Daily Market Update

Trading Day: 01 March 2011, Tuesday Ref# DMU_20110301-060 System - Energy Offers, Available Supply, and Demand (Ex-ante)
Market Highlights & Results Congestion occurred at 1400H and 1500H (RTX) due to a constraint at the Subic and Makban Transformers. However, these market runs were not subjected to the Price Substitution Methodology (PSM). Congestion occurred at 1500H (RTD, RTX) due to a constraint at the Negros-Panay submarine cable. However, this market run was not subjected to the PSM. Congestion occurred at 1500H (RTD, RTX) due to a constraint at the Sta. Barbara transformer. However, this market run was not subjected to the PSM. Pricing error notices (PEN) were issued for trading intervals 0900H to 2100H (RTD) due to contingency constraint violations at the Duhat and/or Zapote Sub-stations; and for interval 1500H (RTD) due to a base case constraint violation at the Sta. Barbara transformer. Price separations were experienced between the Luzon and Visayas Grids for trading intervals 1000H to 1300H, 1700H, 1800H, 2000H to 2200H (RTD, RTX), and 1400H to 1600H (RTX) due to a binding HVDC limit. Luzon Actual Events Ex-ante system demand peaked at 6,579 MW, while market offers reached a maximum of 7,659 MW with sufficient supply and offers for all trading intervals. Angat-San Jose 115 kV Line 3 tripped at 2101H. Temperature: Min: 25C, Max: 32C Rainfall: 4.31 mm At 2 PM, a low-pressure area (LPA) was estimated 200 km. SSW of Puerto Princesa City. Visayas Actual Events Ex-ante system demand peaked at 1,286 MW, while market offers reached a maximum of 1,382 MW with sufficient supply and offers for all trading intervals. The Visayas grid was placed under Yellow Alert during the day. CEDC (Cebu Energy Development Corp.) and PEDC (Panay Energy Development Corp.) were included in the security limits settings by the System Operator (SO) with capacities ranging from 150 MW to 246 MW and 42 MW to 82 MW, respectively, for the whole trading day while undergoing testing and commissioning requirements. KSPC 2 (KEPCO SPC Power Corp.) was also included in the security limits settings by the SO with capacities ranging from 0 MW to 50 MW for trading intervals 0100H to 1500H while undergoing testing and commissioning requirements. KSPC 1 was included in the security limits settings by the SO, as well, with capacities ranging from 62 MW to 100 MW for trading intervals 1200H to 1500H to avoid overloading the Naga-Banilad 138 kV line. Diesel Power Barges PB 102 and 103 were designated as must-run units (MRU) with capacities ranging from 5 MW to 15 MW each for trading intervals 1800H to 2200H and 1000H to 2200H, respectively, due to line limitation and system voltage requirements. Temperature: Min: 26 C, Max: 31C Rainfall: 9.14 mm
AVAILABLE SUPPLY

12,000

OFFER DEMAND

10,000

8,000 MW

6,000

4,000

2,000

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

System - Load Weighted Average Price vs. MaxMin Nodal Price (Ex-ante)
SYSTEM LWAP

15,000

EST. PRICE UNCONS. PRICE ADMIN PRICE

15,000

12,000
SYSTEM LWAP (PhP/MWh)

MAX NODAL PRICE MIN NODAL PRICE

12,000 NODAL PRICE (PhP/MWh)

9,000

9,000

6,000

6,000

3,000

3,000

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Luzon - Load Weighted Average Price vs. MaxMin Nodal Price (Ex-ante)
LUZON LWAP

Visayas - Load Weighted Average Price vs. MaxMin Nodal Price (Ex-ante)
VISAYAS LWAP EST. PRICE UNCONS. PRICE ADMIN PRICE

15,000

15,000

15,000

EST. PRICE UNCONS. PRICE ADMIN PRICE

15,000

12,000
SYSTEM LWAP (PhP/MWh)

MAX NODAL PRICE MIN NODAL PRICE

12,000
SYSTEM LWAP (PhP/MWh) NODAL PRICE (PhP/MWh)

12,000

MAX NODAL PRICE MIN NODAL PRICE

12,000 NODAL PRICE (PhP/MWh)

9,000

9,000

9,000

9,000

6,000

6,000

6,000

6,000

3,000

3,000

3,000

3,000

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

1 Daily Market Update

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.

