 0 rg BT 305.14 641.10 Td (1) Tj ET Q q 0 0 0 rg BT 309.77 641.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 318.97 641.10 Td (2029, ) Tj ET Q q 0 0 0 rg BT 343.17 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 354.86 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.00 641.10 Td (royalty-free ) Tj ET Q q 0 0 0 rg BT 409.89 641.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 434.08 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 443.56 641.10 Td (use ) Tj ET Q q 0 0 0 rg BT 458.59 641.10 Td (under ) Tj ET Q q 0 0 0 rg BT 483.05 641.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 520.84 641.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 102.36 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.78 629.10 Td (name ) Tj ET Q q 0 0 0 rg BT 146.64 629.10 Td ("Sears" ) Tj ET Q q 0 0 0 rg BT 181.66 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.64 629.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.17 629.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 256.13 629.10 Td (name ) Tj ET Q q 0 0 0 rg BT 282.98 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.62 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.60 629.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 354.13 629.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.66 629.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 420.08 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.72 629.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 456.58 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.00 629.10 Td (www) Tj ET Q q 0 0 0 rg BT 495.02 629.10 Td (.searsoutlet.com, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 617.10 Td (www) Tj ET Q q 0 0 0 rg BT 106.52 617.10 Td (.searshomeapplianceshowroom.com, ) Tj ET Q q 0 0 0 rg BT 256.24 617.10 Td (www) Tj ET Q q 0 0 0 rg BT 277.26 617.10 Td (.searshometownstores.com, ) Tj ET Q q 0 0 0 rg BT 389.78 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.49 617.10 Td (www) Tj ET Q q 0 0 0 rg BT 427.50 617.10 Td (.searshardwarestores.com ) Tj ET Q q 0 0 0 rg BT 532.51 617.10 Td (domain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 605.10 Td (names ) Tj ET Q q 0 0 0 rg BT 112.67 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.08 605.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 157.03 605.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.98 605.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 218.33 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.59 605.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 242.61 605.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 265.90 605.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 304.19 605.10 Td (has ) Tj ET Q q 0 0 0 rg BT 319.15 605.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 353.53 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.38 605.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 407.89 605.10 Td (until ) Tj ET Q q 0 0 0 rg BT 427.85 605.10 Td (October ) Tj ET Q q 0 0 0 rg BT 461.68 605.10 Td (1) Tj ET Q q 0 0 0 rg BT 466.31 605.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 475.43 605.10 Td (2029, ) Tj ET Q q 0 0 0 rg BT 499.56 605.10 Td (on ) Tj ET Q q 0 0 0 rg BT 511.18 605.10 Td (an ) Tj ET Q q 0 0 0 rg BT 522.25 605.10 Td (exclusive, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 593.10 Td (royalty-free ) Tj ET Q q 0 0 0 rg BT 135.24 593.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 160.29 593.10 Td (under ) Tj ET Q q 0 0 0 rg BT 185.61 593.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 224.26 593.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 268.47 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.80 593.10 Td (use ) Tj ET Q q 0 0 0 rg BT 294.68 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 308.89 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.66 593.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 357.87 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.75 593.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 409.06 593.10 Td (our ) Tj ET Q q 0 0 0 rg BT 424.94 593.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 450.82 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.59 593.10 Td (names ) Tj ET Q q 0 0 0 rg BT 493.69 593.10 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 521.42 593.10 Td (Appliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 581.10 Td (& ) Tj ET Q q 0 0 0 rg BT 96.47 581.10 Td (Hardware," ) Tj ET Q q 0 0 0 rg BT 145.66 581.10 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 173.88 581.10 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 222.06 581.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 269.68 581.10 Td (Stores," ) Tj ET Q q 0 0 0 rg BT 304.45 581.10 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 333.39 581.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 381.01 581.10 Td (Store," ) Tj ET Q q 0 0 0 rg BT 411.89 581.10 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 440.82 581.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 467.75 581.10 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 512.03 581.10 Td (Showroom," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 569.10 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 113.74 569.10 Td (Hardware," ) Tj ET Q q 0 0 0 rg BT 162.24 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.18 569.10 Td ("Sears ) Tj ET Q q 0 0 0 rg BT 207.42 569.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 234.92 569.10 Td (Store.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 545.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 545.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 109.70 545.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 148.91 545.10 Td (has ) Tj ET Q q 0 0 0 rg BT 164.77 545.10 Td (assigned ) Tj ET Q q 0 0 0 rg BT 201.75 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.07 545.10 Td (us ) Tj ET Q q 0 0 0 rg BT 223.50 545.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 249.91 545.10 Td (for) Tj ET Q q 0 0 0 rg BT 261.17 545.10 Td (, ) Tj ET Q q 0 0 0 rg BT 266.21 545.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.08 545.10 Td (has ) Tj ET Q q 0 0 0 rg BT 292.95 545.10 Td (subleased ) Tj ET Q q 0 0 0 rg BT 334.36 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.68 545.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 358.61 545.10 Td (many ) Tj ET Q q 0 0 0 rg BT 383.36 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.23 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.99 545.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 434.85 545.10 Td (that ) Tj ET Q q 0 0 0 rg BT 452.39 545.10 Td (we ) Tj ET Q q 0 0 0 rg BT 466.58 545.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 498.55 545.10 Td (or ) Tj ET Q q 0 0 0 rg BT 509.42 545.10 Td (that ) Tj ET Q q 0 0 0 rg BT 526.95 545.10 Td (we ) Tj ET Q q 0 0 0 rg BT 541.15 545.10 Td (have, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.06 533.10 Td (turn, ) Tj ET Q q 0 0 0 rg BT 117.44 533.10 Td (subleased ) Tj ET Q q 0 0 0 rg BT 159.10 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.66 533.10 Td (franchisees. ) Tj ET Q q 0 0 0 rg BT 219.91 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.69 533.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 261.46 533.10 Td (, ) Tj ET Q q 0 0 0 rg BT 266.74 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.74 533.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 306.73 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.84 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.83 533.10 Td (subleases ) Tj ET Q q 0 0 0 rg BT 373.38 533.10 Td (match ) Tj ET Q q 0 0 0 rg BT 400.59 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.59 533.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 443.08 533.10 Td (including ) Tj ET Q q 0 0 0 rg BT 483.63 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.63 533.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 535.84 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 546.95 533.10 Td (rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.76 521.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 144.13 521.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 165.10 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.26 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.30 521.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 222.78 521.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 248.48 521.10 Td (between ) Tj ET Q q 0 0 0 rg BT 283.62 521.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 307.10 521.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 345.60 521.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 359.08 521.10 Td (one ) Tj ET Q q 0 0 0 rg BT 375.34 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.49 521.10 Td (its ) Tj ET Q q 0 0 0 rg BT 396.77 521.10 Td (subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 449.14 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.40 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.44 521.10 Td (landlord. ) Tj ET Q q 0 0 0 rg BT 517.08 521.10 Td (In ) Tj ET Q q 0 0 0 rg BT 527.24 521.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.57 509.10 Td (small ) Tj ET Q q 0 0 0 rg BT 116.87 509.10 Td (number ) Tj ET Q q 0 0 0 rg BT 150.05 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.02 509.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.98 509.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 202.95 509.10 Td (are ) Tj ET Q q 0 0 0 rg BT 217.79 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.20 509.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 266.94 509.10 Td (where ) Tj ET Q q 0 0 0 rg BT 294.00 509.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 318.30 509.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 357.60 509.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 396.33 509.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 432.28 509.10 Td (one ) Tj ET Q q 0 0 0 rg BT 449.35 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.31 509.10 Td (its ) Tj ET Q q 0 0 0 rg BT 472.40 509.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 498.36 509.10 Td (or ) Tj ET Q q 0 0 0 rg BT 509.33 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.40 509.10 Td (distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 497.10 Td (facility) Tj ET Q q 0 0 0 rg BT 113.17 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 118.51 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.35 497.10 Td (In ) Tj ET Q q 0 0 0 rg BT 132.53 497.10 Td (such ) Tj ET Q q 0 0 0 rg BT 153.70 497.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 177.64 497.10 Td (we ) Tj ET Q q 0 0 0 rg BT 192.14 497.10 Td (have ) Tj ET Q q 0 0 0 rg BT 213.86 497.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 246.13 497.10 Td (into ) Tj ET Q q 0 0 0 rg BT 264.52 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 271.80 497.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 294.63 497.10 Td (or ) Tj ET Q q 0 0 0 rg BT 305.80 497.10 Td (sublease ) Tj ET Q q 0 0 0 rg BT 342.52 497.10 Td (with ) Tj ET Q q 0 0 0 rg BT 363.14 497.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 387.64 497.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 427.16 497.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 441.66 497.10 Td (one ) Tj ET Q q 0 0 0 rg BT 458.94 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.11 497.10 Td (its ) Tj ET Q q 0 0 0 rg BT 482.40 497.10 Td (subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 535.79 497.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 497.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 485.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 116.96 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.87 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.66 485.10 Td (space ) Tj ET Q q 0 0 0 rg BT 167.44 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.80 485.10 Td (which ) Tj ET Q q 0 0 0 rg BT 204.81 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.72 485.10 Td (store ) Tj ET Q q 0 0 0 rg BT 242.73 485.10 Td (will ) Tj ET Q q 0 0 0 rg BT 260.86 485.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 295.36 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.38 485.10 Td (we ) Tj ET Q q 0 0 0 rg BT 326.61 485.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 343.63 485.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 361.75 485.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 394.87 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.22 485.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 429.46 485.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 468.70 485.10 Td (on ) Tj ET Q q 0 0 0 rg BT 481.28 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.07 485.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 520.86 485.10 Td (negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.78 473.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 142.15 473.10 Td (with ) Tj ET Q q 0 0 0 rg BT 162.43 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.15 473.10 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 224.73 473.10 Td (W) Tj ET Q q 0 0 0 rg BT 233.37 473.10 Td (e ) Tj ET Q q 0 0 0 rg BT 240.30 473.10 Td (also ) Tj ET Q q 0 0 0 rg BT 258.91 473.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 281.40 473.10 Td (from ) Tj ET Q q 0 0 0 rg BT 303.34 473.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 327.50 473.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 366.67 473.10 Td (of) Tj ET Q q 0 0 0 rg BT 374.82 473.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 392.30 473.10 Td (space ) Tj ET Q q 0 0 0 rg BT 417.01 473.10 Td (for ) Tj ET Q q 0 0 0 rg BT 431.17 473.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.00 473.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 487.25 473.10 Td (headquarters. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 449.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 449.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 108.20 449.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 143.65 449.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 198.58 449.10 Td (from ) Tj ET Q q 0 0 0 rg BT 220.71 449.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 245.07 449.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 284.44 449.10 Td (for ) Tj ET Q q 0 0 0 rg BT 298.80 449.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 337.59 449.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 359.73 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.75 449.10 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 423.98 449.10 Td (made ) Tj ET Q q 0 0 0 rg BT 448.34 449.10 Td (through ) Tj ET Q q 0 0 0 rg BT 482.14 449.10 Td (www) Tj ET Q q 0 0 0 rg BT 503.16 449.10 Td (.sears.com ) Tj ET Q q 0 0 0 rg BT 548.06 449.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 437.10 Td (www) Tj ET Q q 0 0 0 rg BT 106.52 437.10 Td (.searsoutlet.com, ) Tj ET Q q 0 0 0 rg BT 176.95 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.12 437.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 210.62 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.90 437.10 Td (extended-service ) Tj ET Q q 0 0 0 rg BT 292.59 437.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 319.16 437.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 354.87 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.26 437.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 410.21 437.10 Td (services ) Tj ET Q q 0 0 0 rg BT 445.37 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.76 437.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 496.26 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.99 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.16 437.10 Td (use ) Tj ET Q q 0 0 0 rg BT 538.44 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 437.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 425.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 111.19 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.89 425.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 147.01 425.10 Td (cards ) Tj ET Q q 0 0 0 rg BT 170.48 425.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 205.05 425.10 Td (with ) Tj ET Q q 0 0 0 rg BT 225.19 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.77 425.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 263.79 425.10 Td (name. ) Tj ET Q q 0 0 0 rg BT 290.31 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.67 425.10 Td (For ) Tj ET Q q 0 0 0 rg BT 308.93 425.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 338.49 425.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 388.62 425.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 410.99 425.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 431.68 425.10 Td (a ) Tj ET Q q 0 0 0 rg BT 438.48 425.10 Td (commission ) Tj ET Q q 0 0 0 rg BT 489.18 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.32 425.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 523.35 425.10 Td (Holdings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.83 396.10 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 151.60 396.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 190.43 396.10 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 241.53 396.10 Td (may ) Tj ET Q q 0 0 0 rg BT 261.52 396.10 Td (be ) Tj ET Q q 0 0 0 rg BT 273.74 396.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 319.28 396.10 Td (by ) Tj ET Q q 0 0 0 rg BT 332.05 396.10 Td (either ) Tj ET Q q 0 0 0 rg BT 357.60 396.10 Td (party ) Tj ET Q q 0 0 0 rg BT 380.92 396.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 403.70 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.92 396.10 Td (material ) Tj ET Q q 0 0 0 rg BT 446.45 396.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 475.88 396.10 Td (if ) Tj ET Q q 0 0 0 rg BT 484.76 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.76 396.10 Td (breaching ) Tj ET Q q 0 0 0 rg BT 541.96 396.10 Td (party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (fails ) Tj ET Q q 0 0 0 rg BT 68.70 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.46 384.10 Td (cure ) Tj ET Q q 0 0 0 rg BT 97.65 384.10 Td (such ) Tj ET Q q 0 0 0 rg BT 117.96 384.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 146.59 384.10 Td (within30 ) Tj ET Q q 0 0 0 rg BT 186.63 384.10 Td (days ) Tj ET Q q 0 0 0 rg BT 206.94 384.10 Td (following ) Tj ET Q q 0 0 0 rg BT 247.81 384.10 Td (written ) Tj ET Q q 0 0 0 rg BT 278.12 384.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 304.53 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.85 384.10 Td (such ) Tj ET Q q 0 0 0 rg BT 335.16 384.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 363.79 384.10 Td (or) Tj ET Q q 0 0 0 rg BT 371.72 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 376.20 384.10 Td (if ) Tj ET Q q 0 0 0 rg BT 384.29 384.10 Td (such ) Tj ET Q q 0 0 0 rg BT 404.60 384.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 433.23 384.10 Td (is ) Tj ET Q q 0 0 0 rg BT 441.88 384.10 Td (not ) Tj ET Q q 0 0 0 rg BT 456.64 384.10 Td (curable, ) Tj ET Q q 0 0 0 rg BT 490.55 384.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 542.52 384.10 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 84.76 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.59 372.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 122.53 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.36 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.07 372.10 Td (non-breaching ) Tj ET Q q 0 0 0 rg BT 208.33 372.10 Td (party) Tj ET Q q 0 0 0 rg BT 231.65 372.10 Td (s ) Tj ET Q q 0 0 0 rg BT 238.04 372.10 Td (intention ) Tj ET Q q 0 0 0 rg BT 276.10 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.38 372.10 Td (terminate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 348.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.14 348.10 Td (following ) Tj ET Q q 0 0 0 rg BT 144.12 348.10 Td (table ) Tj ET Q q 0 0 0 rg BT 165.65 348.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 215.51 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.82 348.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 279.67 348.10 Td (with ) Tj ET Q q 0 0 0 rg BT 299.55 348.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 323.30 348.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 362.06 348.10 Td (included ) Tj ET Q q 0 0 0 rg BT 398.59 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.46 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.77 348.10 Td (Company) Tj ET Q q 0 0 0 rg BT 464.44 348.10 Td (s ) Tj ET Q q 0 0 0 rg BT 470.42 348.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 525.29 348.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (Statements:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 325.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 271.80 244.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 271.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 271.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 271.80 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 271.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 271.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 271.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 242.80 244.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 242.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 242.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 242.80 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 242.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 242.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 242.80 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 302.79999999999995 m 368 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 302.79999999999995 m 375 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 302.79999999999995 m 441 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 302.79999999999995 m 449 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 302.79999999999995 m 515 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 283.79999999999995 m 368 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 302.79999999999995 m 375 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 302.79999999999995 m 441 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 283.79999999999995 m 441 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 302.79999999999995 m 449 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 302.79999999999995 m 515 302.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 283.79999999999995 m 515 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 271.79999999999995 m 368 271.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 271.79999999999995 m 441 271.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 271.79999999999995 m 515 271.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 306.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.10 306.88 Td (Fiscal Year Ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 288.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.25 288.03 Td (January 28, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 288.03 Td (January 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.25 288.03 Td (January 31, 2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 275.75 Td (thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 248.37 Td (Net Commissions from Sears Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 247.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 247.47 Td (82,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 247.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 247.47 Td (91,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 247.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 247.47 Td (99,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 233.37 Td (Purchases related to cost of sales and occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 233.37 Td (1,153,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 233.37 Td (1,386,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 233.37 Td (1,499,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 219.37 Td (Services included in selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 219.37 Td (77,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 219.37 Td (88,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 219.37 Td (96,027) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 191.30 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 191.30 Td (e ) Tj ET Q q 0 0 0 rg BT 101.59 191.30 Td (incur ) Tj ET Q q 0 0 0 rg BT 125.14 191.30 Td (payables ) Tj ET Q q 0 0 0 rg BT 163.14 191.30 Td (to ) Tj ET Q q 0 0 0 rg BT 173.93 191.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 198.60 191.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 238.28 191.30 Td (for ) Tj ET Q q 0 0 0 rg BT 252.95 191.30 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 306.49 191.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 347.83 191.30 Td (purchases ) Tj ET Q q 0 0 0 rg BT 390.27 191.30 Td (and ) Tj ET Q q 0 0 0 rg BT 407.71 191.30 Td (service ) Tj ET Q q 0 0 0 rg BT 439.04 191.30 Td (and ) Tj ET Q q 0 0 0 rg BT 456.49 191.30 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 502.25 191.30 Td (char) Tj ET Q q 0 0 0 rg BT 519.28 191.30 Td (ges ) Tj ET Q q 0 0 0 rg BT 535.62 191.30 Td (\(net ) Tj ET Q q 0 0 0 rg BT 554.18 191.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.30 Td (commissions\) ) Tj ET Q q 0 0 0 rg BT 107.93 179.30 Td (based ) Tj ET Q q 0 0 0 rg BT 133.57 179.30 Td (on ) Tj ET Q q 0 0 0 rg BT 146.44 179.30 Td (the ) Tj ET Q q 0 0 0 rg BT 161.53 179.30 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 209.40 179.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 248.94 179.30 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 301.71 179.30 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 341.26 179.30 Td (due ) Tj ET Q q 0 0 0 rg BT 358.57 179.30 Td (to ) Tj ET Q q 0 0 0 rg BT 369.22 179.30 Td (or ) Tj ET Q q 0 0 0 rg BT 380.42 179.30 Td (from ) Tj ET Q q 0 0 0 rg BT 402.73 179.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 427.26 179.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 466.81 179.30 Td (are ) Tj ET Q q 0 0 0 rg BT 481.89 179.30 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 532.52 179.30 Td (bearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.35 167.30 Td (are ) Tj ET Q q 0 0 0 rg BT 80.97 167.30 Td (settled ) Tj ET Q q 0 0 0 rg BT 109.49 167.30 Td (on ) Tj ET Q q 0 0 0 rg BT 121.90 167.30 Td (a ) Tj ET Q q 0 0 0 rg BT 128.76 167.30 Td (net ) Tj ET Q q 0 0 0 rg BT 143.39 167.30 Td (basis. ) Tj ET Q q 0 0 0 rg BT 168.30 167.30 Td ( ) Tj ET Q q 0 0 0 rg BT 170.54 167.30 Td (W) Tj ET Q q 0 0 0 rg BT 179.18 167.30 Td (e ) Tj ET Q q 0 0 0 rg BT 186.03 167.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 225.64 167.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 242.50 167.30 Td (undisputed ) Tj ET Q q 0 0 0 rg BT 288.80 167.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 325.10 167.30 Td (within ) Tj ET Q q 0 0 0 rg BT 353.07 167.30 Td (10 ) Tj ET Q q 0 0 0 rg BT 365.48 167.30 Td (days ) Tj ET Q q 0 0 0 rg BT 386.22 167.30 Td (after ) Tj ET Q q 0 0 0 rg BT 406.95 167.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.58 167.30 Td (invoice ) Tj ET Q q 0 0 0 rg BT 453.43 167.30 Td (date. ) Tj ET Q q 0 0 0 rg BT 475.00 167.30 Td (During ) Tj ET Q q 0 0 0 rg BT 508.24 167.30 Td (most ) Tj ET Q q 0 0 0 rg BT 530.10 167.30 Td (of ) Tj ET Q q 0 0 0 rg BT 540.85 167.30 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 72.22 155.30 Td (the ) Tj ET Q q 0 0 0 rg BT 87.17 155.30 Td (Company) Tj ET Q q 0 0 0 rg BT 125.40 155.30 Td (, ) Tj ET Q q 0 0 0 rg BT 130.63 155.30 Td (with ) Tj ET Q q 0 0 0 rg BT 151.13 155.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 175.52 155.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 214.91 155.30 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 261.78 155.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 281.72 155.30 Td (invoices ) Tj ET Q q 0 0 0 rg BT 317.77 155.30 Td (onthree-day ) Tj ET Q q 0 0 0 rg BT 370.75 155.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 395.69 155.30 Td (and ) Tj ET Q q 0 0 0 rg BT 412.85 155.30 Td (deducted ) Tj ET Q q 0 0 0 rg BT 451.67 155.30 Td (from ) Tj ET Q q 0 0 0 rg BT 473.83 155.30 Td (each ) Tj ET Q q 0 0 0 rg BT 494.87 155.30 Td (invoice ) Tj ET Q q 0 0 0 rg BT 527.03 155.30 Td (an ) Tj ET Q q 0 0 0 rg BT 539.19 155.30 Td (early-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 85.93 143.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 121.82 143.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.15 143.30 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.15 143.30 Td ( ) Tj ET Q q 0 0 0 rg BT 144.15 143.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 166.15 143.30 Td (points. ) Tj ET Q q 0 0 0 rg BT 197.60 143.30 Td ( ) Tj ET Q q 0 0 0 rg BT 199.60 143.30 Td (In ) Tj ET Q q 0 0 0 rg BT 209.92 143.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 247.20 143.30 Td (at ) Tj ET Q q 0 0 0 rg BT 256.41 143.30 Td (the ) Tj ET Q q 0 0 0 rg BT 270.63 143.30 Td (request ) Tj ET Q q 0 0 0 rg BT 301.51 143.30 Td (of ) Tj ET Q q 0 0 0 rg BT 311.84 143.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 335.50 143.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 374.17 143.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 387.83 143.30 Td (the ) Tj ET Q q 0 0 0 rg BT 402.04 143.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 442.93 143.30 Td (advanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.18 143.30 Td ($20 ) Tj ET Q q 0 0 0 rg BT 500.18 143.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.07 143.30 Td ( ) Tj ET Q q 0 0 0 rg BT 531.07 143.30 Td (to ) Tj ET Q q 0 0 0 rg BT 540.85 143.30 Td (Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 89.33 131.30 Td (on ) Tj ET Q q 0 0 0 rg BT 102.50 131.30 Td (October ) Tj ET Q q 0 0 0 rg BT 137.87 131.30 Td (14, ) Tj ET Q q 0 0 0 rg BT 153.53 131.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 176.69 131.30 Td (for ) Tj ET Q q 0 0 0 rg BT 191.52 131.30 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 245.21 131.30 Td (received ) Tj ET Q q 0 0 0 rg BT 282.24 131.30 Td (by ) Tj ET Q q 0 0 0 rg BT 295.40 131.30 Td (SHO ) Tj ET Q q 0 0 0 rg BT 318.57 131.30 Td (before ) Tj ET Q q 0 0 0 rg BT 347.27 131.30 Td (an ) Tj ET Q q 0 0 0 rg BT 359.87 131.30 Td (invoice ) Tj ET Q q 0 0 0 rg BT 392.47 131.30 Td (was ) Tj ET Q q 0 0 0 rg BT 411.18 131.30 Td (received ) Tj ET Q q 0 0 0 rg BT 448.21 131.30 Td (from ) Tj ET Q q 0 0 0 rg BT 470.81 131.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 495.63 131.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 535.46 131.30 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 131.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.30 Td (merchandise, ) Tj ET Q q 0 0 0 rg BT 105.07 119.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 119.26 119.30 Td (with ) Tj ET Q q 0 0 0 rg BT 139.57 119.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 163.76 119.30 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 204.77 119.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 248.94 119.30 Td (the ) Tj ET Q q 0 0 0 rg BT 263.69 119.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 305.11 119.30 Td (deducted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.71 119.30 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 363.74 119.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.63 119.30 Td ( ) Tj ET Q q 0 0 0 rg BT 395.16 119.30 Td (from ) Tj ET Q q 0 0 0 rg BT 417.14 119.30 Td (each ) Tj ET Q q 0 0 0 rg BT 437.98 119.30 Td (weekly ) Tj ET Q q 0 0 0 rg BT 469.39 119.30 Td (invoice ) Tj ET Q q 0 0 0 rg BT 501.36 119.30 Td (received ) Tj ET Q q 0 0 0 rg BT 537.76 119.30 Td (by ) Tj ET Q q 0 0 0 rg BT 550.29 119.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.43 107.30 Td (after ) Tj ET Q q 0 0 0 rg BT 112.79 107.30 Td (October ) Tj ET Q q 0 0 0 rg BT 148.04 107.30 Td (14, ) Tj ET Q q 0 0 0 rg BT 163.59 107.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 186.63 107.30 Td (from ) Tj ET Q q 0 0 0 rg BT 209.11 107.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 233.82 107.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 273.53 107.30 Td (as ) Tj ET Q q 0 0 0 rg BT 284.91 107.30 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.39 107.30 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.39 107.30 Td (-basis-point ) Tj ET Q q 0 0 0 rg BT 352.65 107.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 367.90 107.30 Td (with ) Tj ET Q q 0 0 0 rg BT 388.73 107.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 420.09 107.30 Td (to ) Tj ET Q q 0 0 0 rg BT 430.91 107.30 Td (the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.63 107.30 Td ($20 ) Tj ET Q q 0 0 0 rg BT 463.67 107.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.56 107.30 Td (advance, ) Tj ET Q q 0 0 0 rg BT 533.36 107.30 Td (and ) Tj ET Q q 0 0 0 rg BT 550.84 107.30 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 73.23 95.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 111.98 95.30 Td (repaid ) Tj ET Q q 0 0 0 rg BT 139.04 95.30 Td (to ) Tj ET Q q 0 0 0 rg BT 148.89 95.30 Td (the ) Tj ET Q q 0 0 0 rg BT 163.18 95.30 Td (Companythe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.86 95.30 Td ($20 ) Tj ET Q q 0 0 0 rg BT 235.93 95.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.83 95.30 Td ( ) Tj ET Q q 0 0 0 rg BT 266.90 95.30 Td (advance ) Tj ET Q q 0 0 0 rg BT 301.73 95.30 Td (on ) Tj ET Q q 0 0 0 rg BT 313.80 95.30 Td (November ) Tj ET Q q 0 0 0 rg BT 358.08 95.30 Td (28, ) Tj ET Q q 0 0 0 rg BT 372.66 95.30 Td (2016. ) Tj ET Q q 0 0 0 rg BT 397.23 95.30 Td ( ) Tj ET Q q 0 0 0 rg BT 399.16 95.30 Td (The ) Tj ET Q q 0 0 0 rg BT 416.78 95.30 Td (total ) Tj ET Q q 0 0 0 rg BT 436.62 95.30 Td (of ) Tj ET Q q 0 0 0 rg BT 447.03 95.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 460.76 95.30 Td (the ) Tj ET Q q 0 0 0 rg BT 475.05 95.30 Td (discounts ) Tj ET Q q 0 0 0 rg BT 514.91 95.30 Td (we ) Tj ET Q q 0 0 0 rg BT 528.64 95.30 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.30 Td (for ) Tj ET Q q 0 0 0 rg BT 63.68 83.30 Td (thepayments ) Tj ET Q q 0 0 0 rg BT 119.25 83.30 Td (we ) Tj ET Q q 0 0 0 rg BT 133.43 83.30 Td (made ) Tj ET Q q 0 0 0 rg BT 157.61 83.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.13 83.30 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.11 83.30 Td (-day ) Tj ET Q q 0 0 0 rg BT 210.40 83.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 235.14 83.30 Td (and ) Tj ET Q q 0 0 0 rg BT 252.10 83.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 266.28 83.30 Td (the ) Tj ET Q q 0 0 0 rg BT 281.02 83.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 299.64 83.30 Td (we ) Tj ET Q q 0 0 0 rg BT 313.83 83.30 Td (received ) Tj ET Q q 0 0 0 rg BT 350.21 83.30 Td (for ) Tj ET Q q 0 0 0 rg BT 364.39 83.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.13 83.30 Td ($20 ) Tj ET Q q 0 0 0 rg BT 396.65 83.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.54 83.30 Td ( ) Tj ET Q q 0 0 0 rg BT 428.07 83.30 Td (advance, ) Tj ET Q q 0 0 0 rg BT 465.84 83.30 Td (less ) Tj ET Q q 0 0 0 rg BT 483.36 83.30 Td (incremental ) Tj ET Q q 0 0 0 rg BT 533.08 83.30 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.30 Td (expense, ) Tj ET Q q 0 0 0 rg BT 87.43 71.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 122.32 71.30 Td (in ) Tj ET Q q 0 0 0 rg BT 133.32 71.30 Td (a ) Tj ET Q q 0 0 0 rg BT 140.99 71.30 Td (net ) Tj ET Q q 0 0 0 rg BT 156.43 71.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.64 71.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 225.63 71.30 Td (to ) Tj ET Q q 0 0 0 rg BT 236.64 71.30 Td (the ) Tj ET Q q 0 0 0 rg BT 252.08 71.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 294.20 71.30 Td (in ) Tj ET Q q 0 0 0 rg BT 305.20 71.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 328.43 71.30 Td (of ) Tj ET Q q 0 0 0 rg BT 339.99 71.30 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.97 71.30 Td ($4.4 ) Tj ET Q q 0 0 0 rg BT 421.70 71.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.59 71.30 Td (. ) Tj ET Q q 0 0 0 rg BT 456.32 71.30 Td ( ) Tj ET Q q 0 0 0 rg BT 459.32 71.30 Td (W) Tj ET Q q 0 0 0 rg BT 467.95 71.30 Td (e ) Tj ET Q q 0 0 0 rg BT 475.62 71.30 Td (are ) Tj ET Q q 0 0 0 rg BT 491.05 71.30 Td (continuing ) Tj ET Q q 0 0 0 rg BT 537.05 71.30 Td (to ) Tj ET Q q 0 0 0 rg BT 548.06 71.30 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.30 Td (invoices ) Tj ET Q q 0 0 0 rg BT 85.35 59.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.87 59.30 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.86 59.30 Td (-day ) Tj ET Q q 0 0 0 rg BT 138.15 59.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 162.89 59.30 Td (with ) Tj ET Q q 0 0 0 rg BT 183.20 59.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.94 59.30 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.94 59.30 Td ( ) Tj ET Q q 0 0 0 rg BT 210.46 59.30 Td (basis-point ) Tj ET Q q 0 0 0 rg BT 256.87 59.30 Td (discount, ) Tj ET Q q 0 0 0 rg BT 295.78 59.30 Td (which ) Tj ET Q q 0 0 0 rg BT 322.75 59.30 Td (we ) Tj ET Q q 0 0 0 rg BT 336.93 59.30 Td (expect ) Tj ET Q q 0 0 0 rg BT 365.55 59.30 Td (will ) Tj ET Q q 0 0 0 rg BT 383.63 59.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 418.91 59.30 Td (the ) Tj ET Q q 0 0 0 rg BT 433.65 59.30 Td (Senior ) Tj ET Q q 0 0 0 rg BT 461.73 59.30 Td (ABL) Tj ET Q q 0 0 0 rg BT 481.35 59.30 Td ( ) Tj ET Q q 0 0 0 rg BT 483.88 59.30 Td (Facility ) Tj ET Q q 0 0 0 rg BT 516.96 59.30 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 47.30 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 47.30 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.27 47.30 Td ($30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.27 47.30 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.60 47.30 Td (40 ) Tj ET Q q 0 0 0 rg BT 153.10 47.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.99 47.30 Td ( ) Tj ET Q q 0 0 0 rg BT 184.50 47.30 Td (but ) Tj ET Q q 0 0 0 rg BT 199.78 47.30 Td (will ) Tj ET Q q 0 0 0 rg BT 217.84 47.30 Td (result ) Tj ET Q q 0 0 0 rg BT 242.56 47.30 Td (in ) Tj ET Q q 0 0 0 rg BT 252.84 47.30 Td (a ) Tj ET Q q 0 0 0 rg BT 259.78 47.30 Td (net ) Tj ET Q q 0 0 0 rg BT 274.50 47.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.99 47.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 342.26 47.30 Td (for ) Tj ET Q q 0 0 0 rg BT 356.42 47.30 Td (us ) Tj ET Q q 0 0 0 rg BT 367.82 47.30 Td (in ) Tj ET Q q 0 0 0 rg BT 378.10 47.30 Td (2017. ) Tj ET Q q 0 0 0 rg BT 403.10 47.30 Td ( ) Tj ET Q q 0 0 0 rg BT 405.61 47.30 Td (Sears ) Tj ET Q q 0 0 0 rg BT 429.77 47.30 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 468.94 47.30 Td (and ) Tj ET Q q 0 0 0 rg BT 485.89 47.30 Td (we ) Tj ET Q q 0 0 0 rg BT 500.05 47.30 Td (each ) Tj ET Q q 0 0 0 rg BT 520.87 47.30 Td (are ) Tj ET Q q 0 0 0 rg BT 535.58 47.30 Td (able ) Tj ET Q q 0 0 0 rg BT 554.74 47.30 Td (to ) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) 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Under the Prior Facility the Company initially borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.16 665.25 Td ($100 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.55 665.25 Td ( which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (was used to pay a cash dividend to Sears Holdings prior to the Separation. On November1, 2016 the Company) Tj ET Q q 0 0 0 rg BT 499.42 653.25 Td (s three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (operating subsidiaries, Sears ) Tj ET Q q 0 0 0 rg BT 165.59 641.25 Td (Authorized Hometown Stores, LLC, Sears Home ) Tj ET Q q 0 0 0 rg BT 364.45 641.25 Td (Appliance Showrooms, LLC, and Sears Outlet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (Stores, L.L.C., and the Company) Tj ET Q q 0 0 0 rg BT 180.78 629.25 Td (, entered into an ) Tj ET Q q 0 0 0 rg BT 247.15 629.25 Td (Amended and Restated Credit ) Tj ET Q q 0 0 0 rg BT 369.34 629.25 Td (Agreement with a syndicate of lenders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (including Bank of ) Tj ET Q q 0 0 0 rg BT 123.66 617.25 Td (America, N.A., as administrative agent and collateral agent, which provides \(subject to availability under a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (borrowing base\) for aggregate maximum borrowings of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.71 605.25 Td ($250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.11 605.25 Td ( \(the "Senior ) Tj ET Q q 0 0 0 rg BT 378.79 605.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 398.42 605.25 Td ( Facility"\). ) Tj ET Q q 0 0 0 rg BT 446.20 605.25 Td (The Senior ) Tj ET Q q 0 0 0 rg BT 492.31 605.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 511.94 605.25 Td ( Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (provides for extended revolving credit commitments in an aggregate amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.73 593.25 Td ($170 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.12 593.25 Td ( \(the Extended Revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (Credit Commitments\) and non-extended revolving credit commitments in an aggregate amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.33 581.25 Td ($80 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.72 581.25 Td ( \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (Non-Extended Revolving Credit Commitments\). ) Tj ET Q q 0 0 0 rg BT 258.17 569.25 Td (The Extended Revolving Credit Commitments will mature on the earlier of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (\(1\)February 29, 2020 and \(2\)six months prior to the expiration of agreements entered into with Sears Holdings and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (subsidiaries in connection with the Company) Tj ET Q q 0 0 0 rg BT 232.53 545.25 Td (s separation from Sears Holdings in October 2012 \(the "Subject ) Tj ET Q q 0 0 0 rg BT 489.34 545.25 Td (Agreements"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (unless they are extended to a date later than February29, 2020 or terminated on a basis reasonably satisfactory to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (administrative agent under the Senior ) Tj ET Q q 0 0 0 rg BT 201.40 521.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 221.03 521.25 Td ( Facility) Tj ET Q q 0 0 0 rg BT 253.44 521.25 Td (. ) Tj ET Q q 0 0 0 rg BT 258.25 521.25 Td (The Non-Extended Revolving Credit Commitments will mature on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (earlier of \(1\)October 1) Tj ET Q q 0 0 0 rg BT 141.86 509.25 Td (1, 2017 and \(2\)six months prior to the expiration of the Subject ) Tj ET Q q 0 0 0 rg BT 399.04 509.25 Td (Agreements unless they are extended to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (a date later than October1) Tj ET Q q 0 0 0 rg BT 154.91 497.25 Td (1, 2017 or terminated on a basis reasonably satisfactory to the administrative agent under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (Amended and Restated Credit ) Tj ET Q q 0 0 0 rg BT 171.69 485.25 Td (Agreement. Costs related to and incurred for the November 1, 2016 refinancing totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 473.25 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.65 473.25 Td ( and are included in Prepaid and Other current assets on the Consolidated Balance Sheet. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 452.25 Td (As ) Tj ET Q q 0 0 0 rg BT 85.40 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.02 452.25 Td (January ) Tj ET Q q 0 0 0 rg BT 129.41 452.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 144.20 452.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 166.49 452.25 Td (we ) Tj ET Q q 0 0 0 rg BT 180.44 452.