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Sundaram

Portfolio Managers
Information Sheet
April 2018

WE CHOOSE OUR MOVES KEEPING YOU IN MIND


Sundaram Portfolio Managers

April saw the Sensex rise by 6.6% to centre and the state in April crossed just above Rs.1tr.; the highest since its
35,160. Indian markets were robust roll out in July last year. The IMD also predicted a normal monsoon for 2018
and positive in April despite the during the month. April also saw its fair share of concerns. The 10 year yield
continued noises around trade wars. saw a sharp increase during the month on the back of rate hike and inflation
Multiple tariffs and subsequent concerns from the RBI’s MPC member commentary. Crude touching a 2 year
retaliations between the US and China high and a rupee depreciation further fuelled inflationary concerns for the
was the highlights of April globally. On markets. On the political side, opposition political parties petitioned to
the domestic front, RBI’s growth- impeach the Chief Justice of India alleging his misuse of public office. All eyes
positive narrative, increase in GST are now on the results of the Karnataka elections where an increasing segment
collections and MPC commentary of the markets expect the Congress to gain more seats than the BJP.
driving yields higher were the key
notables. The markets saw a net Flows
outflow of $3.1bn. in April. The rupee April saw continued inflows into EM equity markets. DM equity markets saw
depreciated by 2.3% to 66.7 to the dollar as the dollar index (DXY) increased outflows, with most of the outflows from Europe and then Japan.
strengthened by 2.1% during the month. US on the other hand, saw a sharp drop in outflows. This flow pattern appears
Global to be in line with dollar strength and resultant weakness in the Euro and the
Yen. The month saw outflows from equity to the tune of $0.9bn. and debt
The markets were buoyant in April and recorded strong returns for both outflows to the tune of $2.1bn.
emerging and developed markets. The trade war narrative that gained pace in
March continued into April as well. However,as the month progressed, the Outlook
geo-political risks subsided with North Korea emerging for talks with both
The Government’s firm commitment to spur the infrastructure investment cycle
South Korea and the US. The narrative around trade-wars was fairly strong
is already reflecting in improved execution on the ground. Focus on rural
during the month with China proposing retaliatory tariffs and the US
incomes and spend is also helping broad-basing growth and serves as a long
responding to this. One must note here that the heart of the tariff-war from
term driver of the consumption story. The stress in the banking system has seen
the US is to bring about a ‘level playing field’ with the China. Some key
significant & targeted addressing, as expected, with recognition, provision of
proposed tariffs target the "Made in China 2025" initiative taken by China and
bad loans, resolution and subsequent capitalization. The Govt. has been laying
would target all those industries that benefit from Chinese policies.
Interestingly, China’s list of proposed retaliatory tariffs is very specific and the foundations for the road to sustainable growth through broader reforms &
targets all signature US exports like soyabean, frozen beef, cotton and other efficient administration. GST transition impact though real in few quarters,
key agricultural commodities. The month also witnessed subtle suggestions we believe is a short term phenomenon and hence investors are advised to
from China with the country flexing its muscle with the biggest naval fleet see it through patiently and have faith in the strong India growth story. Growth
review since 1949. China also filed a complaint against the US aluminium will be spurred by strong infra related spend, urban consumption, rising rural
and steel tariffs with the WTO as it sees this as a breach of international trade incomes and improved demand going forward with the bottom behind us
laws. However, at a keynote address in Asia, the Chinese Premier expressed clearly. The uptrend in corporate results and earnings trend is gathering steam
a desire for an open and prosperous approach to economic development in in the SH of FY18.
Asia with continued reforms and opening up of many sectors. Keeping up Softer than historic inflation and better growth will gradually lead to a shift in
with his speech on opening up, China gaveadditional quotas for domestic the saving pattern of Indian households from physical to financial with a sharp
funds to invest in overseas securities; thereby easing the earlier capital curbs. bias towards equity. Mutual funds are well positioned to absorb this
Trade news flows apart, the month saw continued macro positivity in the US
incremental shift. Corporate earnings are moving into a double digit growth
with jobless claims touching a 45 year low.
trajectory driven by the domestic recovery, as we exit this fiscal. Our funds
Central banks are very well positioned to reap these benefits. Fed. is likely to move ahead
gradually, keeping in mind not to pull down economic growth that has just
The markets continued to closely track central banks and their policy narrative seen some momentum. FY18 was a year of the fiscal with most governments
through April. The month was quiet on the policy rate action front, with just acknowledging the need to create demand through fiscal spending. India was
some rate accommodation in select Latin American countries. The BoJ and
not behind in this move and continues to remain prudent in such deficit
the ECB left their policy rates unchanged. While the BoJ language remained
spending. With the twin deficits reasonably contained, inflation well under
unchanged, the ECB reiterated that rates would remain low even after the end
control, bottomed out growth, a relatively stable currency and an extremely
of the QE. Draghi observed that Eurozone growth was seeing 'moderation'.
strong political mandate, India stands taller than the rest. With the ongoing
He further mentioned that the loss of momentum was broad based across
correction - more severe in small and midcaps - valuations are getting more
countries and sectors. This and the incremental weakness in the Eurozone
comfortable than before. Domestic liquidity continues to be strong and we
macro prints set the backdrop for the weakness in the Euro that followed. This
would keep faith in the corporate earnings recovery and look ahead into
appeared to have supported the underlying strength in the DXY that began
forward valuations of FY19 and beyond. State election outcomes could create
from the start of April. The focus on the Fed. remains and the market fixation
some short term weakness in markets as also the noises on the trade war front.
of four rate hikes from the Fed. has eased a bit post the central bank’s retention
Near term Indian markets may undergo a time consolidation or be range
of its ‘dots’ in the March policy.
bound, which could be a good time to get invested in a disciplined manner.
Domestic Every bull market is interspersed with both time and value corrections while
reasons could be varied. Every point of volatility would be an opportunity to
Macro prints were positive through the month. Industrial production held up
buy India. With every turn of the markets, the India-differentiation story
with continued strength in manufacturing, reflecting in PMI strength as well.
gathers more interest, momentum and conviction in that order. This would get
Inflation eased on the back of a drop in vegetables and fuel prices. The RBI
louder in the coming quarters and a fairly stable rupee would give comfort to
held on to policy rates during the month, lowered their inflation trajectory
and filled the policy with a growth-positive narrative. GST collections for the the inflows. We continue to remain positive on our equity markets with a
medium to long term outlook.

