Although the materials contained herein were prepared based on information from public and
private sources that Reynolds Group, Private Investment Counselors, LLC (“RGPIC”) believes to
be reliable, no guarantee, representation, warranty or undertaking, stated or implied, is given as to
the accuracy and completeness of the information obtained from such third party sources that are
contained herein.

The information contained herein is distributed for general informational and educational
purposes only and is not intended to constitute legal, tax, accounting or investment advice. The
information, opinions and views contained herein have not been tailored to the investment
objectives of any one individual, are current only as of the date hereof and may be subject to
change at any time without prior notice. RGPIC does not have any obligation to provide revised
opinions in the event of changed circumstances.

Nothing contained herein should be construed as investment advice. All investment strategies
and investments involve risk of loss. Any ideas or strategies discussed herein should not be
undertaken by any individual without prior consultation with a financial professional for the
purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on
your own personal financial objectives, needs and risk tolerance. RGPIC expressly disclaims any
liability or loss incurred by any person who acts on the information, ideas or strategies discussed
herein. Any reference to an investment’s past or potential performance is not, and should not be
construed as, a recommendation or as a guarantee of any specific outcome or profit.

The information contained herein is not, and shall not constitute an offer to sell, a solicitation of
an offer to buy, or an offer to purchase any securities, nor should it be deemed to be an offer, or a
solicitation of an offer, to purchase or sell any investment product or service.