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.17 452.25 Td ($26.8 ) Tj ET Q q 0 0 0 rg BT 221.96 452.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.85 452.25 Td ( ) Tj ET Q q 0 0 0 rg BT 253.14 452.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 302.10 452.25 Td (under ) Tj ET 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Tf ET q 0 0 0 rg BT 49.50 416.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.81 416.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 120.58 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.68 416.25 Td (up ) Tj ET Q q 0 0 0 rg BT 144.45 416.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.00 416.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 177.77 416.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.66 416.25 Td (. ) Tj ET Q q 0 0 0 rg BT 211.93 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.09 416.25 Td (A) Tj ET Q q 0 0 0 rg BT 220.57 416.25 Td (vailability ) Tj ET Q q 0 0 0 rg BT 263.89 416.25 Td (under ) Tj ET Q q 0 0 0 rg BT 289.43 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.42 416.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 332.69 416.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 352.32 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.09 416.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 388.41 416.25 Td (as ) Tj ET Q q 0 0 0 rg BT 399.51 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.61 416.25 Td (January ) Tj ET Q q 0 0 0 rg BT 444.48 416.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 459.75 416.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 482.52 416.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.85 416.25 Td ($182.5 ) Tj ET Q q 0 0 0 rg BT 531.12 416.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 416.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.78 404.25 Td ($6.0 ) Tj ET Q q 0 0 0 rg BT 89.78 404.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.67 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.17 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.00 404.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 158.93 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.76 404.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 195.03 404.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 244.19 404.25 Td (under ) Tj ET Q q 0 0 0 rg BT 269.46 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.18 404.25 Td (facility) Tj ET Q q 0 0 0 rg BT 311.85 404.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 380.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.05 380.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 128.09 380.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 152.81 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.64 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.35 380.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 206.41 380.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 226.04 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.54 380.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 261.59 380.25 Td (are ) Tj ET Q q 0 0 0 rg BT 276.30 380.25 Td (summarized ) Tj ET Q q 0 0 0 rg BT 327.67 380.25 Td (below) Tj ET Q q 0 0 0 rg BT 351.46 380.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 363.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 95.13 363.25 Td (epayments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 342.25 Td (The ) Tj ET Q q 0 0 0 rg BT 103.62 342.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.74 342.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.37 342.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.94 342.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 187.07 342.25 Td (is ) Tj ET Q q 0 0 0 rg BT 196.32 342.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 227.22 342.25 Td (to ) Tj ET Q q 0 0 0 rg BT 237.57 342.25 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 282.91 342.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 332.69 342.25 Td (in ) Tj ET Q q 0 0 0 rg BT 343.04 342.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 379.50 342.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 403.74 342.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.09 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.88 342.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 461.45 342.25 Td (by ) Tj ET Q q 0 0 0 rg BT 474.03 342.25 Td (which ) Tj ET Q q 0 0 0 rg BT 501.04 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.83 342.25 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (extensions ) Tj ET Q q 0 0 0 rg BT 94.22 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.05 330.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 130.31 330.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 160.56 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.28 330.25 Td (lesser ) Tj ET Q q 0 0 0 rg BT 200.55 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.38 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.10 330.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 270.26 330.25 Td (base ) Tj ET Q q 0 0 0 rg BT 290.53 330.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.46 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.18 330.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 379.12 330.25 Td (then ) Tj ET Q q 0 0 0 rg BT 398.84 330.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.11 330.25 Td (ef) Tj ET Q q 0 0 0 rg BT 416.70 330.25 Td (fect.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 304.25 Td (Security and Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 287.25 Td (The ) Tj ET Q q 0 0 0 rg BT 103.55 287.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.60 287.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.23 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.73 287.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 186.78 287.25 Td (is ) Tj ET Q q 0 0 0 rg BT 195.95 287.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 228.99 287.25 Td (by ) Tj ET Q q 0 0 0 rg BT 241.48 287.25 Td (a ) Tj ET Q q 0 0 0 rg BT 248.42 287.25 Td (first ) Tj ET Q q 0 0 0 rg BT 267.03 287.25 Td (lien ) Tj ET Q q 0 0 0 rg BT 284.52 287.25 Td (security ) Tj ET Q q 0 0 0 rg BT 318.68 287.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 350.61 287.25 Td (on ) Tj ET Q q 0 0 0 rg BT 363.11 287.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 416.16 287.25 Td (all ) Tj ET Q q 0 0 0 rg BT 428.65 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.37 287.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 469.20 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.03 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.74 287.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 536.13 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 553.07 287.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 102.14 275.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 145.34 275.25 Td (without ) Tj ET Q q 0 0 0 rg BT 178.83 275.25 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 223.14 275.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 261.06 275.25 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 307.56 275.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 345.24 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 350.66 275.25 Td (general ) Tj ET Q q 0 0 0 rg BT 383.02 275.25 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 432.32 275.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 479.13 275.25 Td (property) Tj ET Q q 0 0 0 rg BT 512.36 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.79 275.25 Td (equipment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (cash, ) Tj ET Q q 0 0 0 rg BT 72.65 263.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 93.30 263.25 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 144.23 263.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 176.00 263.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 213.87 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.19 263.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 271.84 263.25 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 312.21 263.25 Td (as ) Tj ET Q q 0 0 0 rg BT 323.42 263.25 Td (well ) Tj ET Q q 0 0 0 rg BT 343.52 263.25 Td (as ) Tj ET Q q 0 0 0 rg BT 354.73 263.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 384.82 263.25 Td (other ) Tj ET Q q 0 0 0 rg BT 408.25 263.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 434.46 263.25 Td (\(other ) Tj ET Q q 0 0 0 rg BT 461.22 263.25 Td (than ) Tj ET Q q 0 0 0 rg BT 481.32 263.25 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 528.63 263.25 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.14 251.25 Td (fee-owned ) Tj ET Q q 0 0 0 rg BT 110.54 251.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 146.07 251.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.05 251.25 Td (real ) Tj ET Q q 0 0 0 rg BT 173.24 251.25 Td (property\) ) Tj ET Q q 0 0 0 rg BT 212.64 251.25 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 249.83 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 259.81 251.25 Td (any ) Tj ET Q q 0 0 0 rg BT 276.45 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.98 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.40 251.25 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 342.48 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.12 251.25 Td (all ) Tj ET Q q 0 0 0 rg BT 371.32 251.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 409.06 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.59 251.25 Td (any ) Tj ET Q q 0 0 0 rg BT 436.23 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.76 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.18 251.25 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 504.76 251.25 Td (including ) Tj ET Q q 0 0 0 rg BT 544.73 251.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 87.04 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.47 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.69 239.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 155.22 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.55 239.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 208.64 239.25 Td (insurance. ) Tj ET Q q 0 0 0 rg BT 251.31 239.25 Td (The ) Tj ET Q q 0 0 0 rg BT 268.85 239.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 296.52 239.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 316.15 239.25 Td ( ) Tj ET Q q 0 0 0 rg BT 318.15 239.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 350.70 239.25 Td (is ) Tj ET Q q 0 0 0 rg BT 359.37 239.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 405.23 239.25 Td (by ) Tj ET Q q 0 0 0 rg BT 417.23 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.44 239.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 472.33 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.76 239.25 Td (each ) Tj ET Q q 0 0 0 rg BT 509.08 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 519.41 239.25 Td (its ) Tj ET Q q 0 0 0 rg BT 530.85 239.25 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 227.25 Td (future ) Tj ET Q q 0 0 0 rg BT 92.82 227.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 118.08 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.02 227.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 168.06 227.25 Td (wholly ) Tj ET Q q 0 0 0 rg BT 198.34 227.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 227.50 227.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 266.10 227.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 315.82 227.25 Td (\(other ) Tj ET Q q 0 0 0 rg BT 342.20 227.25 Td (than ) Tj ET Q q 0 0 0 rg BT 361.91 227.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 400.51 227.25 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 446.32 227.25 Td (subsidiaries\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 201.25 Td ( Inter) Tj ET Q q 0 0 0 rg BT 106.07 201.25 Td (est; Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 163.25 Td (The interest rates per annum applicable to the loans under the Senior ) Tj ET Q q 0 0 0 rg BT 362.08 163.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 381.71 163.25 Td ( Facility are based on a fluctuating rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.25 Td (interest measured by reference to, at the Company's election, either \(1\)an adjusted London inter) Tj ET Q q 0 0 0 rg BT 434.29 151.25 Td (-bank of) Tj ET Q q 0 0 0 rg BT 467.71 151.25 Td (fered rate \(LIBOR\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.25 Td (plus a borrowing mar) Tj ET Q q 0 0 0 rg BT 135.13 139.25 Td (gin ranging from \(x\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.56 139.25 Td (3.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.39 139.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.17 139.25 Td (4.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 139.25 Td (, in the case of the Extended Revolving Credit Commitments or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.25 Td (\(y\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.66 127.25 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.49 127.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.27 127.25 Td (2.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.10 127.25 Td (, in the case of the Non-Extended Revolving Credit Commitments \(which the blended rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 115.25 Td (3.94%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.59 115.25 Td ( at January 28, 2017\), and in each case based on availability under the Senior ) Tj ET Q q 0 0 0 rg BT 445.77 115.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 465.40 115.25 Td ( Facility) Tj ET Q q 0 0 0 rg BT 497.80 115.25 Td (, or \(2\)an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.25 Td (alternate base rate plus a borrowing mar) Tj ET Q q 0 0 0 rg BT 209.81 103.25 Td (gin, ranging from \(x\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.73 103.25 Td (2.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.56 103.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.34 103.25 Td (3.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.17 103.25 Td (, in the case of the Extended Revolving Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.25 Td (Commitments or \(y\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.66 91.25 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.49 91.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.27 91.25 Td (1.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.10 91.25 Td (, in the case of the Non-Extended Revolving Credit Commitments \(which the blended rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.25 Td (was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.81 79.25 Td (5.94%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.64 79.25 Td ( at January 28, 2017\), and in each case based on availability under the Senior ) Tj ET Q q 0 0 0 rg BT 463.82 79.25 Td (ABL) Tj ET Q q 0 0 0 rg BT 483.45 79.25 Td ( Facility) Tj ET Q q 0 0 0 rg BT 515.85 79.25 Td (. ) Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (The interest rates per annum applicable to the loans under the Prior Facility were based on a fluctuating rate of interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (measured by reference to, at our election, either \(1\) an adjusted London inter) Tj ET Q q 0 0 0 rg BT 356.39 701.10 Td (-bank of) Tj ET Q q 0 0 0 rg BT 389.81 701.10 Td (fered rate \(LIBOR\) plus a borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 689.10 Td (gin, which rate was approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.38 689.10 Td (2.43%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.21 689.10 Td (at January 30, 2016 or \(2\) an alternate base rate plus a borrowing mar) Tj ET Q q 0 0 0 rg BT 511.76 689.10 Td (gin, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (borrowing mar) Tj ET Q q 0 0 0 rg BT 109.03 677.10 Td (gin subject to adjustment based on the average excess availability under the Senior ) Tj ET Q q 0 0 0 rg BT 441.99 677.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 461.61 677.10 Td ( Facility for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (preceding fiscal quarter) Tj ET Q q 0 0 0 rg BT 143.49 665.10 Td (, which rate was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.23 665.10 Td (4.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.06 665.10 Td (at January 30, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 641.10 Td (Customary fees are payable in respect of the Senior ) Tj ET Q q 0 0 0 rg BT 293.48 641.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 313.11 641.10 Td ( Facility) Tj ET Q q 0 0 0 rg BT 345.51 641.10 Td (, including letter of credit fees and commitment fees.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 603.10 Td (Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.84 586.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 132.13 586.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.76 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.55 586.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 187.90 586.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 224.02 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.25 586.10 Td (number ) Tj ET Q q 0 0 0 rg BT 264.60 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.72 586.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 312.39 586.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 355.17 586.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 375.46 586.10 Td (among ) Tj ET Q q 0 0 0 rg BT 405.47 586.10 Td (other ) Tj ET Q q 0 0 0 rg BT 428.82 586.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 458.56 586.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 480.25 586.10 Td (or ) Tj ET Q q 0 0 0 rg BT 491.37 586.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 521.93 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.94 586.10 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.12 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.62 574.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 118.79 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.52 574.10 Td (its ) Tj ET Q q 0 0 0 rg BT 149.25 574.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 199.75 574.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 244.14 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.65 574.10 Td (guarantors\) ) Tj ET Q q 0 0 0 rg BT 308.47 574.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 322.03 574.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 353.65 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.71 574.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.20 574.10 Td (exceptions, ) Tj ET Q q 0 0 0 rg BT 443.75 574.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 467.58 574.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 510.86 574.10 Td (indebtedness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 92.65 562.10 Td (guarantees\), ) Tj ET Q q 0 0 0 rg BT 143.29 562.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 165.88 562.10 Td (liens, ) Tj ET Q q 0 0 0 rg BT 189.32 562.10 Td (make ) Tj ET Q q 0 0 0 rg BT 213.03 562.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 265.35 562.10 Td (make ) Tj ET Q q 0 0 0 rg BT 289.05 562.10 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 342.20 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 354.25 562.10 Td (other ) Tj ET Q q 0 0 0 rg BT 376.84 562.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 433.05 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.54 562.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 479.90 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.73 562.10 Td (mer) Tj ET Q q 0 0 0 rg BT 505.10 562.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 523.81 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.19 562.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.60 550.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 92.47 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.68 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.78 550.10 Td (business ) Tj ET Q q 0 0 0 rg BT 155.56 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.77 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.87 550.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 223.64 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.96 550.10 Td (its ) Tj ET Q q 0 0 0 rg BT 253.29 550.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 303.39 550.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 347.38 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.48 550.10 Td (guarantors\). ) Tj ET Q q 0 0 0 rg BT 413.40 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.28 550.10 Td (In ) Tj ET Q q 0 0 0 rg BT 427.50 550.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 465.65 550.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 488.54 550.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 517.52 550.10 Td (availability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (falling ) Tj ET Q q 0 0 0 rg BT 78.10 538.10 Td (below ) Tj ET Q q 0 0 0 rg BT 105.04 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.98 538.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 150.57 538.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 175.01 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.72 538.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 231.11 538.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.28 538.10 Td (required ) Tj ET Q q 0 0 0 rg BT 276.10 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.38 538.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 318.87 538.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.15 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.09 538.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 387.48 538.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 410.53 538.10 Td (char) Tj ET Q q 0 0 0 rg BT 427.55 538.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 439.49 538.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 478.07 538.10 Td (ratio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 517.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.69 517.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.86 517.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.49 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.14 517.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 187.34 517.10 Td (also ) Tj ET Q q 0 0 0 rg BT 206.09 517.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 231.52 517.10 Td (SHO's ) Tj ET Q q 0 0 0 rg BT 259.87 517.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 288.07 517.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.49 517.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 330.00 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.08 517.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 364.17 517.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 384.58 517.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 426.12 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.20 517.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 489.15 517.10 Td (its ) Tj ET Q q 0 0 0 rg BT 501.25 517.10 Td (common ) Tj ET Q q 0 0 0 rg BT 538.89 517.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 565.00 517.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 72.52 505.10 Td (may ) Tj ET Q q 0 0 0 rg BT 92.76 505.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 124.64 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.09 505.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 159.55 505.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 180.33 505.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 222.24 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.70 505.10 Td (may ) Tj ET Q q 0 0 0 rg BT 259.93 505.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 306.25 505.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 332.88 505.10 Td (together ) Tj ET Q q 0 0 0 rg BT 368.66 505.10 Td (not ) Tj ET Q q 0 0 0 rg BT 384.46 505.10 Td (exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.01 505.10 Td ($37,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.01 505.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.02 505.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.82 505.10 Td (any ) Tj ET Q q 0 0 0 rg BT 509.28 505.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 533.95 505.10 Td (year ) Tj ET Q q 0 0 0 rg BT 554.17 505.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td ($75,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 493.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.75 493.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.79 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.26 493.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 169.88 493.10 Td (if ) Tj ET Q q 0 0 0 rg BT 178.24 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.71 493.10 Td (following ) Tj ET Q q 0 0 0 rg BT 233.85 493.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 277.77 493.10 Td (are ) Tj ET Q q 0 0 0 rg BT 292.24 493.10 Td (satisfied: ) Tj ET Q q 0 0 0 rg BT 330.59 493.10 Td (either ) Tj ET Q q 0 0 0 rg BT 355.61 493.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 368.97 493.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 380.66 493.10 Td (no ) Tj ET Q q 0 0 0 rg BT 392.91 493.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 431.26 493.10 Td (default ) Tj ET Q q 0 0 0 rg BT 461.28 493.10 Td (then ) Tj ET Q q 0 0 0 rg BT 480.75 493.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 505.79 493.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.37 493.10 Td (would ) Tj ET Q q 0 0 0 rg BT 543.63 493.10 Td (arise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.45 481.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.51 481.10 Td (result ) Tj ET Q q 0 0 0 rg BT 92.34 481.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.29 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.13 481.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 165.17 481.10 Td (or ) Tj ET Q q 0 0 0 rg BT 176.12 481.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 213.17 481.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.12 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.96 481.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 259.35 481.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 296.96 481.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.91 481.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.86 481.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.92 481.10 Td (result ) Tj ET Q q 0 0 0 rg BT 350.75 481.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.70 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.54 481.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 400.27 481.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 448.69 481.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 463.53 481.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 486.16 481.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.21 481.10 Td (its ) Tj ET Q q 0 0 0 rg BT 515.28 481.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.03 469.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.77 469.10 Td (also ) Tj ET Q q 0 0 0 rg BT 100.42 469.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 143.50 469.10 Td (have ) Tj ET Q q 0 0 0 rg BT 164.91 469.10 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 221.32 469.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.63 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.38 469.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 291.67 469.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 339.75 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.61 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.37 469.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 389.56 469.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.75 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.51 469.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 449.92 469.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.45 469.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 503.32 469.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 550.84 469.10 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 96.59 457.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.49 457.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 153.56 457.10 Td (with ) Tj ET Q q 0 0 0 rg BT 173.46 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.79 457.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 215.54 457.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 235.17 457.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.29 457.10 Td (Facility\), ) Tj ET Q q 0 0 0 rg BT 275.78 457.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 327.88 457.10 Td (following ) Tj ET Q q 0 0 0 rg BT 368.88 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.21 457.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 429.75 457.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.30 457.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 482.85 457.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.29 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.62 457.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 527.50 457.10 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.32 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.02 445.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 101.61 445.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 148.40 445.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.33 445.10 Td (as ) Tj ET Q q 0 0 0 rg BT 178.14 445.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 218.83 445.10 Td (on ) Tj ET Q q 0 0 0 rg BT 232.31 445.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.24 445.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 257.05 445.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 284.42 445.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 307.90 445.10 Td (for ) Tj ET Q q 0 0 0 rg BT 323.05 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.75 445.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 368.89 445.10 Td (months ) Tj ET Q q 0 0 0 rg BT 401.82 445.10 Td (following ) Tj ET Q q 0 0 0 rg BT 444.20 445.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.12 445.10 Td (after ) Tj ET Q q 0 0 0 rg BT 483.92 445.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 512.96 445.10 Td (ef) Tj ET Q q 0 0 0 rg BT 520.55 445.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 539.02 445.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 445.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 96.01 433.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.54 433.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 149.06 433.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.48 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.79 433.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 193.65 433.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 230.73 433.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.15 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.46 433.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.66 433.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 326.55 433.10 Td (would ) Tj ET Q q 0 0 0 rg BT 353.64 433.10 Td (be ) Tj ET Q q 0 0 0 rg BT 365.17 433.10 Td (at ) Tj ET Q q 0 0 0 rg BT 374.48 433.10 Td (least ) Tj ET Q q 0 0 0 rg BT 394.89 433.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 418.64 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.50 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.81 433.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 472.65 433.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.07 433.10 Td (\(x\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.82 433.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.15 433.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.24 433.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.66 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.97 433.10 Td (Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (Cap ) Tj ET Q q 0 0 0 rg BT 68.21 421.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 98.57 421.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.84 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.65 421.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 148.02 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.95 421.10 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 175.43 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.24 421.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 231.70 421.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 288.74 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.67 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.48 421.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 345.96 421.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.99 421.10 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 378.92 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.73 421.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 437.99 421.10 Td (base\) ) Tj ET Q q 0 0 0 rg BT 461.69 421.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.72 421.10 Td (\(y\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.98 421.10 Td ($50,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.98 421.10 Td (, ) Tj ET Q q 0 0 0 rg BT 548.08 421.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 66.86 409.10 Td (after ) Tj ET Q q 0 0 0 rg BT 87.55 409.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 115.48 409.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 131.18 409.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 157.42 409.10 Td (ef) Tj ET Q q 0 0 0 rg BT 165.01 409.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 182.37 409.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.51 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.10 409.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 253.89 409.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.70 409.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 307.50 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.20 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.79 409.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 352.92 409.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 390.29 409.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.99 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.57 409.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 439.05 409.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 484.73 409.10 Td (as ) Tj ET Q q 0 0 0 rg BT 495.43 409.10 Td (if ) Tj ET Q q 0 0 0 rg BT 503.91 409.10 Td (it ) Tj ET Q q 0 0 0 rg BT 511.83 409.10 Td (constituted ) Tj ET Q q 0 0 0 rg BT 558.08 409.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 88.62 397.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.85 397.10 Td (service ) Tj ET Q q 0 0 0 rg BT 140.19 397.10 Td (char) Tj ET Q q 0 0 0 rg BT 157.22 397.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 172.18 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.42 397.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 226.53 397.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.09 397.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 303.66 397.10 Td (char) Tj ET Q q 0 0 0 rg BT 320.69 397.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 333.15 397.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 372.25 397.10 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 396.10 397.10 Td (as ) Tj ET Q q 0 0 0 rg BT 407.45 397.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 451.00 397.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.02 397.10 Td (a ) Tj ET Q q 0 0 0 rg BT 471.48 397.10 Td (trailing ) Tj ET Q q 0 0 0 rg BT 503.39 397.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 533.06 397.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 73.90 385.10 Td (would ) Tj ET Q q 0 0 0 rg BT 100.81 385.10 Td (be ) Tj ET Q q 0 0 0 rg BT 112.15 385.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 135.71 385.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.39 385.10 Td (or ) Tj ET Q q 0 0 0 rg BT 155.63 385.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 185.29 385.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.41 385.10 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.91 385.10 Td (:1.0, ) Tj ET Q q 0 0 0 rg BT 236.59 385.10 Td (or ) Tj ET Q q 0 0 0 rg BT 246.82 385.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 260.39 385.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 271.73 385.10 Td (no ) Tj ET Q q 0 0 0 rg BT 283.64 385.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 321.63 385.10 Td (default ) Tj ET Q q 0 0 0 rg BT 351.30 385.10 Td (then ) Tj ET Q q 0 0 0 rg BT 370.42 385.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 395.11 385.10 Td (or ) Tj ET Q q 0 0 0 rg BT 405.34 385.10 Td (would ) Tj ET Q q 0 0 0 rg BT 432.24 385.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 453.03 385.10 Td (as ) Tj ET Q q 0 0 0 rg BT 463.26 385.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.60 385.10 Td (result ) Tj ET Q q 0 0 0 rg BT 493.72 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.96 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.08 385.10 Td (declaration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.23 373.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 97.06 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.79 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.41 373.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 142.58 373.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 179.97 373.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.70 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.32 373.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 228.83 373.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 274.53 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.37 373.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 305.99 373.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 328.39 373.10 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 383.56 373.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.74 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.35 373.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 453.51 373.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 501.45 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.18 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.79 373.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 550.85 373.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.06 361.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 93.27 361.10 Td (that ) Tj ET Q q 0 0 0 rg BT 109.61 361.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 144.28 361.10 Td (availability) Tj ET Q q 0 0 0 rg BT 188.62 361.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.46 361.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 243.78 361.10 Td (following ) Tj ET Q q 0 0 0 rg BT 284.01 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.56 361.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 343.32 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.10 361.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 394.87 361.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.54 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.10 361.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 437.21 361.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 473.54 361.10 Td (or ) Tj ET Q q 0 0 0 rg BT 483.21 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.77 361.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 519.21 361.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 349.10 Td (as ) Tj ET Q q 0 0 0 rg BT 77.73 349.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 117.66 349.10 Td (on ) Tj ET Q q 0 0 0 rg BT 130.38 349.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.55 349.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 153.61 349.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 180.22 349.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 202.94 349.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.33 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.28 349.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 261.66 349.10 Td (months ) Tj ET Q q 0 0 0 rg BT 293.84 349.10 Td (following ) Tj ET Q q 0 0 0 rg BT 335.45 349.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.62 349.10 Td (after ) Tj ET Q q 0 0 0 rg BT 373.67 349.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 401.95 349.10 Td (ef) Tj ET Q q 0 0 0 rg BT 409.54 349.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 427.25 349.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.76 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.70 349.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 499.85 349.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.02 349.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 554.18 349.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.38 337.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 84.82 337.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 122.48 337.10 Td (or ) Tj ET Q q 0 0 0 rg BT 133.48 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.36 337.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 172.14 337.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 218.11 337.10 Td (will ) Tj ET Q q 0 0 0 rg BT 236.34 337.10 Td (be ) Tj ET Q q 0 0 0 rg BT 248.44 337.10 Td (at ) Tj ET Q q 0 0 0 rg BT 258.33 337.10 Td (least ) Tj ET Q q 0 0 0 rg BT 279.32 337.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 303.64 337.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.09 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.97 337.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 359.40 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.39 337.10 Td (\(x\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.72 337.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.05 337.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.72 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.72 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.60 337.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 454.81 337.10 Td (Cap ) Tj ET Q q 0 0 0 rg BT 473.59 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.70 337.10 Td (\(y\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.02 337.10 Td ($100,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 337.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.02 337.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 325.10 Td (No ) Tj ET Q q 0 0 0 rg BT 64.43 325.10 Td (default ) Tj ET Q q 0 0 0 rg BT 94.91 325.10 Td (or ) Tj ET Q q 0 0 0 rg BT 105.95 325.10 Td (event ) Tj ET Q q 0 0 0 rg BT 130.32 325.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.36 325.10 Td (default ) Tj ET Q q 0 0 0 rg BT 171.83 325.10 Td (presently ) Tj ET Q q 0 0 0 rg BT 211.20 325.10 Td (exists. ) Tj ET Q q 0 0 0 rg BT 239.19 325.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.30 325.10 Td (At ) Tj ET Q q 0 0 0 rg BT 254.01 325.10 Td (January ) Tj ET Q q 0 0 0 rg BT 287.82 325.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 303.04 325.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 328.25 325.10 Td (we ) Tj ET Q q 0 0 0 rg BT 342.62 325.10 Td (met ) Tj ET Q q 0 0 0 rg BT 360.32 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.25 325.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 416.84 325.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 461.22 325.