Daily Market Update

Trading Day: 01 March 2011, Tuesday Ref# DMU_20110301-060 System - Load Weighted Average Price Distribution (Ex-ante)
TODAY

System - Offer, Demand, and Price (Ex-ante)

Trading Day (TD) Particulars 1-Mar Tue Max Offer (MW) Min Ave Max Demand (MW) Min Ave Max LWAP (P/MWH) Min Ave 9,039 8,381 8,717 7,770 5,203 6,674 5,880 245 3,166 28-Feb Mon 9,024 8,100 8,623 7,644 4,784 6,457 6,084 0 2,444 22-Feb Tue 8,358 7,593 8,043 7,722 5,311 6,606 5,000 2,200 3,290 29.6% TD-1 Same Day Last Week TD-1 0.2% 3.5% 1.1% 1.7% 8.8% 3.4% -3.4% % Change from Same Day Last Week 8.1% 10.4% 8.4% 0.6% -2.0% 1.0% 17.6% -88.9% -3.8%

100

THIS MONTH

80 PERCENT OF TIME

60

40

20

0
0 and Below 0 - 2000 2000 - 4000 4000 - 6000 6000 - 8000 8000 - 10000 10000 and Above

Pricing Error Notice (PEN) Summary

Hour 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 PEN PEN PEN PEN PEN PEN PEN PEN PEN PEN PEN PEN PEN Ex-Ante PErr System Price 2,148.50 2,137.56 1,517.60 244.68 2,125.26 2,207.09 2,145.39 2,713.65 3,337.13 3,130.67 5,879.72 3,533.06 3,610.36 5,763.98 5,362.07 4,713.63 2,991.39 3,221.43 5,322.98 3,378.67 2,982.90 2,769.42 2,592.14 2,154.96 Remarks LWAP_D LWAP_D LWAP_D LWAP_D LWAP_D LWAP_D LWAP_D LWAP_D LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_D LWAP_D LWAP_D PErr Ex-Post System Price 2,146.77 1,862.11 1,520.34 1,129.63 1,867.59 2,268.96 1,865.73 2,583.01 3,337.13 3,130.67 5,879.72 3,533.06 3,610.36 5,763.98 5,362.07 4,713.63 2,991.39 3,221.43 5,322.98 3,378.67 2,982.90 2,767.30 2,591.07 2,151.12 Remarks LWAP_X LWAP_X LWAP_X LWAP_X

HVDC Flow Schedule

LUZON TO VISAYAS

300 250 200 150 100 MW 50 0 -50 -100 -150

VISAYAS TO LUZON

LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X LWAP_X

-200
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Generation Mix by Resource (Ex-ante)

LUZON GENERATION MIX VISAYAS GENERATION MIX
OIL-BASED 2.8%

NAT GAS 40.1%

COAL 45.0% GEO 52.3%

COAL 45.0%

HYDRO 7.3%

GEO 7.5%

2 Daily Market Update

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.

Daily Market Update

Trading Day: 01 March 2011, Tuesday Luzon - Outage by Resource (Ex-ante)
DIESEL/OIL

Ref# DMU_20110301-060 Visayas - Outage by Resource (Ex-ante)

DIESEL/OIL

4,000 3,500 3,000 2,500 MW 2,000 1,500 1,000

NAT GAS COAL GEO HYDRO

1,000

COAL GEO

800

HYDRO

600 MW 400 200

500 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Luzon - List of Plants on Outage

PLANT NAME HYDRO Magat 4 NATURAL GAS Sta. Rita 4 GEOTHERMAL Bacman 1 Bacman 2 Bacman 3 Bacman 4 Makban 1 Makban 4 Makban 6 Tiwi 3 OIL-BASED Limay 1 Limay 3 DATE/TIME OUT 01-Nov-10 00:01 28-Feb-11 04:36 26-Mar-09 10:20 16-Feb-08 17:20 03-Sep-05 11:00 13-Apr-09 08:44 01-Mar-11 14:55 09-Feb-11 00:25 12-Jul-06 19:02 23-Oct-05 13:26 05-Nov-10 00:01 08-Nov-10 04:01 DATE/TIME IN REASON For refurbishment Combustion chamber inspection Tripped due to high condenser level Bearing vibration Deactivated S/D Annual overhauling 01-Mar-11 15:51 Unit transformer protection relay trouble Major Overhaul Turbine vibration Steam fed to Unit 2 for testing Annual overhauling Annual overhauling

