FUND MANAGER S REPORT DECEMBER 2008

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1 Important Information: The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. has exercised due diligence and care in preparing the information contained herein and believes it to be reliable as of the date indicated. However no guarantee is given that it is accurate or complete. shall not be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages or losses, including lost profits arising in any way from the information contained herein. Please consult your legal and/ or financial advisor before making any investment decisions. Information provided here is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without prior express consent of. Stability Performance FUND MANAGER S REPORT DECEMBER 2008 Growth Trust Experience Market Review Unit Trust of Pakistan (UTP) JS Aggressive Asset Allocation Fund (JS AAA) UTP Islamic Fund (UTP ISF) JS Income Fund (JS IF) JS Fund of Fund (JS FOF) UTP A30+ JS Capital Protected Fund (JS CPF) JS Capital Protected Fund II (JS CPF II) JS Capital Protected Fund III (JS CPF III) JS Capital Protected Fund IV (JS CPF IV) JS Aggressive Income Fund (JS AIF)

2 Market Review Money market review During the month of December, liquidity conditions improved as indicated by the overnight lending rate, which was around 4.55 as against 6.67 in November. The State Bank of Pakistan remained active and held three Treasury bill auctions. At the auction on December 31, the cut-off yield on 6-month Treasury bills fell to per cent, while the weighted average yield on 6-month paper also fell to per cent, compared to percent in the previous auction on December 17. The cutoff yield on 3-month paper rose to (the weighted average yield rose to ). The cut-off yield on the 12-month paper was and the weighted average yield was According to weekly statement of position of all scheduled banks as at close of business on December 27, 2008, deposits and other accounts of the scheduled banks rose in the current month and stood at Rs 3, billion, higher by Rs billion over preceding month s figure of Rs 3, billion. Interbank rates KIBOR (Average) vs. Nov Nov Dec 1M KIBOR (average) remained stable at while the 6M KIBOR (average) rose by 8 basis points to in December M 3M 6M 9M 1Y 2Y 3Y Equity market review Activity in the equity market finally picked up in the month of December after the removal of the floor mechanism on 15th December, Volumes of the KSE-30 Index rose, averaging around 13,604,041 shares during the remaining period as compared to the daily average of 100 shares during the first half of the month. Furthermore, news regarding settlement of outstanding CFS MK-II positions helped market activity. The KSE-30 index fell significantly by 4, points and closed at a level of 5, points, depicting a MoM decline as selling pressure mounted. Average traded volume of the KSE-30 for the month of December was 7,227,191 shares and market capitalization was recorded at PKR billion (-46.4 MoM). Market activity Daily volume vs. KSE-30 movement 30,000,000 80,000,000 25,000,000 60,000,000 20,000,000 15,000,000 40,000,000 10,000,000 20,000,000 5,000,000 Volume (L.H.S) KSE-30 (R.H.S) 11,000 9,800 9,800 8,600 8,600 7,400 7,400 6,200 6,200-5, Important Information:The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. JS

3 Unit Trust of Pakistan (UTP) UTP is a balanced fund that aims to preserve and grow investor s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income. Equity Fixed Income Cash & Equivalents Performance () Cumulative return** 6M 1Y 2Y 3Y Launch Oil and Gas Exploration Cos Fund Textiles 4.91 Benchmark n/a Oil & Gas Marketing Cos Difference n/a Investment Banks 4.64 Fertilizer 3.51 Others Monthly performance () Total Jan Feb Mar Statistical analysis Apr Fund Benchmark May Beta Jun Standard Deviation Jul Largest Month Gain Aug Largest Month Loss Sep Positive Months Oct* n/a Nov* n/a Dec* n/a Key information YTD Fund type Open end - Balanced Fund Benchmark Fund launch date 27 October, 1997 Difference Fund Assets (PKR mn) 3, * No dealing in units during this period Benchmark 30 6M KIBOR & 70 KSE30 Index Fund manager's review Trustee CDC The market capitalization of the KSE-30 index eroded by approximately PKR billion in, where majority of the selling occurred after the floor on the index was removed on December 15. The UTP Benchmark fell by 25.7 while KSE-30 index shed in December '08. During the second half of the month we looked to reduce exposure in equities, amid thin trading volume, in anticipation of the fall in index. Accordingly, our exposure in equities decreased to 37.7 as at December 31, as compared to previous month s Mostly, this decrease in equity invested level was attributable to the decline in the KSE-30 index. Our exposure in the fixed income market increased by 4.8 over the month to entirely due to the decrease in NAV on the back of the fall in KSE index. Auditors Ford Rhodes SHC Risk profile Medium Management fee 2.00 PACRA Rating 5 Star (Normal & Long Term) We also exited our position in open-end mutual funds to increase our cash holding, which is yielding relatively higher returns in the Money Market.