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.37 325.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.41 325.10 Td (a ) Tj ET Q q 0 0 0 rg BT 496.56 325.10 Td (result ) Tj ET Q q 0 0 0 rg BT 521.49 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.42 325.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 69.13 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.63 313.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 104.68 313.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 137.18 313.10 Td (us ) Tj ET Q q 0 0 0 rg BT 148.57 313.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.85 313.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 175.78 313.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.05 313.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 237.44 313.10 Td (or ) Tj ET Q q 0 0 0 rg BT 248.27 313.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 294.08 313.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.91 313.10 Td (common ) Tj ET Q q 0 0 0 rg BT 347.40 313.10 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 292.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.69 292.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 130.09 292.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 149.72 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.36 292.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 183.56 292.10 Td (also ) Tj ET Q q 0 0 0 rg BT 201.32 292.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 236.29 292.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 265.14 292.10 Td (af) Tj ET Q q 0 0 0 rg BT 272.73 292.10 Td (firmative ) Tj ET Q q 0 0 0 rg BT 311.03 292.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 355.16 292.10 Td (including ) Tj ET Q q 0 0 0 rg BT 394.58 292.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.21 292.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.30 292.10 Td (other ) Tj ET Q q 0 0 0 rg BT 469.49 292.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 507.80 292.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 565.00 292.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.11 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 73.94 280.10 Td (January ) Tj ET Q q 0 0 0 rg BT 107.54 280.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 122.54 280.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 147.54 280.10 Td (SHO ) Tj ET Q q 0 0 0 rg BT 170.05 280.10 Td (was ) Tj ET Q q 0 0 0 rg BT 188.10 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.38 280.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 246.97 280.10 Td (with ) Tj ET Q q 0 0 0 rg BT 267.24 280.10 Td (all ) Tj ET Q q 0 0 0 rg BT 279.74 280.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 322.22 280.10 Td (under ) Tj ET Q q 0 0 0 rg BT 347.49 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.21 280.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 390.27 280.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 409.90 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.40 280.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 442.30 280.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 254.10 Td (Events ) Tj ET Q q 0 0 0 rg BT 114.66 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.93 254.10 Td (Default) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 233.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.51 233.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 131.54 233.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 151.17 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.63 233.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 186.65 233.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 222.44 233.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 266.56 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.46 233.10 Td (other ) Tj ET Q q 0 0 0 rg BT 306.48 233.10 Td (events ) Tj ET Q q 0 0 0 rg BT 334.49 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.28 233.10 Td (default ) Tj ET Q q 0 0 0 rg BT 375.51 233.10 Td (including ) Tj ET Q q 0 0 0 rg BT 415.75 233.10 Td (non-payment ) Tj ET Q q 0 0 0 rg BT 470.98 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.77 233.10 Td (principal, ) Tj ET Q q 0 0 0 rg BT 522.28 233.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 554.18 233.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 70.42 221.10 Td (violation ) Tj ET Q q 0 0 0 rg BT 108.30 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.95 221.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 163.76 221.10 Td (inaccuracy ) Tj ET Q q 0 0 0 rg BT 209.39 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.04 221.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 282.90 221.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.55 221.10 Td (warranties, ) Tj ET Q q 0 0 0 rg BT 340.02 221.10 Td (cross ) Tj ET Q q 0 0 0 rg BT 362.90 221.10 Td (default ) Tj ET Q q 0 0 0 rg BT 392.99 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.09 221.10 Td (other ) Tj ET Q q 0 0 0 rg BT 425.96 221.10 Td (material ) Tj ET Q q 0 0 0 rg BT 461.04 221.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 517.52 221.10 Td (bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.25 209.10 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 111.90 209.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 142.26 209.10 Td (invalidity ) Tj ET Q q 0 0 0 rg BT 182.90 209.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.55 209.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 241.96 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.61 209.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 297.68 209.10 Td (or ) Tj ET Q q 0 0 0 rg BT 308.33 209.10 Td (security ) Tj ET Q q 0 0 0 rg BT 342.30 209.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 380.44 209.10 Td (material ) Tj ET Q q 0 0 0 rg BT 415.51 209.10 Td (judgments, ) Tj ET Q q 0 0 0 rg BT 461.99 209.10 Td (change ) Tj ET Q q 0 0 0 rg BT 492.63 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.27 209.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 536.41 209.10 Td (failure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.91 197.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 94.75 197.10 Td (a ) Tj ET Q q 0 0 0 rg BT 101.82 197.10 Td ("Material ) Tj ET Q q 0 0 0 rg BT 142.41 197.10 Td (Contract" ) Tj ET Q q 0 0 0 rg BT 183.55 197.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 213.95 197.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 249.91 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.76 197.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 326.79 197.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 373.85 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.92 197.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.10 197.10 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 461.73 197.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 500.45 197.10 Td (Agreements\) ) Tj ET Q q 0 0 0 rg BT 554.72 197.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 185.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 91.56 185.10 Td (required ) Tj ET Q q 0 0 0 rg BT 127.58 185.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.06 185.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 175.76 185.10 Td (it ) Tj ET Q q 0 0 0 rg BT 184.02 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.50 185.10 Td (full ) Tj ET Q q 0 0 0 rg BT 211.10 185.10 Td (force ) Tj ET Q q 0 0 0 rg BT 234.34 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.48 185.10 Td (ef) Tj ET Q q 0 0 0 rg BT 259.07 185.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 279.26 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.18 185.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 322.98 185.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.46 185.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 366.15 185.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.29 185.10 Td (Material ) Tj ET Q q 0 0 0 rg BT 409.87 185.10 Td (Contract ) Tj ET Q q 0 0 0 rg BT 447.00 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.49 185.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 505.15 185.10 Td (with ) Tj ET Q q 0 0 0 rg BT 525.64 185.10 Td (its ) Tj ET Q q 0 0 0 rg BT 537.79 185.10 Td (terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.86 173.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 85.55 173.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 125.25 173.10 Td (terminates ) Tj ET Q q 0 0 0 rg BT 169.93 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.17 173.10 Td ("Separation ) Tj ET Q q 0 0 0 rg BT 234.38 173.10 Td (Agreements" ) Tj ET Q q 0 0 0 rg BT 289.80 173.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 320.60 173.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 355.56 173.10 Td (among ) Tj ET Q q 0 0 0 rg BT 385.81 173.10 Td (other ) Tj ET Q q 0 0 0 rg BT 409.38 173.10 Td (SHO-Sears ) Tj ET Q q 0 0 0 rg BT 457.41 173.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 496.44 173.10 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 550.28 173.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 111.43 161.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 158.36 161.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.30 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.01 161.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 225.84 161.10 Td (Agreements\).) Tj ET Q endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (NOTE 9SUMMAR) Tj ET Q q 0 0 0 rg BT 141.09 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 147.94 713.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 163.96 713.25 Td ( SEGMENT) Tj ET Q q 0 0 0 rg BT 216.29 713.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 232.49 713.25 Td (T) Tj ET Q q 0 0 0 rg BT 238.42 713.25 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 696.25 Td (The ) Tj ET Q q 0 0 0 rg BT 104.17 696.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 151.73 696.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 195.39 696.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 231.84 696.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 266.63 696.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.09 696.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.43 696.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 343.75 696.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.21 696.25 Td (our ) Tj ET Q q 0 0 0 rg BT 371.66 696.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 419.22 696.25 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 449.85 696.25 Td (Hardware ) Tj ET Q q 0 0 0 rg BT 492.39 696.25 Td (Stores ) Tj ET Q q 0 0 0 rg BT 520.52 696.25 Td (and ) Tj ET Q q 0 0 0 rg BT 538.08 696.25 Td (Home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 93.25 684.25 Td (Showroom ) Tj ET Q q 0 0 0 rg BT 139.81 684.25 Td (formats. ) Tj ET Q q 0 0 0 rg BT 175.51 684.25 Td ( ) Tj ET Q q 0 0 0 rg BT 177.98 684.25 Td (The ) Tj ET Q q 0 0 0 rg BT 196.19 684.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 223.84 684.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 267.04 684.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 303.02 684.25 Td (also ) Tj ET Q q 0 0 0 rg BT 321.79 684.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 364.99 684.25 Td (a ) Tj ET Q q 0 0 0 rg BT 372.08 684.25 Td (business ) Tj ET Q q 0 0 0 rg BT 408.64 684.25 Td (format. ) Tj ET Q q 0 0 0 rg BT 440.45 684.25 Td ( ) Tj ET Q q 0 0 0 rg BT 442.92 684.25 Td (These ) Tj ET Q q 0 0 0 rg BT 469.46 684.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 509.33 684.25 Td (are ) Tj ET Q q 0 0 0 rg BT 524.20 684.25 Td (evaluated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.56 672.25 Td (our ) Tj ET Q q 0 0 0 rg BT 78.96 672.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 104.24 672.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 147.28 672.25 Td (Decision ) Tj ET Q q 0 0 0 rg BT 185.89 672.25 Td (Maker ) Tj ET Q q 0 0 0 rg BT 215.06 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.90 672.25 Td (make ) Tj ET Q q 0 0 0 rg BT 250.62 672.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 290.90 672.25 Td (about ) Tj ET Q q 0 0 0 rg BT 316.17 672.25 Td (resource ) Tj ET Q q 0 0 0 rg BT 353.10 672.25 Td (allocation ) Tj ET Q q 0 0 0 rg BT 395.60 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.10 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 423.94 672.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 451.45 672.25 Td (performance. ) Tj ET Q q 0 0 0 rg BT 507.53 672.25 Td (Each ) Tj ET Q q 0 0 0 rg BT 530.58 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 672.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 89.08 660.25 Td (derives ) Tj ET Q q 0 0 0 rg BT 120.33 660.25 Td (its ) Tj ET Q q 0 0 0 rg BT 132.15 660.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 170.05 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 191.86 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.44 660.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 224.36 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.06 660.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 287.96 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.76 660.25 Td (related ) Tj ET Q q 0 0 0 rg BT 334.33 660.25 Td (services ) Tj ET Q q 0 0 0 rg BT 368.91 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.06 660.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 424.47 660.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 464.05 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 474.20 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.78 660.25 Td (United ) Tj ET Q q 0 0 0 rg BT 518.37 660.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 546.95 660.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.29 648.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 89.76 648.25 Td (categories ) Tj ET Q q 0 0 0 rg BT 132.64 648.25 Td (include ) Tj ET Q q 0 0 0 rg BT 164.43 648.25 Td (appliances, ) Tj ET Q q 0 0 0 rg BT 211.49 648.25 Td (lawn ) Tj ET Q q 0 0 0 rg BT 233.28 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.08 648.25 Td (garden, ) Tj ET Q q 0 0 0 rg BT 282.14 648.25 Td (tools ) Tj ET Q q 0 0 0 rg BT 303.94 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.74 648.25 Td (paint ) Tj ET Q q 0 0 0 rg BT 343.09 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.88 648.25 Td (other) Tj ET Q q 0 0 0 rg BT 379.87 648.25 Td (. ) Tj ET Q q 0 0 0 rg BT 384.73 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.91 648.25 Td (The ) Tj ET Q q 0 0 0 rg BT 404.82 648.25 Td (other ) Tj ET Q q 0 0 0 rg BT 427.72 648.25 Td (category ) Tj ET Q q 0 0 0 rg BT 464.50 648.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 500.18 648.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 525.86 648.25 Td (franchise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 84.19 636.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.57 636.25 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.57 636.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.12 636.25 Td ($\(0.1\) ) Tj ET Q q 0 0 0 rg BT 138.33 636.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.22 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.27 636.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.76 636.25 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 208.30 636.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.20 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.24 636.25 Td (from ) Tj ET Q q 0 0 0 rg BT 262.73 636.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 310.22 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 321.04 636.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 346.59 636.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 369.64 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.13 636.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 412.68 636.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 460.34 636.25 Td (, ) Tj ET Q q 0 0 0 rg BT 465.89 636.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.37 636.25 Td ($\(0.2\) ) Tj ET Q q 0 0 0 rg BT 510.58 636.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.47 636.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.02 636.25 Td ($0.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.11 624.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.26 624.25 Td ($16.6 ) Tj ET Q q 0 0 0 rg BT 123.47 624.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.36 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.08 624.25 Td (from ) Tj ET Q q 0 0 0 rg BT 177.23 624.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 204.94 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.43 624.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 240.64 624.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 263.36 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.51 624.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 305.72 624.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 353.39 624.25 Td (. ) Tj ET Q q 0 0 0 rg BT 358.60 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 361.31 624.25 Td (Initial ) Tj ET Q q 0 0 0 rg BT 387.91 624.25 Td (franchise ) Tj ET Q q 0 0 0 rg BT 427.27 624.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 465.52 624.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 496.01 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.06 624.25 Td (franchise ) Tj ET Q q 0 0 0 rg BT 546.42 624.25 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 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344.27 Td (100,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 344.27 Td (216,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 330.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 330.27 Td (1,692,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 330.27 Td (663,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 330.27 Td (2,356,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 316.27 Td (Costs and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 302.27 Td (Cost of sales and occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 302.27 Td (1,297,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 302.27 Td (506,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 302.27 Td (1,803,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 288.27 Td (Selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 288.27 Td (403,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 288.27 Td (143,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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172 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (NOTE 10 QUAR) Tj ET Q q 0 0 0 rg BT 131.93 713.25 Td (TERL) Tj ET Q q 0 0 0 rg BT 158.25 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.10 713.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 223.71 713.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 239.92 713.25 Td (T) Tj ET Q q 0 0 0 rg BT 245.84 713.25 Td (A) Tj ET Q q 0 0 0 rg BT 252.51 713.25 Td ( \(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (The following tables reflect the unaudited quarterly consolidated statements of operations for the periods indicated. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 578.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 578.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 578.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 578.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 578.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 578.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 578.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 578.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 548.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 548.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 548.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 548.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 548.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 548.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 548.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 548.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 548.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 518.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 518.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 518.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 518.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 518.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 518.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 518.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 518.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 518.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 488.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 488.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 488.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 488.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 488.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 488.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 488.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 488.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 488.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 458.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 458.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 458.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 458.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 458.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 458.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 458.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 458.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 458.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 428.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 428.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 428.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 428.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 428.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 428.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 428.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 428.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 428.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 398.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 398.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 398.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 398.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 398.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 398.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 398.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 398.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 398.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 383.75 266.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 383.75 9.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 383.75 52.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 383.75 13.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 383.75 52.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 383.75 6.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 383.75 52.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 383.75 11.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 383.75 52.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 353.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 353.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 353.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 353.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 353.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 353.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 353.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 353.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 353.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 334.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 334.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 334.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 304.75 266.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 304.75 9.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 304.75 52.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 304.75 13.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 304.75 52.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 304.75 6.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 304.75 52.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 304.75 11.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 304.75 52.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 270.75 266.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 270.75 9.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 270.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 270.75 13.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 270.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 270.75 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 270.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 270.75 11.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 270.75 52.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 631.75 m 377 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 631.75 m 390 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 631.75 m 442 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 631.75 m 448 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 631.75 m 500 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 631.75 m 511 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 631.75 m 563 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 616.75 m 390 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 616.75 m 448 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 616.75 m 511 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 616.75 m 377 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 593.75 m 377 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 616.75 m 442 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 593.75 m 442 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 616.75 m 500 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 593.75 m 500 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 616.75 m 563 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 593.75 m 563 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 593.75 m 377 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 578.75 m 377 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 593.75 m 442 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 578.75 m 442 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 593.75 m 500 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 578.75 m 500 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 593.75 m 563 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 578.75 m 563 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 488.75 m 377 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 488.75 m 442 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 488.75 m 500 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 488.75 m 563 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 488.75 m 377 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 473.75 m 377 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 488.75 m 442 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 473.75 m 442 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 488.75 m 500 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 473.75 m 500 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 488.75 m 563 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 473.75 m 563 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 428.75 m 377 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 428.75 m 442 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 428.75 m 500 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 428.75 m 563 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 398.75 m 377 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 384.75 m 377 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 382.75 m 377 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 398.75 m 442 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 384.75 m 442 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 382.75 m 442 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 398.75 m 500 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 384.75 m 500 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 382.75 m 500 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 398.75 m 563 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 384.75 m 563 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 382.75 m 563 382.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 621.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.35 620.98 Td (Fiscal Year Ended January 28, 2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 52.50 598.00 Td (thousands, except per share amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 605.98 Td (First) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.55 597.98 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.25 605.98 Td (Second) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.55 597.98 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.45 605.98 Td (Third) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.55 597.98 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.50 605.98 Td (Fourth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.55 597.98 Td (Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 584.32 Td (NET SALES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 583.42 Td ($536,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 583.42 Td ($556,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 583.42 Td ($487,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 583.42 Td ($488,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 569.32 Td (COSTS AND EXPENSES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 554.32 Td (Cost of sales and occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.60 553.42 Td (420,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.60 553.42 Td (441,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.60 553.42 Td (392,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 553.42 Td (406,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 539.32 Td (Selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.60 538.42 Td (117,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.60 538.42 Td (118,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.60 538.42 Td (109,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 538.42 Td (112,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 524.32 Td (Impairment of goodwill, property, and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 523.42 Td (9,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 509.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 508.42 Td (3,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 508.42 Td (3,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 508.42 Td (3,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 508.42 Td (3,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 494.32 Td (Loss \(gain\) on the sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 493.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 493.47 Td (\(25,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 493.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 493.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 493.42 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 479.32 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327.50 388.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.30 388.47 Td (\(3,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 388.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 388.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 388.42 Td (10,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 388.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 388.47 Td (\(93,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 388.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 388.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 388.47 Td (\(45,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 388.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 358.43 Td (NET INCOME \(LOSS\) PER COMMON SHARE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 343.43 Td (ATTRIBUTABLE TO STOCKHOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 324.42 Td (Basic:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.50 324.42 Td ($) Tj ET Q BT /F1 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309.42 Td (0.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 309.47 Td (\(4.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 309.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 309.47 Td (\(2.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 309.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 275.42 Td (Basic weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 275.42 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 275.42 Td (22,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 275.42 Td (22,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 275.42 Td (22,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 250.42 Td (Diluted weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 250.42 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 250.42 Td (22,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 250.42 Td (22,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 250.42 Td (22,691) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) 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497.5 669.5 m 508.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 669.5 m 375.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 646.5 m 375.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 669.5 m 439.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 646.5 m 439.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 669.5 m 497.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 646.5 m 497.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 669.5 m 560.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 646.5 m 560.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 646.5 m 375.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 631.5 m 375.5 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 646.5 m 439.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 631.5 m 439.5 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 646.5 m 497.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 631.5 m 497.5 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 646.5 m 560.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 631.5 m 560.5 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 556.5 m 375.5 556.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 541.5 m 375.5 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 556.5 m 439.5 556.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 541.5 m 439.5 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 556.5 m 497.5 556.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 541.5 m 497.5 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 556.5 m 560.5 556.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 541.5 m 560.5 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 541.5 m 439.5 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 541.5 m 497.5 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 541.5 m 560.5 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 496.5 m 375.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 496.5 m 439.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 496.5 m 497.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 496.5 m 560.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 496.5 m 439.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 496.5 m 497.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 496.5 m 560.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 466.5 m 375.5 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 452.5 m 375.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 450.5 m 375.5 450.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 466.5 m 439.5 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 452.5 m 439.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 450.5 m 439.5 450.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 466.5 m 497.5 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 452.5 m 497.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 450.5 m 497.5 450.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 466.5 m 560.5 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 452.5 m 560.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 450.5 m 560.5 450.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 673.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.35 673.73 Td (Fiscal Year Ended January 30 ,2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 650.75 Td (thousands, except per share amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 658.73 Td (First) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.05 650.73 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.75 658.73 Td (Second) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 650.73 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.95 658.73 Td (Third) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.05 650.73 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.00 658.73 Td (Fourth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.05 650.73 Td (Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.07 Td (NET SALES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 636.17 Td ($582,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 636.17 Td ($619,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 636.17 Td ($547,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 636.17 Td ($538,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 622.07 Td (COSTS AND EXPENSES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.07 Td (Cost of sales and occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 606.17 Td (442,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.10 606.17 Td (478,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.10 606.17 Td (429,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.10 606.17 Td (419,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.07 Td (Selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 591.17 Td (135,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.10 591.17 Td (138,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.10 591.17 Td (125,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.10 591.17 Td (146,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.07 Td (Impairment of goodwill, property, and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 576.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 576.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 576.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 576.17 Td (3,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 561.17 Td (1,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 561.17 Td (2,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 561.17 Td (2,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 561.17 Td (4,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 547.07 Td (Total costs and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 546.17 Td (579,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.10 546.17 Td (619,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.10 546.17 Td (557,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.10 546.17 Td (573,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.07 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 531.17 Td (2,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 531.17 Td (276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 531.22 Td (\(9,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 531.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 531.22 Td (\(35,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 531.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.07 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.30 516.22 Td (\(781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 516.22 Td (\(614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 516.22 Td (\(587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 516.22 Td (\(844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.07 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 501.17 Td (682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 501.17 Td (560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 501.17 Td (721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 501.17 Td (622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 487.07 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 486.17 Td (2,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 486.17 Td (222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 486.22 Td (\(9,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 486.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 486.22 Td (\(35,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 486.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.07 Td (Income tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 471.22 Td (\(1,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 471.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 471.22 Td (\(627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 471.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 471.17 Td (4,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 471.17 Td (12,955) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 457.23 Td (NET INCOME \(LOSS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 456.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 456.17 Td (1,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 456.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 456.22 Td (\(405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 456.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 456.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 456.22 Td (\(5,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 456.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 456.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 456.22 Td (\(22,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 456.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 426.18 Td (NET INCOME \(LOSS\) PER COMMON SHARE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 411.18 Td (ATTRIBUTABLE TO STOCKHOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 392.17 Td (Basic:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 392.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 392.17 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 392.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 392.22 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 392.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 392.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 392.22 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 392.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 392.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 392.22 Td (\(1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 392.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 377.17 Td (Diluted:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 377.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 377.17 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 377.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 377.22 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 377.