Visayas - List of Plants on Outage

PLANT NAME GEOTHERMAL NNGP OIL-BASED LBGT 1 LBGT 2 PB101 Unit 1 PB101 Unit 2 PB101 Unit 3 PB101 Unit 4 PB102 Unit 1 PB103 Unit 2 DATE/TIME OUT 22-Nov-10 00:09 22-Jan-10 06:24 22-Jan-10 06:27 03-Dec-10 18:01 03-Dec-10 18:01 03-Dec-10 18:01 03-Dec-10 18:01 23-Feb-11 13:10 23-Feb-11 09:22 DATE/TIME IN REASON Plant S/D for steam study Low fuel pressure Low fuel pressure Repair and rewinding of auxiliary Repair and rewinding of auxiliary Repair and rewinding of auxiliary Repair and rewinding of auxiliary racked exhaust manifold Abnormal send at turbo charger.

transformer transformer transformer transformer

3 Daily Market Update

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.

Daily Market Update

Trading Day: 01 March 2011, Tuesday Market Residual Supply Index vs. Pivotal Suppliers
MARKET RSI

Ref# DMU_20110301-060

200

PIVOTAL SUPPLIERS

20

160 MARKET RSI (PERCENT)

16

120

12

80

40

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Luzon Plants - Pivotal Supplier Frequency Index

100 80 60 40 20 0

NO. OF PIVOTAL SUPPLIERS

Visayas Plants - Pivotal Supplier Frequency Index

PERCENT OF TIME

Note: No pivotal supplier during the trading day

Note: No pivotal supplier during the trading day

Luzon Plants - Price Setting Frequency Index (Ex-ante)

PERCENT

Visayas Plants - Price Setting Frequency Index (Ex-ante)

PERCENT

100

FREQUENCY

20

100

FREQUENCY

20

80 PERCENT OF TIME

16 PERCENT OF TIME

80

16

60

12

60

12

FREQUENCY

FREQUENCY

40

40

20

Note: No price setting plant during the trading day

20

Note: No price setting plant during the trading day

4 Daily Market Update

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.

Daily Market Update

Trading Day: 01 March 2011, Tuesday
Daily Market Update Primer This report aims to provide an overview of the actual market movements that transpired during the previous trading day.

Ref# DMU_20110301-060
Pricing Error Notice (PEN) Summary Description: The PEN Summary Table highlights the pricing results and indicative price levels for all the trading hours for both the ex-ante and ex-post market runs. A hyphen - notation under the column PErr (Pricing Error) indicates that the market run has no pricing error and has an indicative price pertaining to its load weighted average price (LWAP_D for RTD and LWAP_X for RTX). A PSM notation under the column PErr indicates that the PSM (Price Substitution Methodology for congestion) was applied with a price corresponding to the unconstrained market clearing price at either the RTD (UNCP_D) or RTX (UNCP_X). On the other hand, a PEN notation under the column PErr indicates that a pricing error was encountered due to constraint violations or pricing errors other than due to the PSM. In which case, the indicated price will be remarked as Price Estimate (PE). If market intervention or suspension is encountered during a trading interval, an MI notation will be indicated under the column PErr and the corresponding price will be pertaining to the equivalent customer Administered Price (AP). It must be noted, however, that the pricing conditions indicated in this table are not yet final and may be subject to revisions.

Energy Offers, Available Supply, and Demand (Ex-ante) Description: This chart shows the trend of hourly energy offers, available supply, and system demand at ex-ante. Information is available separately for both the Luzon and Visayas Grids.

Load Weighted Average Price vs. MaxMin Nodal Price (Ex-ante) Description: This chart shows the hourly trend of the Load Weighted Average Price (LWAP) and the maximum and minimum nodal prices during the trading day. It may also include price estimates (which are based on the offer merit order of generators that are actually dispatched during trading hour/s with pricing error/s other than those that were subject to the Price Substitution Methodology or PSM), administered prices (which are based on the average of the ex-post energy nodal prices of the four (4) most recent same day, same hour trading intervals that have not been administered) and the unconstrained price for trading intervals that have been subjected to the PSM.