4 JS Aggressive Asset Allocation Fund (JS AAA) JS AAA (formerly UTP AAA) is a dynamic asset allocation fund that aims to achieve superior risk adjusted growth in investor s capital over the long term. The fund operates a diverse portfolio of equity and fixed income investments and it may constantly adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens. The fund is allowed to invest up to 100 of net assets in any one type of asset class. Equity Cash & Equivalents Performance () Cumulative return** 6M 1Y 2Y 3Y Launch Textiles Fund Technology & Communication Benchmark Transport 9.00 Difference Investment Banks 8.82 Oil & Gas Marketing Cos Others Monthly performance () Total Jan n/a Feb n/a Mar n/a Statistical analysis Apr n/a Fund Benchmark May n/a Beta Jun n/a Standard Deviation Jul Largest Month Gain Aug Largest Month Loss Sep Positive Months Oct* n/a Nov* n/a Dec* n/a Key information YTD Fund type Open end - Asset Allocation Fund Benchmark Fund launch date 28 June, 2005 Difference Fund Assets (PKR mn) * No dealing in units during this period Benchmark KSE 30 Index Fund manager's review Trustee CDC The market capitalization of the KSE-30 index eroded by approximately PKR Auditors KPMG Taseer Hadi & Co. billion in, where majority of the selling occurred after the floor removal on Risk profile High December 15th. The JS-AAA benchmark, i.e. KSE-30, fell by while KSE-100 index shed 36.2 in. During the second half of the month we reduced our equity exposure, amid thin trading volume, in anticipation of the fall in index. Accordingly, our equity exposure decreased to as at December 31, as compared to previous month s While outperforming its Benchmark Index (KSE-30), the Net Assets of JS-AAA reduced by Rs.116 million (MoM decline of 36.83) largely due to the fall in the market index. Management fee 3.00 PACRA Rating 4 Star (Normal)

5 UTP Islamic Fund (UTP ISF) UTP ISF aims to grow investor s capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Board (SAB) of this fund while ensuring liquidity. The fund investments are limited to asset classes approved by the Shariah Advisory Board and all companies under investment consideration are regularly screened for Shariah compliance. Equity Cash & Equivalents Performance () Cumulative return** 6M 1Y 2Y 3Y Launch Commercial Banks Fund Oil and Gas Exploration Cos Benchmark n/a Oil & Gas Marketing Cos Difference n/a Autos 5.91 Textiles 3.98 Others 3.48 Monthly performance () Total Jan n/a Feb n/a Mar n/a Statistical analysis Apr n/a Fund Benchmark May n/a Beta Jun Standard Deviation Jul Largest Month Gain Aug Largest Month Loss Sep Positive Months Oct* n/a Nov* n/a Dec* n/a Key information YTD Fund type Open end - Islamic Equity Fund Benchmark Fund launch date 27 December, 2002 Difference Fund Assets (PKR mn) * No dealing in units during this period Benchmark DJIMPK Fund manager's review Trustee CDC The market capitalization of the KSE-30 index eroded by approximately PKR billion in, where majority of the selling occurred after the floor on the index was removed on December 15. The UTP Islamic Fund benchmark (DJIMPK) fell by 37.1 while KSE-30 index shed in. During the second half of the month, we looked to reduce invested level amid thin trading volume. Accordingly, our exposure in equities decreased to as at December 31, as compared to previous month s This decrease in invested level was partly attributable to the decline in the KSE-100 index. Auditors M. Yousuf Adil Saleem Co. Risk profile High Management fee 2.00 PACRA Rating 4 Star (Normal)