April 2018
Sundaram Portfolio Managers SISOP
(Sundaram India Secular Opportunities Portfolio)

Objective: To generate capital appreciation across market cycles by investing in concentrated set of high conviction stocks.

Performance (%) Performance Since Inception - February 2010 (%)


1Y 2Y 3Y 5Y 26.2
SISOP Portfolio 18.0 20.2 10.9 24.1 15.4
NIFTY 500 15.6 20.1 12.0 15.4
10.8
NIFTY 50 15.4 17.0 9.5 12.6
Excess Return to NIFTY 500 2.4 0.1 -1.1 8.7
Excess Return to NIFTY 50 2.6 3.2 1.4 11.4 Strategy Benchmark Excess return

Compounded annualised returns for periods greater than one year Compounded annualised returns are in percentage, excess returns is in percentage point

Risk Measures Top Holdings


Strategy Benchmark Titan Co Ltd
Annualised returns 24.4 11.4
HDFC Bank Ltd
Annualised Standard Deviation 14.7 15.1
Beta 0.7 - Cholamandalam Investment and Fiance
Sharpe Ratio 1.2 0.3 Kotak Mahindra Bank Ltd
Correlation 0.7 -
Mahindra & Mahindra Ltd
Alpha 14.1 -
Tracking Error 10.6 - # of Stocks 14

Value of ` 25 Lakhs invested at launch Sector Allocation

Services, 5.2% Cash, 6.7%


18000000
` 168.2 Lakhs
16000000 Fertilisers &
14000000 Pesticides, 6.0
12000000
10000000 Healthcare Financial
8000000 ` 58.0 Lakhs Services, 8.0& Services, 37.7%
6000000 Industrial
4000000
Manufacturing, 8.2%
2000000
0 Automobile, 10.3% Consumer
Feb 2010 Fund Benchmark Apr 2018
Goods, 17.8%