Load Weighted Average Price Distribution (Ex-ante) Description: This chart shows the distribution of the hourly System LWAP (which covers all of the resources in the Luzon and Visayas Grids) during the trading day and the current billing month. The daily and monthly percent of time is calculated based on a 24-hour time period and the total number of hours during the current billing month as of the trading day, respectively. The hourly System LWAP includes price estimates based on the offer merit order of generators that are actually dispatched during the trading hour/s with pricing error/s (other than congestion), administered prices (which are based on the average of the ex-post energy nodal prices of the four (4) most recent same day, same hour trading intervals that have not been administered) and the unconstrained price for trading intervals that have been subjected to price substitution.

System - Offer, Demand, and Price Description: This table shows the summary of market results, particularly on the system's supply-demand condition and its resulting prices at ex-ante. The maximum, minimum, and average values in this table involve results in both the Luzon and Visayas Grid and are independent of the values when these regions are considered separately.

Offer:

Shows the average, maximum, and minimum system energy offers for the current trading day, previous day, and same day last week. Shows the average, maximum, and minimum system demand for the current trading day, previous day, and same day last week. Shows the average, maximum, and minimum ex-ante system LWAP for the current trading day, previous day, and same day last week. These include price estimate/s for trading hour/s with pricing error/s (PEN), unconstrained price/s in cases where the Price Substitution Methodology or PSM is applied, and those under market intervention. In cases where only the ex-ante price have pricing errors due to CVCs and other PEN (other than congestion CVCs), the ex-post price is used. If both ex-ante and ex-post have pricing error/s as a result of the CVCs and other PEN (other than congestion CVCs), the price estimate is used. However, if either or both the RTD and RTX have PEN due to congestion,CVCs and the PSM are applied, then the unconstrained price will be reported (i.e. prices for constrained-on plants will not be reported for the purposes of this report). Full details on the PS prices are published at http://www.wesm.ph/market.results.download.

HVDC Flow Schedule Description: This chart shows the scheduled HVDC flow at ex-ante, which can either be from Visayas to Luzon, from Luzon to Visayas, or zero (no power interchange between the Luzon and Visayas Grids).

Demand:

LWAP:

Generation Mix by Resource (Ex-ante) Description: This pie chart shows the daily generation mix by resource type (in %) based on the scheduled generation during the trading day. Information is available separately for both the Luzon and Visayas Grids.

Outage by Resource (Ex-ante) Description: This chart shows the capacity on outage (in MW) by resource type during the trading day. Information is available separately for both the Luzon and Visayas Grids.

5 Daily Market Update

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.

Daily Market Update

Trading Day: 01 March 2011, Tuesday
Market Residual Supply Index vs. Pivotal Suppliers Description: The Market Residual Supply Index (RSI) is a dynamic continuous index that provides additional information to the concept of PSI, by measuring the ratio of the available generation without a generating plant to the total generation required to supply demand. The RSI is measured on a continuous scale rather than binary, as in the case of Pivotal Supply Index (PSI). The RSI of the whole Market (Market RSI) is the lowest RSI among all generating plants in the market. Market RSI less than 100% indicates the presence of pivotal supplier/s. The chart shows the trend of hourly Market RSI (left Y-axis) and the number of pivotal supplier/s (right Y-axis) where the Market RSI is below 100%. The PSI and RSI are calculated based on the generating plants' offered capacity.

Ref# DMU_20110301-060

Pivotal Supplier Frequency Index Description: The Pivotal Supply Index (PSI) is a binary variable (1 for pivotal and 0 for not pivotal) which measures for a generating plant in a particular period of time whether, given the market conditions of demand and generation, the demand can be supplied without that generating plant. The Pivotal Supplier Frequency Index (PSFI) measures the frequency that a generating plant is pivotal in a particular study period. The chart shows the percentage of time that a generating plant is pivotal during the trading day. The PSI is calculated based on the generating plants' offered capacity. Information is available separately for both the Luzon and Visayas Grids.