6 JS Income Fund (JS IF) () JS IF (formerly UTP IF) is an income fund that aims to preserve investor s capital while Nov-08 providing a regular stream of current income on an annual basis which is higher than Cash & Equivalents that offered by commercial banks on deposits of a similar liquidity profile as this fund. Term Finance Cert.(s) The fund operates a diverse portfolio of investment-grade debt securities, government Term Deposits securities and money market instruments. The fund maintains liquidity in the form of Placements CFS investments, spread transactions and bank deposits. Others Pak. Investment Bond Commercial Paper Performance () Annualised performance** CFS M 6M 1Y 3Y Launch Fund Benchmark Difference Monthly performance () Statistical analysis Fund Benchmark Jan Beta Feb Standard Deviation Mar Largest Month Gain Apr Largest Month Loss May Positive Months Jun Jul Aug Key information Sep Fund type Open end- Income Fund Oct Fund launch date 26 August, 2002 Nov Fund Assets (PKR mn) 7, Dec Benchmark 1 Month KIBOR YTD Benchmark Trustee Muslim Comm. Fin. Ser. (Pvt) Ltd. Difference Auditors KPMG Taseer Hadi & Co. Risk profile Low Management fee 1.50 Fund manager's review PACRA Rating 5 Star (Normal & Long Term) During the month of, JS IF has earned a return of as compared to an industry average of around However the size of the fund has been reduced by almost 17 due to redemptions. In, JS IF has increased its TDR exposure significantly to 31 from 24 a month earlier due to relatively higher rates available in the market at the year end. Exposure in Cash & Cash equivalents has been reduced to 22 from 32. We closely monitor our exposure in the TFCs & Commercial Papers (CP) and despite difficult times we managed to maintain our TFC portfolio under 30 & CP portfolio at Short Term Money Market Placements remained high at approximately 10 due to volatility in the money market, enabling the fund to earn higher returns. ** Annualised performance is based on Value Added Monthly Index (VAMI)

7 JS Fund of Funds (JS FoF) JS FoF (formerly UTP FoF) is a fund of funds that aims to grow investor s capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens. Open-end 0.15 Close-end Cash & Equivalents Performance () Cumulative return** Statistical analysis 6M 1Y 2Y 3Y Launch Fund Benchmark Fund Beta Benchmark n/a n/a n/a Standard Deviation Difference n/a n/a n/a Largest Month Gain Largest Month Loss Positive Months Monthly performance () Jan n/a Feb n/a Key information Mar n/a Fund type Open end - Fund of Funds Apr n/a Fund launch date 31 October, 2005 May n/a Fund Assets (PKR mn) Jun n/a Benchmark BM FoF Funds Jul n/a Aug n/a Trustee CDC Sep n/a Auditors KPMG Taseer Hadi & Co. Oct* n/a n/a Risk profile Medium Nov* n/a Management fee 1.00 Dec* n/a PACRA Rating 4 Star (Normal) YTD Benchmark Difference * No dealing in units during this period Fund manager's review JS FOF has significantly reduced its equity exposure from both open & closed-end sectors and opted for more cash in view of further market decline. The exposure in open-end category has been reduced to just 0.15 from 7.88, a month earlier. The exposure in closed-end category has also been reduced to from