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 377.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 377.22 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 377.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 377.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 377.22 Td (\(1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 377.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 343.17 Td (Basic weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 343.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 343.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 343.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 343.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.17 Td (Diluted weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 318.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 318.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 318.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 318.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 300.80 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 262.80 Td (NOTE 1) Tj ET Q q 0 0 0 rg BT 84.79 262.80 Td (1COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 181.74 262.80 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 245.80 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 245.80 Td (e ) Tj ET Q q 0 0 0 rg BT 100.64 245.80 Td (are ) Tj ET Q q 0 0 0 rg BT 114.91 245.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 145.29 245.80 Td (to ) Tj ET Q q 0 0 0 rg BT 155.13 245.80 Td (various ) Tj ET Q q 0 0 0 rg BT 186.64 245.80 Td (legal ) Tj ET Q q 0 0 0 rg BT 208.13 245.80 Td (and ) Tj ET Q q 0 0 0 rg BT 224.63 245.80 Td (governmental ) Tj ET Q q 0 0 0 rg BT 281.67 245.80 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 332.05 245.80 Td (arising ) Tj ET Q q 0 0 0 rg BT 361.33 245.80 Td (out ) Tj ET Q q 0 0 0 rg BT 376.17 245.80 Td (of ) Tj ET Q q 0 0 0 rg BT 386.56 245.80 Td (the ) Tj ET Q q 0 0 0 rg BT 400.84 245.80 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 436.78 245.80 Td (course ) Tj ET Q q 0 0 0 rg BT 464.94 245.80 Td (of ) Tj ET Q q 0 0 0 rg BT 475.33 245.80 Td (business, ) Tj ET Q q 0 0 0 rg BT 513.79 245.80 Td (the ) Tj ET Q q 0 0 0 rg BT 528.07 245.80 Td (outcome ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.80 Td (of ) Tj ET Q q 0 0 0 rg BT 59.47 233.80 Td (which, ) Tj ET Q q 0 0 0 rg BT 88.05 233.80 Td (individually ) Tj ET Q q 0 0 0 rg BT 138.02 233.80 Td (and ) Tj ET Q q 0 0 0 rg BT 154.10 233.80 Td (in ) Tj ET Q q 0 0 0 rg BT 163.52 233.80 Td (the ) Tj ET Q q 0 0 0 rg BT 177.38 233.80 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 220.38 233.80 Td (in ) Tj ET Q q 0 0 0 rg BT 229.80 233.80 Td (the ) Tj ET Q q 0 0 0 rg BT 243.66 233.80 Td (opinion ) Tj ET Q q 0 0 0 rg BT 275.85 233.80 Td (of ) Tj ET Q q 0 0 0 rg BT 285.82 233.80 Td (management, ) Tj ET Q q 0 0 0 rg BT 341.05 233.80 Td (would ) Tj ET Q q 0 0 0 rg BT 367.69 233.80 Td (not ) Tj ET Q q 0 0 0 rg BT 382.11 233.80 Td (have ) Tj ET Q q 0 0 0 rg BT 402.63 233.80 Td (a ) Tj ET Q q 0 0 0 rg BT 408.71 233.80 Td (material ) Tj ET Q q 0 0 0 rg BT 443.11 233.80 Td (adverse ) Tj ET Q q 0 0 0 rg BT 475.29 233.80 Td (ef) Tj ET Q q 0 0 0 rg BT 482.87 233.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 499.50 233.80 Td (on ) Tj ET Q q 0 0 0 rg BT 511.14 233.80 Td (our ) Tj ET Q q 0 0 0 rg BT 526.11 233.80 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 221.80 Td (position, ) Tj ET Q q 0 0 0 rg BT 124.21 221.80 Td (or ) Tj ET Q q 0 0 0 rg BT 135.04 221.80 Td (results ) Tj ET Q q 0 0 0 rg BT 163.65 221.80 Td (of ) Tj ET Q q 0 0 0 rg BT 174.48 221.80 Td (operations, ) Tj ET Q q 0 0 0 rg BT 221.13 221.80 Td (or ) Tj ET Q q 0 0 0 rg BT 231.96 221.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 252.23 221.80 Td (flows.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 212.20 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 200.20 Td (NOTE 12INCOME \(LOSS\) PER COMMON SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.20 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 176.20 Td (Basic ) Tj ET Q q 0 0 0 rg BT 110.55 176.20 Td (income ) Tj ET Q q 0 0 0 rg BT 142.82 176.20 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 167.88 176.20 Td (per ) Tj ET Q q 0 0 0 rg BT 183.48 176.20 Td (common ) Tj ET Q q 0 0 0 rg BT 221.32 176.20 Td (share ) Tj ET Q q 0 0 0 rg BT 245.25 176.20 Td (is ) Tj ET Q q 0 0 0 rg BT 254.76 176.20 Td (calculated ) Tj ET Q q 0 0 0 rg BT 298.12 176.20 Td (by ) Tj ET Q q 0 0 0 rg BT 310.96 176.20 Td (dividing ) Tj ET Q q 0 0 0 rg BT 347.13 176.20 Td (net ) Tj ET Q q 0 0 0 rg BT 362.18 176.20 Td (income ) Tj ET Q q 0 0 0 rg BT 394.45 176.20 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 419.51 176.20 Td (by ) Tj ET Q q 0 0 0 rg BT 432.34 176.20 Td (the ) Tj ET Q q 0 0 0 rg BT 447.39 176.20 Td (weighted ) Tj ET Q q 0 0 0 rg BT 486.89 176.20 Td (average ) Tj ET Q q 0 0 0 rg BT 520.81 176.20 Td (number ) Tj ET Q q 0 0 0 rg BT 554.19 176.20 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.20 Td (common ) Tj ET Q q 0 0 0 rg BT 86.59 164.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 113.67 164.20 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 162.42 164.20 Td (for ) Tj ET Q q 0 0 0 rg BT 176.18 164.20 Td (each ) Tj ET Q q 0 0 0 rg BT 196.58 164.20 Td (period. ) Tj ET Q q 0 0 0 rg BT 226.72 164.20 Td ( ) Tj ET Q q 0 0 0 rg BT 228.81 164.20 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 260.90 164.20 Td (income ) Tj ET Q q 0 0 0 rg BT 292.42 164.20 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 316.74 164.20 Td (per ) Tj ET Q q 0 0 0 rg BT 331.60 164.20 Td (common ) Tj ET Q q 0 0 0 rg BT 368.68 164.20 Td (share ) Tj ET Q q 0 0 0 rg BT 391.87 164.20 Td (also ) Tj ET Q q 0 0 0 rg BT 410.07 164.20 Td (includes ) Tj ET Q q 0 0 0 rg BT 445.49 164.20 Td (the ) Tj ET Q q 0 0 0 rg BT 459.80 164.20 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 492.44 164.20 Td (ef) Tj ET Q q 0 0 0 rg BT 500.03 164.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 517.10 164.20 Td (of ) Tj ET Q q 0 0 0 rg BT 527.53 164.20 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.20 Td (common ) Tj ET Q q 0 0 0 rg BT 87.00 152.20 Td (shares. ) Tj ET Q q 0 0 0 rg BT 116.99 152.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.20 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 128.20 Td (The ) Tj ET Q q 0 0 0 rg BT 104.77 128.20 Td (following ) Tj ET Q q 0 0 0 rg BT 147.38 128.20 Td (table ) Tj ET Q q 0 0 0 rg BT 170.53 128.20 Td (sets ) Tj ET Q q 0 0 0 rg BT 189.25 128.20 Td (forth ) Tj ET Q q 0 0 0 rg BT 212.41 128.20 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 128.20 Td (components ) Tj ET Q q 0 0 0 rg BT 280.39 128.20 Td (used ) Tj ET Q q 0 0 0 rg BT 302.44 128.20 Td (to ) Tj ET Q q 0 0 0 rg BT 313.94 128.20 Td (calculate ) Tj ET Q q 0 0 0 rg BT 353.19 128.20 Td (basic ) Tj ET Q q 0 0 0 rg BT 377.46 128.20 Td (and ) Tj ET Q q 0 0 0 rg BT 395.62 128.20 Td (diluted ) Tj ET Q q 0 0 0 rg BT 427.11 128.20 Td (income ) Tj ET Q q 0 0 0 rg BT 460.27 128.20 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 486.21 128.20 Td (per ) Tj ET Q q 0 0 0 rg BT 502.70 128.20 Td (common ) Tj ET Q q 0 0 0 rg BT 541.41 128.20 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.20 Td (attributable ) Tj ET Q q 0 0 0 rg BT 97.54 116.20 Td (to ) Tj ET Q q 0 0 0 rg BT 107.82 116.20 Td (our ) Tj ET Q q 0 0 0 rg BT 123.65 116.20 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 179.19 116.20 Td ( ) Tj ET Q endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (82) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 80.00 674.50 247.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 674.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 674.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 674.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 674.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 674.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 80.00 644.50 247.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 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2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 695.18 Td (January 31, 2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 82.50 678.75 Td (thousands except income per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 664.17 Td (Basic weighted average shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 664.17 Td (22,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 664.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 664.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 649.17 Td (Dilutive effect of restricted stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 649.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 649.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 649.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 634.17 Td (Diluted weighted average shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 634.17 Td (22,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 634.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 634.17 Td (22,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 611.17 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 611.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.30 611.22 Td (\(131,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 611.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 611.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.30 611.22 Td (\(27,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 611.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.50 611.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.30 611.22 Td (\(168,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 611.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 586.17 Td (Loss per common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 564.17 Td ( Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 564.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 564.22 Td (\(5.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 564.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 564.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 564.22 Td (\(1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 564.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.50 564.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.30 564.22 Td (\(7.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 564.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 549.17 Td ( Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 549.22 Td (\(5.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 549.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 549.22 Td (\(1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 549.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.50 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.30 549.22 Td (\(7.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 549.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 519.80 Td (For the years ended January 28, 2017, January 30, 2016, and January 31, 2015, unvested shares of restricted stock ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 506.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 61.41 506.60 Td (14,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 91.66 506.60 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 97.16 506.60 Td (55,958) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 127.41 506.60 Td (, and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 151.55 506.60 Td (70,247) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 181.80 506.60 Td (, respectively) Tj ET Q q 0 0 0 rg BT 239.72 506.60 Td (, were excluded from the computation of diluted earnings per share due ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 493.45 Td (to them having an anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 196.23 493.45 Td (fect.) Tj ET Q endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (NOTE 13 EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (Stock-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 679.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 679.25 Td (Four million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.78 679.25 Td ( shares of stock are reserved for issuance under the Company's ) Tj ET Q q 0 0 0 rg BT 388.34 679.25 Td (Amended and Restated 2012 Stock Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.25 Td (\(the "Plan"\). ) Tj ET Q q 0 0 0 rg BT 103.77 667.25 Td (A) Tj ET Q q 0 0 0 rg BT 110.44 667.25 Td ( total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.04 667.25 Td (89,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.54 667.25 Td ( shares of restricted stock was granted under the Plan in the second quarter of 2013 \(the "2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 655.25 Td (Grants"\) to a group of eligible individuals \(as defined in the Plan\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.57 655.25 Td (14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.07 655.25 Td ( shares of restricted stock were granted under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.25 Td (Plan to an eligible individual in the second quarter of 2015 \(the "2015 Grant"\). ) Tj ET Q q 0 0 0 rg BT 368.70 643.25 Td (All of the eligible individuals were employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 631.25 Td (of the Company at the time of the grants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 607.25 Td (As of May 16, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.77 607.25 Td (52,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.27 607.25 Td ( shares of the 2013 Grants had been forfeited. On that date the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.34 607.25 Td (36,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.84 607.25 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.25 Td (restricted stock comprising the 2013 Grants vested in accordance with the terms and conditions of the governing restricted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.25 Td (stock agreements and the Plan. ) Tj ET Q q 0 0 0 rg BT 177.89 583.25 Td (The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.94 583.25 Td (14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.44 583.25 Td (shares of restricted stock comprising the 2015 Grant will vest, if at all, on July 10, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.25 Td (2017 in accordance with and subject to the terms and conditions of the governing restricted-stock agreement \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.25 Td (forfeiture conditions\) and the Plan. ) Tj ET Q q 0 0 0 rg BT 191.50 559.25 Td (The fair value of this award will vary based on changes in our stock price at each reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.25 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 523.25 Td (During the first quarter of 2015 the Company granted a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.43 523.25 Td (159,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.93 523.25 Td ( stock units under the Plan \(all of which stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.25 Td (units are payable solely in cash based on our stock price at the vesting date\) to a group of eligible individuals, all of whom were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.25 Td (employees of the Company at the time of the grants. ) Tj ET Q q 0 0 0 rg BT 263.34 499.25 Td (As of January 28, 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.38 499.25 Td (34,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.88 499.25 Td ( stock units had been forfeited. ) Tj ET Q q 0 0 0 rg BT 517.00 499.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.25 Td (remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.54 487.25 Td (125,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.04 487.25 Td (stock units will vest, if at all, on ) Tj ET Q q 0 0 0 rg BT 257.53 487.25 Td (April 13, 2018 in accordance with and subject to the terms and conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.25 Td (of governing stock-unit agreements, including forfeiture conditions, and the Plan. ) Tj ET Q q 0 0 0 rg BT 380.35 475.25 Td (The fair value of these awards will vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.25 Td (based on changes in our stock price at each reporting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 439.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 439.25 Td (e are authorized to grant stock options and to make other awards \(in addition to restricted stock and stock units\) to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.25 Td (eligible participants pursuant to the Plan. ) Tj ET Q q 0 0 0 rg BT 218.17 427.25 Td (The Company has made no stock-option awards under the Plan. Except for the 2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.25 Td (Grants, the 2015 Grant, and the grants of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.29 415.25 Td (159,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.79 415.25 Td ( stock units, the Company has not made any grant or award under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.25 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 74.60 403.25 Td (W) Tj ET Q q 0 0 0 rg BT 83.24 403.25 Td (e do not currently have a broad-based program that provides for awards under the Plan on an annual basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 379.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 379.25 Td (e account for stock-based compensation using the fair value method in accordance with accounting standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.25 Td (regarding share-based payment transactions. During the fiscal year we recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 367.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 367.25 Td ( in total stock-based compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.25 Td (expense for the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.13 355.25 Td (50,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.63 355.25 Td ( shares of restricted stock \(of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.86 355.25 Td (36,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.36 355.25 Td ( shares had vested as of May 16, 2016\), including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.25 Td (the reversal of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.45 343.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.34 343.25 Td ( of stock-based compensation expense related to unvested forfeited restricted stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 331.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.33 331.25 Td ( in total compensation expense for the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.05 331.25 Td (125,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.55 331.25 Td ( stock units \(none of which had vested as of January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (28, 2017\). ) Tj ET Q q 0 0 0 rg BT 94.78 319.25 Td (At January 28, 2017 we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.48 319.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.37 319.25 Td ( in total unrecognized compensation cost related to the 2015 Grant, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (cost we expect to recognize in the second quarter of fiscal 2017. ) Tj ET Q q 0 0 0 rg BT 310.52 307.25 Td (At January 28, 2017, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.71 307.25 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.60 307.25 Td ( in total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (unrecognized compensation cost related to the remaining non-vested stock units, which cost we expect to recognize over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.25 Td (next year) Tj ET Q q 0 0 0 rg BT 88.37 283.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 259.25 Td (The fair value of the 2013 Grants and the 2015 Grant is equal to the market price of our common stock on the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.25 Td (grant. Changes in these grants for 2016 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 59.50 186.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 186.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 186.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 186.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 186.75 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 59.50 158.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 158.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 158.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 158.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 158.75 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 59.50 130.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 130.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 130.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 130.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 130.75 87.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 212.75 m 460.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 212.75 m 464.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 212.75 m 551.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 212.75 m 460.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 186.75 m 460.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 212.75 m 464.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 212.75 m 551.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 186.75 m 551.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 186.75 m 460.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 186.75 m 551.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 130.75 m 551.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 130.75 m 460.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 117.75 m 460.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 115.75 m 460.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 130.75 m 551.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 117.75 m 551.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 115.75 m 551.5 115.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 216.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.60 216.83 Td (52 Weeks Ended January 28, 2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 62.00 191.00 Td (\(Shares in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.00 190.98 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 198.98 Td (Weighted-Average Fair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.85 190.98 Td (Value on Date of Grant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 177.32 Td (Beginning of year balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 177.32 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 177.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 177.32 Td (35.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 163.32 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 163.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 163.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 149.32 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 149.37 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 149.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 149.32 Td (44.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 135.32 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 135.37 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 135.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 135.32 Td (44.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 121.32 Td (Balance at 1/28/2017, unvested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 121.32 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 121.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 121.32 Td (9.38) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 79.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 79.25 Td (e Repur) Tj ET Q q 0 0 0 rg BT 103.86 79.25 Td (chase Pr) Tj ET Q q 0 0 0 rg BT 140.06 79.25 Td (ogram ) Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (On ) Tj ET Q q 0 0 0 rg BT 99.60 713.10 Td (August ) Tj ET Q q 0 0 0 rg BT 130.90 713.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 145.81 713.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 168.23 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.85 713.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 229.84 713.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 256.69 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.44 713.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 307.05 713.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 351.67 713.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.52 713.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 375.93 713.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.82 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.23 713.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 452.95 713.10 Td (program ) Tj ET Q q 0 0 0 rg BT 489.24 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 503.31 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.93 713.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 97.56 701.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 123.95 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.68 701.10 Td (common ) Tj ET Q q 0 0 0 rg BT 170.08 701.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 195.08 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.38 701.10 Td (The ) Tj ET Q q 0 0 0 rg BT 213.33 701.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 240.84 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.68 701.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 288.07 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.80 701.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 346.40 701.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 376.67 701.10 Td (on ) Tj ET Q q 0 0 0 rg BT 388.07 701.10 Td (various ) Tj ET Q q 0 0 0 rg BT 418.91 701.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 450.01 701.10 Td (including ) Tj ET Q q 0 0 0 rg BT 489.19 701.10 Td (market ) Tj ET Q q 0 0 0 rg BT 518.35 701.10 Td (conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.07 689.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 113.00 689.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 143.01 689.10 Td (position ) Tj ET Q q 0 0 0 rg BT 178.59 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.38 689.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 230.28 689.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 251.40 689.10 Td (generation, ) Tj ET Q q 0 0 0 rg BT 299.45 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.25 689.10 Td (other ) Tj ET Q q 0 0 0 rg BT 341.15 689.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 374.21 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.32 689.10 Td (The ) Tj ET Q q 0 0 0 rg BT 396.22 689.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 444.15 689.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 490.81 689.10 Td (program ) Tj ET Q q 0 0 0 rg BT 528.04 689.10 Td (does ) Tj ET Q q 0 0 0 rg BT 549.72 689.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (include ) Tj ET Q q 0 0 0 rg BT 82.25 677.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 116.67 677.10 Td (price ) Tj ET Q q 0 0 0 rg BT 139.97 677.10 Td (tar) Tj ET Q q 0 0 0 rg BT 150.34 677.10 Td (gets, ) Tj ET Q q 0 0 0 rg BT 172.26 677.10 Td (may ) Tj ET Q q 0 0 0 rg BT 192.80 677.10 Td (be ) Tj ET Q q 0 0 0 rg BT 205.56 677.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 244.41 677.10 Td (through ) Tj ET Q q 0 0 0 rg BT 278.84 677.10 Td (open-market, ) Tj ET Q q 0 0 0 rg BT 335.19 677.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 374.05 677.10 Td (negotiated, ) Tj ET Q q 0 0 0 rg BT 421.52 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.28 677.10 Td (other ) Tj ET Q q 0 0 0 rg BT 463.14 677.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 514.23 677.10 Td (that ) Tj ET Q q 0 0 0 rg BT 532.54 677.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.08 677.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 89.96 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.27 665.10 Td (may ) Tj ET Q q 0 0 0 rg BT 125.35 665.10 Td (include ) Tj ET Q q 0 0 0 rg BT 156.66 665.10 Td (utilization ) Tj ET Q q 0 0 0 rg BT 199.08 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.28 665.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 230.03 665.10 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 260.23 665.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 285.71 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.45 665.10 Td (The ) Tj ET Q q 0 0 0 rg BT 304.86 665.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 350.04 665.10 Td (program ) Tj ET Q q 0 0 0 rg BT 385.79 665.10 Td (does ) Tj ET Q q 0 0 0 rg BT 405.99 665.10 Td (not ) Tj ET Q q 0 0 0 rg BT 420.63 665.10 Td (obligate ) Tj ET Q q 0 0 0 rg BT 454.72 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.80 665.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 509.56 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.21 665.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.11 653.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 91.61 653.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 126.27 653.10 Td (or ) Tj ET Q q 0 0 0 rg BT 136.78 653.10 Td (any ) Tj ET Q q 0 0 0 rg BT 153.39 653.10 Td (number ) Tj ET Q q 0 0 0 rg BT 186.11 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.61 653.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 226.27 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.77 653.10 Td (common ) Tj ET Q q 0 0 0 rg BT 273.94 653.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 299.72 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.73 653.10 Td (The ) Tj ET Q q 0 0 0 rg BT 319.45 653.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 364.93 653.10 Td (program ) Tj ET Q q 0 0 0 rg BT 400.98 653.10 Td (does ) Tj ET Q q 0 0 0 rg BT 421.48 653.10 Td (not ) Tj ET Q q 0 0 0 rg BT 436.43 653.10 Td (have ) Tj ET Q q 0 0 0 rg BT 457.48 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.09 653.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 512.36 653.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 533.69 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 653.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.00 641.10 Td (may ) Tj ET Q q 0 0 0 rg BT 110.82 641.10 Td (suspend ) Tj ET Q q 0 0 0 rg BT 145.65 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 156.59 641.10 Td (terminate ) Tj ET Q q 0 0 0 rg BT 196.96 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.78 641.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 257.70 641.10 Td (program ) Tj ET Q q 0 0 0 rg BT 294.18 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 304.01 641.10 Td (any ) Tj ET Q q 0 0 0 rg BT 321.06 641.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 343.94 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.55 641.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 375.82 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 393.42 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 408.24 641.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 459.15 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 471.76 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.59 641.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 528.08 641.10 Td (pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.86 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.67 629.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 120.56 629.10 Td (program ) Tj ET Q q 0 0 0 rg BT 157.02 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 171.81 629.10 Td (retired ) Tj ET Q q 0 0 0 rg BT 200.49 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.52 629.10 Td (resume ) Tj ET Q q 0 0 0 rg BT 248.98 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.78 629.10 Td (status ) Tj ET Q q 0 0 0 rg BT 289.14 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.06 629.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 344.85 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.87 629.10 Td (unissued ) Tj ET Q q 0 0 0 rg BT 399.46 629.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 427.03 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.95 629.10 Td (common ) Tj ET Q q 0 0 0 rg BT 475.53 629.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 501.72 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.74 629.10 Td (At ) Tj ET Q q 0 0 0 rg BT 516.32 629.10 Td (January ) Tj ET Q q 0 0 0 rg BT 550.01 629.10 Td (28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.00 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.72 617.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 114.77 617.10 Td (ABL) Tj ET Q q 0 0 0 rg BT 134.40 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.90 617.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 169.95 617.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 202.45 617.10 Td (us ) Tj ET Q q 0 0 0 rg BT 213.84 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.12 617.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 269.92 617.10 Td (our ) Tj ET Q q 0 0 0 rg BT 285.75 617.10 Td (common ) Tj ET Q q 0 0 0 rg BT 323.25 617.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 593.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.72 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.16 593.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 129.58 593.10 Td (were ) Tj ET Q q 0 0 0 rg BT 152.45 593.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 204.19 593.10 Td (during ) Tj ET Q q 0 0 0 rg BT 233.73 593.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 258.82 593.10 Td (years ) Tj ET Q q 0 0 0 rg BT 283.35 593.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 309.29 593.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 332.72 593.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.49 593.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 370.42 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.10 593.10 Td (At ) Tj ET Q q 0 0 0 rg BT 386.54 593.10 Td (January ) Tj ET Q q 0 0 0 rg BT 421.07 593.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 437.00 593.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 462.94 593.10 Td (we ) Tj ET Q q 0 0 0 rg BT 478.04 593.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.91 593.10 Td ($12.5 ) Tj ET Q q 0 0 0 rg BT 521.84 593.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.74 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.17 593.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 92.54 581.10 Td (authorization ) Tj ET Q q 0 0 0 rg BT 147.80 581.10 Td (under ) Tj ET Q q 0 0 0 rg BT 173.07 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.79 581.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 233.59 581.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 272.47 581.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (NOTE 14DEFINED CONTRIBUTION PLAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 533.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.85 533.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 136.23 533.10 Td (a ) Tj ET Q q 0 0 0 rg BT 143.94 533.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 168.86 533.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 216.57 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.28 533.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 262.54 533.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 293.31 533.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 311.85 533.10 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 341.78 533.10 Td (savings ) Tj ET Q q 0 0 0 rg BT 375.05 533.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 395.53 533.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.46 533.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 456.50 533.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 491.98 533.10 Td (service-eligibility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 105.71 521.10 Td (The ) Tj ET Q q 0 0 0 rg BT 122.87 521.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 163.38 521.10 Td (of) Tj ET Q q 0 0 0 rg BT 171.53 521.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 188.14 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.20 521.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 248.02 521.10 Td (match ) Tj ET Q q 0 0 0 rg BT 274.07 521.10 Td (contribution. ) Tj ET Q q 0 0 0 rg BT 327.08 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.58 521.10 Td (The ) Tj ET Q q 0 0 0 rg BT 345.75 521.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 379.57 521.10 Td (related ) Tj ET Q q 0 0 0 rg BT 408.39 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.79 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.63 521.10 Td (savings ) Tj ET Q q 0 0 0 rg BT 463.25 521.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 482.09 521.10 Td (has ) Tj ET Q q 0 0 0 rg BT 497.04 521.10 Td (been ) Tj ET Q q 0 0 0 rg BT 517.53 521.10 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.28 509.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 106.23 509.10 Td (with ) Tj ET Q q 0 0 0 rg BT 126.01 509.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.79 509.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 172.64 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.64 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.08 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.29 509.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.17 509.10 Td (accrues ) Tj ET Q q 0 0 0 rg BT 278.15 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.36 509.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 310.47 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.79 509.10 Td (these ) Tj ET Q q 0 0 0 rg BT 343.34 509.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 376.99 509.10 Td (during ) Tj ET Q q 0 0 0 rg BT 405.10 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.31 509.10 Td (years ) Tj ET Q q 0 0 0 rg BT 442.41 509.10 Td (that ) Tj ET Q q 0 0 0 rg BT 459.40 509.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 504.16 509.10 Td (render ) Tj ET Q q 0 0 0 rg BT 531.69 509.10 Td (service. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 492.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 125.77 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 139.93 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.65 492.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 198.23 492.10 Td (savings ) Tj ET Q q 0 0 0 rg BT 230.73 492.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 250.45 492.10 Td (were ) Tj ET Q q 0 0 0 rg BT 272.38 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 283.21 492.10 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 60.00 459.60 302.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 459.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 459.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 459.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 459.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 459.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 459.60 61.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 459.6 m 427 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 459.6 m 486 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 459.6 m 551 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 459.6 m 427 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 459.6 m 486 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 459.6 m 551 459.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 62.50 463.85 Td (thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.00 463.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 463.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.00 463.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 450.17 Td (401\(k\) Savings Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.50 450.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 450.17 Td (957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.50 450.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 450.17 Td (905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 450.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 450.17 Td (1,137) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (NOTE 15SALE OF) Tj ET Q q 0 0 0 rg BT 142.98 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.93 396.10 Td (ASSETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 372.10 Td (On July 27, 2016, we completed the sale of an owned property located in San Leandro, California. Net proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (the sale were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.69 360.10 Td ($26.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.58 360.10 Td (, and we recorded a gain on the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.91 360.10 Td ($25.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.80 360.10 Td ( when the sale was completed in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (with the terms and conditions of the Purchase and Sale ) Tj ET Q q 0 0 0 rg BT 271.06 348.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (NOTE 16ST) Tj ET Q q 0 0 0 rg BT 112.89 324.10 Td (ORE CLOSING CHARGES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 288.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 288.10 Td (e continue to take proactive steps to make the best use of capital and reduce costs. In the fourth quarter of 2016, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.05 276.10 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.05 276.10 Td ( locations \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 276.10 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.48 276.10 Td ( Hometown; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.70 276.10 Td (1) Tj ET Q q 0 0 0 rg BT 204.33 276.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.33 276.10 Td ( Outlet\). ) Tj ET Q q 0 0 0 rg BT 247.47 276.10 Td (The closings resulted in one-time char) Tj ET Q q 0 0 0 rg BT 400.30 276.10 Td (ges of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.96 276.10 Td ($16.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.85 276.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.29 276.10 Td ($17.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.18 276.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (for the fourth quarter and full year 2016, respectively) Tj ET Q q 0 0 0 rg BT 262.32 264.10 Td (. ) Tj ET Q q 0 0 0 rg BT 269.64 264.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.69 264.10 Td ($17.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.58 264.10 Td ( full year 2016 char) Tj ET Q q 0 0 0 rg BT 419.70 264.10 Td (ges include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.47 264.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.36 264.10 Td ( for lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (terminations and future rent obligations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.30 252.10 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.19 252.10 Td ( for inventory markdowns and write-of) Tj ET Q q 0 0 0 rg BT 417.80 252.10 Td (fs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.02 252.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.91 252.10 Td ( for writeof) Tj ET Q q 0 0 0 rg BT 524.27 252.10 Td (fs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (impairment of fixed assets, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.74 240.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.64 240.10 Td ( for other store-closing costs. ) Tj ET Q q 0 0 0 rg BT 347.45 240.10 Td (As of January 28, 2017 we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.09 240.10 Td ($7.