Pricing Policy

Valuation Disclaimer: At your request, BCP Securities, LLC (“BCP”) has valued certain securities as of certain dates for your private use. The valuations are intended for references purposes only. You must make your own independent determination how the securities should be valued and/or reflected on your books and records, or for tax, accounting, financial reporting, disclosure or other purposes, in consultation with your professional advisors. BCP makes no warranty, express or implied, regarding the valuations including, but not limited to, warranties as to correctness, quality or accuracy of the valuations. BCP and its affiliates shall not be liable for any losses or expenses arising directly or indirectly out of the use of or reliance on the valuations. The valuations may not be reproduced, distributed to any third party or otherwise published (insofar as reference is made to the fact that BCP has provided the valuations) without the prior written consent of BCP. The valuations constitute BCP’s judgment as of a particular date and time, and will not reflect subsequent changes in the market place. BCP’s valuation methodology, inputs, assumptions, opinions, estimates, and valuations, are subject to change without notice. BCP has no obligation to update you as to any such changes. Valuations should not be considered investment advice or any form of recommendation to buy, sell, hold, or subscribe for any instruments discussed herein. Valuations do not address the suitability of any security or instrument or strategy for any particular investor. BCP’s valuations may be based upon a number of factors including, but not limited to, current or recent market transaction prices for the same or comparable securities, current prices quoted, valuation of underlying assets, market liquidity, proprietary models and assumptions, and publicly available information. You should be aware that fixed income securities are subject to a number of risks, among them are liquidity risk, interest rate risk, financial (or credit) risk, and inflation (or purchasing power) risk. Further, when a security or instrument is denominated in a different currency than the currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that security or instrument. BCP’s valuations might not take into consideration adjustments for transaction and hedging costs, accounting offsets and provisions, liquidity or credit considerations or other significant factors external to BCP’s valuation models and/or prices, which may change the actual values materially. BCP’s valuations are indicative (i.e., not actionable) and are not an offer to purchase or sell any instrument or enter into, transfer or assign, or terminate any transaction. The valuations may differ substantially from an actionable value, particularly in volatile market conditions. BCP does not represent that any transaction can or could have been effected at such valuations. The valuations may vary significantly from valuation estimates from other sources, such as other dealers, pricing services, data vendors, counter-parties, auditors, or other business units of BCP. No representation is made that such values could actually be achieved upon disposal of the relevant securities by you or that such values are in any way indicative of future performance. The valuations do not necessarily reflect BCP internal bookkeeping or theoretical model-based valuations, and are not tested independently by BCP. BCP and its affiliates may, from time to time, perform investment banking or other services for, or solicit investment banking or other business from, the issuer of the securities being valued for you. In connection with providing these services to the issuer, BCP and its affiliates and their respective officers, directors, and employees may come into possession of confidential and/or material non-public information with respect to the companies referenced above, which, if disclosed, might affect your decision to buy or sell or hold a security. Under applicable law, BCP and its affiliates and their respective officers, directors and employees are prohibited from improperly disclosing or using such information for their personal benefit or for the benefit of any other person, regardless of whether such a person is a customer of BCP or its affiliates. Accordingly, should BCP and its affiliates and their respective officers, directors, and employees come into possession of confidential or material non-public information with respect to companies discussed herein, they shall be prohibited from communicating such information to you, and neither BCP nor its affiliates shall have any responsibility or liability for failing to disclose such information to you as a result of following policies and procedures designed to comply with applicable law. BCP provides a wide range of services to, or relating to, many organizations, including issuers or underwriters of securities or obligors. As a result, BCP may receive fees or other economic benefits from organizations whose securities it may value at your request. Valuations provided by BCP may not be available in all countries or jurisdictions, or they may be offered subject to restrictions and/or specific disclosures. BCP does not intend for valuations to be distributed or used in any jurisdiction where such distribution or use would be contrary to law or regulation or where BCP or its affiliates would be subject to any registration requirement with which it has not already complied.