Calendar Year Performance (%) Fund Facts


Strategy Benchmark Excess return Investment Horizon Four to Five Years
CY 2011 8.5 -27.2 35.7
CY 2012 38.0 31.8 6.1 Asset Allocation (%) Equity: 95 - 100; Cash: 0 - 5
CY 2013 9.2 3.6 5.6
CY 2014 77.5 37.8 39.7
CY 2015 0.6 -0.7 1.3 Benchmark Nifty 500
CY 2016 7.6 3.8 3.8
CY 2017 28.9 35.9 -7.0 Fund Manager Madanagopal Ramu
YTD 2018 5.1 0.1 5.0
Returns are in percentage; Excess Returns are in percentage points

General Disclaimer: Returns over a period of one year are on a compounded annualized basis
• All returns are in percentage • Performance as of 30 April 2018 • Past performance may or
may not be sustained in future • Returns represented are of a model portfolio. The model
portfolio return indicated in this document may not represent the returns of individual portfolio
It should not be construed as investment advice to any party. All opinions, figures,
charts/graphs, estimates and data included in this document are as on 30 April 2018 and are
subject to change without notice. While utmost care has been exercised in preparing this
document, Sundaram Asset Management Company Limited does not warrant the completeness
or accuracy of the information and disclaims all liabilities, losses and damages arising out of
the use of this information. For detailed disclaimer, kindly refer to page 8.

April 2018
Sundaram Portfolio Managers Mid-Cap Strategy

Objective: To seek long-term capital appreciation with investments in mid cap companies.

Performance (%) Performance Since Inception - June 2010 (%)


1Y 2Y 3Y 5Y 21.2
Mid-Cap Strategy 18.1 28.1 18.9 31.0
NIFTY Mid-Cap 12.2 24.0 16.9 21.0 12.4
8.7
NIFTY 500 15.6 20.1 12.0 15.4
Excess returns to NIFTY Midcap 5.9 4.1 2.0 10.0
Excess returns to NIFTY 500 2.5 8.1 6.9 15.6 Strategy Benchmark Excess return

Compounded annualised returns for periods greater than one year Compounded annualised returns are in percentage, excess returns is in percentage point

Risk Measures Top Holdings


Strategy Benchmark Titan Co Ltd
Annualised returns 20.5 13.2
Balkrishna Industries Ltd
Annualised Standard Deviation 15.8 16.9
Beta 0.7 - TI Financial Holdings Ltd
Sharpe Ratio 0.8 0.4 VST Tillers Tractors Ltd
Correlation 0.7 -
Tata Chemicals Ltd
Alpha 9.1 -
Tracking Error 11.8 - # Stocks 26

Value of ` 25 Lakhs invested at launch Sector Allocation

14050000 Cash
` 112.7 Lakhs
12050000 4.2%
Others Automobile
10050000 17.2% 23.5%
` 62.7 Lakhs
8050000

6050000 Services, 5.6%


4050000 Industrial
Manufacturing, 10.6% Consumer Goods
2050000 19.8%
50000 Financial Services, 19.0%
Jun 2010 Fund Benchmark Apr 2018

Calendar Year Performance (%) Fund Facts


Strategy Benchmark Excess return Investment Horizon Three to Five Years
CY 2011 -11.6 -31.0 19.4
CY 2012 35.3 39.2 -3.8 Asset Allocation (%) Equity: 0 - 95; Cash: 5 - 100
CY 2013 23.0 -5.1 28.1
CY 2014 71.4 55.9 15.5
CY 2015 6.3 6.5 -0.2 Benchmark Nifty Mid-Cap
CY 2016 13.2 7.1 6.1
CY 2017 45.1 47.3 -2.2 Fund Manager Madanagopal Ramu
YTD 2018 -0.5 -4.0 3.5
Returns are in percentage; Excess Returns are in percentage points

General Disclaimer: Returns over a period of one year are on a compounded annualized basis
• All returns are in percentage • Performance as of 30 April 2018 • Past performance may or
may not be sustained in future • Returns represented are of a model portfolio. The model
portfolio return indicated in this document may not represent the returns of individual portfolio
It should not be construed as investment advice to any party. All opinions, figures,
charts/graphs, estimates and data included in this document are as on 30 April 2018 and are
subject to change without notice. While utmost care has been exercised in preparing this
document, Sundaram Asset Management Company Limited does not warrant the completeness
or accuracy of the information and disclaims all liabilities, losses and damages arising out of
the use of this information. For detailed disclaimer, kindly refer to page 8.