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.98 240.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (reserves remaining for future rent obligations, included in Other current liabilities on our Consolidated Balance Sheets. ) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 185.08 706.10 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 226.76 706.10 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 670.10 Td (o ) Tj ET Q q 0 0 0 rg BT 62.91 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.63 670.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 104.57 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.40 670.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 155.10 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.04 670.10 Td (Stockholders ) Tj ET Q q 0 0 0 rg BT 226.76 670.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 74.16 658.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 121.10 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.04 658.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 165.53 658.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 195.53 658.10 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Hof) Tj ET Q q 0 0 0 rg BT 65.37 646.10 Td (fman ) Tj ET Q q 0 0 0 rg BT 88.42 646.10 Td (Estates, ) Tj ET Q q 0 0 0 rg BT 121.74 646.10 Td (Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 622.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.65 622.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.09 622.10 Td (audited ) Tj ET Q q 0 0 0 rg BT 119.10 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.88 622.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 194.76 622.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 247.88 622.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 280.98 622.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 307.99 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.89 622.10 Td (Sears ) Tj ET Q q 0 0 0 rg BT 343.12 622.10 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 390.12 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.13 622.10 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 434.70 622.10 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 464.77 622.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 482.60 622.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 500.72 622.10 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 553.67 622.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.15 610.10 Td (January ) Tj ET Q q 0 0 0 rg BT 95.07 610.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 110.39 610.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 133.21 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.47 610.10 Td (January ) Tj ET Q q 0 0 0 rg BT 184.38 610.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 199.70 610.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 222.52 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.78 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.82 610.10 Td (related ) Tj ET Q q 0 0 0 rg BT 284.84 610.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 338.20 610.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 383.23 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.38 610.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 441.36 610.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 494.49 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.31 610.10 Td (equity) Tj ET Q q 0 0 0 rg BT 521.66 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 526.98 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.24 610.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 73.76 598.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.96 598.10 Td (each ) Tj ET Q q 0 0 0 rg BT 106.81 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.68 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.43 598.10 Td (three ) Tj ET Q q 0 0 0 rg BT 151.96 598.10 Td (years ) Tj ET Q q 0 0 0 rg BT 174.59 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.91 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.67 598.10 Td (period ) Tj ET Q q 0 0 0 rg BT 224.75 598.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 250.17 598.10 Td (January ) Tj ET Q q 0 0 0 rg BT 282.80 598.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 296.84 598.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 320.88 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.31 598.10 Td (These ) Tj ET Q q 0 0 0 rg BT 347.72 598.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 399.80 598.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.32 598.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 480.07 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 493.81 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.57 598.10 Td (responsibility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.93 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 586.10 Td (Company) Tj ET Q q 0 0 0 rg BT 117.42 586.10 Td (s ) Tj ET Q q 0 0 0 rg BT 123.91 586.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 180.10 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.70 586.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 200.85 586.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 257.90 586.10 Td (is ) Tj ET Q q 0 0 0 rg BT 267.17 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.55 586.10 Td (express ) Tj ET Q q 0 0 0 rg BT 310.14 586.10 Td (an ) Tj ET Q q 0 0 0 rg BT 322.18 586.10 Td (opinion ) Tj ET Q q 0 0 0 rg BT 355.34 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 367.94 586.10 Td (these ) Tj ET Q q 0 0 0 rg BT 391.09 586.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 444.23 586.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 481.82 586.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 526.63 586.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.00 586.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 574.10 Td (audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.72 550.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 109.45 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.42 550.10 Td (audits ) Tj ET Q q 0 0 0 rg BT 151.95 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.37 550.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 209.98 550.10 Td (with ) Tj ET Q q 0 0 0 rg BT 230.40 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.25 550.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 285.66 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.64 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.49 550.10 Td (Public ) Tj ET Q q 0 0 0 rg BT 339.69 550.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 380.64 550.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 429.93 550.10 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 472.01 550.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 499.09 550.10 Td (\(United ) Tj ET Q q 0 0 0 rg BT 532.28 550.10 Td (States\). ) Tj ET Q q 0 0 0 rg BT 564.50 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Those ) Tj ET Q q 0 0 0 rg BT 76.69 538.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 116.71 538.10 Td (require ) Tj ET Q q 0 0 0 rg BT 147.28 538.10 Td (that ) Tj ET Q q 0 0 0 rg BT 164.52 538.10 Td (we ) Tj ET Q q 0 0 0 rg BT 178.43 538.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 197.90 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.59 538.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 249.05 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.52 538.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 285.76 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.79 538.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 323.04 538.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 368.04 538.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 409.16 538.10 Td (about ) Tj ET Q q 0 0 0 rg BT 433.63 538.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 468.09 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.55 538.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.79 538.10 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.53 526.10 Td (free ) Tj ET Q q 0 0 0 rg BT 82.38 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.03 526.10 Td (material ) Tj ET Q q 0 0 0 rg BT 128.11 526.10 Td (misstatement. ) Tj ET Q q 0 0 0 rg BT 185.69 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.50 526.10 Td (An ) Tj ET Q q 0 0 0 rg BT 202.04 526.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 224.35 526.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 260.00 526.10 Td (examining, ) Tj ET Q q 0 0 0 rg BT 307.03 526.10 Td (on ) Tj ET Q q 0 0 0 rg BT 319.35 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.10 526.10 Td (test ) Tj ET Q q 0 0 0 rg BT 342.31 526.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 367.13 526.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 404.98 526.10 Td (supporting ) Tj ET Q q 0 0 0 rg BT 450.07 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.61 526.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 500.81 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.57 526.10 Td (disclosures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.62 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.67 514.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.49 514.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 161.04 514.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 201.11 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.16 514.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 262.87 514.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 305.15 514.10 Td (used ) Tj ET Q q 0 0 0 rg BT 326.32 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.59 514.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 388.65 514.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 428.70 514.10 Td (made ) Tj ET Q q 0 0 0 rg BT 453.19 514.10 Td (by ) Tj ET Q q 0 0 0 rg BT 466.03 514.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 522.46 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.63 514.10 Td (well ) Tj ET Q q 0 0 0 rg BT 553.68 514.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 94.15 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.87 502.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 139.13 502.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 176.61 502.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 217.43 502.10 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 271.30 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.62 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 282.26 502.10 Td (e ) Tj ET Q q 0 0 0 rg BT 289.20 502.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 320.57 502.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.07 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.90 502.10 Td (audits ) Tj ET Q q 0 0 0 rg BT 380.28 502.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 413.33 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 420.27 502.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 465.52 502.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 488.02 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 502.18 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 518.01 502.10 Td (opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.39 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.77 478.10 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 110.88 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.16 478.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 177.75 478.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 214.79 478.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 259.06 478.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 292.75 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.58 478.10 Td (above ) Tj ET Q q 0 0 0 rg BT 328.52 478.10 Td (present ) Tj ET Q q 0 0 0 rg BT 359.45 478.10 Td (fairly) Tj ET Q q 0 0 0 rg BT 380.45 478.10 Td (, ) Tj ET Q q 0 0 0 rg BT 385.01 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.84 478.10 Td (all ) Tj ET Q q 0 0 0 rg BT 406.89 478.10 Td (material ) Tj ET Q q 0 0 0 rg BT 441.71 478.10 Td (respects, ) Tj ET Q q 0 0 0 rg BT 478.47 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.74 478.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 529.78 478.10 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.52 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.92 466.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 115.99 466.10 Td (at ) Tj ET Q q 0 0 0 rg BT 125.39 466.10 Td (January ) Tj ET Q q 0 0 0 rg BT 158.67 466.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 173.36 466.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 195.54 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.17 466.10 Td (January ) Tj ET Q q 0 0 0 rg BT 245.45 466.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 260.14 466.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 284.82 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.45 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.85 466.10 Td (results ) Tj ET Q q 0 0 0 rg BT 344.14 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.66 466.10 Td (its ) Tj ET Q q 0 0 0 rg BT 366.29 466.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 410.13 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.75 466.10 Td (its ) Tj ET Q q 0 0 0 rg BT 438.39 466.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 458.34 466.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 482.75 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.59 466.10 Td (each ) Tj ET Q q 0 0 0 rg BT 517.09 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.61 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 466.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (years ) Tj ET Q q 0 0 0 rg BT 73.76 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.19 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.07 454.10 Td (period ) Tj ET Q q 0 0 0 rg BT 127.27 454.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 153.81 454.10 Td (January ) Tj ET Q q 0 0 0 rg BT 187.56 454.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 202.72 454.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.72 454.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.22 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.88 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.31 454.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 285.41 454.10 Td (with ) Tj ET Q q 0 0 0 rg BT 305.84 454.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 352.37 454.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 394.46 454.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 434.32 454.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 471.95 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.39 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.26 454.10 Td (United ) Tj ET Q q 0 0 0 rg BT 527.14 454.10 Td (States ) Tj ET Q q 0 0 0 rg BT 553.68 454.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (America.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 418.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.52 418.10 Td (also ) Tj ET Q q 0 0 0 rg BT 84.08 418.10 Td (have ) Tj ET Q q 0 0 0 rg BT 105.40 418.10 Td (audited, ) Tj ET Q q 0 0 0 rg BT 139.79 418.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.01 418.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 197.42 418.10 Td (with ) Tj ET Q q 0 0 0 rg BT 217.65 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.31 418.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 272.53 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.31 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.97 418.10 Td (Public ) Tj ET Q q 0 0 0 rg BT 325.97 418.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 366.77 418.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 415.87 418.10 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 457.76 418.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 484.64 418.10 Td (\(United ) Tj ET Q q 0 0 0 rg BT 517.64 418.10 Td (States\), ) Tj ET Q q 0 0 0 rg BT 549.80 418.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 97.88 406.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 131.71 406.10 Td (control ) Tj ET Q q 0 0 0 rg BT 163.33 406.10 Td (over ) Tj ET Q q 0 0 0 rg BT 184.40 406.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.67 406.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 262.62 406.10 Td (as ) Tj ET Q q 0 0 0 rg BT 274.25 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.87 406.10 Td (January ) Tj ET Q q 0 0 0 rg BT 320.26 406.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 336.06 406.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 359.35 406.10 Td (based ) Tj ET Q q 0 0 0 rg BT 385.42 406.10 Td (on ) Tj ET Q q 0 0 0 rg BT 398.71 406.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 430.32 406.10 Td (established ) Tj ET Q q 0 0 0 rg BT 478.05 406.10 Td (in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 489.12 406.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 524.63 406.10 Td (Contr) Tj ET Q q 0 0 0 rg BT 547.60 406.10 Td (ol ) Tj ET Q q 0 0 0 rg BT 558.67 406.10 Td (- ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 94.14 394.10 Td (Framework ) Tj ET Q q 0 0 0 rg BT 143.28 394.10 Td (\(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.94 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.42 394.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 199.91 394.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.39 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.09 394.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 274.01 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.82 394.10 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 332.87 394.10 Td (Or) Tj ET Q q 0 0 0 rg BT 343.24 394.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 391.26 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.08 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.60 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 422.35 394.10 Td (readway ) Tj ET Q q 0 0 0 rg BT 458.71 394.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 511.75 394.10 Td (\(COSO\) ) Tj ET Q q 0 0 0 rg BT 547.57 394.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 382.10 Td (report ) Tj ET Q q 0 0 0 rg BT 92.21 382.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 116.36 382.10 Td (March ) Tj ET Q q 0 0 0 rg BT 144.96 382.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 159.96 382.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 182.46 382.10 Td (expressed ) Tj ET Q q 0 0 0 rg BT 224.39 382.10 Td (an ) Tj ET Q q 0 0 0 rg BT 236.33 382.10 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 284.37 382.10 Td (opinion ) Tj ET Q q 0 0 0 rg BT 317.43 382.10 Td (thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (/s/ BDO USA, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (BDO USA, LLP) Tj ET Q q 0 0 0 rg BT 116.03 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Chicago, Illinois ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (March 30, 2017 ) Tj ET Q endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Item 9. Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 179.28 730.10 Td (eements with ) Tj ET Q q 0 0 0 rg BT 237.05 730.10 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 305.39 730.10 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 457.73 730.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Item9A. Contr) Tj ET Q q 0 0 0 rg BT 115.08 682.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 158.24 682.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 187.50 682.10 Td (es) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 88.52 658.10 Td (e ) Tj ET Q q 0 0 0 rg BT 95.46 658.10 Td (Contr) Tj ET Q q 0 0 0 rg BT 118.43 658.10 Td (ols ) Tj ET Q q 0 0 0 rg BT 132.60 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.10 658.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 159.73 658.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 187.12 658.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 112.31 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.84 634.10 Td (supervision ) Tj ET Q q 0 0 0 rg BT 173.27 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.02 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 208.12 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.65 634.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 273.51 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.16 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 297.80 634.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 352.71 634.10 Td (including ) Tj ET Q q 0 0 0 rg BT 391.80 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 406.45 634.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 443.31 634.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 482.93 634.10 Td (of) Tj ET Q q 0 0 0 rg BT 491.08 634.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 510.72 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.47 634.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.20 622.10 Td (of) Tj ET Q q 0 0 0 rg BT 95.35 622.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 113.27 622.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.99 622.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.87 622.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 175.19 622.10 Td (an ) Tj ET Q q 0 0 0 rg BT 186.85 622.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 230.72 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.27 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.82 622.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 299.59 622.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 334.03 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.69 622.10 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 399.28 622.10 Td (as ) Tj ET Q q 0 0 0 rg BT 409.83 622.10 Td (such ) Tj ET Q q 0 0 0 rg BT 430.38 622.10 Td (term ) Tj ET Q q 0 0 0 rg BT 450.93 622.10 Td (is ) Tj ET Q q 0 0 0 rg BT 459.82 622.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 492.03 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.03 622.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 523.13 622.10 Td (13a-15\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 102.72 610.10 Td (under ) Tj ET Q q 0 0 0 rg BT 127.66 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.05 610.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 183.17 610.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 202.29 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.46 610.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 231.08 610.10 Td (on ) Tj ET Q q 0 0 0 rg BT 243.25 610.10 Td (this ) Tj ET Q q 0 0 0 rg BT 259.87 610.10 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 306.20 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.71 610.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 359.42 610.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 399.91 610.10 Td (of) Tj ET Q q 0 0 0 rg BT 408.06 610.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 428.55 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.16 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 460.67 610.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 498.38 610.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 535.54 610.10 Td (of) Tj ET Q q 0 0 0 rg BT 543.69 610.10 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 93.88 598.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.67 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 127.78 598.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 171.12 598.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 206.12 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.35 598.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 270.00 598.10 Td (were ) Tj ET Q q 0 0 0 rg BT 292.22 598.10 Td (ef) Tj ET Q q 0 0 0 rg BT 299.81 598.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 329.80 598.10 Td (as ) Tj ET Q q 0 0 0 rg BT 340.92 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.04 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.04 598.10 Td (end ) Tj ET Q q 0 0 0 rg BT 384.27 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.39 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.39 598.10 Td (period ) Tj ET Q q 0 0 0 rg BT 438.73 598.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 473.16 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 485.95 598.10 Td (this ) Tj ET Q q 0 0 0 rg BT 502.57 598.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 534.79 598.10 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.50 586.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 86.67 586.10 Td (10-K.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 87.50 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.78 562.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 132.50 562.10 Td (Contr) Tj ET Q q 0 0 0 rg BT 155.46 562.10 Td (ol ) Tj ET Q q 0 0 0 rg BT 165.74 562.10 Td (over ) Tj ET Q q 0 0 0 rg BT 186.01 562.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 227.39 562.10 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (There ) Tj ET Q q 0 0 0 rg BT 111.83 538.10 Td (were ) Tj ET Q q 0 0 0 rg BT 133.77 538.10 Td (no ) Tj ET Q q 0 0 0 rg BT 146.28 538.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 181.00 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.29 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.13 538.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 240.19 538.10 Td (control ) Tj ET Q q 0 0 0 rg BT 271.02 538.10 Td (over ) Tj ET Q q 0 0 0 rg BT 291.31 538.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.80 538.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 367.97 538.10 Td (that ) Tj ET Q q 0 0 0 rg BT 385.47 538.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 422.96 538.10 Td (during ) Tj ET Q q 0 0 0 rg BT 451.58 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.31 538.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 513.40 538.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 540.35 538.10 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.28 526.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 106.12 526.10 Td (January ) Tj ET Q q 0 0 0 rg BT 139.18 526.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 153.65 526.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 175.61 526.10 Td (that ) Tj ET Q q 0 0 0 rg BT 192.57 526.10 Td (have ) Tj ET Q q 0 0 0 rg BT 213.41 526.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 255.92 526.10 Td (af) Tj ET Q q 0 0 0 rg BT 263.50 526.10 Td (fected, ) Tj ET Q q 0 0 0 rg BT 292.39 526.10 Td (or ) Tj ET Q q 0 0 0 rg BT 302.69 526.10 Td (are ) Tj ET Q q 0 0 0 rg BT 316.86 526.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 362.14 526.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 386.87 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.62 526.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 439.12 526.10 Td (af) Tj ET Q q 0 0 0 rg BT 446.71 526.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 466.16 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.45 526.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.96 526.10 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 526.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.48 514.10 Td (reporting.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Management's ) Tj ET Q q 0 0 0 rg BT 110.74 490.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 140.45 490.10 Td (on ) Tj ET Q q 0 0 0 rg BT 152.95 490.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 187.67 490.10 Td (Contr) Tj ET Q q 0 0 0 rg BT 210.64 490.10 Td (ol ) Tj ET Q q 0 0 0 rg BT 220.92 490.10 Td (over ) Tj ET Q q 0 0 0 rg BT 241.19 490.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 282.57 490.10 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 466.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 141.30 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.73 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.04 466.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 210.02 466.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.79 466.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 268.44 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 283.19 466.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 334.06 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.60 466.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 402.46 466.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 441.09 466.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 474.73 466.10 Td (control ) Tj ET Q q 0 0 0 rg BT 506.16 466.10 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 466.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 89.00 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.68 454.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 132.02 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.14 454.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 163.38 454.10 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 203.49 454.10 Td (under ) Tj ET Q q 0 0 0 rg BT 228.60 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.17 454.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 284.42 454.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 306.04 454.10 Td (The ) Tj ET Q q 0 0 0 rg BT 323.94 454.10 Td (Company) Tj ET Q q 0 0 0 rg BT 365.60 454.10 Td (s ) Tj ET Q q 0 0 0 rg BT 371.84 454.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 404.73 454.10 Td (control ) Tj ET Q q 0 0 0 rg BT 435.41 454.10 Td (system ) Tj ET Q q 0 0 0 rg BT 465.53 454.10 Td (was ) Tj ET Q q 0 0 0 rg BT 483.43 454.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 521.33 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.46 454.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 95.60 442.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 137.31 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.93 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.99 442.10 Td (Company) Tj ET Q q 0 0 0 rg BT 204.66 442.10 Td (s ) Tj ET Q q 0 0 0 rg BT 211.39 442.10 Td (management ) Tj ET Q q 0 0 0 rg BT 265.33 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.61 442.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 309.89 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.07 442.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 361.12 442.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 402.28 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.34 442.10 Td (reliability ) Tj ET Q q 0 0 0 rg BT 459.06 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.23 442.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 508.06 442.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 547.56 442.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 430.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 112.75 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.69 430.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 146.06 430.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 197.44 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.27 430.10 Td (published ) Tj ET Q q 0 0 0 rg BT 249.65 430.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.13 430.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 406.10 Td (All ) Tj ET Q q 0 0 0 rg BT 101.10 406.10 Td (control ) Tj ET Q q 0 0 0 rg BT 134.26 406.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 170.75 406.10 Td (no ) Tj ET Q q 0 0 0 rg BT 183.08 406.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 210.95 406.10 Td (how ) Tj ET Q q 0 0 0 rg BT 230.50 406.10 Td (well ) Tj ET Q q 0 0 0 rg BT 250.04 406.10 Td (designed, ) Tj ET Q q 0 0 0 rg BT 290.41 406.10 Td (have ) Tj ET Q q 0 0 0 rg BT 311.62 406.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 346.71 406.10 Td (limitations. ) Tj ET Q q 0 0 0 rg BT 394.15 406.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 438.39 406.10 Td (even ) Tj ET Q q 0 0 0 rg BT 459.59 406.10 Td (those ) Tj ET Q q 0 0 0 rg BT 483.02 406.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 517.02 406.10 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.20 394.10 Td (be ) Tj ET Q q 0 0 0 rg BT 72.05 394.10 Td (ef) Tj ET Q q 0 0 0 rg BT 79.64 394.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 109.26 394.10 Td (can ) Tj ET Q q 0 0 0 rg BT 125.55 394.10 Td (only ) Tj ET Q q 0 0 0 rg BT 145.75 394.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 178.71 394.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 223.88 394.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 265.17 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 285.36 394.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 316.09 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.29 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.92 394.10 Td (reliability ) Tj ET Q q 0 0 0 rg BT 382.22 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.96 394.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 430.36 394.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 469.43 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.29 394.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 523.69 394.10 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 98.03 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.97 382.10 Td (presentation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 140.05 358.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 175.78 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.84 358.10 Td (ef) Tj ET Q q 0 0 0 rg BT 197.43 358.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 243.70 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.87 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.93 358.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 314.36 358.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 346.75 358.10 Td (control ) Tj ET Q q 0 0 0 rg BT 376.92 358.10 Td (over ) Tj ET Q q 0 0 0 rg BT 396.53 358.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 433.36 358.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 471.86 358.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.04 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.21 358.10 Td (January ) Tj ET Q q 0 0 0 rg BT 525.16 358.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 539.50 358.10 Td (2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.62 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.68 346.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 139.06 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.24 346.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.41 346.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 204.79 346.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 245.95 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.23 346.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 301.61 346.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.44 346.10 Td (of) Tj ET Q q 0 0 0 rg BT 347.59 346.10 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 375.14 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.98 346.10 Td (In ) Tj ET Q q 0 0 0 rg BT 389.15 346.10 Td (making ) Tj ET Q q 0 0 0 rg BT 421.99 346.10 Td (this ) Tj ET Q q 0 0 0 rg BT 439.28 346.10 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 489.07 346.10 Td (it ) Tj ET Q q 0 0 0 rg BT 497.47 346.10 Td (used ) Tj ET Q q 0 0 0 rg BT 518.64 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.70 346.10 Td (criteria ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (set ) Tj ET Q q 0 0 0 rg BT 63.92 334.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 86.17 334.10 Td (by ) Tj ET Q q 0 0 0 rg BT 98.99 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.02 334.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 161.27 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.42 334.10 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 220.79 334.10 Td (Or) Tj ET Q q 0 0 0 rg BT 231.16 334.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 279.52 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.66 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.49 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 311.25 334.10 Td (readway ) Tj ET Q q 0 0 0 rg BT 347.93 334.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 401.31 334.10 Td (\(COSO\) ) Tj ET Q q 0 0 0 rg BT 437.46 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 448.05 334.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 481.96 334.10 Td (Control ) Tj ET Q q 0 0 0 rg BT 515.33 334.10 Td (- ) Tj ET Q q 0 0 0 rg BT 521.47 334.10 Td (Integrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Framework ) Tj ET Q q 0 0 0 rg BT 97.89 322.10 Td (\(2013\). ) Tj ET Q q 0 0 0 rg BT 128.84 322.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 155.07 322.10 Td (on ) Tj ET Q q 0 0 0 rg BT 166.87 322.10 Td (management's ) Tj ET Q q 0 0 0 rg BT 225.44 322.10 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 274.17 322.10 Td (management ) Tj ET Q q 0 0 0 rg BT 327.05 322.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 361.61 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 378.39 322.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.52 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.64 322.10 Td (January ) Tj ET Q q 0 0 0 rg BT 431.53 322.10 Td (28, ) Tj ET Q q 0 0 0 rg BT 445.82 322.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 470.11 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.12 322.10 Td (Company) Tj ET Q q 0 0 0 rg BT 525.79 322.10 Td (s ) Tj ET Q q 0 0 0 rg BT 531.47 322.10 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 84.72 310.10 Td (over ) Tj ET Q q 0 0 0 rg BT 104.99 310.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 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0 0 rg BT 386.80 274.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 435.96 274.10 Td (Firm:) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 185.08 742.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 226.76 742.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 718.25 Td (o ) Tj ET Q q 0 0 0 rg BT 62.91 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.63 718.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 104.57 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.40 718.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 155.10 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.04 718.25 Td (Stockholders ) Tj ET Q q 0 0 0 rg BT 226.76 718.25 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 74.16 706.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 121.10 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.04 706.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 165.53 706.25 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 195.53 706.25 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Hof) Tj ET Q q 0 0 0 rg BT 65.37 694.25 Td (fman ) Tj ET Q q 0 0 0 rg BT 88.42 694.25 Td (Estates, ) Tj ET Q q 0 0 0 rg BT 121.74 694.25 Td (Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 670.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.76 670.25 Td (have ) Tj ET Q q 0 0 0 rg BT 87.31 670.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 119.43 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.32 670.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 167.54 670.25 Td (control ) Tj ET Q q 0 0 0 rg BT 198.55 670.25 Td (over ) Tj ET Q q 0 0 0 rg BT 219.00 670.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.66 670.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 295.99 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.00 670.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 331.34 670.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 378.46 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.58 670.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 423.25 670.25 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 453.43 670.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 471.38 670.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 489.61 670.25 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 542.67 670.25 Td (as ) Tj ET Q q 0 0 0 rg BT 553.68 670.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (January ) Tj ET Q q 0 0 0 rg BT 83.95 658.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 99.30 658.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 124.66 658.25 Td (based ) Tj ET Q q 0 0 0 rg BT 150.28 658.25 Td (on ) Tj ET Q q 0 0 0 rg BT 163.13 658.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 194.30 658.25 Td (established ) Tj ET Q q 0 0 0 rg BT 241.58 658.25 Td (in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 252.21 658.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 287.28 658.25 Td (Contr) Tj ET Q q 0 0 0 rg BT 310.25 658.25 Td (ol ) Tj ET Q q 0 0 0 rg BT 320.88 658.25 Td (- ) Tj ET Q q 0 0 0 rg BT 327.07 658.25 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 371.58 658.25 Td (Framework) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.24 658.25 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574.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.68 574.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (over ) Tj ET Q q 0 0 0 rg BT 69.91 562.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.02 562.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 145.82 562.25 Td (was ) Tj ET Q q 0 0 0 rg BT 163.51 562.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 210.07 562.25 Td (in ) Tj ET Q q 0 0 0 rg BT 219.99 562.25 Td (all ) Tj ET Q q 0 0 0 rg BT 232.12 562.25 Td (material ) Tj ET Q q 0 0 0 rg BT 267.02 562.25 Td (respects. ) Tj ET Q q 0 0 0 rg BT 303.86 562.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 321.55 562.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 343.69 562.25 Td (included ) Tj ET Q q 0 0 0 rg BT 380.26 562.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 420.17 562.25 Td (an ) Tj ET Q q 0 0 0 rg BT 431.74 562.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 490.54 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.00 562.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.68 562.25 Td (control ) Tj ET Q BT /F1 10.00 Tf 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rg BT 57.59 538.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 105.49 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.30 538.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 151.32 538.25 Td (control ) Tj ET Q q 0 0 0 rg BT 183.13 538.25 Td (based ) Tj ET Q q 0 0 0 rg BT 209.37 538.25 Td (on ) Tj ET Q q 0 0 0 rg BT 222.85 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.55 538.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 275.91 538.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 296.89 538.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 315.92 538.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 339.39 538.25 Td (also ) Tj ET Q q 0 0 0 rg BT 358.98 538.25 Td (included ) Tj ET Q q 0 0 0 rg BT 396.89 538.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 445.36 538.25 Td (such ) Tj ET Q q 0 0 0 rg BT 467.17 538.25 Td (other ) Tj ET Q q 0 0 0 rg BT 491.19 538.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 538.54 538.25 Td (as ) Tj ET Q q 0 0 0 rg BT 550.35 538.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 95.82 526.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 137.18 526.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.46 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.18 526.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 223.64 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 232.28 526.25 Td (e ) Tj ET Q q 0 0 0 rg BT 239.21 526.