8 UTP A30+ Fund (UTP A30+) UTP A30+ is an index fund that aims to track the performance of the KSE-30 Index by investing in constituent companies of the index in proportion to their weighting. The fund targets sophisticated investors who can time their entry and exit from the fund in accordance with the expected performance of the equity market or for investors who seek long term exposure to the equity market. To ensure liquidity, the fund may invest up to fifteen percent of its portfolio in fixed income instruments. Equity Cash & Equivalents 3.61 Performance () Cumulative return** 6M 1Y 2Y 3Y Launch Commercial Banks Fund n/a Oil and Gas Exploration Cos Benchmark n/a Fertilizer Difference n/a Investment Banks 8.91 Insurance 4.63 Other 17.5 Monthly performance () Total Jan n/a Feb n/a Mar n/a Statistical analysis Apr n/a Fund Benchmark May n/a Beta Jun Standard Deviation Jul Largest Month Gain Aug Largest Month Loss Sep Positive Months Oct* n/a Nov* n/a Dec* n/a Key information YTD Fund type Open end - Equity Fund Benchmark Fund launch date 29 May, 2006 Difference Fund Assets (PKR mn) * No dealing in units during this period Benchmark KSE-30 Index Trustee MCFSL Auditors Ford Rhodes SHC Risk profile High Management fee 1.50 PACRA Rating 4 Star (Normal)

9 JS Capital Protected Fund (JS CPF) JS CPF (formerly UTP CPF) is a low-risk profile, capital protected product that aims to safeguard investor capital by placing a significant percentage of the fund as bank deposit(s), and use the remaining funds to gain exposure into equity markets. The fund operates a portfolio of high return fixed income and money market instruments, as well as equity market investments or any other SECP permissible investment that the management feels would be appropriate to maximize total return. Equity 6.88 Fixed Income Cash & Equivalents 8.52 Performance () Cumulative return** 6M 1Y 2Y 3Y Launch Transport 4.34 Fund n/a n/a Investment Banks 2.54 Benchmark n/a n/a Difference n/a n/a Monthly performance () Total 6.88 Jan 1.81 n/a Feb 1.19 n/a Mar Statistical analysis Apr Fund Benchmark May Beta Jun Standard Deviation Jul Largest Month Gain Aug Largest Month Loss Sep Positive Months Oct* n/a 1.52 Nov* n/a 0.93 Dec* n/a 0.55 Key information YTD Fund type Open end - Special Fund Benchmark Fund launch date 21 February, 2007 Difference Fund Assets (PKR mn) * No dealing in units during this period Benchmark TDR Rate & KSE-30 Index Fund manager's review Trustee CDC On December 15th, the floor was finally removed from the KSE and resulted in a steep Auditors Ford Rhodes SHC decline in the equity market. The KSE-30 index declined by in, whilst Risk profile Low risk the KSE-100 index declined by Selling pressure in the equity market had built Management fee 1.25 up substantially because of the prolonged freeze in the equity market since August 28, PACRA Rating n/a JS CPF's portfolio allocation to equities declined to 6.88 in from in Nov-08, mainly due to falling equity prices.

10 JS Capital Protected Fund (JS CPF II) JS CPF II (formerly UTP CPF II) is a low-risk profile, capital protected product that aims to safeguard investor capital by placing a significant percentage of the fund as bank deposit(s), and use the remaining funds to gain exposure into equity markets. The fund operates a portfolio of high return fixed income and money market instruments, as well as equity market investments or any other SECP permissible investment that the management feels would be appropriate to maximize total return. Equity 2.18 Fixed Income Cash & Equivalents 7.52 Performance () Cumulative return** 6M 1Y 2Y 3Y Launch Oil and Gas Exploration Cos Fund n/a n/a Insurance 0.42 Benchmark n/a n/a 0.35 Technology & Communication 0.18 Difference n/a n/a Power Generation & Dist Investment Banks 0.01 Monthly performance () Total 2.17 Jan 2.59 n/a Feb 1.10 n/a Mar 1.09 n/a Statistical analysis Apr 0.60 n/a Fund Benchmark May 0.45 n/a Beta Jun 0.76 n/a Standard Deviation Jul Largest Month Gain Aug Largest Month Loss Sep Positive Months Oct* n/a 0.94 Nov* n/a 0.26 Dec* n/a 2.89 Key information YTD Fund type Open end - Special Fund Benchmark Fund launch date 18 June, 2007 Difference Fund Assets (PKR mn) 1, * No dealing in units during this period Benchmark TDR Rate & KSE-30 Index Fund manager's review Trustee CDC On December 15th, the floor was finally removed from the KSE, and resulted in a steep Auditors Ford Rhodes SHC decline in the equity market. The KSE-30 index declined by in, whilst Risk profile Low risk the KSE-100 index declined by Selling pressure in the equity market had built Management fee 1.50 up substantially because of the prolonged freeze in the equity market since August 28, PACRA Rating n/a CPF II s portfolio allocation to equities declined to 2.18 in from 4.11 in Nov-08, mainly due to falling equity prices. Important Information:The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. JS

