May 31, 2018

05-31-18-SII-BONDS 7 CREDIT-10Y UST Fair Value Model-1

Drivers/ MACRO ANALYTICS

10Y UST FAIR MARKET VALUE MODEL: RATES 100 BASIS POINTS TOO LOW

Gordon Long TNX, TRIGGER$ June 2018 May 31, 2018

10Y UST FAIR MARKET VALUE MODEL: RATES 100 BASIS POINTS TOO LOW

05-31-18-SII-BONDS 7 CREDIT-10Y UST Fair Value Model-1

Drivers/ MACRO ANALYTICS

10Y UST FAIR MARKET VALUE MODEL: RATES 100 BASIS POINTS TOO LOW

Gordon Long TNX, TRIGGER$ June 2018 May 31, 2018

10Y UST FAIR MARKET VALUE MODEL: RATES 100 BASIS POINTS TOO LOW

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