Professional Documents
Culture Documents
olutions !td
Introduction """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""# Personal $etails """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""% Anupam and Praveen &amily 'oals """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""( Anupam and Praveen Asset chedule """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""") Anupam and Praveen Annual *ealth Creation """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+ ,etirement Plannin-""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""./ Implications for 0arly $emise Anupam """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""".% Investment Plan 1 ample """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""".( Current ituation """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""".( Investment O23ectives """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""".) Asset Allocation 1 4alanced """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""".+ Portfolio ,ecommendations""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5/ Mar6et 7pdate at Novem2er 5//+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5% 8ital to ta6e profit" """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""59 Opportunities """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""59 &inal *ord" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""59 Our Current Portfolio ,ecommendations """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5( Cash and &ixed Interest """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5( Investment Timeframe: ./ years plus" Tar-et ,eturn: 9"/: to +"/:pa" after tax" ;)"9: to .5"/: -ross at ##: tax"< """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5) Implementation """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5+ Important Points A2out a $iversified Portfolio """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5= Investment Mar6ets """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""5= IP Investment""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#/ ,is6 Mana-ement Module 1 !ife Cover """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#5 !ife Insurance Analysis for Anupam Mishra """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#5 ,is6 Protection >ealth Insurance """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#% Ma3or Medical Analysis for Anupam Mishra """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#% ,is6 Mana-ement 1 'eneral Insurance """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#9 &ire and 'eneral Analysis for &ire and 'eneral """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#9 $isclaimer """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#(
ample &amily &inancial Plan
Introduction
$ear Anupam Mishra & Praveen? *e are pleased to prepare this financial plan for you" A full financial plan would cover Cash Mana-ement? ,is6 Mana-ement? ,etirement Plannin-? Investment Plannin- and 0state & Tax Plannin-" The sections covered in this plan are outlined on the contents pa-e" The followin- plan will assess your current situation and ma6e recommendations in line with your o23ectives 2ased on the information you have supplied re-ardin- your life situation" Many assumptions have 2een made" These will have to 2e confirmed and modified in the li-ht of actual events" The solutions adopted in this plan need to 2e re-ularly reviewed" *e ur-e you to study these recommendations carefully and will answer any @uestions you may have" Aou need to ma6e important decisions on the ur-ency and timin- of the issues dealt within this plan" The effort you have ta6en to reach this point is well worthwhile" *e would advise you to re-ularly review and re1visit you plan in terms of chan-ino23ectives and chan-es to the lifestyle" Tanwir Alam 3E Advisors
Holder Details
Name PAN Name PAN
Contact Type Name Address Contact Type Name Address Contact Type Name Address Address:
To ta"e control of our personal spending Put in place a life plan to cover insurance needs #ave a emergency fund $nvest lump sum of %s. &'(('(((
%etire at ,( years of age and a foreign tour at %s. &(('((( per year -uy a .ar in / 0ears time for %s. &(('((( #ouse renovation in years time for %s. &(('(((
0ou need to understand the time hori1on for your goals can effect your investment plans. $t is always prudent to cover your short term needs initially and then set aside funds for investments over the longer term.
Please note' it is prudent to share 3inancial Details with your advisor since we offer complete client confidentiality. 4e value your business and relationship and would be committed to best service with you. The 5uality of our advice could get altered incase of inade5uacy of data shared by
Fi2ed 32penses
De(t *epayments 4nterest Payments Transport 4nsurance *ent5&onds 3ducation 6tilities Food Clothin# Family "upport )edical *eplacement *epairs /('(((.(( %s. &'(((.(( %s. &('(((.(( %s. *&'(((.(( %s. *('(((.(( %s. 2&'(((.(( %s. 8('(((.(( %s. &('(((.(( %s. &'(((.(( %s. &'(((.(( %s. *'&((.(( %s. (.(( %s. ('(((.(( *s+ /-/7-8..+..