11 JS Capital Protected Fund (JS CPF III) JS CPF III is a low-risk profile, capital protected product that aims to safeguard investor capital by placing a significant percentage of the fund as bank deposit(s), and use the remaining funds to gain exposure into equity markets. The fund operates a portfolio of high return fixed income and money market instruments, as well as equity market investments or any other SECP permissible investment that the management company considers appropriate to maximize total return. Equity 1.25 Fixed Income Cash & Equivalents 3.15 Performance () Cumulative return** 6M 1Y 2Y 3Y Launch Investment Banks 0.36 Fund n/a n/a 6.77 Power Generation & Dist Benchmark n/a n/a 1.90 Insurance 0.22 Difference n/a n/a 4.87 Oil and Gas Exploration Cos Technology & Communication 0.13 Monthly performance () Total 1.25 Jan 1.01 n/a Feb 0.89 n/a Mar 0.83 n/a Statistical analysis Apr 0.40 n/a Fund Benchmark May 0.16 n/a Beta Jun 0.65 n/a Standard Deviation Jul n/a Largest Month Gain Aug 0.26 n/a Largest Month Loss Sep 0.65 n/a Positive Months Oct* n/a 0.37 Nov* n/a 0.94 Dec* n/a 0.60 Key information YTD Fund type Open end - Special Fund Benchmark Fund launch date 28 September, 2007 Difference Fund Assets (PKR mn) 1, * No dealing in units during this period Benchmark TDR Rate & KSE-30 Index Fund manager's review Trustee CDC On December 15th, the floor was finally removed from the KSE, and resulted in a steep Auditors Ford Rhodes SHC decline in the equity market. The KSE-30 index declined by in, whilst Risk profile Low risk the KSE-100 index declined by Selling pressure in the equity market had built Management fee 1.50 up substantially because of the prolonged freeze in the equity market since August 28, PACRA Rating n/a CPF III s portfolio allocation to equities declined to 1.25 in from 2.31 in Nov-08, mainly due to falling equity prices. Important Information:The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. JS

12 JS Capital Protected Fund (JS CPF IV) JS CPF IV is a low-risk profile, capital protected product that aims to safeguard investor capital by placing a significant percentage of the fund as bank deposit(s), and use the remaining funds to gain exposure into equity markets. The fund operates a portfolio of high return fixed income and money market instruments, as well as equity market investments or any other SECP permissible investment that the management company considers appropriate to maximize total return. Equity 6.10 Fixed Income Cash & Equivalents 9.02 Performance () Cumulative return** 6M 1Y 2Y 3Y Launch Oil and Gas Exploration Cos Fund n/a n/a n/a 2.13 Investment Banks 1.81 Benchmark n/a n/a n/a Oil & Gas Marketing Cos Difference n/a n/a n/a Commercial Banks 0.12 Paper & Board 0.10 Monthly performance () 2008 Total 6.10 Jan n/a Feb n/a Mar n/a Statistical analysis Apr n/a Fund Benchmark May 0.64 Beta Jun 1.16 Standard Deviation Jul Largest Month Gain Aug Largest Month Loss Sep 0.72 Positive Months Oct* n/a Nov* n/a Dec* n/a Key information YTD 2.13 Fund type Open end - Special Fund Benchmark Fund launch date 21 April, 2008 Difference Fund Assets (PKR mn) * No dealing in units during this period Benchmark TDR Rate & KSE-30 Index Fund manager's review Trustee Muslim Comm. Fin. Ser. (Pvt) Ltd. On December 15th, the floor was finally removed from the KSE, and resulted in a steep Auditors Ford Rhodes SHC decline in the equity market. The KSE-30 index declined by in, whilst Risk profile Low risk the KSE-100 index declined by Selling pressure in the equity market had built Management fee 1.75 up substantially because of the prolonged freeze in the equity market since August 28, PACRA Rating n/a JS CPF IV s portfolio allocation to equities declined to 6.10 in from in Nov-08, mainly due to falling equity prices. Important Information:The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. JS