April 2018
Sundaram Portfolio Managers Small-Cap Strategy

Objective: Company will be chosen on the basis of their ability to grow at least 1.5x the nominal GDP growth, high return
ratios, zero or minimal leverage and strong management.

Performance (%) Performance Since Inception - November 2009 (%)


1Y 2Y 3Y 5Y 19.7

Small Cap Portfolio 15.1 24.0 19.7 32.0 10.1 9.6

S&P BSE 500 15.9 20.3 12.0 15.3


Strategy Benchmark Excess return
Excess Return -0.9 3.7 7.7 16.7
Compounded annualised returns for periods greater than one year Compounded annualised returns are in percentage, excess returns is in percentage point

Risk Measures Top Holdings


Strategy Benchmark Rane Holdings Ltd
Annualised returns 19.0 10.8
DCB Bank Ltd
Annualised Standard Deviation 14.2 15.0
Beta 0.6 - Aegis Logistics Ltd
Sharpe Ratio 0.8 0.2 Heritage Foods Ltd
Correlation 0.6 -
VST Tillers Tractors Ltd
Alpha 9.6 -
Tracking Error 12.6 - # of Stocks 24

Value of ` 25 Lakhs invested at launch Sector Allocation

14050000 Cash
Financial Services
12050000
12.6%
` 113.9 Lakhs 18.1%
10050000

8050000
Others
6050000 ` 56.4 Lakhs
23.0% Consumer Goods
4050000
16.8%
2050000

50000 Construction, 6.7% Industrial


Nov 2009 Fund Benchmark Apr 2018 Energy, 8.0% Manufacturing, 14.8%

Calendar Year Performance (%) Fund Facts

Strategy Benchmark Excess return Investment Horizon > Five Years


CY 2011 -13.4 -27.4 14.0
CY 2012 40.3 31.2 9.1 Asset Allocation (%) Equity: 0 - 95; Cash: 5 - 100
CY 2013 25.6 3.3 22.3
CY 2014 73.8 37.0 36.8 Benchmark S&P BSE 500 Index
CY 2015 14.9 -0.8 15.7
CY 2016 1.0 3.8 -2.7
CY 2017 56.3 35.9 20.4 Fund Manager Madanagopal Ramu
YTD 2018 -6.2 0.3 -6.5
Returns are in percentage; Excess Returns are in percentage points

General Disclaimer: Returns over a period of one year are on a compounded annualized basis
• All returns are in percentage • Performance as of 30 April 2018 • Past performance may or
may not be sustained in future • Returns represented are of a model portfolio. The model
portfolio return indicated in this document may not represent the returns of individual portfolio
It should not be construed as investment advice to any party. All opinions, figures,
charts/graphs, estimates and data included in this document are as on 30 April 2018 and are
subject to change without notice. While utmost care has been exercised in preparing this
document, Sundaram Asset Management Company Limited does not warrant the completeness
or accuracy of the information and disclaims all liabilities, losses and damages arising out of
the use of this information. For detailed disclaimer, kindly refer to page 8.

April 2018
Sundaram Portfolio Managers PACE

Objective: The product is suited for investors who seek long term capital growth by investments in equities of companies with
good growth prospects

Performance (%) Performance Since Inception - September 2013 (%)


1Y 2Y 3Y 25.2

PACE Portfolio 13.8 20.0 12.8 17.2

7.9
NIFTY 500 Index 15.6 20.1 12.0

Excess returns -1.8 -0.1 0.7 Strategy Benchmark Excess return


Compounded annualised returns for periods greater than one year Compounded annualised returns are in percentage, excess returns is in percentage point

Risk Measures Top Holdings


Strategy Benchmark Titan Co Ltd
Annualised returns 23.6 16.8
HDFC Bank Ltd
Annualised Standard Deviation 15.0 13.7
Beta 0.9 - TI Financial Holdings Ltd
Sharpe Ratio 1.1 0.7 Kotak Mahindra Bank Ltd
Correlation 0.8 -
Mahindra & Mahindra Ltd
Alpha 7.6 -
Tracking Error 8.6 - # of Stocks 24