Discretionary 32penses
Donations 3ntertainment Holidays Newspapers Pets Total 32penses Total "urplus %s. (.(( %s. (.(( %s. &'(((.(( %s. &'(((.(( %s. (.(( %s. *('(((.(( *s+ /-87-8..+.. *s+ /-9:-8..+..
Debt ( 9.,&:! Ta; ( (.((:! Spare (8(.*<:! 3i;ed 6;penses (*<.9 :! Discretionary 6;penses (*.2&:!
"ummary: 0our total combined income is *s+ 0-8.-...+.. 0ou have paid ta; of *s+ ,-8.-...+..+ 0our income after ta; is *s+ 7-..-...+..+ After fi;ed e;penses of *s+ /-/7-8..+.. and discretionary e;penditure of *s+ :.-...+.. you are left with *s+ /-9:-8..+.. per year. 0our future financial security will depend on how successfully this spare income is used.. Please note while a client has little control over %i2ed e2penses he has a #reater de#ree o% control over the discretionary e2penses+ We aim to #raphically represent where money comes in %rom and where it is spent+ As you empower the client to ta;e control over spendin#- it ma;es clients more responsi(le %or their actions+
,etirement PlanninThe above numericals support your needs and goals at various ages and their financial impact on your overall portfolio. 0ou are currently aged & ' this projection shows the sustainability of drawing income from your savings of %s. *'(('((( beginning at age ,( through until age /&. This projection assumes that you will draw down capital as well as income to meet your total drawings. 4e observe based on your goals and aspirations you will be slow to accumulate assets upto age ,( and will then build assets very 5uic"ly during the retirement years to leave behind a good corpus for your family at your terminal age.
%etirement Age = ,( %etirement >verride Age = ,( +ife 6;pectancy = /& $ncome %e5uired = %s. *'(('(((.((
Assets
n
%egular Savings @ Save %s. 2'(('((( per year from the age of && to ,( >verseas Travel @ Save %s. &'(('(((@ per year from the age of ,( to ,& Postal Savings @ Save %s. '(('((( per year from the age of &* to &9
Deposits?4ithdrawals
n n n
.ar Purchase @ 4ithdraw %s. &'(('(((@ at the age of && #ouse %enovation @ 4ithdraw %s. 2'&('(((@ at the age of &/ #oliday #ome @ 4ithdraw %s. *('(('(((@ at the age of ,(
Pensions
n
4or" Pension @ %eceive a pension of %s. &'(('((( per year starting at the age of ,(
The calculations in the life plan cashflow analysis is based on the following assumptions
n n n
All inputs reflect todayAs values and are captured within the analysis' and in turn are adjusted for the impact of inflation %eturns are calculated on an annual basis only The e;act age of the client establishes the annual cycle
This projection has an after ta; return of (.(: and an inflation rate of ,.(: with an override interest rate of /.(: and override age of ,(.(
*ealth 'raph
A#e
"avin#s
Deposit
Pension
3ducation & &* &2 &8 && &, &9 &/ &< ,( , ,* ,2 ,8 ,&
4ncome *e<uire
Port%olio $alue
%etirement Age = & %etirement >verride Age = ,( +ife 6;pectancy = /& $ncome %e5uired = %s. *'(('(((.((
Assets
n
%egular Savings @ Save %s. 2'(('((( per year from the age of && to ,( >verseas Travel @ Save %s. &'(('(((@ per year from the age of ,( to ,& Postal Savings @ Save %s. '(('((( per year from the age of &* to &9
Deposits?4ithdrawals
n n n
.ar Purchase @ 4ithdraw %s. &'(('(((@ at the age of && #ouse %enovation @ 4ithdraw %s. 2'&('(((@ at the age of &/ #oliday #ome @ 4ithdraw %s. *('(('(((@ at the age of ,(
Pensions
n
4or" Pension @ %eceive a pension of %s. &'(('((( per year starting at the age of ,(
The calculations in the li%e plan cash%low analysis is (ased on the %ollowin# assumptions
n n
All inputs reflect todayAs values and are captured within the analysis' and in turn are adjusted for the impact of inflation
%eturns are calculated on an annual basis only n The e;act age of the client establishes the annual cycle
This pro=ection has an a%ter ta2 return o% ,.+.> and an in%lation rate o% ?+.> with an override interest rate o% 0+.> and override a#e o% ?.+.
