The information used to produce the market commentary is based on sources that Pioneers Holding Co. ® believes to be reliable and accurate. This information has not been independently verified and may be condensed or incomplete. Pioneers Holding Co. ® does not make any guarantee, representation or warranty and accepts no responsibility or liability to the accuracy and completeness of such information. Expression of opinion contained herein is based on certain assumptions and with the use of specific financial techniques that reflect the personal opinion of the authors of the commentary and is subject to change without notice. It is acknowledged that different assumptions can always be made and that there is a wide choice of techniques that can be adopted each of which can lead to a different conclusion. Therefore, all what is stated herein is of an indicative and informative nature as forward-looking statements, projections, and fair values quoted may not be realized. Accordingly, Pioneers Holding Co. ® does not take any responsibility for decisions made on the basis on the content of this commentary. This commentary is made for the sole use of Pioneers Holding Co. ®’s customers and no part or excerpt of its content may be redistributed, reproduced or conveyed in any form, written or oral, to any third party without the prior written consent of Pioneers Holding Co. ® This commentary does not constitute a solicitation or an offer to buy or sell securities.