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 270.59 526.25 Td (that ) Tj ET Q q 0 0 0 rg BT 288.08 526.25 Td (our ) Tj ET Q q 0 0 0 rg BT 303.91 526.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 326.41 526.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 363.34 526.25 Td (a ) Tj ET Q q 0 0 0 rg BT 370.28 526.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 415.54 526.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 438.04 526.25 Td (for ) Tj ET Q q 0 0 0 rg BT 452.20 526.25 Td (our ) Tj ET Q q 0 0 0 rg BT 468.03 526.25 Td (opinion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.30 502.25 Td (company) Tj ET Q q 0 0 0 rg BT 97.74 502.25 Td (s ) Tj ET Q q 0 0 0 rg BT 103.26 502.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 135.43 502.25 Td (control ) Tj ET Q q 0 0 0 rg BT 165.39 502.25 Td (over ) Tj ET Q q 0 0 0 rg BT 184.79 502.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.41 502.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 259.69 502.25 Td (is ) Tj ET Q q 0 0 0 rg BT 268.00 502.25 Td (a ) Tj ET Q q 0 0 0 rg BT 274.07 502.25 Td (process ) Tj ET Q q 0 0 0 rg BT 305.69 502.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 342.87 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.28 502.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 384.46 502.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 428.84 502.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 469.34 502.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 509.29 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.14 502.25 Td (reliability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.59 490.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 99.84 490.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 139.76 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.46 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.94 490.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 221.74 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.33 490.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 271.58 490.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 317.05 490.25 Td (for ) Tj ET Q q 0 0 0 rg BT 331.98 490.25 Td (external ) Tj ET Q q 0 0 0 rg BT 367.44 490.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 406.26 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 417.30 490.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 465.53 490.25 Td (with ) Tj ET Q q 0 0 0 rg BT 486.57 490.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 527.04 490.25 Td (accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 95.75 478.25 Td (principles. ) Tj ET Q q 0 0 0 rg BT 139.15 478.25 Td (A) Tj ET Q q 0 0 0 rg BT 145.82 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.70 478.25 Td (company) Tj ET Q q 0 0 0 rg BT 187.13 478.25 Td (s ) Tj ET Q q 0 0 0 rg BT 192.91 478.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 225.33 478.25 Td (control ) Tj ET Q q 0 0 0 rg BT 255.53 478.25 Td (over ) Tj ET Q q 0 0 0 rg BT 275.18 478.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.04 478.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 350.58 478.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 385.78 478.25 Td (those ) Tj ET Q q 0 0 0 rg BT 408.77 478.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 441.75 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.07 478.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 503.82 478.25 Td (that ) Tj ET Q q 0 0 0 rg BT 520.69 478.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 534.23 478.25 Td (pertain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.00 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.44 466.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 127.18 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.74 466.25 Td (records ) Tj ET Q q 0 0 0 rg BT 169.38 466.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 189.10 466.25 Td (in ) Tj ET Q q 0 0 0 rg BT 199.10 466.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 244.07 466.25 Td (detail, ) Tj ET Q q 0 0 0 rg BT 271.01 466.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 314.31 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.97 466.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 354.84 466.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 382.59 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.03 466.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 447.02 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.68 466.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 513.68 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.24 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.67 466.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.23 454.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 118.51 454.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 133.01 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 166.40 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 212.00 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 253.71 454.25 Td (that ) Tj ET Q q 0 0 0 rg BT 271.55 454.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 322.16 454.25 Td (are ) Tj ET Q q 0 0 0 rg BT 337.21 454.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 375.03 454.25 Td (as ) Tj ET Q q 0 0 0 rg BT 386.20 454.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 427.91 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 438.53 454.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 467.48 454.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 515.85 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.03 454.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 95.08 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.72 442.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 153.54 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 174.18 442.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 214.25 442.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 252.08 442.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 298.82 442.25 Td (principles, ) Tj ET Q q 0 0 0 rg BT 343.62 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.92 442.25 Td (that ) Tj ET Q q 0 0 0 rg BT 378.78 442.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 412.74 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.04 442.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 484.00 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 495.19 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.27 442.25 Td (company ) Tj ET Q q 0 0 0 rg BT 549.79 442.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (being ) Tj ET Q q 0 0 0 rg BT 75.45 430.25 Td (made ) Tj ET Q q 0 0 0 rg BT 100.34 430.25 Td (only ) Tj ET Q q 0 0 0 rg BT 121.35 430.25 Td (in ) Tj ET Q q 0 0 0 rg BT 132.36 430.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 180.56 430.25 Td (with ) Tj ET Q q 0 0 0 rg BT 201.57 430.25 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 261.46 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.02 430.25 Td (management ) Tj ET Q q 0 0 0 rg BT 327.34 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.01 430.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 383.23 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.80 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.25 430.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 452.92 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.59 430.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 485.48 430.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 519.26 430.25 Td (reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 91.64 418.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 132.73 418.25 Td (prevention ) Tj ET Q q 0 0 0 rg BT 178.26 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 189.37 418.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 217.69 418.25 Td (detection ) Tj ET Q q 0 0 0 rg BT 257.11 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.22 418.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 323.19 418.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 372.34 418.25 Td (use, ) Tj ET Q q 0 0 0 rg BT 390.95 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 402.05 418.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 448.72 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.82 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.81 418.25 Td (company) Tj ET Q q 0 0 0 rg BT 514.24 418.25 Td (s ) Tj ET Q q 0 0 0 rg BT 520.91 418.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 547.01 418.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.72 406.25 Td (have ) Tj ET Q q 0 0 0 rg BT 96.09 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 103.03 406.25 Td (material ) Tj ET Q q 0 0 0 rg BT 138.29 406.25 Td (ef) Tj ET Q q 0 0 0 rg BT 145.88 406.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 163.36 406.25 Td (on ) Tj ET Q q 0 0 0 rg BT 175.86 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.58 406.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.06 406.25 Td (statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 87.24 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 99.49 382.25 Td (its ) Tj ET Q q 0 0 0 rg BT 112.85 382.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 149.54 382.25 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 198.74 382.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 233.20 382.25 Td (control ) Tj ET Q q 0 0 0 rg BT 265.45 382.25 Td (over ) Tj ET Q q 0 0 0 rg BT 287.13 382.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.04 382.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 366.61 382.25 Td (may ) Tj ET Q q 0 0 0 rg BT 387.75 382.25 Td (not ) Tj ET Q q 0 0 0 rg BT 404.45 382.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 438.35 382.25 Td (or ) Tj ET Q q 0 0 0 rg BT 450.60 382.25 Td (detect ) Tj ET Q q 0 0 0 rg BT 478.40 382.25 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 540.61 382.25 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 96.31 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.52 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 122.84 370.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 166.37 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.58 370.25 Td (ef) Tj ET Q q 0 0 0 rg BT 184.17 370.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 230.47 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.13 370.25 Td (future ) Tj ET Q q 0 0 0 rg BT 265.89 370.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 297.21 370.25 Td (are ) Tj ET Q q 0 0 0 rg BT 311.29 370.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 341.50 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.16 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.25 370.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 382.13 370.25 Td (that ) Tj ET Q q 0 0 0 rg BT 399.01 370.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 433.11 370.25 Td (may ) Tj ET Q q 0 0 0 rg BT 452.20 370.25 Td (become ) Tj ET Q q 0 0 0 rg BT 485.18 370.25 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 530.37 370.25 Td (because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 358.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 95.54 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.82 358.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 152.48 358.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.31 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 180.81 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.52 358.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 224.67 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.50 358.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 284.09 358.25 Td (with ) Tj ET Q q 0 0 0 rg BT 304.37 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.08 358.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 352.69 358.25 Td (or ) Tj ET Q q 0 0 0 rg BT 363.52 358.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 409.88 358.25 Td (may ) Tj ET Q q 0 0 0 rg BT 429.60 358.25 Td (deteriorate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.73 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.46 334.25 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 111.92 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.53 334.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.82 334.25 Td (maintained, ) Tj ET Q q 0 0 0 rg BT 217.15 334.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.33 334.25 Td (all ) Tj ET Q q 0 0 0 rg BT 239.72 334.25 Td (material ) Tj ET Q q 0 0 0 rg BT 274.88 334.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 311.99 334.25 Td (ef) Tj ET Q q 0 0 0 rg BT 319.58 334.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 349.18 334.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 382.12 334.25 Td (control ) Tj ET Q q 0 0 0 rg BT 412.84 334.25 Td (over ) Tj ET Q q 0 0 0 rg BT 433.01 334.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 470.39 334.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 509.45 334.25 Td (as ) Tj ET Q q 0 0 0 rg BT 520.18 334.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.91 334.25 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 65.00 322.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 90.00 322.25 Td (based ) Tj ET Q q 0 0 0 rg BT 115.27 322.25 Td (on ) Tj ET Q q 0 0 0 rg BT 127.77 322.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.49 322.25 Td (COSO ) Tj ET Q q 0 0 0 rg BT 171.66 322.25 Td (criteria) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 199.97 322.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 298.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.52 298.25 Td (also ) Tj ET Q q 0 0 0 rg BT 84.08 298.25 Td (have ) Tj ET Q q 0 0 0 rg BT 105.40 298.25 Td (audited, ) Tj ET Q q 0 0 0 rg BT 139.79 298.25 Td (in ) Tj ET Q q 0 0 0 rg BT 150.01 298.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 197.42 298.25 Td (with ) Tj ET Q q 0 0 0 rg BT 217.65 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.31 298.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 272.53 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.31 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.97 298.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 325.97 298.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 366.77 298.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 415.87 298.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 457.76 298.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 484.64 298.25 Td (\(United ) Tj ET Q q 0 0 0 rg BT 517.64 298.25 Td (States\), ) Tj ET Q q 0 0 0 rg BT 549.80 298.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.76 286.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 135.51 286.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 162.17 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.72 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.15 286.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 228.26 286.25 Td (as ) Tj ET Q q 0 0 0 rg BT 238.80 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.35 286.25 Td (January ) Tj ET Q q 0 0 0 rg BT 282.67 286.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 297.39 286.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 319.61 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.26 286.25 Td (January ) Tj ET Q q 0 0 0 rg BT 369.58 286.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 384.30 286.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 406.52 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.17 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.61 286.25 Td (related ) Tj ET Q q 0 0 0 rg BT 467.03 286.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.79 286.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.55 274.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 106.93 274.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 160.06 274.25 Td ( ) Tj ET Q q 0 0 0 rg BT 162.28 274.25 Td (equity) Tj ET Q q 0 0 0 rg BT 186.63 274.25 Td (, ) Tj ET Q q 0 0 0 rg BT 191.35 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.01 274.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 228.00 274.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 252.44 274.25 Td (for ) Tj ET Q q 0 0 0 rg BT 266.32 274.25 Td (each ) Tj ET Q q 0 0 0 rg BT 286.86 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.41 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.84 274.25 Td (three ) Tj ET Q q 0 0 0 rg BT 334.05 274.25 Td (years ) Tj ET Q q 0 0 0 rg BT 357.37 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 367.37 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.81 274.25 Td (period ) Tj ET Q q 0 0 0 rg BT 409.57 274.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.67 274.25 Td (January ) Tj ET Q q 0 0 0 rg BT 468.99 274.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 483.71 274.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 505.93 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.59 274.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.14 274.25 Td (report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 74.16 262.25 Td (March ) Tj ET Q q 0 0 0 rg BT 102.75 262.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 117.75 262.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 140.25 262.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 182.18 262.25 Td (an ) Tj ET Q q 0 0 0 rg BT 194.12 262.25 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 242.16 262.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 275.22 262.25 Td (thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (/s/ BDO USA, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (BDO USA, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (Chicago, Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (March ) Tj ET Q q 0 0 0 rg BT 78.60 184.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 93.60 184.25 Td (2017) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.45 730.10 Td (Part III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Item10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.99 706.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 100.26 706.10 Td (ectors, Executive Officers and Corporate Governance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 689.60 Td (Information ) Tj ET Q q 0 0 0 rg BT 136.32 689.60 Td (required ) Tj ET Q q 0 0 0 rg BT 172.19 689.60 Td (by ) Tj ET Q q 0 0 0 rg BT 184.75 689.60 Td (this ) Tj ET Q q 0 0 0 rg BT 201.76 689.60 Td (Item10 ) Tj ET Q q 0 0 0 rg BT 235.14 689.60 Td (with ) Tj ET Q q 0 0 0 rg BT 255.48 689.60 Td (respect ) Tj ET Q q 0 0 0 rg BT 286.35 689.60 Td (to ) Tj ET Q q 0 0 0 rg BT 296.69 689.60 Td (directors, ) Tj ET Q q 0 0 0 rg BT 336.73 689.60 Td (the ) Tj ET Q q 0 0 0 rg BT 350.94 689.60 Td (Audit ) Tj ET Q q 0 0 0 rg BT 376.27 689.60 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 425.77 689.60 Td (audit ) Tj ET Q q 0 0 0 rg BT 448.32 689.60 Td (committee ) Tj ET Q q 0 0 0 rg BT 493.09 689.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.63 689.60 Td (experts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.60 Td (and ) Tj ET Q q 0 0 0 rg BT 67.98 677.60 Td (Section16\(a\) ) Tj ET Q q 0 0 0 rg BT 125.12 677.60 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 168.09 677.60 Td (ownership ) Tj ET Q q 0 0 0 rg BT 213.29 677.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 253.49 677.60 Td (compliance ) Tj ET Q q 0 0 0 rg BT 303.13 677.60 Td (is ) Tj ET Q q 0 0 0 rg BT 313.34 677.60 Td (included ) Tj ET Q q 0 0 0 rg BT 351.32 677.60 Td (under ) Tj ET Q q 0 0 0 rg BT 377.63 677.60 Td (the ) Tj ET Q q 0 0 0 rg BT 393.39 677.60 Td (headings ) Tj ET Q q 0 0 0 rg BT 432.49 677.60 Td ("Item ) Tj ET Q q 0 0 0 rg BT 458.44 677.60 Td (1. ) Tj ET Q q 0 0 0 rg BT 469.48 677.60 Td (Election ) Tj ET Q q 0 0 0 rg BT 506.35 677.60 Td (of ) Tj ET Q q 0 0 0 rg BT 518.22 677.60 Td (Directors," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.60 Td ("Corporate ) Tj ET Q q 0 0 0 rg BT 97.32 665.60 Td (Governance-Director ) Tj ET Q q 0 0 0 rg BT 185.52 665.60 Td (Independence," ) Tj ET Q q 0 0 0 rg BT 250.88 665.60 Td ("Audit ) Tj ET Q q 0 0 0 rg BT 280.99 665.60 Td (Committee ) Tj ET Q q 0 0 0 rg BT 328.68 665.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 369.15 665.60 Td (Experts," ) Tj ET Q q 0 0 0 rg BT 409.53 665.60 Td (and ) Tj ET Q q 0 0 0 rg BT 427.22 665.60 Td ("Other ) Tj ET Q q 0 0 0 rg BT 457.32 665.60 Td (Information-Section16\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.60 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 93.59 653.60 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 139.97 653.60 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 182.47 653.60 Td (Compliance" ) Tj ET Q q 0 0 0 rg BT 237.37 653.60 Td (of ) Tj ET Q q 0 0 0 rg BT 248.20 653.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.92 653.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 285.42 653.60 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 311.81 653.60 Td (Statement ) Tj ET Q q 0 0 0 rg BT 354.30 653.60 Td (and ) Tj ET Q q 0 0 0 rg BT 371.24 653.60 Td (is ) Tj ET Q q 0 0 0 rg BT 380.41 653.60 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 433.44 653.60 Td (herein ) Tj ET Q q 0 0 0 rg BT 460.92 653.60 Td (by ) Tj ET Q q 0 0 0 rg BT 473.42 653.60 Td (reference. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 632.60 Td (The ) Tj ET Q q 0 0 0 rg BT 105.09 632.60 Td (information ) Tj ET Q q 0 0 0 rg BT 155.84 632.60 Td (required ) Tj ET Q q 0 0 0 rg BT 192.70 632.60 Td (by ) Tj ET Q q 0 0 0 rg BT 206.24 632.60 Td (this ) Tj ET Q q 0 0 0 rg BT 224.23 632.60 Td (Item10 ) Tj ET Q q 0 0 0 rg BT 258.60 632.60 Td (regarding ) Tj ET Q q 0 0 0 rg BT 300.46 632.60 Td (the ) Tj ET Q q 0 0 0 rg BT 316.22 632.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 364.34 632.60 Td (executive ) Tj ET Q q 0 0 0 rg BT 406.20 632.60 Td (of) Tj ET Q q 0 0 0 rg BT 414.34 632.60 Td (ficers ) Tj ET Q q 0 0 0 rg BT 440.09 632.60 Td (is ) Tj ET Q q 0 0 0 rg BT 450.31 632.60 Td (included ) Tj ET Q q 0 0 0 rg BT 488.28 632.60 Td (under ) Tj ET Q q 0 0 0 rg BT 514.59 632.60 Td (the ) Tj ET Q q 0 0 0 rg BT 530.35 632.60 Td (heading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.60 Td ("Executive ) Tj ET Q q 0 0 0 rg BT 96.56 620.60 Td (Of) Tj ET Q q 0 0 0 rg BT 106.93 620.60 Td (ficers ) Tj ET Q q 0 0 0 rg BT 131.64 620.60 Td (of ) Tj ET Q q 0 0 0 rg BT 142.47 620.60 Td (Registrant" ) Tj ET Q q 0 0 0 rg BT 190.16 620.60 Td (in ) Tj ET Q q 0 0 0 rg BT 200.43 620.60 Td (Part ) Tj ET Q q 0 0 0 rg BT 219.04 620.60 Td (I ) Tj ET Q q 0 0 0 rg BT 224.87 620.60 Td (of ) Tj ET Q q 0 0 0 rg BT 235.70 620.60 Td (this ) Tj ET Q q 0 0 0 rg BT 252.10 620.60 Td (Annual ) Tj ET Q q 0 0 0 rg BT 284.04 620.60 Td (Report ) Tj ET Q q 0 0 0 rg BT 313.75 620.60 Td (on ) Tj ET Q q 0 0 0 rg BT 326.25 620.60 Td (Form ) Tj ET Q q 0 0 0 rg BT 350.42 620.60 Td (10-K ) Tj ET Q q 0 0 0 rg BT 373.48 620.60 Td (and ) Tj ET Q q 0 0 0 rg BT 390.42 620.60 Td (is ) Tj ET Q q 0 0 0 rg BT 399.58 620.60 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 452.62 620.60 Td (herein ) Tj ET Q q 0 0 0 rg BT 480.10 620.60 Td (by ) Tj ET Q q 0 0 0 rg BT 492.60 620.60 Td (reference. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 599.60 Td (SHO ) Tj ET Q q 0 0 0 rg BT 108.55 599.60 Td (has ) Tj ET Q q 0 0 0 rg BT 124.42 599.60 Td (adopted ) Tj ET Q q 0 0 0 rg BT 158.62 599.60 Td (a ) Tj ET Q q 0 0 0 rg BT 165.60 599.60 Td (Code ) Tj ET Q q 0 0 0 rg BT 189.25 599.60 Td (of ) Tj ET Q q 0 0 0 rg BT 200.13 599.60 Td (Conduct, ) Tj ET Q q 0 0 0 rg BT 239.05 599.60 Td (which ) Tj ET Q q 0 0 0 rg BT 266.04 599.60 Td (applies ) Tj ET Q q 0 0 0 rg BT 296.90 599.60 Td (to ) Tj ET Q q 0 0 0 rg BT 307.23 599.60 Td (all ) Tj ET Q q 0 0 0 rg BT 319.76 599.60 Td (employees, ) Tj ET Q q 0 0 0 rg BT 367.57 599.60 Td (including ) Tj ET Q q 0 0 0 rg BT 407.89 599.60 Td (our ) Tj ET Q q 0 0 0 rg BT 423.76 599.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 461.84 599.60 Td (executive ) Tj ET Q q 0 0 0 rg BT 502.70 599.60 Td (of) Tj ET Q q 0 0 0 rg BT 510.85 599.60 Td (ficer ) Tj ET Q q 0 0 0 rg BT 531.71 599.60 Td (and ) Tj ET Q q 0 0 0 rg BT 548.69 599.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.86 587.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 125.15 587.60 Td (of) Tj ET Q q 0 0 0 rg BT 133.30 587.60 Td (ficer ) Tj ET Q q 0 0 0 rg BT 153.93 587.60 Td (and ) Tj ET Q q 0 0 0 rg BT 170.68 587.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 208.54 587.60 Td (accounting ) Tj ET Q q 0 0 0 rg BT 254.73 587.60 Td (of) Tj ET Q q 0 0 0 rg BT 262.88 587.60 Td (ficer) Tj ET Q q 0 0 0 rg BT 280.79 587.60 Td (, ) Tj ET Q q 0 0 0 rg BT 285.61 587.60 Td (and ) Tj ET Q q 0 0 0 rg BT 302.36 587.60 Td (a ) Tj ET Q q 0 0 0 rg BT 309.11 587.60 Td (Code ) Tj ET Q q 0 0 0 rg BT 332.53 587.60 Td (of ) Tj ET Q q 0 0 0 rg BT 343.18 587.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 379.38 587.60 Td (for ) Tj ET Q q 0 0 0 rg BT 393.35 587.60 Td (our ) Tj ET Q q 0 0 0 rg BT 409.00 587.60 Td (Board ) Tj ET Q q 0 0 0 rg BT 435.75 587.60 Td (of ) Tj ET Q q 0 0 0 rg BT 446.40 587.60 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 488.42 587.60 Td ( ) Tj ET Q q 0 0 0 rg BT 490.73 587.60 Td (Directors ) Tj ET Q q 0 0 0 rg BT 530.25 587.60 Td (who ) Tj ET Q q 0 0 0 rg BT 549.79 587.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.60 Td (also ) Tj ET Q q 0 0 0 rg BT 68.29 575.60 Td (of) Tj ET Q q 0 0 0 rg BT 76.44 575.60 Td (ficers ) Tj ET Q q 0 0 0 rg BT 100.83 575.60 Td (of ) Tj ET Q q 0 0 0 rg BT 111.35 575.60 Td (SHO ) Tj ET Q q 0 0 0 rg BT 133.54 575.60 Td (are ) Tj ET Q q 0 0 0 rg BT 147.93 575.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 178.44 575.60 Td (to ) Tj ET Q q 0 0 0 rg BT 188.40 575.60 Td (both ) Tj ET Q q 0 0 0 rg BT 208.36 575.60 Td (codes ) Tj ET Q q 0 0 0 rg BT 233.31 575.60 Td (of ) Tj ET Q q 0 0 0 rg BT 243.83 575.60 Td (conduct. ) Tj ET Q q 0 0 0 rg BT 280.17 575.60 Td ( ) Tj ET Q q 0 0 0 rg BT 282.35 575.60 Td (Each ) Tj ET Q q 0 0 0 rg BT 304.52 575.60 Td (code ) Tj ET Q q 0 0 0 rg BT 325.58 575.60 Td (of ) Tj ET Q q 0 0 0 rg BT 336.10 575.60 Td (conduct ) Tj ET Q q 0 0 0 rg BT 369.94 575.60 Td (is ) Tj ET Q q 0 0 0 rg BT 378.79 575.60 Td (a ) Tj ET Q q 0 0 0 rg BT 385.41 575.60 Td (code ) Tj ET Q q 0 0 0 rg BT 406.47 575.60 Td (of ) Tj ET Q q 0 0 0 rg BT 416.99 575.60 Td (ethics ) Tj ET Q q 0 0 0 rg BT 442.50 575.60 Td (as ) Tj ET Q q 0 0 0 rg BT 453.01 575.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 485.18 575.60 Td (in ) Tj ET Q q 0 0 0 rg BT 495.14 575.60 Td (Item406 ) Tj ET Q q 0 0 0 rg BT 533.15 575.60 Td (of ) Tj ET Q q 0 0 0 rg BT 543.67 575.60 Td (SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.60 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 96.39 563.60 Td (S-K. ) Tj ET Q q 0 0 0 rg BT 117.34 563.60 Td (The ) Tj ET Q q 0 0 0 rg BT 135.40 563.60 Td (codes ) Tj ET Q q 0 0 0 rg BT 160.68 563.60 Td (of ) Tj ET Q q 0 0 0 rg BT 171.52 563.60 Td (conduct ) Tj ET Q q 0 0 0 rg BT 205.69 563.60 Td (are ) Tj ET Q q 0 0 0 rg BT 220.41 563.60 Td (available ) Tj ET Q q 0 0 0 rg BT 259.01 563.60 Td (on ) Tj ET Q q 0 0 0 rg BT 271.52 563.60 Td (the ) Tj ET Q q 0 0 0 rg BT 286.25 563.60 Td (Governance ) Tj ET Q q 0 0 0 rg BT 337.07 563.60 Td (section ) Tj ET Q q 0 0 0 rg BT 367.90 563.60 Td (of ) Tj ET Q q 0 0 0 rg BT 378.75 563.60 Td (our ) Tj ET Q q 0 0 0 rg BT 394.59 563.60 Td (website, ) Tj ET Q q 0 0 0 rg BT 430.15 563.60 Td (www) Tj ET Q q 0 0 0 rg BT 451.16 563.60 Td (.shos.com) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 491.16 563.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.66 563.60 Td ( ) Tj ET Q q 0 0 0 rg BT 495.62 563.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 515.35 563.60 Td (amendment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.60 Td (to, ) Tj ET Q q 0 0 0 rg BT 62.78 551.60 Td (or ) Tj ET Q q 0 0 0 rg BT 73.61 551.60 Td (waiver ) Tj ET Q q 0 0 0 rg BT 103.32 551.60 Td (from, ) Tj ET Q q 0 0 0 rg BT 127.75 551.60 Td (a ) Tj ET Q q 0 0 0 rg BT 134.69 551.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 174.97 551.60 Td (of ) Tj ET Q q 0 0 0 rg BT 185.80 551.60 Td (either ) Tj ET Q q 0 0 0 rg BT 211.06 551.60 Td (code ) Tj ET Q q 0 0 0 rg BT 232.44 551.60 Td (of ) Tj ET Q q 0 0 0 rg BT 243.27 551.60 Td (conduct ) Tj ET Q q 0 0 0 rg BT 277.43 551.60 Td (will ) Tj ET Q q 0 0 0 rg BT 295.48 551.60 Td (be ) Tj ET Q q 0 0 0 rg BT 307.42 551.60 Td (posted ) Tj ET Q q 0 0 0 rg BT 336.03 551.60 Td (to ) Tj ET Q q 0 0 0 rg BT 346.31 551.60 Td (the ) Tj ET Q q 0 0 0 rg BT 361.03 551.60 Td (above-referenced ) Tj ET Q q 0 0 0 rg BT 432.92 551.60 Td (website. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 530.60 Td (During ) Tj ET Q q 0 0 0 rg BT 117.33 530.60 Td (the ) Tj ET Q q 0 0 0 rg BT 132.55 530.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 180.13 530.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 203.13 530.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 227.78 530.60 Td (year ) Tj ET Q q 0 0 0 rg BT 247.99 530.60 Td (there ) Tj ET Q q 0 0 0 rg BT 270.98 530.60 Td (were ) Tj ET Q q 0 0 0 rg BT 293.41 530.60 Td (no ) Tj ET Q q 0 0 0 rg BT 306.41 530.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 341.62 530.60 Td (to ) Tj ET Q q 0 0 0 rg BT 352.39 530.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.61 530.60 Td (process ) Tj ET Q q 0 0 0 rg BT 400.60 530.60 Td (by ) Tj ET Q q 0 0 0 rg BT 413.60 530.60 Td (which ) Tj ET Q q 0 0 0 rg BT 441.04 530.60 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 494.59 530.60 Td (may ) Tj ET Q q 0 0 0 rg BT 514.81 530.60 Td (recommend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (nominees ) Tj ET Q q 0 0 0 rg BT 90.83 518.60 Td (to ) Tj ET Q q 0 0 0 rg BT 101.10 518.60 Td (the ) Tj ET Q q 0 0 0 rg BT 115.82 518.60 Td (Board ) Tj ET Q q 0 0 0 rg BT 142.76 518.60 Td (of ) Tj ET Q q 0 0 0 rg BT 153.59 518.60 Td (Directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 474.83 Td (Item11.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.00 474.83 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 455.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 135.99 455.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 176.54 455.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 217.07 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.74 455.10 Td (director ) Tj ET Q q 0 0 0 rg BT 267.06 455.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 324.83 455.10 Td (is ) Tj ET Q q 0 0 0 rg BT 333.73 455.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 386.49 455.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 413.70 455.10 Td (by ) Tj ET Q q 0 0 0 rg BT 425.93 455.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 465.34 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.35 455.10 Td (information ) Tj ET Q q 0 0 0 rg BT 524.79 455.10 Td (under ) Tj ET Q q 0 0 0 rg BT 549.79 455.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (headings ) Tj ET Q q 0 0 0 rg BT 87.38 443.10 Td ("Item ) Tj ET Q q 0 0 0 rg BT 111.61 443.10 Td (1-Election ) Tj ET Q q 0 0 0 rg BT 155.09 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.25 443.10 Td (Directors-Executive ) Tj ET Q q 0 0 0 rg BT 247.60 443.10 Td (Compensation," ) Tj ET Q q 0 0 0 rg BT 313.78 443.10 Td ("Item ) Tj ET Q q 0 0 0 rg BT 338.02 443.10 Td (1-Election ) Tj ET Q q 0 0 0 rg BT 381.49 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.65 443.10 Td (Directors-Compensation ) Tj ET Q q 0 0 0 rg BT 491.79 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.95 443.10 Td (Directors," ) Tj ET Q q 0 0 0 rg BT 547.57 443.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td ("Item ) Tj ET Q q 0 0 0 rg BT 75.66 431.10 Td (1-Election ) Tj ET Q q 0 0 0 rg BT 120.56 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.14 431.10 Td (Directors-Executive ) Tj ET Q q 0 0 0 rg BT 215.90 431.10 Td (Compensation-Compensation ) Tj ET Q q 0 0 0 rg BT 338.03 431.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 385.72 431.10 Td (Report" ) Tj ET Q q 0 0 0 rg BT 420.27 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.85 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.31 431.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 470.56 431.10 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 497.70 431.10 Td (Statement. ) Tj ET Q q 0 0 0 rg BT 543.44 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 431.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (material ) Tj ET Q q 0 0 0 rg BT 84.10 419.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 135.97 419.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 162.30 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 173.64 419.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 212.16 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.28 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.84 419.10 Td (information ) Tj ET Q q 0 0 0 rg BT 283.39 419.10 Td (set ) Tj ET Q q 0 0 0 rg BT 295.84 419.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 316.62 419.10 Td (under ) Tj ET Q q 0 0 0 rg BT 340.73 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.28 419.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 387.28 419.10 Td ("Item ) Tj ET Q q 0 0 0 rg BT 411.03 419.10 Td (1-Election ) Tj ET Q q 0 0 0 rg BT 454.02 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.69 419.10 Td (Directors-Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 97.12 407.10 Td (Report" ) Tj ET Q q 0 0 0 rg BT 131.10 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.11 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.00 407.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 179.68 407.10 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 206.25 407.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 248.92 407.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 270.49 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 282.61 407.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 316.38 407.10 Td (furnished, ) Tj ET Q q 0 0 0 rg BT 359.33 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.45 407.10 Td (not ) Tj ET Q q 0 0 0 rg BT 391.91 407.10 Td (filed, ) Tj ET Q q 0 0 0 rg BT 415.41 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.87 407.10 Td (this ) Tj ET Q q 0 0 0 rg BT 442.41 407.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 474.52 407.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 504.42 407.10 Td (on ) Tj ET Q q 0 0 0 rg BT 517.10 407.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 541.45 407.10 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.97 395.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 88.40 395.10 Td (not ) Tj ET Q q 0 0 0 rg BT 103.71 395.10 Td (be ) Tj ET Q q 0 0 0 rg BT 115.68 395.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 149.31 395.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 202.38 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 214.92 395.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 254.64 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.95 395.10 Td (any ) Tj ET Q q 0 0 0 rg BT 281.92 395.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 306.12 395.10 Td (under ) Tj ET Q q 0 0 0 rg BT 331.43 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.18 395.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 387.59 395.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 404.56 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.43 395.10 Td (1933 ) Tj ET Q q 0 0 0 rg BT 437.97 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.83 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.58 395.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 504.98 395.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 521.96 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 532.82 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.80 395.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 383.10 Td (this ) Tj ET Q q 0 0 0 rg BT 77.78 383.10 Td (furnishing ) Tj ET Q q 0 0 0 rg BT 121.39 383.10 Td (except ) Tj ET Q q 0 0 0 rg BT 149.98 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.26 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.98 383.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 201.91 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.40 383.10 Td (it ) Tj ET Q q 0 0 0 rg BT 227.46 383.10 Td (is ) Tj ET Q q 0 0 0 rg BT 236.63 383.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 285.22 383.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 338.25 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 350.75 383.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 390.43 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 402.93 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.65 383.10 Td (Company) Tj ET Q q 0 0 0 rg BT 455.89 383.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (Item12.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.99 347.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 347.10 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder) Tj ET Q q 0 0 0 rg BT 483.02 347.10 Td ( Matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 330.60 Td (Information ) Tj ET Q q 0 0 0 rg BT 137.31 330.60 Td (regarding ) Tj ET Q q 0 0 0 rg BT 179.18 330.60 Td (security ) Tj ET Q q 0 0 0 rg BT 214.39 330.60 Td (ownership ) Tj ET Q q 0 0 0 rg BT 259.60 330.60 Td (of ) Tj ET Q q 0 0 0 rg BT 271.48 330.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 311.13 330.60 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 354.10 330.60 Td (owners ) Tj ET Q q 0 0 0 rg BT 386.53 330.60 Td (and ) Tj ET Q q 0 0 0 rg BT 404.52 330.60 Td (management ) Tj ET Q q 0 0 0 rg BT 459.16 330.60 Td (is ) Tj ET Q q 0 0 0 rg BT 469.38 330.60 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 523.46 330.60 Td (herein ) Tj ET Q q 0 0 0 rg BT 552.00 330.60 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.60 Td (reference ) Tj ET Q q 0 0 0 rg BT 90.01 318.60 Td (to ) Tj ET Q q 0 0 0 rg BT 100.63 318.60 Td (the ) Tj ET Q q 0 0 0 rg BT 115.67 318.60 Td (material ) Tj ET Q q 0 0 0 rg BT 151.26 318.60 Td (under ) Tj ET Q q 0 0 0 rg BT 176.87 318.60 Td (the ) Tj ET Q q 0 0 0 rg BT 191.91 318.60 Td (heading ) Tj ET Q q 0 0 0 rg BT 226.40 318.60 Td ("Item ) Tj ET Q q 0 0 0 rg BT 251.64 318.60 Td (1. ) Tj ET Q q 0 0 0 rg BT 261.97 318.60 Td (Election ) Tj ET Q q 0 0 0 rg BT 298.13 318.60 Td (of ) Tj ET Q q 0 0 0 rg BT 309.29 318.60 Td (Directors-Amount ) Tj ET Q q 0 0 0 rg BT 385.43 318.60 Td (and ) Tj ET Q q 0 0 0 rg BT 402.71 318.60 Td (Nature ) Tj ET Q q 0 0 0 rg BT 432.74 318.60 Td (of ) Tj ET Q q 0 0 0 rg BT 443.91 318.60 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 487.83 318.60 Td (Ownership" ) Tj ET Q q 0 0 0 rg BT 538.62 318.60 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 318.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.50 306.60 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 98.89 306.60 Td (Statement.) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Equity Compensation Plan Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 724.25 Td (The ) Tj ET Q q 0 0 0 rg BT 104.25 724.25 Td (below ) Tj ET Q q 0 0 0 rg BT 131.38 724.25 Td (table ) Tj ET Q q 0 0 0 rg BT 153.52 724.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 185.64 724.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 238.05 724.25 Td (as ) Tj ET Q q 0 0 0 rg BT 249.08 724.25 Td (of ) Tj ET Q q 0 0 0 rg BT 260.11 724.25 Td (January ) Tj ET Q q 0 0 0 rg BT 293.91 724.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 309.11 724.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 334.31 724.25 Td (about ) Tj ET Q q 0 0 0 rg BT 359.22 724.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 399.68 724.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 444.59 724.25 Td (for ) Tj ET Q q 0 0 0 rg BT 458.95 724.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 495.52 724.25 Td (under ) Tj ET Q q 0 0 0 rg BT 520.99 724.25 Td (our ) Tj ET Q q 0 0 0 rg BT 537.02 724.25 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.04 712.25 Td (plans.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 85.50 626.75 194.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 85.50 576.75 194.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 85.5 626.75 m 279.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 626.75 m 465.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 626.75 m 561.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 626.75 m 373.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 626.75 m 561.5 626.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.40 630.98 Td (Plan Category) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.80 670.98 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.00 662.98 Td (Number) Tj ET Q q 0 0 0 rg BT 316.30 662.98 Td ( of Securities to ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.25 654.98 Td (be Issued Upon ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.45 646.98 Td (Exer) Tj ET Q q 0 0 0 rg BT 303.74 646.98 Td (cise of Outstanding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.10 638.98 Td (Options, ) Tj ET Q q 0 0 0 rg BT 320.08 638.98 Td (W) Tj ET Q q 0 0 0 rg BT 327.64 638.98 Td (arrants and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.70 630.98 Td (Rights \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.60 670.98 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 662.98 Td (W) Tj ET Q q 0 0 0 rg BT 397.56 662.98 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 430.29 662.98 Td (verage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.90 654.98 Td (Exer) Tj ET Q q 0 0 0 rg BT 409.19 654.98 Td (cise Price of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.55 646.98 Td (Outstanding Options, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.45 638.98 Td (W) Tj ET Q q 0 0 0 rg BT 393.01 638.98 Td (arrants and Rights ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.80 630.98 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.05 686.98 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.35 678.98 Td (Number) Tj ET Q q 0 0 0 rg BT 507.65 678.98 Td ( of Securities ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.05 670.98 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 512.94 670.98 Td (A) Tj ET Q q 0 0 0 rg BT 518.13 670.98 Td (vailable for) Tj ET Q q 0 0 0 rg BT 556.87 670.98 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 662.98 Td (Futur) Tj ET Q q 0 0 0 rg BT 494.61 662.98 Td (e Issuances Under) Tj ET Q q 0 0 0 rg BT 556.24 662.98 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.25 654.98 Td (Equity Compensation ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.45 646.98 Td (Plans \(Excluding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 638.98 Td (Securities Reflected in ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.70 630.98 Td (Column \(a\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 616.87 Td (Equity Compensation Plans Approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 606.87 Td (Security Holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 611.87 Td (--) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 611.87 Td (--) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 611.87 Td (3,826,754 \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 591.87 Td (Equity Compensation Plans Not Approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 581.87 Td (Security Holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 586.87 Td (--) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 586.87 Td (--) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.15 586.87 Td (--) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 561.87 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 561.87 Td (--) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 561.87 Td (--) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 561.87 Td (3,826,754 \(2\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 528.