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at a time when they have more and more diverse options, should they be less than satisfied with their traditional ones.It is precisely these increasing preferences for varied and easy access, deeper levels of engagement and higher levels of satisfaction that support our strategy for becoming the firm of choice by expanding client choice through diversification.Further, at this critical time of need for we do it: the industry is being fundamentally disrupted in multiple ways that will permanently reshape the asset management landscape.

At the same time, world economies are in need of investment capital — whether to fund water projects in emerging markets, rebuild infrastructure in developed markets, or fuel growth across all sectors of the global economy.So, at a time when investors need they want to be served.For a business that has long focused heavily on relative benchmarks to measure performance, our clients are now benchmarking the entirety of their investment experience with us against their other consumer experiences ...Adjusted EBITDA represents a liquidity measure that is based on a methodology other than generally accepted accounting principles (”non-GAAP”).For more information regarding this non-GAAP measure, see Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Annual Report.

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