Value of ` 25 Lakhs invested at launch Sector Allocation

8070000 ` 70.4 Lakhs Financial Services


7070000
27.5%
6070000
5070000 Consumer Goods
4070000
22.9%
` 52.1 Lakhs Cash, 8.7%
3070000
2070000 Others, 6.8%
1070000 Industrial
Chemicals, 4.3%
70000 Manufacturing, 16.8%
Sep 2013 Fund Benchmark Apr 2018 Automobile, 13.0%

Calendar Year Performance (%) Fund Facts


Strategy Benchmark Excess return Investment Horizon Three to Five Years
CY 2014 73.9 37.8 36.1
Asset Allocation (%) Equity: 0 - 95; Cash: 5 - 100
CY 2015 9.5 -0.7 10.2
CY 2016 -2.2 3.8 -6.1 Benchmark Nifty 500
CY 2017 43.5 35.9 7.6
Fund Manager Madanagopal Ramu
YTD 2018 -2.2 0.1 -2.3
Returns are in percentage; Excess Returns are in percentage points

General Disclaimer: Returns over a period of one year are on a compounded annualized basis
• All returns are in percentage • Performance as of 30 April 2018 • Past performance may or
may not be sustained in future • Returns represented are of a model portfolio. The model
portfolio return indicated in this document may not represent the returns of individual portfolio
It should not be construed as investment advice to any party. All opinions, figures,
charts/graphs, estimates and data included in this document are as on 30 April 2018 and are
subject to change without notice. While utmost care has been exercised in preparing this
document, Sundaram Asset Management Company Limited does not warrant the completeness
or accuracy of the information and disclaims all liabilities, losses and damages arising out of
the use of this information. For detailed disclaimer, kindly refer to page 8.

April 2018
Sundaram Portfolio Managers Micro-Cap Strategy

Objective: To Seek long term capital appreciation by investing predominantly in equity/equity related instruments of
companies that can be termed as Micro–caps

Performance (%) Performance Since Inception - June 2016


1M 3M 6M 1Y 29.2
Microcap Portfolio 7.6 -3.5 2.7 15.0 23.9
S&P BSE Small Cap Index 8.3 -1.7 4.6 19.7
NIFTY 500 6.6 -2.1 3.7 15.6 -5.4
Excess returns to S&P BSE Small Cap -0.7 -1.8 -1.9 -4.7
Strategy Benchmark Excess return
Excee Returns to NIFTY 500 1.1 -1.4 -1.1 -0.6
Compounded annualised returns for periods greater than one year Compounded annualised returns are in percentage, excess returns is in percentage point

Risk Measures Top Holdings


Strategy Benchmark Rane Holdings Ltd
Annualised returns 22.3 26.8
DCB Bank Ltd
Annualised Standard Deviation 13.7 15.5
Beta 0.8 - Blue Star Ltd
Sharpe Ratio 1.1 1.3 TI Financial Holdings Ltd
Correlation 0.9 -
Gujarat State Fertilizers & Ch
Alpha 0.1 -
Tracking Error 7.8 - # of Stocks 24

Value of ` 25 Lakhs invested at launch Sector Allocation

5070000 Industrial
Financial Services
Manufacturing
4070000
` 40.5 Lakhs 22.0%
16.8%

3070000
` 37.4 Lakhs Cash, 3.2%
Consumer Goods
2070000
14.1%
1070000 Others Construction, 8.0%
29.3%
70000
Energy
June 2016 Fund Benchmark Apr 2018 6.7%

Calendar Year Performance (%) Fund Facts


Strategy Benchmark Excess return Investment Horizon 3 - 5 Years

CY 2016 6.1 5.9 0.2 Asset Allocation (%) Equity: 80 - 100; Cash: 0 - 20

CY 2017 51.5 59.6 -8.2 Benchmark S&P BSE Small Cap Index

YTD 2018 -7.0 -4.3 -2.7 Fund Manager Madanagopal Ramu


Returns are in percentage; Excess Returns are in percentage points

General Disclaimer: Returns over a period of one year are on a compounded annualized basis
• All returns are in percentage • Performance as of 30 April 2018 • Past performance may or
may not be sustained in future • Returns represented are of a model portfolio. The model
portfolio return indicated in this document may not represent the returns of individual portfolio
It should not be construed as investment advice to any party. All opinions, figures,
charts/graphs, estimates and data included in this document are as on 30 April 2018 and are
subject to change without notice. While utmost care has been exercised in preparing this
document, Sundaram Asset Management Company Limited does not warrant the completeness
or accuracy of the information and disclaims all liabilities, losses and damages arising out of
the use of this information. For detailed disclaimer, kindly refer to page 8.