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 99.56 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.33 528.25 Td (W) Tj ET Q q 0 0 0 rg BT 109.96 528.25 Td (e ) Tj ET Q q 0 0 0 rg BT 116.30 528.25 Td (have ) Tj ET Q q 0 0 0 rg BT 137.08 528.25 Td (not ) Tj ET Q q 0 0 0 rg BT 151.76 528.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 178.67 528.25 Td (any ) Tj ET Q q 0 0 0 rg BT 195.01 528.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 228.86 528.25 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 267.69 528.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.92 528.25 Td (other ) Tj ET Q q 0 0 0 rg BT 300.37 528.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 325.05 528.25 Td (under ) Tj ET Q q 0 0 0 rg BT 349.72 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.84 528.25 Td (Sears ) Tj ET Q q 0 0 0 rg BT 387.40 528.25 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 433.74 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.08 528.25 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 476.98 528.25 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 506.38 528.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 523.13 528.25 Td (Amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 516.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.94 516.25 Td (Restated ) Tj ET Q q 0 0 0 rg BT 139.87 516.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 162.37 516.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 187.65 516.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 207.93 516.25 Td (that ) Tj ET Q q 0 0 0 rg BT 225.42 516.25 Td (are ) Tj ET Q q 0 0 0 rg BT 240.13 516.25 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 287.60 516.25 Td (for ) Tj ET Q q 0 0 0 rg BT 301.76 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.48 516.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 354.52 516.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.35 516.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.84 516.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.67 516.25 Td (our ) Tj ET Q q 0 0 0 rg BT 419.50 516.25 Td (common ) Tj ET Q q 0 0 0 rg BT 456.99 516.25 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 492.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 100.80 492.25 Td ( ) Tj ET Q q 0 0 0 rg BT 103.24 492.25 Td (A) Tj ET Q q 0 0 0 rg BT 109.91 492.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.05 492.25 Td (total ) Tj ET Q q 0 0 0 rg BT 133.96 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.43 492.25 Td (4,000,000 ) Tj ET Q q 0 0 0 rg BT 188.56 492.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.69 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.16 492.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 252.40 492.25 Td (are ) Tj ET Q q 0 0 0 rg BT 267.75 492.25 Td (reserved ) Tj ET Q q 0 0 0 rg BT 304.75 492.25 Td (for ) Tj ET Q q 0 0 0 rg BT 319.55 492.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 356.56 492.25 Td (under ) Tj ET Q q 0 0 0 rg BT 382.47 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.82 492.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 444.85 492.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 486.86 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.44 492.25 Td (Restated ) Tj ET Q q 0 0 0 rg BT 542.01 492.25 Td (2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 480.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 111.14 480.25 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 133.78 480.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 176.70 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.39 480.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 226.95 480.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 252.92 480.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 276.39 480.25 Td (units ) Tj ET Q q 0 0 0 rg BT 298.20 480.25 Td (representing ) Tj ET Q q 0 0 0 rg BT 349.98 480.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 375.12 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 385.26 480.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 416.48 480.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.61 480.25 Td (or ) Tj ET Q q 0 0 0 rg BT 447.30 480.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 474.65 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.35 480.25 Td (our ) Tj ET Q q 0 0 0 rg BT 501.04 480.25 Td (common ) Tj ET Q q 0 0 0 rg BT 538.39 480.25 Td (stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 468.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 109.09 468.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 143.01 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.43 468.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 182.51 468.25 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 233.91 468.25 Td (rights. ) Tj ET Q q 0 0 0 rg BT 261.17 468.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.71 468.25 Td (As ) Tj ET Q q 0 0 0 rg BT 275.80 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.11 468.25 Td (January ) Tj ET Q q 0 0 0 rg BT 319.18 468.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 333.66 468.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 355.64 468.25 Td (a ) Tj ET Q q 0 0 0 rg BT 362.05 468.25 Td (total ) Tj ET Q q 0 0 0 rg BT 381.80 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.11 468.25 Td (173,246 ) Tj ET Q q 0 0 0 rg BT 426.59 468.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 449.67 468.25 Td (units ) Tj ET Q q 0 0 0 rg BT 471.10 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.52 468.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 514.48 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.79 468.25 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 456.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 109.61 456.25 Td (were ) Tj ET Q q 0 0 0 rg BT 131.54 456.25 Td (outstanding. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (Item13.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.99 408.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 408.25 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 235.27 408.25 Td (T) Tj ET Q q 0 0 0 rg BT 241.20 408.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 327.97 408.25 Td (ector) Tj ET Q q 0 0 0 rg BT 349.44 408.25 Td ( Independence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 391.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 137.15 391.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 178.85 391.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 209.43 391.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 263.92 391.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.74 391.75 Td (related ) Tj ET Q q 0 0 0 rg BT 312.33 391.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 363.48 391.75 Td (with ) Tj ET Q q 0 0 0 rg BT 384.64 391.75 Td (Sears ) Tj ET Q q 0 0 0 rg BT 409.68 391.75 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 452.24 391.75 Td (director ) Tj ET Q q 0 0 0 rg BT 486.71 391.75 Td (independence, ) Tj ET Q q 0 0 0 rg BT 547.57 391.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.75 Td (independence ) Tj ET Q q 0 0 0 rg BT 107.90 379.75 Td (of ) Tj ET Q q 0 0 0 rg BT 119.16 379.75 Td (members ) Tj ET Q q 0 0 0 rg BT 158.74 379.75 Td (of ) Tj ET Q q 0 0 0 rg BT 170.00 379.75 Td (the ) Tj ET Q q 0 0 0 rg BT 184.49 379.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 210.20 379.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 257.56 379.75 Td (of ) Tj ET Q q 0 0 0 rg BT 268.82 379.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.97 379.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 331.47 379.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 358.84 379.75 Td (of ) Tj ET Q q 0 0 0 rg BT 370.10 379.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 410.23 379.75 Td (is ) Tj ET Q q 0 0 0 rg BT 419.83 379.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 473.29 379.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 501.20 379.75 Td (by ) Tj ET Q q 0 0 0 rg BT 514.13 379.75 Td (reference ) Tj ET Q q 0 0 0 rg BT 554.24 379.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.75 Td (information ) Tj ET Q q 0 0 0 rg BT 98.54 367.75 Td (under ) Tj ET Q q 0 0 0 rg BT 122.63 367.75 Td (the ) Tj ET Q q 0 0 0 rg BT 136.17 367.75 Td (headings ) Tj ET Q q 0 0 0 rg BT 173.04 367.75 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 207.88 367.75 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 263.65 367.75 Td (and ) Tj ET Q q 0 0 0 rg BT 279.32 367.75 Td (T) Tj ET Q q 0 0 0 rg BT 285.08 367.75 Td (ransactions" ) Tj ET Q q 0 0 0 rg BT 335.47 367.75 Td (and ) Tj ET Q q 0 0 0 rg BT 351.23 367.75 Td ("Corporate ) Tj ET Q q 0 0 0 rg BT 396.62 367.75 Td (Governance" ) Tj ET Q q 0 0 0 rg BT 450.33 367.75 Td (in ) Tj ET Q q 0 0 0 rg BT 459.44 367.75 Td (the ) Tj ET Q q 0 0 0 rg BT 472.98 367.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 494.30 367.75 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 519.52 367.75 Td (Statement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.75 Td (Item14.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.99 331.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 331.75 Td (Principal ) Tj ET Q q 0 0 0 rg BT 127.39 331.75 Td (Accountant Fees and Services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 315.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 136.66 315.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 177.87 315.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 216.31 315.25 Td (accountant ) Tj ET Q q 0 0 0 rg BT 262.51 315.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 281.51 315.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.84 315.25 Td (services ) Tj ET Q q 0 0 0 rg BT 333.94 315.25 Td (is ) Tj ET Q q 0 0 0 rg BT 343.51 315.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 396.94 315.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 424.82 315.25 Td (by ) Tj ET Q q 0 0 0 rg BT 437.71 315.25 Td (reference ) Tj ET Q q 0 0 0 rg BT 477.79 315.25 Td (to ) Tj ET Q q 0 0 0 rg BT 488.47 315.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.58 315.25 Td (material ) Tj ET Q q 0 0 0 rg BT 539.23 315.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.78 303.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 98.99 303.25 Td ("Item ) Tj ET Q q 0 0 0 rg BT 123.96 303.25 Td (3-Ratification ) Tj ET Q q 0 0 0 rg BT 182.06 303.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.39 303.25 Td (Appointment ) Tj ET Q q 0 0 0 rg BT 247.72 303.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.61 303.25 Td (Independent ) Tj ET Q q 0 0 0 rg BT 310.60 303.25 Td (Registered ) Tj ET Q q 0 0 0 rg BT 355.92 303.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 383.47 303.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 432.69 303.25 Td (Firm ) Tj ET Q q 0 0 0 rg BT 454.70 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 467.26 303.25 Td (Independent ) Tj ET Q q 0 0 0 rg BT 519.25 303.25 Td (Registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 77.50 291.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 126.66 291.25 Td (Firm ) Tj ET Q q 0 0 0 rg BT 148.61 291.25 Td (Fees" ) Tj ET Q q 0 0 0 rg BT 173.52 291.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.35 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.07 291.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 221.57 291.25 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 247.96 291.25 Td (Statement. ) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 730.10 Td (Part IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.60 Td (Item15. Exhibits, Financial Statement Schedules. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.10 Td (Documents ) Tj ET Q q 0 0 0 rg BT 98.05 688.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 118.87 688.10 Td (as ) Tj ET Q q 0 0 0 rg BT 129.70 688.10 Td (part ) Tj ET Q q 0 0 0 rg BT 147.75 688.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.58 688.10 Td (this ) Tj ET Q q 0 0 0 rg BT 175.53 688.10 Td (report: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 664.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 664.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 102.71 664.10 Td (Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 640.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 125.71 640.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 172.09 640.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 192.92 640.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.20 640.10 Td (PartII, ) Tj ET Q q 0 0 0 rg BT 233.47 640.10 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 261.79 640.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.62 640.10 Td (this ) Tj ET Q q 0 0 0 rg BT 289.02 640.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.96 640.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 350.67 640.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.17 640.10 Td (Form10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 64.16 616.10 Td (Schedules ) Tj ET Q q 0 0 0 rg BT 107.21 616.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.49 616.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 157.20 616.10 Td (Statements: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 592.10 Td (All ) Tj ET Q q 0 0 0 rg BT 101.42 592.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 139.05 592.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 180.01 592.10 Td (schedules ) Tj ET Q q 0 0 0 rg BT 221.53 592.10 Td (have ) Tj ET Q q 0 0 0 rg BT 243.05 592.10 Td (been ) Tj ET Q q 0 0 0 rg BT 264.57 592.10 Td (omitted ) Tj ET Q q 0 0 0 rg BT 297.77 592.10 Td (because ) Tj ET Q q 0 0 0 rg BT 332.06 592.10 Td (they ) Tj ET Q q 0 0 0 rg BT 351.92 592.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.77 592.10 Td (either ) Tj ET Q q 0 0 0 rg BT 392.18 592.10 Td (inapplicable ) Tj ET Q q 0 0 0 rg BT 443.69 592.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.66 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.53 592.10 Td (information ) Tj ET Q q 0 0 0 rg BT 519.38 592.10 Td (required ) Tj ET Q q 0 0 0 rg BT 555.34 592.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 580.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 124.65 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.52 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.84 580.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 198.51 580.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 254.39 580.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 294.70 580.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 341.68 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.21 580.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 385.64 580.10 Td (thereto ) Tj ET Q q 0 0 0 rg BT 416.50 580.10 Td (or ) Tj ET Q q 0 0 0 rg BT 427.93 580.10 Td (included ) Tj ET Q q 0 0 0 rg BT 465.46 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.34 580.10 Td (PartII, ) Tj ET Q q 0 0 0 rg BT 507.21 580.10 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 536.13 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 547.56 580.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 568.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 117.94 568.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 147.66 568.10 Td (on ) Tj ET Q q 0 0 0 rg BT 160.16 568.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 184.33 568.10 Td (10-K. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 64.16 544.10 Td (List ) Tj ET Q q 0 0 0 rg BT 82.22 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.05 544.10 Td (Exhibits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.10 Td (Incorporated ) Tj ET Q q 0 0 0 rg BT 139.58 520.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 167.07 520.10 Td (by ) Tj ET Q q 0 0 0 rg BT 179.57 520.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 219.25 520.10 Td (is ) Tj ET Q q 0 0 0 rg BT 228.42 520.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.36 520.10 Td (list ) Tj ET Q q 0 0 0 rg BT 250.09 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.92 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.63 520.10 Td (Exhibits ) Tj ET Q q 0 0 0 rg BT 311.47 520.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 352.84 520.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.12 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.84 520.10 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 409.78 520.10 Td (Index. ) Tj ET Q endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 760.60 Td (SEARS HOMET) Tj ET Q q 0 0 0 rg BT 262.29 760.60 Td (OWN ) Tj ET Q q 0 0 0 rg BT 289.24 760.60 Td (AND OUTLET) Tj ET Q q 0 0 0 rg BT 354.90 760.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 369.45 760.60 Td (ORES, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item16. Form 10-K Summary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.75 Td (Not ) Tj ET Q q 0 0 0 rg BT 66.95 725.75 Td (Applicable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 653.75 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 653.75 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 636.75 Td (Pursuant to the requirements of Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 397.87 636.75 Td (Act of 1934, the registrant has duly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 613.95 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 579.18 Td (Sears Hometown and Outlet Stores, Inc.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 487.12 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 497.07 Td (Store ) Tj ET Q q 0 0 0 rg BT 133.35 497.07 Td (License ) Tj ET Q q 0 0 0 rg BT 166.86 497.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 213.75 497.07 Td (between ) Tj ET Q q 0 0 0 rg BT 249.81 497.07 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 276.71 497.07 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 315.00 497.07 Td (and ) Tj ET Q q 0 0 0 rg BT 332.18 497.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 349.10 497.07 Td (and ) Tj ET Q q 0 0 0 rg BT 366.28 497.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 390.35 497.07 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 437.80 497.07 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 484.99 497.07 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 515.23 497.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 536.86 497.07 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 487.07 Td (August ) Tj ET Q q 0 0 0 rg BT 140.78 487.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 150.67 487.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 173.06 487.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 229.31 487.07 Td (by ) Tj ET Q q 0 0 0 rg BT 241.70 487.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 281.28 487.07 Td (to ) Tj ET Q q 0 0 0 rg BT 291.45 487.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 323.28 487.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 343.17 487.07 Td (to ) Tj ET Q q 0 0 0 rg BT 353.34 487.07 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 402.52 487.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 443.23 487.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 472.84 487.07 Td (on ) Tj ET Q q 0 0 0 rg BT 485.23 487.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 509.29 487.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 532.23 487.07 Td (for ) Tj ET Q q 0 0 0 rg BT 546.28 487.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 477.07 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 148.09 477.07 Td (period ) Tj ET Q q 0 0 0 rg BT 176.14 477.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 202.52 477.07 Td (July ) Tj ET Q q 0 0 0 rg BT 221.69 477.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 236.69 477.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 259.19 477.07 Td (\(File ) Tj ET Q q 0 0 0 rg BT 280.57 477.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 297.80 477.07 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 452.62 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 462.62 Td (Store ) Tj ET Q q 0 0 0 rg BT 133.43 462.62 Td (License ) Tj ET Q q 0 0 0 rg BT 167.00 462.62 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 213.98 462.62 Td (between ) Tj ET Q q 0 0 0 rg BT 250.12 462.62 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 277.10 462.62 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 315.47 462.62 Td (and ) Tj ET Q q 0 0 0 rg BT 332.74 462.62 Td (Co. ) Tj ET Q q 0 0 0 rg BT 349.73 462.62 Td (and ) Tj ET Q q 0 0 0 rg BT 366.99 462.62 Td (Sears ) Tj ET Q q 0 0 0 rg BT 391.48 462.62 Td (Home ) Tj ET Q q 0 0 0 rg BT 418.39 462.62 Td (Appliance ) Tj ET Q q 0 0 0 rg BT 462.04 462.62 Td (Showrooms, ) Tj ET Q q 0 0 0 rg BT 515.15 462.62 Td (LLC ) Tj ET Q q 0 0 0 rg BT 536.86 462.62 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 452.62 Td (August ) Tj ET Q q 0 0 0 rg BT 140.78 452.62 Td (8, ) Tj ET Q q 0 0 0 rg BT 150.67 452.62 Td (2012 ) Tj ET Q q 0 0 0 rg BT 173.06 452.62 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 229.31 452.62 Td (by ) Tj ET Q q 0 0 0 rg BT 241.70 452.62 Td (reference ) Tj ET Q q 0 0 0 rg BT 281.28 452.62 Td (to ) Tj ET Q q 0 0 0 rg BT 291.45 452.62 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 323.28 452.62 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 343.17 452.62 Td (to ) Tj ET Q q 0 0 0 rg BT 353.34 452.62 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 402.52 452.62 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 443.23 452.62 Td (Report ) Tj ET Q q 0 0 0 rg BT 472.84 452.62 Td (on ) Tj ET Q q 0 0 0 rg BT 485.23 452.62 Td (Form ) Tj ET Q q 0 0 0 rg BT 509.29 452.62 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 532.23 452.62 Td (for ) Tj ET Q q 0 0 0 rg BT 546.28 452.62 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 442.62 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 148.09 442.62 Td (period ) Tj ET Q q 0 0 0 rg BT 176.14 442.62 Td (ended ) Tj ET Q q 0 0 0 rg BT 202.52 442.62 Td (July ) Tj ET Q q 0 0 0 rg BT 221.69 442.62 Td (28, ) Tj ET Q q 0 0 0 rg BT 236.69 442.62 Td (2012 ) Tj ET Q q 0 0 0 rg BT 259.19 442.62 Td (\(File ) Tj ET Q q 0 0 0 rg BT 280.57 442.62 Td (No. ) Tj ET Q q 0 0 0 rg BT 297.80 442.62 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 418.12 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 428.07 Td (Store ) Tj ET Q q 0 0 0 rg BT 133.03 428.07 Td (License ) Tj ET Q q 0 0 0 rg BT 166.29 428.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 212.86 428.07 Td (between ) Tj ET Q q 0 0 0 rg BT 248.60 428.07 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 275.19 428.07 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 313.16 428.07 Td (and ) Tj ET Q q 0 0 0 rg BT 330.02 428.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 346.62 428.07 Td (and ) Tj ET Q q 0 0 0 rg BT 363.48 428.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 387.56 428.07 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 414.98 428.07 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 444.91 428.07 Td (L.L.C. ) Tj ET Q q 0 0 0 rg BT 473.72 428.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 497.54 428.07 Td (August ) Tj ET Q q 0 0 0 rg BT 528.58 428.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 538.50 428.07 Td (2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 418.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 165.57 418.07 Td (by ) Tj ET Q q 0 0 0 rg BT 177.79 418.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 217.18 418.07 Td (to ) Tj ET Q q 0 0 0 rg BT 227.17 418.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 258.83 418.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 278.54 418.07 Td (to ) Tj ET Q q 0 0 0 rg BT 288.53 418.07 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 337.54 418.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 378.06 418.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 407.49 418.07 Td (on ) Tj ET Q q 0 0 0 rg BT 419.71 418.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 443.59 418.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 466.35 418.07 Td (for ) Tj ET Q q 0 0 0 rg BT 480.22 418.07 Td (the ) Tj ET Q q 0 0 0 rg BT 494.65 418.07 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 532.96 418.07 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 408.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 135.88 408.07 Td (July ) Tj ET Q q 0 0 0 rg BT 155.05 408.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 170.05 408.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 192.55 408.07 Td (\(File ) Tj ET Q q 0 0 0 rg BT 213.93 408.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 231.16 408.07 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 384.12 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 394.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 161.06 394.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 177.91 394.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 185.04 394.07 Td (to ) Tj ET Q q 0 0 0 rg BT 194.95 394.07 Td (Store ) Tj ET Q q 0 0 0 rg BT 218.18 394.07 Td (License ) Tj ET Q q 0 0 0 rg BT 251.21 394.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 297.49 394.07 Td (\(Outlet\) ) Tj ET Q q 0 0 0 rg BT 331.27 394.07 Td (between ) Tj ET Q q 0 0 0 rg BT 366.71 394.07 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 393.00 394.07 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 430.67 394.07 Td (and ) Tj ET Q q 0 0 0 rg BT 447.24 394.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 463.54 394.07 Td (and ) Tj ET Q q 0 0 0 rg BT 480.11 394.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 503.89 394.07 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 531.02 394.07 Td (Stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 384.07 Td (L.L.C. ) Tj ET Q q 0 0 0 rg BT 138.02 384.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 161.81 384.07 Td (December ) Tj ET Q q 0 0 0 rg BT 205.03 384.07 Td (9, ) Tj ET Q q 0 0 0 rg BT 214.67 384.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 236.81 384.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 292.81 384.07 Td (by ) Tj ET Q q 0 0 0 rg BT 304.94 384.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 344.26 384.07 Td (to ) Tj ET Q q 0 0 0 rg BT 354.18 384.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 385.75 384.07 Td (10.6 ) Tj ET Q q 0 0 0 rg BT 405.39 384.07 Td (to ) Tj ET Q q 0 0 0 rg BT 415.31 384.07 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 464.04 384.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 495.34 384.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 524.69 384.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.83 384.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 374.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 132.55 374.07 Td (for ) Tj ET Q q 0 0 0 rg BT 146.71 374.07 Td (the ) Tj ET Q q 0 0 0 rg BT 161.43 374.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 185.58 374.07 Td (year ) Tj ET Q q 0 0 0 rg BT 205.29 374.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 231.67 374.07 Td (February ) Tj ET Q q 0 0 0 rg BT 270.27 374.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 280.27 374.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 302.77 374.07 Td (\(File ) Tj ET Q q 0 0 0 rg BT 324.15 374.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 341.38 374.07 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 350.12 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 360.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 161.06 360.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 177.91 360.07 Td (2 ) Tj ET Q q 0 0 0 rg BT 185.04 360.07 Td (to ) Tj ET Q q 0 0 0 rg BT 194.95 360.07 Td (Store ) Tj ET Q q 0 0 0 rg BT 218.18 360.07 Td (License ) Tj ET Q q 0 0 0 rg BT 251.21 360.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 297.49 360.07 Td (\(Outlet\) ) Tj ET Q q 0 0 0 rg BT 331.27 360.07 Td (between ) Tj ET Q q 0 0 0 rg BT 366.71 360.07 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 393.00 360.07 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 430.67 360.07 Td (and ) Tj ET Q q 0 0 0 rg BT 447.24 360.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 463.54 360.07 Td (and ) Tj ET Q q 0 0 0 rg BT 480.11 360.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 503.89 360.07 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 531.02 360.07 Td (Stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 350.07 Td (L.L.C. ) Tj ET Q q 0 0 0 rg BT 138.38 350.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 162.53 350.07 Td (May ) Tj ET Q q 0 0 0 rg BT 183.35 350.07 Td (1) Tj ET Q q 0 0 0 rg BT 188.17 350.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 197.98 350.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 220.47 350.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 276.83 350.07 Td (by ) Tj ET Q q 0 0 0 rg BT 289.32 350.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 329.00 350.07 Td (to ) Tj ET Q q 0 0 0 rg BT 339.27 350.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 371.21 350.07 Td (10.6 ) Tj ET Q q 0 0 0 rg BT 391.20 350.07 Td (to ) Tj ET Q q 0 0 0 rg BT 401.48 350.07 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 450.77 350.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 483.81 350.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 513.52 350.07 Td (on ) Tj ET Q q 0 0 0 rg BT 526.01 350.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 550.18 350.07 Td (8-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 340.07 Td (K ) Tj ET Q q 0 0 0 rg BT 119.22 340.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 140.05 340.07 Td (May ) Tj ET Q q 0 0 0 rg BT 160.88 340.07 Td (17, ) Tj ET Q q 0 0 0 rg BT 175.88 340.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 198.38 340.07 Td (\(File ) Tj ET Q q 0 0 0 rg BT 219.76 340.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 236.99 340.07 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 316.12 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 326.07 Td (T) Tj ET Q q 0 0 0 rg BT 115.43 326.07 Td (rademark ) Tj ET Q q 0 0 0 rg BT 154.55 326.07 Td (License ) Tj ET Q q 0 0 0 rg BT 187.12 326.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 232.81 326.07 Td (between ) Tj ET Q q 0 0 0 rg BT 267.67 326.07 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 293.37 326.07 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 330.45 326.07 Td (and ) Tj ET Q q 0 0 0 rg BT 346.43 326.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 362.14 326.07 Td (and ) Tj ET Q q 0 0 0 rg BT 378.12 326.07 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 420.77 326.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 443.90 326.07 Td (August ) Tj ET Q q 0 0 0 rg BT 474.05 326.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 483.10 326.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 504.64 326.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 316.07 Td (by ) Tj ET Q q 0 0 0 rg BT 122.37 316.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 162.41 316.07 Td (to ) Tj ET Q q 0 0 0 rg BT 173.06 316.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 205.37 316.07 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 225.73 316.07 Td (to ) Tj ET Q q 0 0 0 rg BT 236.37 316.07 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 286.04 316.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 327.22 316.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 357.30 316.07 Td (on ) Tj ET Q q 0 0 0 rg BT 370.16 316.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 394.70 316.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 418.12 316.07 Td (for ) Tj ET Q q 0 0 0 rg BT 432.64 316.07 Td (the ) Tj ET Q q 0 0 0 rg BT 447.72 316.07 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 486.68 316.07 Td (period ) Tj ET Q q 0 0 0 rg BT 515.09 316.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 541.84 316.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 306.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 124.50 306.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 147.00 306.07 Td (\(File ) Tj ET Q q 0 0 0 rg BT 168.39 306.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 185.61 306.07 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.40 275.12 Td (10.9\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 288.17 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 162.10 288.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 179.98 288.17 Td (4 ) Tj ET Q q 0 0 0 rg BT 188.14 288.17 Td (to ) Tj ET Q q 0 0 0 rg BT 199.08 288.17 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 261.81 288.17 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 309.11 288.17 Td (between ) Tj ET Q q 0 0 0 rg BT 345.59 288.17 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 360.41 288.17 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 387.74 288.17 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 426.44 288.17 Td (and ) Tj ET Q q 0 0 0 rg BT 444.04 288.17 Td (Co., ) Tj ET Q q 0 0 0 rg BT 463.88 288.17 Td (Kmart ) Tj ET Q q 0 0 0 rg BT 492.58 288.17 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 544.07 288.17 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 278.17 Td (Sears ) Tj ET Q q 0 0 0 rg BT 133.09 278.17 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 171.69 278.17 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 221.94 278.17 Td (and ) Tj ET Q q 0 0 0 rg BT 238.31 278.17 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 251.90 278.17 Td (Registrant, ) Tj ET Q q 0 0 0 rg BT 297.43 278.17 Td (Sears ) Tj ET Q q 0 0 0 rg BT 320.87 278.17 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 367.51 278.17 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 413.87 278.17 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 443.30 278.17 Td (LLC ) Tj ET Q q 0 0 0 rg BT 464.12 278.17 Td (and ) Tj ET Q q 0 0 0 rg BT 480.49 278.17 Td (Sears ) Tj ET Q q 0 0 0 rg BT 504.07 278.17 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 531.00 278.17 Td (Stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 268.17 Td (L.L.C. ) Tj ET Q q 0 0 0 rg BT 138.38 268.17 Td (dated ) Tj ET Q q 0 0 0 rg BT 162.53 268.17 Td (May ) Tj ET Q q 0 0 0 rg BT 183.35 268.17 Td (1) Tj ET Q q 0 0 0 rg BT 188.17 268.17 Td (1, ) Tj ET Q q 0 0 0 rg BT 197.98 268.17 Td (2016 ) Tj ET Q q 0 0 0 rg BT 220.47 268.17 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 276.83 268.17 Td (by ) Tj ET Q q 0 0 0 rg BT 289.32 268.17 Td (reference ) Tj ET Q q 0 0 0 rg BT 329.00 268.17 Td (to ) Tj ET Q q 0 0 0 rg BT 339.27 268.17 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 371.21 268.17 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 391.20 268.17 Td (to ) Tj ET Q q 0 0 0 rg BT 401.48 268.17 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 450.77 268.17 Td (Current ) Tj ET Q q 0 0 0 rg BT 483.81 268.17 Td (Report ) Tj ET Q q 0 0 0 rg BT 513.52 268.17 Td (on ) Tj ET Q q 0 0 0 rg BT 526.01 268.17 Td (Form ) Tj ET Q q 0 0 0 rg BT 550.18 268.17 Td (8-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 258.17 Td (K ) Tj ET Q q 0 0 0 rg BT 119.22 258.17 Td (filed ) Tj ET Q q 0 0 0 rg BT 140.05 258.17 Td (May ) Tj ET Q q 0 0 0 rg BT 160.88 258.17 Td (17, ) Tj ET Q q 0 0 0 rg BT 175.88 258.17 Td (2016 ) Tj ET Q q 0 0 0 rg BT 198.38 258.17 Td (\(File ) Tj ET Q q 0 0 0 rg BT 219.76 258.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 236.99 258.17 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.05 233.12 Td (10.10\(1\)\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 243.12 Td (Amended ) Tj ET Q q 0 0 0 rg BT 150.94 243.12 Td (and ) Tj ET Q q 0 0 0 rg BT 167.94 243.12 Td (Restated ) Tj ET Q q 0 0 0 rg BT 204.94 243.12 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 267.19 243.12 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 313.90 243.12 Td (between ) Tj ET Q q 0 0 0 rg BT 349.78 243.12 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 364.01 243.12 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 390.73 243.12 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 428.84 243.12 Td (and ) Tj ET Q q 0 0 0 rg BT 445.84 243.12 Td (Co., ) Tj ET Q q 0 0 0 rg BT 465.07 243.12 Td (Kmart ) Tj ET Q q 0 0 0 rg BT 493.18 243.12 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 544.07 243.12 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 233.12 Td (Sears ) Tj ET Q q 0 0 0 rg BT 132.91 233.12 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 171.33 233.12 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 221.40 233.12 Td (and ) Tj ET Q q 0 0 0 rg BT 237.59 233.12 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 250.99 233.12 Td (Registrant, ) Tj ET Q q 0 0 0 rg BT 296.35 233.12 Td (Sears ) Tj ET Q q 0 0 0 rg BT 319.64 233.12 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 366.10 233.12 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 412.29 233.12 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 441.54 233.12 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 464.67 233.12 Td (and ) Tj ET Q q 0 0 0 rg BT 480.86 233.12 Td (Sears ) Tj ET Q q 0 0 0 rg BT 504.27 233.12 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 531.01 233.12 Td (Stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 223.12 Td (L.L.C. ) Tj ET Q q 0 0 0 rg BT 138.39 223.12 Td (dated ) Tj ET Q q 0 0 0 rg BT 162.54 223.12 Td (May ) Tj ET Q q 0 0 0 rg BT 183.37 223.12 Td (1) Tj ET Q q 0 0 0 rg BT 188.19 223.12 Td (1, ) Tj ET Q q 0 0 0 rg BT 198.00 223.12 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.90 192.12 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 206.17 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 160.88 206.17 Td (to ) Tj ET Q q 0 0 0 rg BT 170.17 206.17 Td (Amended ) Tj ET Q q 0 0 0 rg BT 210.99 206.17 Td (and ) Tj ET Q q 0 0 0 rg BT 227.38 206.17 Td (Restated ) Tj ET Q q 0 0 0 rg BT 263.76 206.17 Td (Merchandising ) Tj ET Q q 0 0 0 rg BT 325.26 206.17 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 371.63 206.17 Td (between ) Tj ET Q q 0 0 0 rg BT 406.89 206.17 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 420.49 206.17 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 446.60 206.17 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 484.09 206.17 Td (and ) Tj ET Q q 0 0 0 rg BT 500.47 206.17 Td (Co. ) Tj ET Q q 0 0 0 rg BT 516.59 206.17 Td (and ) Tj ET Q q 0 0 0 rg BT 532.97 206.17 Td (Kmart ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 196.17 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 160.32 196.17 Td (and ) Tj ET Q q 0 0 0 rg BT 177.25 196.17 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 191.41 196.17 Td (Registrant, ) Tj ET Q q 0 0 0 rg BT 237.50 196.17 Td (Sears ) Tj ET Q q 0 0 0 rg BT 261.11 196.17 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 308.59 196.17 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 355.52 196.17 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 385.51 196.17 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 409.39 196.17 Td (and ) Tj ET Q q 0 0 0 rg BT 426.33 196.17 Td (Sears ) Tj ET Q q 0 0 0 rg BT 450.48 196.17 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 477.97 196.17 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 507.96 196.17 Td (L.L.C. ) Tj ET Q q 0 0 0 rg BT 536.85 196.17 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 186.17 Td (March ) Tj ET Q q 0 0 0 rg BT 137.70 186.17 Td (8, ) Tj ET Q q 0 0 0 rg BT 147.29 186.17 Td (2017 ) Tj ET Q q 0 0 0 rg BT 169.39 186.17 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 225.35 186.17 Td (by ) Tj ET Q q 0 0 0 rg BT 237.45 186.17 Td (reference ) Tj ET Q q 0 0 0 rg BT 276.73 186.17 Td (to ) Tj ET Q q 0 0 0 rg BT 286.60 186.17 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 318.14 186.17 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 337.74 186.17 Td (to ) Tj ET Q q 0 0 0 rg BT 347.62 186.17 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 396.51 186.17 Td (Current ) Tj ET Q q 0 0 0 rg BT 429.15 186.17 Td (Report ) Tj ET Q q 0 0 0 rg BT 458.47 186.17 Td (on ) Tj ET Q q 0 0 0 rg BT 470.56 186.17 Td (Form ) Tj ET Q q 0 0 0 rg BT 494.33 186.17 Td (8-K ) Tj ET Q q 0 0 0 rg BT 511.98 186.17 Td (filed ) Tj ET Q q 0 0 0 rg BT 532.40 186.17 Td (March ) Tj ET Q q 0 0 0 rg BT 561.00 186.17 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 176.17 Td (9, ) Tj ET Q q 0 0 0 rg BT 119.50 176.17 Td (2017 ) Tj ET Q q 0 0 0 rg BT 142.00 176.17 Td (\(File ) Tj ET Q q 0 0 0 rg BT 163.39 176.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 180.61 176.17 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 152.12 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 162.07 Td (Services ) Tj ET Q q 0 0 0 rg BT 146.41 162.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 194.72 162.07 Td (between ) Tj ET Q q 0 0 0 rg BT 231.92 162.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 257.47 162.07 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 298.03 162.07 Td (Management ) Tj ET Q q 0 0 0 rg BT 354.12 162.07 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 406.33 162.07 Td (and ) Tj ET Q q 0 0 0 rg BT 424.66 162.07 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 469.65 162.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 494.33 162.07 Td (August ) Tj ET Q q 0 0 0 rg BT 527.11 162.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 538.50 162.07 Td (2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 152.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 165.57 152.07 Td (by ) Tj ET Q q 0 0 0 rg BT 177.79 152.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 217.18 152.07 Td (to ) Tj ET Q q 0 0 0 rg BT 227.17 152.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 258.83 152.07 Td (10.7 ) Tj ET Q q 0 0 0 rg BT 278.54 152.07 Td (to ) Tj ET Q q 0 0 0 rg BT 288.53 152.07 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 337.54 152.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 378.06 152.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 407.49 152.07 Td (on ) Tj ET Q q 0 0 0 rg BT 419.71 152.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 443.59 152.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 466.35 152.07 Td (for ) Tj ET Q q 0 0 0 rg BT 480.22 152.07 Td (the ) Tj ET Q q 0 0 0 rg BT 494.65 152.07 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 532.96 152.07 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 142.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 135.88 142.07 Td (July ) Tj ET Q q 0 0 0 rg BT 155.05 142.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 170.05 142.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 192.55 142.07 Td (\(File ) Tj ET Q q 0 0 0 rg BT 213.93 142.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 231.16 142.07 Td (001-35641\)\).) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 82.62 Td (10.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 92.17 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 160.84 92.