Price Setting Frequency Index (Ex-ante) Description: This chart shows the frequency (right Y-axis) and percentage of time (left Y-axis) that a generating plant became the marginal generator (price setter) during the trading day. The percent of time is calculated based on a 24-hour time period. Information is available separately for both the Luzon and Visayas Grids. The total frequency and percentage may exceed 24 and 100%, respectively, as there may be instances of more than one marginal plant during a given trading hour. A power plant with more than one registered trading node is also considered a marginal generator if at least one of its trading nodes sets the price during a given trading hour. The chart, however, excludes trading hour/s with pricing error/s and/or under market intervention/suspension.

6 Daily Market Update

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.

Daily Market Update

Trading Day: 01 March 2011, Tuesday
Description of Terms 1 Administered Price is the price applied in the settlement during trading intervals whereby the System Operator (SO) intervened in the market, or when the market has been suspended by the Energy Regulatory Commission (ERC). It is calculated as the average of the ex-post energy nodal prices of the four (4) most recent same day, same hour trading intervals that have not been administered. 2 Available Supply is the aggregate MW of the generation security limits imposed by the SO, energy offers, and HVDC schedule less the generation capacities on outage and generator ramp limitations (if any). 3 Average Demand is the mean of the hourly ex-ante demand for the day. 4 Average Offers is the mean of the hourly energy offers for the day. 5 Constrained Solution is the original ex-ante or ex-post market run that was outputted by the Market Dispatch Optimization Model (MDOM) calculations. 6 Constrained-on Generators are those generation units that were scheduled to run pursuant to the original market solutions, but would have been scheduled to run at a lower quantity based on the unconstrained solution. 7 Constrained-on Price is the settlement price for generator/s that are constrained-on in a trading interval that has been determined as subject to price substitution. 8 Daily Ex-Ante Average Load Weighted Average Price (LWAP) is the mean of the hourly ex-ante LWAP for the whole trading day. 9 Energy Offers is the sum of all the last offer block quantity (in MW) of all generators with valid offers for a particular trading interval. 10 Ex-Ante Demand is the forecasted system demand (in MW) for the end of each trading interval. 11 Hourly Ex-Ante LWAP is the load weighted average of the nodal prices (in PhP/MWh) in the ex-ante market for each trading interval. It is calculated by summing the products of the nodal price and nodal load quantity, and dividing the result with the sum of the nodal loads for each trading interval. 12 Market Intervention is a condition whereby the SO assumes the responsibility for giving directions and coordinating the actions to be undertaken by the Market Operator and trading participants, including the scheduling of generators for a particular trading interval. 13 N-1 Contingency Limitation is a transmission line capacity limitation set by the SO on particular transmission lines to comply with the N-1 contingency requirements of the transmission system in order to maintain system reliability and security. 14 Nodal Price is the other term used for Locational Marginal Price or LMP (in PhP/MWh) for each market trading node. 15 Pricing Error Notice (PEN) is a notice issued by the Market when there are no ex-ante prices determined, or the calculated prices are believed to be in error as in cases when the ex-ante prices are reflective of constraint violation coefficients. 16 Price Estimate is calculated based on the highest offer price of all generators that are dispatched for the relevant interval. This price is indicative only and is not the actual substitute price that will be used in the settlements of the transactions in the trading interval. 17 Price Substitution Mechanism (PSM) for Congestion is the mechanism agreed on by market participants and approved by the Energy Regulatory board under ERC Case No. 2008-051 RC. This mechanism uses a trigger factor to determine if an interval that has encountered congestion will be subjected to price substitution. 18 Unconstrained Price under the PSM, the unconstrained price will be the settlement price for generators that are not constrained-on. The unconstrained price is the market clearing price in the unconstrained solution of an ex-ante or ex-post run that has been determined as subject to price substitution. 19 Unconstrained Solution is derived by a merit order stacking of the available generators based on their energy offers for the relevant trading interval, taking into consideration the generator outages, security limits, and the system demand (load + losses) accounted for in the original (i.e., constrained) run.

Ref# DMU_20110301-060

7 Daily Market Update

Disclaimer/Waiver: All information in this document may still be subject to change after final verification by the Philippine Electricity Market Corporation (PEMC). This publication is meant to provide a timely overview of the actual market trading outcomes that transpired in the previous trading day in the WESM. As such, PEMC does not make any representation or warranties as to the completeness or accuracy of the information. PEMC, likewise, accepts no responsibility or liability whatsoever, for any loss or costs incurred by the reader arising from, or in relation to, any conclusions or assumptions derived from the information found herein.