*ealth 'raph
A#e
"avin#s
Deposit
Pensions
3ducation & &* &2 &8 && &, &9 &/ &< ,(
4ncome *e<uired
Port%olio $alue
$nvestment >bjectives
@our investment o(=ectives have (een listed as %ollows:
n n n n
BAccumulate assets to provide for a comfortable retirement income.B BArrange an investment portfolio to reduce the ris" of lossB BProvide an ade5uate standard of living for your family in the event of your deathB BSave more money on a regular basisB
The %ollowin# statements de%ine your investor pro%ile as a &alanced investor: 26 Advisors see"s to manage your portfolio within the criteria set and will see" to give you e;posure to 3unds that are performing in the top 5uartile and to adjust your assets allocation to meet current economic conditions whilst maintaining your $nvestment Profile. )ost investments are medium to long@term. $nternational -ond 3unds are medium to long@term. -ond 3unds @2 yearsC shares & yearsC property &@9 years. %eturns will always be dependent on current economic conditions and no absolute guarantee is possible. At each review you are confirming the strategy adopted as detailed above. $f this is no longer appropriate you should notify your advisor. Asset Allocation 1 &alanced
Cash ;.//"//:<
.ash (/.((:! Debt (8*.((:! 65uity ( &.((:! Property (/.((:! $nternational 65uity (*9.((:!
Client Auestionnaire
De%ensive
Conservative
&alanced
Growth .ash Debt Gilt Property 65uity $nternational 65uity Alternative Assets
A##ressive
"ector
4deal Percenta#e
4deal Amount
$nternation
Alternative
Portfolio ,ecommendations
Cash 4nvestment #D3. .ash )anagement 3und @ Savings Plan@Daily Dividend >ption Aims at providing reasonable $ncome along with high li5uidity 6ntry +oad= (: 6;it +oad= (: De(t 4nvestment S-$ )agnum )onthly $ncome Plan @ Growth 3T $ndia )onthly $ncome Plan@Growth DSP -lac"%oc" Strategic -ond 3und @ %egular Plan @ Growth Property 4nvestment #D3. .ash )anagement 3und @ Savings Plan@Daily Dividend >ption #S-. .ash 3und @ %egular @ Growth 4nvestment 4nvestment #D3. Growth 3und @ Growth >ption $.$.$ Prudential Dynamic Plan@Growth >ption %eliance 65uity 3und@Growth Plan@Growth >ption DSP -lac"%oc" >pportunities 3und @ $nstitutional Plan @ Growth AS$AD #>T6+S +TD 3idelity 65uity 3und@Growth >ption Amount %s. &,'*&( %s. &,'*&( %s. */' *& %s. */' *& %s. */' *& %s. */' *& Amount %s. 8'(&'((( Amount %s. ,('((( %s. ,('((( %s. '&9'&(( %s. '&9'&(( Amount %s. '&9'&(( Amount %s. ,('((( %s. ,('(((
This is where your economic overview will appear+ This can (e updated as re<uired and all previous inputs are captured and used when creatin# historic documents+ "ample only )ar;et 6pdate at Novem(er :..0 4e have seen some dramatic changes in mar"ets over the last 5uarter including oil prices achieving all time highs and recently easing substantially' high inflation figures throughout the developed world (in part due to accelerating oil and commodity prices! and one of the biggest mar"et crashes in history. %eserve -an"s and Governments have been wor"ing together with billion dollar stimulus pac"ages and dramatically dropping interest rates by' at times' one percent in a single meeting to help alleviate what
could have been the biggest E-an"ing ArmageddonF in history. Than"fully Governments and %eserve -an"s have wor"ed hard and acted fast to help stimulate economies and mar"ets. %ecent declines are providing some very good buying opportunities' as always with mar"ets' they overe;tend to the upside but also to the downside. >ne fund manager had commented that the buying opportunities currently available are among the best he has seen since the mid 9(Fs oil shoc"s. There is still a considerable amount of uncertainty in the mar"et with the credit crisis unfolding in the