Recorded on 12 March 2020.  Does not constitute a recommendation to transact in PAC shares.  Due to rapidly changing market conditions, investors are advised to consult their financial advisers before investing. Every investment involves a degree of risk, including the risk of a complete loss of the investment. Comments made about then-current short term performance, expressed or implied, do not convey any view about long term prospects, especially in light of recent market conditions.  Statements made about performance relative to peers, expressed or implied, do not convey any view about absolute performance.