13 JS Aggressive Income Fund (JS AIF) () JS AIF aims at generating current income on investments while maintaining the Nov-08 prospects of capital appreciation by investing in a diversified portfolio of money market Cash & Equivalents and fixed income instruments. The fund may aggressively adjust asset weightings to Term Deposits take advantage of directional macro and micro economic trends and may hold some or Term Finance Cert.(s) even all of its assets in cash to either provide liquidity or for defensive purposes. Money Market Other Performance () Annualised performance** 1M 6M 1Y 3Y Launch Fund n/a 6.12 Benchmark n/a Difference n/a Monthly performance () Statistical analysis 2008 Fund Benchmark Jan n/a Beta Feb 0.75 Standard Deviation Mar 0.76 Largest Month Gain Apr 0.87 Largest Month Loss May 0.53 Positive Months Jun 0.86 Jul 0.96 Aug 0.74 Key information Sep 1.10 Fund type Open end - Income Fund Oct 1.15 Fund launch date 22 January, 2008 Nov Fund Assets (PKR mn) Dec 1.37 Benchmark 1 Month KIBOR YTD 6.39 Benchmark Trustee CDC Difference Auditors M. Yousuf Adil Saleem & Co. Risk profile Medium Management fee 1.50 Fund manager's review PACRA Rating n/a During the month of, JS AIF has earned a return of (annualised) compared to an industry average of around 5.47 (annualised). The fund has also outperformed its benchmark, which earned a return of (annualised). The high cash allocation enabled the fund to yield above-average return, although the money market remained liquid throughout the month. The TFC allocation was further trimmed down by 1.24 to compared to last month's ** Annualised performance is based on Value Added Monthly Index (VAMI)

14 Glossary of Terms Glossary of Terms Annualised Return Annualised return reflects an expected or approximate return for a full year. Beta Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. For example, a beta of 1 indicates that the fund will move with the market. A beta of less than 1 means that it will be less volatile than the market and conversely, a beta of greater than 1 indicates that the fund will be more volatile than the market. Standard Deviation Standard deviation calculated as the square root of the variance and measures how much the return on the fund is deviating from the expected normal returns. Total Return Total return is the return on an investment over a given time period, usually a year. VAMI Value Added Monthly Index (VAMI) This index reflects the growth of a hypothetical Rs. 1,000 in a given investment over time. The index is equal to Rs. 1,000 at inception. Subsequent month-end values are calculated by multiplying the previous month s VAMI index by 1 plus the current rate of return. Where Vami = 1000 and Where R N = Return for period N Vami N = (1 + R N ) x Vami N-1 Important Information:The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. JS

15 BRANCH DIRECTORY JS INVESTMENTS LIMITED Karachi Lahore Islamabad 7 th Floor, The Forum, Block 9, Clifton, Karachi, Pakistan UAN: , Ground Floor, Upper Mall, Lahore, Pakistan UAN: Chaudhary Palza, 65-West, Ground Floor No 6, Fazal-e-Haq Road, Blue Area, Islamabad, Pakistan UAN: CHANNEL PARTNERS Investments can also be made through branches of our following Channel Partners Standard Chartered Bank Toll free: or UAN: Citibank N.A UAN: JS Bank UAN: For Further Information contact us Toll Free: Important Information: The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. has exercised due diligence and care in preparing the information contained herein and believes it to be reliable as of the date indicated. However no guarantee is given that it is accurate or complete. shall not be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages or losses, including lost profits arising in any way from the information contained herein. Please consult your legal and/ or financial advisor before making any investment decisions. Information provided here is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without prior express consent of.