GS. Holatility has been unprecedented with volatility indices showing e;treme levels of volatility far in e;cess to other episodes of investor alarm' such as the tech wrec"' and the significant corporate failures in early *(((. The e;cessive volatility has also been shown with indices li"e the Dow Iones seeing swings in e;cess of <: in a single day. $nvestors were so fearful of mar"ets that the returns for GS Government securities were in negative territory for the first time ever' meaning that investors were paying the Government to use their money rather than the Government paying investors for the use of it. This all illustrates that what is currently happening in mar"ets is not based on mar"et fundamentals but based on fear. A famous 5uote by 4arren -uffet one of the centuryFs most successful investors is Jbe fearful when others are greedy and be greedy when others are fearfulK. )r -uffet has stated recently that he has been selling his bond holdings and buying a large number of stoc"s for his personal portfolio. Harious fund managers and economic researchers have commented that the current environment will probably provide the best buying opportunity for the ne;t twenty years. The e;pected outloo" is that there will continue to be sub@par economic growth in the developed world' balanced by above@trend growth from the li"es of .hina and $ndia over the ne;t two years. Than"fully with clients having well diversified portfolios the impacts of issues currently affecting mar"ets have been significantly reduced. Going forward there is certainly bound to be further volatility' but as the past has taught us' after steep declines mar"ets tend to have a good recovery. Hital to ta"e profit. >ver the last * L 2 years we have been careful to withdraw money from the investments in shares and this has wor"ed very well. Although $ndia is currently in a recession the significant reductions in interest rates and wea"ness in our currency will help the recovery effort going forward. 4e have also been careful to withdraw money from the Shares in the last * years. The Sense; ended down &2: for the last year. Those who failed to ta"e profit will be e;posed.
>pportunities
+isted property has not separated itself from the volatility over the last * months. Due to our previously high interest rates and the implosions of some of the leading property trusts investors have become more cautious with the local sector. The decline in interest rates is seen as a good sign for this sector as it should reduce their mortgage?financing costs. Share valuations are loo"ing very attractive due to the current environment. .ompanies' which are still ma"ing good profit and are light years ahead from where they were even ( years ago' have been punished by investor sentiment. )ost companies are currently trading at the prices they had achieved in the mid <<(Fs' which is discounting the growth' which they have enjoyed over the past (M years. .ircumstances li"e these provide further evidence that investors are not trading on fundamentals but on current mar"et sentiment' adding to the argument that now is the time to buy. 6urope and Asia have not been able to shield themselves from the issues which are infecting the global financial mar"ets seeing declines as significant as in the GS' for e;ample .hinaFs mar"et is ?2 the si1e it was at itFs pea" in >ctober last year. 4hile there is good reason to believe that their domestic infrastructure will underpin the good growth in emerging mar"ets' more account needs to be ta"en with their lin"s to their slowing trade partners.The emerging mar"et economies are still e;pected to grow faster than their developed economy counterparts but at a slower rate than previously e;pected.