April 2018
Sundaram Portfolio Managers

Fund Manager’s Profile

Mr. Madanagopal Ramu is the Fund Manager for Sundaram PMS and Sundaram Alternate Investment Funds Category III. He
currently manages an AUM of over Rs.1300 Crores of Sundaram PMS. Madan joined Sundaram Mutual fund in 2010 as a
Research Analyst, from Centrum Broking and has made rapid progress during his tenure in Sundaram AMC. He became Head
of Research in April 2015 and started actively managing funds from January 2016. Madan comes with strong academic
qualifications. He is a qualified Cost Accountantand has a Management degree from BIM Trichy.

Madan has vast experience being Head of Equity Research for Sundaram AMC Ltd. He was the Joint Fund Manager for
Sundaram Infrastructure Advantage Fund, Sundaram Equity Multiplier, Sundaram Value Fund series of close ended funds and
Sundaram Long Term Tax Advantage series of close ended funds. Equity Multiplier Fund is a 4 star rated fund by Value Research
and Infrastructure Advantage Fund is ranked ‘2’ by CRISIL. Both the funds are quartile 1 funds based on their last 1 year
performance.

Disclaimer
General Disclaimer: Returns over a period of one year are on a compounded annualized basis • All returns are in percentage • Performance
as of 30 April 2018 • Past performance may or may not be sustained in future • Returns represented are of a model portfolio. The model
portfolio return indicated in this document may not represent the returns of individual portfolio It should not be construed as investment
advice to any party. All opinions, figures, charts/graphs, estimates and data included in this document are as on 30 April 2018 and are subject
to change without notice. While utmost care has been exercised in preparing this document, Sundaram Asset Management Company Limited
does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of
this information.
Detailed Disclaimer: This document is issued by Sundaram Asset Management Portfolio Managers registered with the Securities and Exchange
Board of India in India. This document is produced for information purposes only and not a complete disclosure of every material fact and
terms and conditions. It does not constitute a prospectus or offer document or an offer or solicitation to buy any securities or other investment
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our
current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in such statements. Investors shall be fully responsible /liable for any decision
taken on the basis of this presentation. The material relating to economy, market and industry is based upon information sourced from different
agencies - Government as well as Private. Therefore, the Portfolio Manager will not attest for the reliability of such information. Investors
should before investing in the Scheme make their own investigation and seek appropriate professional advice. Investments in Securities are
subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management
Services will be achieved. • Clients under Portfolio Management Services are not being offered any guaranteed/assured returns. • Past
performance of the Portfolio Manager does not indicate the future performance of any of the strategies. • The name of the Strategies do not
in any manner indicate their prospects or return. • The investments may not be suited to all categories of investors. • Neither Sundaram Asset
Management Company Ltd. , nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this
material should rely on their investigations and take their own professional advice. • Opinions, if any, expressed are our opinions as of the
date of appearing on this material only. While we endeavour to update on a reasonable basis the information discussed in this material, there
may be regulatory, compliance, or other reasons that prevent us from doing so. • The Portfolio Manager is not responsible for any loss or
shortfall resulting from the operation of the strategy. • Recipient shall understand that the aforementioned statements cannot disclose all the
risks and characteristics. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability
to risk return, etc. and take professional advice before investing. As with any investment in securities, the Value of the portfolio under
management may go up or down depending on the various factors and forces affecting the capital market. Disclosure Document shall be
obtained and read carefully before executing the PMS agreement. • Prospective investors and others are cautioned that any forward - looking
statements are not predictions and may be subject to change without notice. • For tax consequences, each investor is advised to consult his
/ her own professional tax advisor. • This document is not for public distribution and has been furnished solely for information and must not
be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these
restrictions. Distribution Restrictions – This material should not be circulated in countries where restrictions exist on soliciting business from
potential clients residing in such countries. Recipients of this material should inform themselves about and observe any such restrictions.

April 2018