Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

Disclaimer: The performance of the PM has not been approved or recommended by SEBI nor SEBI certifies the accuracy or adequacy of the Monthly Report. The monthly report of the Portfolio Manager (PM) has been prepared by the individual Portfolio Manager as required by SEBI circular on " Monthly reporting by Portfolio Managers" dated October 08, 2010 and filed with SEBI. The monthly report, inter-alia, contains 'performance of the PM during the month'. It may be noted that the relationship between the PM and the client is contractual in nature and the PM mainly provides customized service taking into consideration the need of customers, their preferences, risk profiling, suitability etc. Further, no pooling is allowed, and no units are issued as in the case Mutual fund. Therefore, the performance of one portfolio manager may not be comparable with the performance of another.

Confidentiality

No part of this material may, without Goldman Sachs Asset Management’s prior written consent, be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

For detailed disclosures, please refer Additional disclosure documents under Investor resources.