3inal 4ord
)ost forecasts seem to agree that there will be continued volatility throughout *((/ and into the early stages of *((<. There are still worries about the GS economy and the credit crunch and this is li"ely to have an impact on returns and volatility going forward. Diversification and limiting e;posure to any@one investment is loo"ing to be the best course of action in these volatile times. The recent declines in most mar"ets means that share prices in all parts of the world are actually 5uite cheap currently' and so the
coming year will present buying opportunities for the brave. Governments have been doing everything in their power to support economies including significantly reducing cash rates' providing stimulus pac"ages for individuals' providing rescue pac"ages and funding lines to major institutions and providing capital guarantees for ban"s and other financial institutions. This is a significant turnaround from past periods of unease' which provides much needed support and confidence about mar"ets and economies going forward. As always' we maintain a long term view= 4e recommend securing profits from areas that have seen strong growth' buying in times of wea"ness and we recommend trying to ignore volatility (such as we are seeing now! as that is part and parcel of the long term journey. Our Current Port%olio *ecommendations
Implementation
,+ Please mention your (an; account : 0our #D3. .ash )anagement 3und @ Savings Plan@Daily Dividend >ption will be the cash account for your portfolio= Acct Dame= )r A )ishra O )rs P )ishra -an"= #D3. )utual 3und Acct Do= T-D This account will (e used %or any transactions you ma;e within e2istin# investment s structure also :+ Please si#n the %ollowin# %orms= 3orm Dame DSP -lac"%oc" )utual 3und Application 3orm 3idelity )utual 3und Application 3orm 3ran"lin Templeton )utual 3und Application 3orm #D3. )utual 3und Application 3orm #S-. )utual 3und Application 3orm $.$.$ Prudential )utual 3und Application 3orm Dational Stoc" 6;change Application 3orm %eliance )utual 3und Application 3orm S-$ )utual 3und Application 3orm Sundaram )utual 3und Application 3orm Gnitech %eal 6state 3und Application 3orm Note: Please provide a certi%ied copy o% the PAN Card and the C@C %orms o% all holders 2. Funds Trans%er: Place all funds in the #D3. .ash )anagement 3und @ Savings Plan@Daily Dividend >ption Sign funds transfer authority for the following amounts= Provider Amount
6ach of the investment funds is diversified within itself with many underlying assets. There is diversification over many
There is diversification by investments style. 6ach of the fund managers has a variation of an investment approach. $nvestments' where possible' are selected on 5ualitative and 5uantitative criteria. $ndependent economic research has
The performance of each fund is monitored to ensure competitive returns for the current economic conditions.
Investment Mar6ets
The investment mar"ets are cyclical in nature. This means that sometimes investments will go down in value for a period of time. #owever' the mar"ets will also recover and go on to give good returns' as they have on every occasion in the past. $t is for this reason that an investment portfolio must be viewed over a timeframe in e;cess of & years. $f capitalism fails' so do the ban"s7 )aintaining a long@term strategy through short@term disruptions is the "ey to successful investing. This will sometimes test your nerve7
IP Investment
S$P $nvestment Saving regularly is one of the most powerful disciplines within a personal financial plan. The amount saved needs to be increased each year by the amount of inflation. The compounding of returns over the years is your Bbest friendB. %egular saving provides the opportunity to Brupee cost averageB which is without doubt one of the smartest strategies employed by investors around the world. Gnli"e ban" deposits or mortgage funds growth investments do not go up in a straight line but can return several time more' overtime. Saving regularly into these investments can wor" to the investorsA advantage when the mar"ets go up and when they go down7 26 Advisors has selected the following solution for you to rupee cost average into. &oth %unds are the (est per%ormers in their cate#ory and we recommend use invest in either o% them over a lon#er term and loo; at a horiDon o% at least /18 years+ 4nvestment -irla Sun +ife Ta; Plan Dividend >ption #D3. Ta;Saver@Dividend Plan
Note: Please also provide a copy of your PAN card and a scanned copy of the KYC Form for each investor.
Amount
+ife .over $ncome Protection .ritical .are #ealth .over General %is" .over (3ire and Theft!