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 177.47 92.17 Td (2 ) Tj ET Q q 0 0 0 rg BT 184.38 92.17 Td (to ) Tj ET Q q 0 0 0 rg BT 194.07 92.17 Td (Services ) Tj ET Q q 0 0 0 rg BT 229.44 92.17 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 275.77 92.17 Td (between ) Tj ET Q q 0 0 0 rg BT 310.99 92.17 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 354.01 92.17 Td (and ) Tj ET Q q 0 0 0 rg BT 370.35 92.17 Td (Sears ) Tj ET Q q 0 0 0 rg BT 393.92 92.17 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 432.50 92.17 Td (Management ) Tj ET Q q 0 0 0 rg BT 486.61 92.17 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 536.85 92.17 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 82.17 Td (April ) Tj ET Q q 0 0 0 rg BT 133.60 82.17 Td (23, ) Tj ET Q q 0 0 0 rg BT 149.10 82.17 Td (2014 ) Tj ET Q q 0 0 0 rg BT 172.10 82.17 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 228.95 82.17 Td (by ) Tj ET Q q 0 0 0 rg BT 241.95 82.17 Td (reference ) Tj ET Q q 0 0 0 rg BT 282.13 82.17 Td (to ) Tj ET Q q 0 0 0 rg BT 292.90 82.17 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 325.34 82.17 Td (10 ) Tj ET Q q 0 0 0 rg BT 338.34 82.17 Td (to ) Tj ET Q q 0 0 0 rg BT 349.11 82.17 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 398.90 82.17 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 440.21 82.17 Td (Report ) Tj ET Q q 0 0 0 rg BT 470.43 82.17 Td (on ) Tj ET Q q 0 0 0 rg BT 483.42 82.17 Td (Form ) Tj ET Q q 0 0 0 rg BT 508.09 82.17 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 531.63 82.17 Td (for ) Tj ET Q q 0 0 0 rg BT 546.29 82.17 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 72.17 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 148.09 72.17 Td (period ) Tj ET Q q 0 0 0 rg BT 176.14 72.17 Td (ended ) Tj ET Q q 0 0 0 rg BT 202.52 72.17 Td (May ) Tj ET Q q 0 0 0 rg BT 223.35 72.17 Td (3, ) Tj ET Q q 0 0 0 rg BT 233.35 72.17 Td (2014 ) Tj ET Q q 0 0 0 rg BT 255.85 72.17 Td (\(File ) Tj ET Q q 0 0 0 rg BT 277.23 72.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 294.46 72.17 Td (001-35641\)\).) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 437.12 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 452.07 Td (Statement ) Tj ET Q q 0 0 0 rg BT 152.76 452.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.21 452.07 Td (W) Tj ET Q q 0 0 0 rg BT 173.16 452.07 Td (ork ) Tj ET Q q 0 0 0 rg BT 189.35 452.07 Td (#1 ) Tj ET Q q 0 0 0 rg BT 202.62 452.07 Td (to ) Tj ET Q q 0 0 0 rg BT 213.66 452.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 257.33 452.07 Td (T) Tj ET Q q 0 0 0 rg BT 263.17 452.07 Td (ransition ) Tj ET Q q 0 0 0 rg BT 301.25 452.07 Td (and ) Tj ET Q q 0 0 0 rg BT 318.51 452.07 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 381.50 452.07 Td (Services ) Tj ET Q q 0 0 0 rg BT 418.19 452.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 465.61 452.07 Td (between ) Tj ET Q q 0 0 0 rg BT 502.19 452.07 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 514.90 452.07 Td (Registrant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 442.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 133.52 442.07 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 180.91 442.07 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 228.02 442.07 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 258.20 442.07 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 282.26 442.07 Td (and ) Tj ET Q q 0 0 0 rg BT 299.37 442.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 323.71 442.07 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 351.38 442.07 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 381.56 442.07 Td (L.L.C. ) Tj ET Q q 0 0 0 rg BT 410.62 442.07 Td (and ) Tj ET Q q 0 0 0 rg BT 427.73 442.07 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 442.63 442.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 466.96 442.07 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 506.31 442.07 Td (Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 432.07 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 160.29 432.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 184.42 432.07 Td (December ) Tj ET Q q 0 0 0 rg BT 227.97 432.07 Td (9, ) Tj ET Q q 0 0 0 rg BT 237.94 432.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 260.41 432.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 316.75 432.07 Td (by ) Tj ET Q q 0 0 0 rg BT 329.21 432.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 368.87 432.07 Td (to ) Tj ET Q q 0 0 0 rg BT 379.12 432.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 411.03 432.07 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 431.00 432.07 Td (to ) Tj ET Q q 0 0 0 rg BT 441.25 432.07 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 490.51 432.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 531.30 432.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 422.07 Td (on ) Tj ET Q q 0 0 0 rg BT 122.00 422.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 146.17 422.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 169.22 422.07 Td (for ) Tj ET Q q 0 0 0 rg BT 183.38 422.07 Td (the ) Tj ET Q q 0 0 0 rg BT 198.10 422.07 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 236.69 422.07 Td (period ) Tj ET Q q 0 0 0 rg BT 264.74 422.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 291.12 422.07 Td (November ) Tj ET Q q 0 0 0 rg BT 335.82 422.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 345.82 422.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 368.32 422.07 Td (\(File ) Tj ET Q q 0 0 0 rg BT 389.71 422.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 406.93 422.07 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 389.12 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 400.17 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 161.38 400.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 178.56 400.17 Td (1 ) Tj ET Q q 0 0 0 rg BT 186.01 400.17 Td (to ) Tj ET Q q 0 0 0 rg BT 196.23 400.17 Td (Employee ) Tj ET Q q 0 0 0 rg BT 239.14 400.17 Td (T) Tj ET Q q 0 0 0 rg BT 244.98 400.17 Td (ransition ) Tj ET Q q 0 0 0 rg BT 282.25 400.17 Td (and ) Tj ET Q q 0 0 0 rg BT 298.88 400.17 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 361.04 400.17 Td (Services ) Tj ET Q q 0 0 0 rg BT 397.10 400.17 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 443.70 400.17 Td (between ) Tj ET Q q 0 0 0 rg BT 479.47 400.17 Td (Sears, ) Tj ET Q q 0 0 0 rg BT 506.08 400.17 Td (Roebuck ) Tj ET Q q 0 0 0 rg BT 544.07 400.17 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 390.17 Td (Co., ) Tj ET Q q 0 0 0 rg BT 129.16 390.17 Td (Registrant, ) Tj ET Q q 0 0 0 rg BT 175.75 390.17 Td (Sears ) Tj ET Q q 0 0 0 rg BT 200.01 390.17 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 247.71 390.17 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 295.14 390.17 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 325.63 390.17 Td (LLC ) Tj ET Q q 0 0 0 rg BT 347.50 390.17 Td (and ) Tj ET Q q 0 0 0 rg BT 364.93 390.17 Td (Sears ) Tj ET Q q 0 0 0 rg BT 389.58 390.17 Td (Outlet ) Tj ET Q q 0 0 0 rg BT 417.56 390.17 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 448.05 390.17 Td (L.L.C. ) Tj ET Q q 0 0 0 rg BT 477.42 390.17 Td (dated ) Tj ET Q q 0 0 0 rg BT 502.07 390.17 Td (May ) Tj ET Q q 0 0 0 rg BT 523.39 390.17 Td (1) Tj ET Q q 0 0 0 rg BT 528.20 390.17 Td (1, ) Tj ET Q q 0 0 0 rg BT 538.50 390.17 Td (2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 380.17 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 166.05 380.17 Td (by ) Tj ET Q q 0 0 0 rg BT 178.73 380.17 Td (reference ) Tj ET Q q 0 0 0 rg BT 218.60 380.17 Td (to ) Tj ET Q q 0 0 0 rg BT 229.06 380.17 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 261.19 380.17 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 281.37 380.17 Td (to ) Tj ET Q q 0 0 0 rg BT 291.84 380.17 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 341.32 380.17 Td (Current ) Tj ET Q q 0 0 0 rg BT 374.55 380.17 Td (Report ) Tj ET Q q 0 0 0 rg BT 404.45 380.17 Td (on ) Tj ET Q q 0 0 0 rg BT 417.14 380.17 Td (Form ) Tj ET Q q 0 0 0 rg BT 441.49 380.17 Td (8-K ) Tj ET Q q 0 0 0 rg BT 459.73 380.17 Td (filed ) Tj ET Q q 0 0 0 rg BT 480.74 380.17 Td (May ) Tj ET Q q 0 0 0 rg BT 501.75 380.17 Td (17, ) Tj ET Q q 0 0 0 rg BT 516.94 380.17 Td (2016 ) Tj ET Q q 0 0 0 rg BT 539.62 380.17 Td (\(File ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 370.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 126.72 370.17 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 344.62 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 354.62 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 169.10 354.62 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 219.45 354.62 Td (between ) Tj ET Q q 0 0 0 rg BT 258.69 354.62 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 305.71 354.62 Td (and ) Tj ET Q q 0 0 0 rg BT 326.07 354.62 Td (Sears ) Tj ET Q q 0 0 0 rg BT 353.66 354.62 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 396.25 354.62 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 450.49 354.62 Td (dated ) Tj ET Q q 0 0 0 rg BT 478.07 354.62 Td (December ) Tj ET Q q 0 0 0 rg BT 525.08 354.62 Td (9, ) Tj ET Q q 0 0 0 rg BT 538.50 354.62 Td (2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 344.62 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 165.57 344.62 Td (by ) Tj ET Q q 0 0 0 rg BT 177.79 344.62 Td (reference ) Tj ET Q q 0 0 0 rg BT 217.18 344.62 Td (to ) Tj ET Q q 0 0 0 rg BT 227.17 344.62 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 258.83 344.62 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 278.54 344.62 Td (to ) Tj ET Q q 0 0 0 rg BT 288.53 344.62 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 337.54 344.62 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 378.06 344.62 Td (Report ) Tj ET Q q 0 0 0 rg BT 407.49 344.62 Td (on ) Tj ET Q q 0 0 0 rg BT 419.71 344.62 Td (Form ) Tj ET Q q 0 0 0 rg BT 443.59 344.62 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 466.35 344.62 Td (for ) Tj ET Q q 0 0 0 rg BT 480.22 344.62 Td (the ) Tj ET Q q 0 0 0 rg BT 494.65 344.62 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 532.96 344.62 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 334.62 Td (ended ) Tj ET Q q 0 0 0 rg BT 135.88 334.62 Td (November ) Tj ET Q q 0 0 0 rg BT 180.58 334.62 Td (2, ) Tj ET Q q 0 0 0 rg BT 190.58 334.62 Td (2013 ) Tj ET Q q 0 0 0 rg BT 213.08 334.62 Td (\(File ) Tj ET Q q 0 0 0 rg BT 234.47 334.62 Td (No. ) Tj ET Q q 0 0 0 rg BT 251.69 334.62 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 307.62 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 319.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 161.84 319.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 179.47 319.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 187.38 319.07 Td (to ) Tj ET Q q 0 0 0 rg BT 198.06 319.07 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 255.32 319.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 302.65 319.07 Td (between ) Tj ET Q q 0 0 0 rg BT 338.88 319.07 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 382.89 319.07 Td (and ) Tj ET Q q 0 0 0 rg BT 400.23 319.07 Td (Sears ) Tj ET Q q 0 0 0 rg BT 424.80 319.07 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 464.38 319.07 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 515.61 319.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 540.17 319.07 Td (May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 309.07 Td (1) Tj ET Q q 0 0 0 rg BT 114.13 309.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 124.71 309.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 147.79 309.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 204.74 309.07 Td (by ) Tj ET Q q 0 0 0 rg BT 217.82 309.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.09 309.07 Td (to ) Tj ET Q q 0 0 0 rg BT 268.95 309.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 301.47 309.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 322.06 309.07 Td (to ) Tj ET Q q 0 0 0 rg BT 332.92 309.07 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 382.80 309.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 416.43 309.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 446.72 309.07 Td (on ) Tj ET Q q 0 0 0 rg BT 459.81 309.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 484.56 309.07 Td (8-K ) Tj ET Q q 0 0 0 rg BT 503.19 309.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 524.60 309.07 Td (May ) Tj ET Q q 0 0 0 rg BT 546.01 309.07 Td (17, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 299.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 132.00 299.07 Td (\(File ) Tj ET Q q 0 0 0 rg BT 153.39 299.07 Td (No. ) Tj ET Q q 0 0 0 rg BT 170.61 299.07 Td (001-35641\)\).) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.30 748.60 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 309.91 748.60 Td ( INDEX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.90 694.12 Td (10.34\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 704.12 Td (Amended ) Tj ET Q q 0 0 0 rg BT 151.00 704.12 Td (and ) Tj ET Q q 0 0 0 rg BT 168.06 704.12 Td (Restated ) Tj ET Q q 0 0 0 rg BT 205.12 704.12 Td (Executive ) Tj ET Q q 0 0 0 rg BT 247.72 704.12 Td (Severance ) Tj ET Q q 0 0 0 rg BT 291.12 704.12 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 337.89 704.12 Td (dated ) Tj ET Q q 0 0 0 rg BT 362.17 704.12 Td (July ) Tj ET Q q 0 0 0 rg BT 381.46 704.12 Td (1, ) Tj ET Q q 0 0 0 rg BT 391.58 704.12 Td (2015 ) Tj ET Q q 0 0 0 rg BT 414.20 704.12 Td (between ) Tj ET Q q 0 0 0 rg BT 450.14 704.12 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 493.87 704.12 Td (and ) Tj ET Q q 0 0 0 rg BT 510.83 704.12 Td (W) Tj ET Q q 0 0 0 rg BT 519.98 704.12 Td (ill ) Tj ET Q q 0 0 0 rg BT 530.73 704.12 Td (Powell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 694.12 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 165.45 694.12 Td (by ) Tj ET Q q 0 0 0 rg BT 177.54 694.12 Td (reference ) Tj ET Q q 0 0 0 rg BT 216.81 694.12 Td (to ) Tj ET Q q 0 0 0 rg BT 226.67 694.12 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 258.20 694.12 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 277.79 694.12 Td (to ) Tj ET Q q 0 0 0 rg BT 287.66 694.12 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 336.54 694.12 Td (Current ) Tj ET Q q 0 0 0 rg BT 369.18 694.12 Td (Report ) Tj ET Q q 0 0 0 rg BT 398.48 694.12 Td (on ) Tj ET Q q 0 0 0 rg BT 410.57 694.12 Td (Form ) Tj ET Q q 0 0 0 rg BT 434.32 694.12 Td (8-K ) Tj ET Q q 0 0 0 rg BT 451.96 694.12 Td (filed ) Tj ET Q q 0 0 0 rg BT 472.38 694.12 Td (July ) Tj ET Q q 0 0 0 rg BT 491.13 694.12 Td (1, ) Tj ET Q q 0 0 0 rg BT 500.72 694.12 Td (2015 ) Tj ET Q q 0 0 0 rg BT 522.81 694.12 Td (\(File ) Tj ET Q q 0 0 0 rg BT 543.78 694.12 Td (No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 684.12 Td (001-35641\)\).) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.90 634.12 Td (10.36\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 639.12 Td (Retention ) Tj ET Q q 0 0 0 rg BT 150.73 639.12 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 197.53 639.12 Td (between ) Tj ET Q q 0 0 0 rg BT 233.50 639.12 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 277.25 639.12 Td (and ) Tj ET Q q 0 0 0 rg BT 294.24 639.12 Td (W) Tj ET Q q 0 0 0 rg BT 303.39 639.12 Td (ill ) Tj ET Q q 0 0 0 rg BT 314.18 639.12 Td (Powell ) Tj ET Q q 0 0 0 rg BT 344.61 639.12 Td (dated ) Tj ET Q q 0 0 0 rg BT 368.92 639.12 Td (September ) Tj ET Q q 0 0 0 rg BT 414.34 639.12 Td (14, ) Tj ET Q q 0 0 0 rg BT 429.49 639.12 Td (2016 ) Tj ET Q q 0 0 0 rg BT 452.15 639.12 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 508.66 639.12 Td (by ) Tj ET Q q 0 0 0 rg BT 521.32 639.12 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 629.12 Td (to ) Tj ET Q q 0 0 0 rg BT 119.78 629.12 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 151.72 629.12 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 171.72 629.12 Td (to ) Tj ET Q q 0 0 0 rg BT 182.00 629.12 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 231.30 629.12 Td (Current ) Tj ET Q q 0 0 0 rg BT 264.34 629.12 Td (Report ) Tj ET Q q 0 0 0 rg BT 294.06 629.12 Td (on ) Tj ET Q q 0 0 0 rg BT 306.56 629.12 Td (Form ) Tj ET Q q 0 0 0 rg BT 330.73 629.12 Td (8-K ) Tj ET Q q 0 0 0 rg BT 348.78 629.12 Td (filed ) Tj ET Q q 0 0 0 rg BT 369.61 629.12 Td (September ) Tj ET Q q 0 0 0 rg BT 414.87 629.12 Td (16, ) Tj ET Q q 0 0 0 rg BT 429.87 629.12 Td (2016 ) Tj ET Q q 0 0 0 rg BT 452.37 629.12 Td (\(File ) Tj ET Q q 0 0 0 rg BT 473.76 629.12 Td (No. ) Tj ET Q q 0 0 0 rg BT 490.98 629.12 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.90 605.12 Td (10.37\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 610.12 Td (Executive ) Tj ET Q q 0 0 0 rg BT 151.62 610.12 Td (Severance ) Tj ET Q q 0 0 0 rg BT 194.65 610.12 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 240.95 610.12 Td (dated ) Tj ET Q q 0 0 0 rg BT 264.74 610.12 Td (June ) Tj ET Q q 0 0 0 rg BT 285.22 610.12 Td (10, ) Tj ET Q q 0 0 0 rg BT 299.86 610.12 Td (2014 ) Tj ET Q q 0 0 0 rg BT 322.01 610.12 Td (between ) Tj ET Q q 0 0 0 rg BT 357.46 610.12 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 400.71 610.12 Td (and ) Tj ET Q q 0 0 0 rg BT 417.29 610.12 Td (R) Tj ET Q q 0 0 0 rg BT 423.76 610.12 Td (yan ) Tj ET Q q 0 0 0 rg BT 440.15 610.12 Td (D. ) Tj ET Q q 0 0 0 rg BT 452.01 610.12 Td (Robinson ) Tj ET Q q 0 0 0 rg BT 492.49 610.12 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 548.50 610.12 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 600.12 Td (reference ) Tj ET Q q 0 0 0 rg BT 149.17 600.12 Td (to ) Tj ET Q q 0 0 0 rg BT 159.44 600.12 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 191.37 600.12 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 211.36 600.12 Td (to ) Tj ET Q q 0 0 0 rg BT 221.62 600.12 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 270.91 600.12 Td (Current ) Tj ET Q q 0 0 0 rg BT 303.94 600.12 Td (Report ) Tj ET Q q 0 0 0 rg BT 333.65 600.12 Td (on ) Tj ET Q q 0 0 0 rg BT 346.13 600.12 Td (Form ) Tj ET Q q 0 0 0 rg BT 370.29 600.12 Td (8-K ) Tj ET Q q 0 0 0 rg BT 388.33 600.12 Td (filed ) Tj ET Q q 0 0 0 rg BT 409.14 600.12 Td (June ) Tj ET Q q 0 0 0 rg BT 429.96 600.12 Td (12, ) Tj ET Q q 0 0 0 rg BT 444.95 600.12 Td (2014 ) Tj ET Q q 0 0 0 rg BT 467.44 600.12 Td (\(File ) Tj ET Q q 0 0 0 rg BT 488.81 600.12 Td (No. ) Tj ET Q q 0 0 0 rg BT 506.02 600.12 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.90 576.12 Td (10.38\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 579.17 Td (Letter agreement between Registrant and Ryan D. Robinson, dated June 10, 2014 \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 569.17 Td (Exhibit 10.1 to Registrant's Current Report on Form 8-K filed June 12, 2014 \(File No. 001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.90 545.12 Td (10.39\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 550.12 Td (Letter ) Tj ET Q q 0 0 0 rg BT 135.61 550.12 Td (agreement ) Tj ET Q q 0 0 0 rg BT 179.49 550.12 Td (between ) Tj ET Q q 0 0 0 rg BT 215.04 550.12 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 258.38 550.12 Td (and ) Tj ET Q q 0 0 0 rg BT 275.06 550.12 Td (Charles ) Tj ET Q q 0 0 0 rg BT 307.84 550.12 Td (J. ) Tj ET Q q 0 0 0 rg BT 316.47 550.12 Td (Hansen, ) Tj ET Q q 0 0 0 rg BT 351.20 550.12 Td (dated ) Tj ET Q q 0 0 0 rg BT 374.88 550.12 Td (August28, ) Tj ET Q q 0 0 0 rg BT 420.73 550.12 Td (2012 ) Tj ET Q q 0 0 0 rg BT 442.97 550.12 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.07 550.12 Td (by ) Tj ET Q q 0 0 0 rg BT 511.31 550.12 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 550.12 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 540.12 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 141.44 540.12 Td (10.21 ) Tj ET Q q 0 0 0 rg BT 166.44 540.12 Td (to ) Tj ET Q q 0 0 0 rg BT 176.72 540.12 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 226.02 540.12 Td (Form ) Tj ET Q q 0 0 0 rg BT 250.19 540.12 Td (S-1/A) Tj ET Q q 0 0 0 rg BT 273.80 540.12 Td ( ) Tj ET Q q 0 0 0 rg BT 276.03 540.12 Td (filed ) Tj ET Q q 0 0 0 rg BT 296.85 540.12 Td (on ) Tj ET Q q 0 0 0 rg BT 309.08 540.12 Td (August ) Tj ET Q q 0 0 0 rg BT 340.19 540.12 Td (31, ) Tj ET Q q 0 0 0 rg BT 355.19 540.12 Td (2012 ) Tj ET Q q 0 0 0 rg BT 377.69 540.12 Td (\(File ) Tj ET Q q 0 0 0 rg BT 399.08 540.12 Td (No. ) Tj ET Q q 0 0 0 rg BT 416.30 540.12 Td (333-181051\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.90 514.12 Td (10.40\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 517.17 Td (Letter ) Tj ET Q q 0 0 0 rg BT 135.02 517.17 Td (agreement ) Tj ET Q q 0 0 0 rg BT 178.31 517.17 Td (between ) Tj ET Q q 0 0 0 rg BT 213.28 517.17 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 256.03 517.17 Td (and ) Tj ET Q q 0 0 0 rg BT 272.12 517.17 Td (David ) Tj ET Q q 0 0 0 rg BT 298.21 517.17 Td (J. ) Tj ET Q q 0 0 0 rg BT 306.25 517.17 Td (Buckley ) Tj ET Q q 0 0 0 rg BT 341.22 517.17 Td (dated ) Tj ET Q q 0 0 0 rg BT 364.53 517.17 Td (July ) Tj ET Q q 0 0 0 rg BT 382.84 517.17 Td (1, ) Tj ET Q q 0 0 0 rg BT 391.99 517.17 Td (2015 ) Tj ET Q q 0 0 0 rg BT 413.64 517.17 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 469.16 517.17 Td (by ) Tj ET Q q 0 0 0 rg BT 480.80 517.17 Td (reference ) Tj ET Q q 0 0 0 rg BT 519.64 517.17 Td (to ) Tj ET Q q 0 0 0 rg BT 529.06 517.17 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 507.17 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 129.50 507.17 Td (to ) Tj ET Q q 0 0 0 rg BT 139.78 507.17 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 189.08 507.17 Td (Current ) Tj ET Q q 0 0 0 rg BT 222.12 507.17 Td (Report ) Tj ET Q q 0 0 0 rg BT 251.84 507.17 Td (on ) Tj ET Q q 0 0 0 rg BT 264.34 507.17 Td (Form ) Tj ET Q q 0 0 0 rg BT 288.51 507.17 Td (8-K ) Tj ET Q q 0 0 0 rg BT 306.56 507.17 Td (filed ) Tj ET Q q 0 0 0 rg BT 327.39 507.17 Td (July ) Tj ET Q q 0 0 0 rg BT 346.56 507.17 Td (1, ) Tj ET Q q 0 0 0 rg BT 356.56 507.17 Td (2015 ) Tj ET Q q 0 0 0 rg BT 379.06 507.17 Td (\(File ) Tj ET Q q 0 0 0 rg BT 400.44 507.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 417.66 507.17 Td (001-35641\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.90 481.12 Td (10.41\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 491.12 Td (Letter ) Tj ET Q q 0 0 0 rg BT 135.87 491.12 Td (agreement ) Tj ET Q q 0 0 0 rg BT 180.02 491.12 Td (between ) Tj ET Q q 0 0 0 rg BT 215.83 491.12 Td (Registrant ) Tj ET Q q 0 0 0 rg BT 259.44 491.12 Td (and ) Tj ET Q q 0 0 0 rg BT 276.38 491.12 Td (Michael ) Tj ET Q q 0 0 0 rg BT 311.37 491.12 Td (A. ) Tj ET Q q 0 0 0 rg BT 323.31 491.12 Td (Gray ) Tj ET Q q 0 0 0 rg BT 345.81 491.12 Td (dated ) Tj ET Q q 0 0 0 rg BT 369.96 491.12 Td (October ) Tj ET Q q 0 0 0 rg BT 404.67 491.12 Td (10, ) Tj ET Q q 0 0 0 rg BT 419.67 491.12 Td (2012 ) Tj ET Q q 0 0 0 rg BT 442.17 491.12 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.54 491.12 Td (by ) Tj ET Q q 0 0 0 rg BT 511.04 491.12 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.72 491.12 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 481.12 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 141.20 481.12 Td (10.37 ) Tj ET Q q 0 0 0 rg BT 165.96 481.12 Td (to ) Tj ET Q q 0 0 0 rg BT 175.99 481.12 Td (Sears ) Tj ET Q q 0 0 0 rg BT 199.91 481.12 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 238.83 481.12 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 294.88 481.12 Td (Annual ) Tj ET Q q 0 0 0 rg BT 326.30 481.12 Td (Report ) Tj ET Q q 0 0 0 rg BT 355.77 481.12 Td (on ) Tj ET Q q 0 0 0 rg BT 368.03 481.12 Td (Form ) Tj ET Q q 0 0 0 rg BT 391.96 481.12 Td (10-K ) Tj ET Q q 0 0 0 rg BT 414.76 481.12 Td (for ) Tj ET Q q 0 0 0 rg BT 428.68 481.12 Td (the ) Tj ET Q q 0 0 0 rg BT 443.15 481.12 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 467.06 481.12 Td (year ) Tj ET Q q 0 0 0 rg BT 486.53 481.12 Td (ended ) Tj ET Q q 0 0 0 rg BT 512.66 481.12 Td (January ) Tj ET Q q 0 0 0 rg BT 546.01 481.12 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 471.12 Td (2016 ) Tj ET Q q 0 0 0 rg BT 132.00 471.12 Td (\(File ) Tj ET Q q 0 0 0 rg BT 153.39 471.12 Td (No. ) Tj ET Q q 0 0 0 rg BT 170.61 471.12 Td (000-51217\)\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 438.12 Td (10.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 453.12 Td (Amended ) Tj ET Q q 0 0 0 rg BT 150.74 453.12 Td (and ) Tj ET Q q 0 0 0 rg BT 167.54 453.12 Td (Restated ) Tj ET Q q 0 0 0 rg BT 204.34 453.12 Td (Credit ) Tj ET Q q 0 0 0 rg BT 231.45 453.12 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 280.46 453.12 Td (dated ) Tj ET Q q 0 0 0 rg BT 304.48 453.12 Td (November ) Tj ET Q q 0 0 0 rg BT 349.05 453.12 Td (1, ) Tj ET Q q 0 0 0 rg BT 358.92 453.12 Td (2016, ) Tj ET Q q 0 0 0 rg BT 383.78 453.12 Td (among ) Tj ET Q q 0 0 0 rg BT 413.36 453.12 Td (Sears ) Tj ET Q q 0 0 0 rg BT 437.14 453.12 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 484.21 453.12 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 531.01 453.12 Td (Stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 443.12 Td (LLC ) Tj ET Q q 0 0 0 rg BT 130.47 443.12 Td (and ) Tj ET Q q 0 0 0 rg BT 146.99 443.12 Td (the ) Tj ET Q q 0 0 0 rg BT 161.28 443.12 Td (other ) Tj ET Q q 0 0 0 rg BT 183.91 443.12 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 226.53 443.12 Td (named ) Tj ET Q q 0 0 0 rg BT 255.27 443.12 Td (therein, ) Tj ET Q q 0 0 0 rg BT 287.61 443.12 Td (Registrant, ) Tj ET Q q 0 0 0 rg BT 333.29 443.12 Td (and ) Tj ET Q q 0 0 0 rg BT 349.81 443.12 Td (Bank ) Tj ET Q q 0 0 0 rg BT 373.00 443.12 Td (of ) Tj ET Q q 0 0 0 rg BT 383.23 443.12 Td (America, ) Tj ET Q q 0 0 0 rg BT 421.96 443.12 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 445.98 443.12 Td (as ) Tj ET Q q 0 0 0 rg BT 456.21 443.12 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 517.82 443.12 Td (Agent ) Tj ET Q q 0 0 0 rg BT 544.06 443.12 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 433.12 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 150.21 433.12 Td (Agent, ) Tj ET Q q 0 0 0 rg BT 178.17 433.12 Td (and ) Tj ET Q q 0 0 0 rg BT 193.90 433.12 Td (other ) Tj ET Q q 0 0 0 rg BT 215.74 433.12 Td (lenders ) Tj ET Q q 0 0 0 rg BT 245.91 433.12 Td (party ) Tj ET Q q 0 0 0 rg BT 267.75 433.12 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 299.31 433.12 Td (as ) Tj ET Q q 0 0 0 rg BT 308.94 433.12 Td (lenders ) Tj ET Q q 0 0 0 rg BT 339.11 433.12 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 394.26 433.12 Td (by ) Tj ET Q q 0 0 0 rg BT 405.56 433.12 Td (reference ) Tj ET Q q 0 0 0 rg BT 444.03 433.12 Td (to ) Tj ET Q q 0 0 0 rg BT 453.11 433.12 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 483.84 433.12 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 502.64 433.12 Td (to ) Tj ET Q q 0 0 0 rg BT 511.71 433.12 Td (Registrant's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 423.12 Td (Current ) Tj ET Q q 0 0 0 rg BT 142.55 423.12 Td (Report ) Tj ET Q q 0 0 0 rg BT 172.26 423.12 Td (on ) Tj ET Q q 0 0 0 rg BT 184.76 423.12 Td (Form ) Tj ET Q q 0 0 0 rg BT 208.93 423.12 Td (8-K ) Tj ET Q q 0 0 0 rg BT 226.99 423.12 Td (filed ) Tj ET Q q 0 0 0 rg BT 247.81 423.12 Td (November ) Tj ET Q q 0 0 0 rg BT 292.52 423.12 Td (7, ) Tj ET Q q 0 0 0 rg BT 302.52 423.12 Td (2016 ) Tj ET Q q 0 0 0 rg BT 325.02 423.12 Td (\(File ) Tj ET Q q 0 0 0 rg BT 346.40 423.12 Td (No. ) Tj ET Q q 0 0 0 rg BT 363.63 423.12 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 391.12 Td (10.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 406.12 Td (Amended ) Tj ET Q q 0 0 0 rg BT 153.06 406.12 Td (and ) Tj ET Q q 0 0 0 rg BT 172.19 406.12 Td (Restated ) Tj ET Q q 0 0 0 rg BT 211.31 406.12 Td (Guaranty ) Tj ET Q q 0 0 0 rg BT 253.20 406.12 Td (and ) Tj ET Q q 0 0 0 rg BT 272.32 406.12 Td (Security ) Tj ET Q q 0 0 0 rg BT 309.58 406.12 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 360.91 406.12 Td (dated ) Tj ET Q q 0 0 0 rg BT 387.25 406.12 Td (November ) Tj ET Q q 0 0 0 rg BT 434.15 406.12 Td (1, ) Tj ET Q q 0 0 0 rg BT 446.33 406.12 Td (2016, ) Tj ET Q q 0 0 0 rg BT 473.52 406.12 Td (by ) Tj ET Q q 0 0 0 rg BT 488.20 406.12 Td (Sears ) Tj ET Q q 0 0 0 rg BT 513.79 406.12 Td (Authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 396.12 Td (Hometown ) Tj ET Q q 0 0 0 rg BT 156.49 396.12 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 186.54 396.12 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 210.48 396.12 Td (and ) Tj ET Q q 0 0 0 rg BT 227.46 396.12 Td (other ) Tj ET Q q 0 0 0 rg BT 250.56 396.12 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 293.65 396.12 Td (and ) Tj ET Q q 0 0 0 rg BT 310.64 396.12 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 355.40 396.12 Td (party ) Tj ET Q q 0 0 0 rg BT 378.50 396.12 Td (thereto ) Tj ET Q q 0 0 0 rg BT 408.81 396.12 Td (and ) Tj ET Q q 0 0 0 rg BT 425.80 396.12 Td (Bank ) Tj ET Q q 0 0 0 rg BT 449.46 396.12 Td (of ) Tj ET Q q 0 0 0 rg BT 460.05 396.12 Td (America, ) Tj ET Q q 0 0 0 rg BT 499.25 396.12 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 523.74 396.12 Td (as ) Tj ET Q q 0 0 0 rg BT 534.34 396.12 Td (Agent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 386.12 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 166.22 386.12 Td (by ) Tj ET Q q 0 0 0 rg BT 179.07 386.12 Td (reference ) Tj ET Q q 0 0 0 rg BT 219.10 386.12 Td (to ) Tj ET Q q 0 0 0 rg BT 229.74 386.12 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 262.03 386.12 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 282.38 386.12 Td (to ) Tj ET Q q 0 0 0 rg BT 293.02 386.12 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 342.67 386.12 Td (Current ) Tj ET Q q 0 0 0 rg BT 376.07 386.12 Td (Report ) Tj ET Q q 0 0 0 rg BT 406.14 386.12 Td (on ) Tj ET Q q 0 0 0 rg BT 418.99 386.12 Td (Form ) Tj ET Q q 0 0 0 rg BT 443.51 386.12 Td (8-K ) Tj ET Q q 0 0 0 rg BT 461.92 386.12 Td (filed ) Tj ET Q q 0 0 0 rg BT 483.09 386.12 Td (November ) Tj ET Q q 0 0 0 rg BT 528.15 386.12 Td (7, ) Tj ET Q q 0 0 0 rg BT 538.51 386.12 Td (2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 376.12 Td (\(File ) Tj ET Q q 0 0 0 rg BT 130.89 376.12 Td (No. ) Tj ET Q q 0 0 0 rg BT 148.11 376.12 Td (001-35641\)\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.15 359.12 Td (21\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 359.12 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 160.89 359.12 Td (of ) Tj ET Q q 0 0 0 rg BT 171.72 359.12 Td (Registrant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.15 343.07 Td (23\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 343.07 Td (Consent ) Tj ET Q q 0 0 0 rg BT 144.78 343.07 Td (of ) Tj ET Q q 0 0 0 rg BT 155.61 343.07 Td (BDO ) Tj ET Q q 0 0 0 rg BT 179.22 343.07 Td (USA, ) Tj ET Q q 0 0 0 rg BT 204.23 343.07 Td (LLP) Tj ET Q q 0 0 0 rg BT 221.45 343.07 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.15 329.07 Td (24\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 329.07 Td (Powers ) Tj ET Q q 0 0 0 rg BT 141.44 329.07 Td (of ) Tj ET Q q 0 0 0 rg BT 152.00 329.07 Td (Attorney) Tj ET Q q 0 0 0 rg BT 186.94 329.07 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.40 311.62 Td (31.1\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 315.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 161.94 315.07 Td (of ) Tj ET Q q 0 0 0 rg BT 172.16 315.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 196.28 315.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 238.16 315.07 Td (Of) Tj ET Q q 0 0 0 rg BT 248.62 315.07 Td (ficer ) Tj ET Q q 0 0 0 rg BT 268.74 315.07 Td (Required ) Tj ET Q q 0 0 0 rg BT 307.30 315.07 Td (Under ) Tj ET Q q 0 0 0 rg BT 334.19 315.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 354.97 315.07 Td (13a-14\(a\) ) Tj ET Q q 0 0 0 rg BT 395.74 315.07 Td (and ) Tj ET Q q 0 0 0 rg BT 412.07 315.07 Td (15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 453.40 315.07 Td (of ) Tj ET Q q 0 0 0 rg BT 463.63 315.07 Td (the ) Tj ET Q q 0 0 0 rg BT 477.74 315.07 Td (Securities ) Tj ET Q q 0 0 0 rg BT 519.08 315.07 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 305.12 Td (Act ) Tj ET Q q 0 0 0 rg BT 126.44 305.12 Td (of ) Tj ET Q q 0 0 0 rg BT 137.27 305.12 Td (1934, ) Tj ET Q q 0 0 0 rg BT 162.27 305.12 Td (as ) Tj ET Q q 0 0 0 rg BT 173.10 305.12 Td (amended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.40 289.12 Td (31.2\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 294.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 162.13 294.07 Td (of ) Tj ET Q q 0 0 0 rg BT 172.56 294.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 196.87 294.07 Td (Financial ) Tj ET Q q 0 0 0 rg BT 236.18 294.07 Td (Of) Tj ET Q q 0 0 0 rg BT 246.64 294.07 Td (ficer ) Tj ET Q q 0 0 0 rg BT 266.96 294.07 Td (Required ) Tj ET Q q 0 0 0 rg BT 305.71 294.07 Td (Under ) Tj ET Q q 0 0 0 rg BT 332.80 294.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 353.78 294.07 Td (13a-14\(a\) ) Tj ET Q q 0 0 0 rg BT 394.75 294.07 Td (and ) Tj ET Q q 0 0 0 rg BT 411.28 294.07 Td (15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 452.81 294.07 Td (of ) Tj ET Q q 0 0 0 rg BT 463.23 294.07 Td (the ) Tj ET Q q 0 0 0 rg BT 477.55 294.07 Td (Securities ) Tj ET Q q 0 0 0 rg BT 519.08 294.07 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 284.07 Td (Act ) Tj ET Q q 0 0 0 rg BT 126.44 284.07 Td (of ) Tj ET Q q 0 0 0 rg BT 137.27 284.07 Td (1934, ) Tj ET Q q 0 0 0 rg BT 162.27 284.07 Td (as ) Tj ET Q q 0 0 0 rg BT 173.10 284.07 Td (amended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.40 265.12 Td (32.1\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 270.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 161.57 270.07 Td (of ) Tj ET Q q 0 0 0 rg BT 171.43 270.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 195.18 270.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 236.69 270.07 Td (Of) Tj ET Q q 0 0 0 rg BT 247.15 270.07 Td (ficer ) Tj ET Q q 0 0 0 rg BT 266.90 270.07 Td (and ) Tj ET Q q 0 0 0 rg BT 282.87 270.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 306.62 270.07 Td (Financial ) Tj ET Q q 0 0 0 rg BT 345.36 270.07 Td (Of) Tj ET Q q 0 0 0 rg BT 355.83 270.07 Td (ficer ) Tj ET Q q 0 0 0 rg BT 375.58 270.07 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 412.11 270.07 Td (to ) Tj ET Q q 0 0 0 rg BT 421.42 270.07 Td (18 ) Tj ET Q q 0 0 0 rg BT 432.95 270.07 Td (U.S.C. ) Tj ET Q q 0 0 0 rg BT 461.44 270.07 Td (Section ) Tj ET Q q 0 0 0 rg BT 492.96 270.07 Td (1350, ) Tj ET Q q 0 0 0 rg BT 516.99 270.07 Td (as ) Tj ET Q q 0 0 0 rg BT 526.85 270.07 Td (adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 260.07 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 146.44 260.07 Td (to ) Tj ET Q q 0 0 0 rg BT 156.72 260.07 Td (Section ) Tj ET Q q 0 0 0 rg BT 189.21 260.07 Td (906 ) Tj ET Q q 0 0 0 rg BT 206.71 260.07 Td (of ) Tj ET Q q 0 0 0 rg BT 217.54 260.07 Td (the ) Tj ET Q q 0 0 0 rg BT 232.26 260.07 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 298.35 260.07 Td (Act ) Tj ET Q q 0 0 0 rg BT 315.01 260.07 Td (of ) Tj ET Q q 0 0 0 rg BT 325.84 260.07 Td (2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.65 213.62 Td (101\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 243.62 Td (The ) Tj ET Q q 0 0 0 rg BT 127.53 243.62 Td (following ) Tj ET Q q 0 0 0 rg BT 168.90 243.62 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.36 243.62 Td (information ) Tj ET Q q 0 0 0 rg BT 256.05 243.62 Td (from ) Tj ET Q q 0 0 0 rg BT 277.97 243.62 Td (the ) Tj ET Q q 0 0 0 rg BT 292.13 243.62 Td (Annual ) Tj ET Q q 0 0 0 rg BT 324.05 243.62 Td (Report ) Tj ET Q q 0 0 0 rg BT 353.74 243.62 Td (on ) Tj ET Q q 0 0 0 rg BT 366.23 243.62 Td (Form ) Tj ET Q q 0 0 0 rg BT 390.38 243.62 Td (10-K ) Tj ET Q q 0 0 0 rg BT 413.41 243.62 Td (for ) Tj ET Q q 0 0 0 rg BT 427.55 243.62 Td (the ) Tj ET Q q 0 0 0 rg BT 442.25 243.62 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 466.39 243.62 Td (year ) Tj ET Q q 0 0 0 rg BT 486.08 243.62 Td (ended ) Tj ET Q q 0 0 0 rg BT 512.44 243.62 Td (January ) Tj ET Q q 0 0 0 rg BT 546.02 243.62 Td (28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 233.62 Td (2017, ) Tj ET Q q 0 0 0 rg BT 134.94 233.62 Td (formatted ) Tj ET Q q 0 0 0 rg BT 176.76 233.62 Td (in ) Tj ET Q q 0 0 0 rg BT 187.48 233.62 Td (XBRL) Tj ET Q q 0 0 0 rg BT 213.78 233.62 Td ( ) Tj ET Q q 0 0 0 rg BT 216.73 233.62 Td (\(eXtensible ) Tj ET Q q 0 0 0 rg BT 265.76 233.62 Td (Business ) Tj ET Q q 0 0 0 rg BT 304.27 233.62 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 347.21 233.62 Td (Language\) ) Tj ET Q q 0 0 0 rg BT 392.91 233.62 Td (and ) Tj ET Q q 0 0 0 rg BT 410.29 233.62 Td (furnished ) Tj ET Q q 0 0 0 rg BT 451.00 233.62 Td (electronically ) Tj ET Q q 0 0 0 rg BT 508.36 233.62 Td (herewith: ) Tj ET Q q 0 0 0 rg BT 549.07 233.62 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 223.62 Td (the ) Tj ET Q q 0 0 0 rg BT 124.89 223.62 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 180.84 223.62 Td (Statements ) Tj ET Q q 0 0 0 rg BT 227.89 223.62 Td (of ) Tj ET Q q 0 0 0 rg BT 239.40 223.62 Td (Operations ) Tj ET Q q 0 0 0 rg BT 286.45 223.62 Td (for ) Tj ET Q q 0 0 0 rg BT 301.28 223.62 Td (the ) Tj ET Q q 0 0 0 rg BT 316.67 223.62 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 341.50 223.62 Td (years ) Tj ET Q q 0 0 0 rg BT 365.77 223.62 Td (ended ) Tj ET Q q 0 0 0 rg BT 392.83 223.62 Td (January ) Tj ET Q q 0 0 0 rg BT 427.10 223.62 Td (28, ) Tj ET Q q 0 0 0 rg BT 442.77 223.62 Td (2017, ) Tj ET Q q 0 0 0 rg BT 468.45 223.62 Td (January ) Tj ET Q q 0 0 0 rg BT 502.72 223.62 Td (30, ) Tj ET Q q 0 0 0 rg BT 518.39 223.62 Td (2016, ) Tj ET Q q 0 0 0 rg BT 544.07 223.62 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 213.62 Td (January ) Tj ET Q q 0 0 0 rg BT 144.61 213.62 Td (31, ) Tj ET Q q 0 0 0 rg BT 161.13 213.62 Td (2015; ) Tj ET Q q 0 0 0 rg BT 187.92 213.62 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 204.16 213.62 Td (the ) Tj ET Q q 0 0 0 rg BT 220.39 213.62 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 277.18 213.62 Td (Balance ) Tj ET Q q 0 0 0 rg BT 313.40 213.62 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 343.52 213.62 Td (at ) Tj ET Q q 0 0 0 rg BT 354.75 213.62 Td (January ) Tj ET Q q 0 0 0 rg BT 389.87 213.62 Td (28, ) Tj ET Q q 0 0 0 rg BT 406.38 213.62 Td (2017 ) Tj ET Q q 0 0 0 rg BT 430.40 213.62 Td (and ) Tj ET Q q 0 0 0 rg BT 448.85 213.62 Td (January ) Tj ET Q q 0 0 0 rg BT 483.97 213.62 Td (30, ) Tj ET Q q 0 0 0 rg BT 500.48 213.62 Td (2016; ) Tj ET Q q 0 0 0 rg BT 527.28 213.62 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 546.29 213.62 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 203.62 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 164.12 203.62 Td (Statements ) Tj ET Q q 0 0 0 rg BT 209.84 203.62 Td (of ) Tj ET Q q 0 0 0 rg BT 220.01 203.62 Td (Cash ) Tj ET Q q 0 0 0 rg BT 241.85 203.62 Td (Flows ) Tj ET Q q 0 0 0 rg BT 268.15 203.62 Td (for ) Tj ET Q q 0 0 0 rg BT 281.65 203.62 Td (the ) Tj ET Q q 0 0 0 rg BT 295.71 203.62 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 319.21 203.62 Td (years ) Tj ET Q q 0 0 0 rg BT 342.15 203.62 Td (ended ) Tj ET Q q 0 0 0 rg BT 367.87 203.62 Td (January ) Tj ET Q q 0 0 0 rg BT 400.81 203.62 Td (28, ) Tj ET Q q 0 0 0 rg BT 415.15 203.62 Td (2016, ) Tj ET Q q 0 0 0 rg BT 439.49 203.62 Td (January ) Tj ET Q q 0 0 0 rg BT 472.44 203.62 Td (30, ) Tj ET Q q 0 0 0 rg BT 486.78 203.62 Td (2016, ) Tj ET Q q 0 0 0 rg BT 511.12 203.62 Td (and ) Tj ET Q q 0 0 0 rg BT 527.40 203.62 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 193.62 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.80 193.62 Td (2015; ) Tj ET Q q 0 0 0 rg BT 150.38 193.62 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 167.62 193.62 Td (the ) Tj ET Q q 0 0 0 rg BT 182.63 193.62 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 238.21 193.62 Td (Statements ) Tj ET Q q 0 0 0 rg BT 284.89 193.62 Td (of ) Tj ET Q q 0 0 0 rg BT 296.02 193.62 Td (Stockholders' ) Tj ET Q q 0 0 0 rg BT 352.84 193.62 Td (Equity ) Tj ET Q q 0 0 0 rg BT 382.31 193.62 Td (for ) Tj ET Q q 0 0 0 rg BT 396.77 193.62 Td (the ) Tj ET Q q 0 0 0 rg BT 411.78 193.62 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 436.24 193.62 Td (years ) Tj ET Q q 0 0 0 rg BT 460.14 193.62 Td (ended ) Tj ET Q q 0 0 0 rg BT 486.81 193.62 Td (January ) Tj ET Q q 0 0 0 rg BT 520.71 193.62 Td (28, ) Tj ET Q q 0 0 0 rg BT 536.01 193.62 Td (2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 183.62 Td (January ) Tj ET Q q 0 0 0 rg BT 143.10 183.62 Td (30, ) Tj ET Q q 0 0 0 rg BT 158.10 183.62 Td (2016, ) Tj ET Q q 0 0 0 rg BT 183.10 183.62 Td (and ) Tj ET Q q 0 0 0 rg BT 200.04 183.62 Td (January ) Tj ET Q q 0 0 0 rg BT 233.64 183.62 Td (31, ) Tj ET Q q 0 0 0 rg BT 248.64 183.62 Td (2015; ) Tj ET Q q 0 0 0 rg BT 273.91 183.62 Td (and ) Tj ET Q q 0 0 0 rg BT 290.85 183.62 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 305.01 183.62 Td (the ) Tj ET Q q 0 0 0 rg BT 319.73 183.62 Td (Notes ) Tj ET Q q 0 0 0 rg BT 345.56 183.62 Td (to ) Tj ET Q q 0 0 0 rg BT 355.84 183.62 Td (the ) Tj ET Q q 0 0 0 rg BT 370.55 183.62 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 425.83 183.62 Td (Financial ) Tj ET Q q 0 0 0 rg BT 465.54 183.62 Td (Statements. ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 165.00 Td (The ) Tj ET Q q 0 0 0 rg BT 104.64 165.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 147.67 165.00 Td (and ) Tj ET Q q 0 0 0 rg BT 165.70 165.00 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 208.72 165.00 Td (Commission ) Tj ET Q q 0 0 0 rg BT 262.89 165.00 Td (granted ) Tj ET Q q 0 0 0 rg BT 296.47 165.00 Td (the ) Tj ET Q q 0 0 0 rg BT 312.28 165.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 360.45 165.00 Td (request ) Tj ET Q q 0 0 0 rg BT 392.93 165.00 Td (for ) Tj ET Q q 0 0 0 rg BT 408.18 165.00 Td (confidential ) Tj ET Q q 0 0 0 rg BT 459.53 165.00 Td (treatment ) Tj ET Q q 0 0 0 rg BT 500.89 165.00 Td (for ) Tj ET Q q 0 0 0 rg BT 516.14 165.00 Td (the ) Tj ET Q q 0 0 0 rg BT 531.96 165.00 Td (omitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 153.00 Td (portions ) Tj ET Q q 0 0 0 rg BT 122.06 153.00 Td (of ) Tj ET Q q 0 0 0 rg BT 134.17 153.00 Td (this ) Tj ET Q q 0 0 0 rg BT 152.41 153.00 Td (Exhibit. ) Tj ET Q q 0 0 0 rg BT 188.13 153.00 Td ( ) Tj ET Q q 0 0 0 rg BT 191.64 153.00 Td (The ) Tj ET Q q 0 0 0 rg BT 210.97 153.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.64 153.00 Td (has ) Tj ET Q q 0 0 0 rg BT 270.76 153.00 Td (separately ) Tj ET Q q 0 0 0 rg BT 315.07 153.00 Td (filed ) Tj ET Q q 0 0 0 rg BT 337.18 153.00 Td (the ) Tj ET Q q 0 0 0 rg BT 353.18 153.00 Td (omitted ) Tj ET Q q 0 0 0 rg BT 387.51 153.00 Td (portions ) Tj ET Q q 0 0 0 rg BT 424.08 153.00 Td (with ) Tj ET Q q 0 0 0 rg BT 445.64 153.00 Td (the ) Tj ET Q q 0 0 0 rg BT 461.64 153.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 504.85 153.00 Td (and ) Tj ET Q q 0 0 0 rg BT 523.08 153.00 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 141.00 Td (Commission.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 129.00 Td (Specified ) Tj ET Q q 0 0 0 rg BT 126.72 129.00 Td (provisions ) Tj ET Q q 0 0 0 rg BT 171.85 129.00 Td (of ) Tj ET Q q 0 0 0 rg BT 183.63 129.00 Td (this ) Tj ET Q q 0 0 0 rg BT 201.54 129.00 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 234.44 129.00 Td (have ) Tj ET Q q 0 0 0 rg BT 256.77 129.00 Td (been ) Tj ET Q q 0 0 0 rg BT 279.11 129.00 Td (omitted ) Tj ET Q q 0 0 0 rg BT 313.12 129.00 Td (and ) Tj ET Q q 0 0 0 rg BT 331.01 129.00 Td (separately ) Tj ET Q q 0 0 0 rg BT 375.00 129.00 Td (filed ) Tj ET Q q 0 0 0 rg BT 396.78 129.00 Td (by ) Tj ET Q q 0 0 0 rg BT 410.24 129.00 Td (the ) Tj ET Q q 0 0 0 rg BT 425.92 129.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 468.26 129.00 Td (with ) Tj ET Q q 0 0 0 rg BT 489.49 129.00 Td (the ) Tj ET Q q 0 0 0 rg BT 505.17 129.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 548.06 129.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 117.00 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 127.42 117.00 Td (Commission ) Tj ET Q q 0 0 0 rg BT 180.49 117.00 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 217.43 117.00 Td (to ) Tj ET Q q 0 0 0 rg BT 227.71 117.00 Td (the ) Tj ET Q q 0 0 0 rg BT 242.42 117.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 289.50 117.00 Td (request ) Tj ET Q q 0 0 0 rg BT 320.88 117.00 Td (for ) Tj ET Q q 0 0 0 rg BT 335.04 117.00 Td (confidential ) Tj ET Q q 0 0 0 rg BT 385.30 117.00 Td (treatment.) 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