6ither you can cover these circumstances from your own resources or you can pay an insurance company to cover all or part of the ris". $f you failed to insure your home and it was destroyed by fire then you would have to use other assets to replace it e.g. your retirement fund' or' in a worst@case scenario' you could owe the mortgage company for a house you do not have7 'i%e 4nsurance Analysis %or Anupam )ishra 4nvestment 3inal 6;penses Administration %epay )ortgage >ther +oans 6ducation Deeds >ther .ash Deeds .apital re5uired to supply income of %s. 2'(('(((.(( for & year(s! for your survivors if invested with a (.(( : return Total 3state Assets *e<uired
Amount %s. 2('(((.(( %s. *'&((.(( %s. ('(('(((.(( %s. '(('(((.(( %s. &'(('(((.(( %s. (.(( %s. **'/ '/*2./& *s+ 8.-B0-/:?+./
Funds availa(le to meet estate needs 6;isting +ife -enefits= Superannuation -enefits= Saleable Assets= >ther 3unds= Total Funds Availa(le %rom 3state
%s. &('(((.(( %s. (.(( %s. '(('(((.(( %s. (.(( *s+ ,-8.-...+..
0our current estate assets would be %s. 8<'8/'2*,.(2 less than the amount needed to meet the re5uirements you have given. 4e bring out the real need for insurance and in e;act amount. 4e need to ta"e into account the liablities and obligations of the person incase he?she was to die now. 4e suggest a term plan for %s &( +a"hs for A-. $nsurance .ompany Any insurance 5uotation that is presented will still be Jsubject to underwritingK and e;isting conditions may influence the premium and coverage. Dever cancel any e;isting insurance cover until new cover is in place and fully confirmed.
Please note that never ta"e your personal assets from granted and "eep them protected from 3ire' 3loods and 6arth5ua"es. Also' ta"e into account the ris" for burglary and theft which always surrounds you. Any insurance 5uotation that is presented will still be Jsubject to underwritingK and e;isting conditions may influence the premium and coverage. Dever cancel any e;isting insurance cover until new cover is in place and fully confirmed.
Disclaimer Dear )r A )ishra O )rs P )ishra' The recommended products and strategies in this $mplementation Plan are to be read in conjunction with the 26 Advisors 3inancial Plan (and its disclaimer! prepared specially for you. These recommendations given here flow out of an analysis of your $nvestment Profile and your goals and objectives as presented to us. 4n addition- it is important to (e aware o% the %ollowin#:
n
All mar"et lin"ed investment returns will reflect the performance of the underlying assets of the products you have chosen and
4ith all international investments you are e;posed to the added ris" of currency fluctuations. )ost $nvestments are medium to long term and the minimum investment term must be considered before ma"ing an investment Any report product information goods services or advice (BadviceB! given to you has been prepared from the information
(3i;ed $nterest Trusts @2 yearsC Shares & yearsC Property &@9 years.
n
supplied to us from you. Any decisions made by you in reliance upon or in relation to such advice are to be made by you and not by 26 Advisors. 0ou are therefore e;clusively responsible for all acts and decisions in ma"ing any decisions in reliance on any advice or materials supplied to us by you.
n
Any calculated projections or any predictions given by us to you are not guaranteed and are merely an e;pression of
opinion only and are not intended for other than illustration purposes only. 4hilst every care has been e;ercised and the advice and the statements made are based on information believed to be accurate that no liability is accepted by 26 Advisors' or its employees or officers or outside suppliers of information for any error or omission contained herein. $t is strongly recommended that this 5ualification be borne in mind when ma"ing any decisions in reliance upon any of the advice contained herein. 0ou are e;clusively responsible for all such decisions. 3urther' our responsibility in connection with any materials or advice given by us to you is supplied to you alone and neither we nor our employees either directly or indirectly accept any responsibility howsoever arising on any grounds whatsoever to any other party. Dothing in the above disclaimer shall be read as limiting the rights and remedies available to persons under $ndian +aw Tanwir Alam 26 Advisors