BalancingGreedand

Fear

Greed

andFear

Savings v/s Investments

Savings = Income – ExpenditureInvestments = Savings + (Savings X Returns)

Inflation cannot be avoided but its impact can be minimised with prudent investment planning

How to be your own investment counselor– Dick Fabian

Evidence shows that investors - investors in anything – make no money over a10 year period. There are several reasons for this tragic statistic, including:

1. Not setting a goal

2. Chasing trendy investments

3. Relying on reports from the financial press

4. Blindly taking advice from brokers or financial planners4. Blindly taking advice from brokers or financial planners

5. Making emotional mistakes and so on

Without a clear cut investment plan, you will fail eventually

Why do we save money?

The future is uncertain

Cost of living (education, marriage) is rising - INFLATION

Needs and aspirations are increasing – better housing, vehicles, holidays abroad

It is not possible to continue working for long hours beyond a certain age…timeIt is not possible to continue working for long hours beyond a certain age…timeto sit back and make your money work for you, essentially retirement planning

Options You Have Checked Out

Gold

Fixed Income

ConfusionEquities

How good is the money you invest in fixed income securities?

4

5

6

7

8

You are losing your purchasing power!

-1

0

1

2

3

Interest Rate

8%Less Inflation

5.5%Less Tax

2.72%Post Tax and Inflation

-0.22%

Instrument under consideration – 8% taxable Bonds 1 year average inflation rates assumed at 5.5% Assuming highest tax rate.

Cumulative annualised returns of different asset classes (1985 – 2010*)

9.4

10.1

10.8

16.7

Gold

Bank FD

G Sec

Equity

Over time, a portfolio of well chosen stocks is likely to outperform other asset classes

But equities are more risky …

*Returns till October 31, 2010

Source: CLSA

6.5

9.4

0.0 5.0 10.0 15.0 20.0

Inflation

Gold

(% Annualized returns)

The voting machine & the weighing scales(short term volatility & long term returns)

Past performance of the SENSEX may or may not be sustained in the future .

Note: The base year of the SENSEX is 1978-79 and the base value is 100. Please visit

www.bseindia.com for the SENSEX calculation methodology.

Source Data: www.bseindia.com

Voting Machine and Weighing Scale

1-Year 5-Years 10-Years 15-Years

Max Returns 267%

(March 1992)

53%

(March 1992)

35%

(March 1992)

27%

(March 1994)

Min Returns -47%

(March 1993)

-5%

(March 1997)

-2%

(March 2002)

6%

(March 2009)

Average Returns 28% 18% 18% 18%

Loss Probability 10/29 3/25 1/20 0/15

To conclude, the longer you remain invested:1. Lower is the probability of loss2. The volatility of returns reduces3. The returns from equities become predictable and is equal to earnings growth plus dividends

Source Data: www.bseindia.com, Internal CalculationsPast performance may or may not be sustained in the future.

Equities – An Asset Class worth considering

Equities, while being volatile and extremely unpredictable over short periods oftime, tend to be a prudent investment over longer time horizons

Over the long run equity returns tend to track underlying fundamentals and aredetermined by the following factors:

The dividend yield at the time of initial investment

The subsequent rate of growth in earnings

The change in the price – earnings ratio during the period of investment

The total of these three components explains nearly all of the stockmarket returns over extended holding periods

Source: Common Sense on Mutual Funds, John C. Bogle

Sensex growth and profit growth

BSE Sensex - Profit growth versus Index growth

1,500.00

2,000.00

2,500.00

3,000.00

Profit growth vs index growth

-

500.00

1,000.00

Mar-89

Mar-90

Mar-91

Mar-92

Mar-93

Mar-94

Mar-95

Mar-96

Mar-97

Mar-98

Mar-99

Mar-00

Mar-01

Mar-02

Mar-03

Mar-04

Mar-05

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10

Year

Profit growth vs index growth

Profit growth Sensex growth

Source : DSP Merrill Lynch & Motilal Oswal Securities FY10 – As on March 31, 2010.

Avoid ‘Decision Paralysis’

Stop worrying about market fluctuations

Start thinking about your goals and the time you have to achieve them

Get invested into a mutual fund and benefit from portfolio diversification

Focus on long term investing – short term thinking is the enemy of long terminvestment successinvestment success

Have reasonable return expectations

Enroll for SIP – A disciplined approach

Take advantage of the ups and downs in the market

PresentingSystematic Investment PlanSystematic Investment Plan

A Prudent Investment Strategy

What is Rupee Cost Averaging (RCA)

RCA refers to an investment technique intended to reduce exposure to riskassociated with making a single large purchase

Invest a fixed amount at regular intervals (e.g. monthly) regardless of themarket levels. In this way more units are purchased when prices are low andfewer units are purchased when prices are high

Limits / avoids the worst case scenario of an immediate drop in asset value aftera lump sum investment

Investors can expect a reduction in variance in performance by implementingrupee cost averaging

Systematic Investment PlanA Graphical Illustration

Investor A Investor B

Month NAV*

(`)(`)(`)(`)

Amount

(`)(`)(`)(`)

Units Amount

(`)(`)(`)(`)

Units

January 16.240 1,000 61.5764 12,000 738.9163

February 16.266 1,000 61.4779

March 15.123 1,000 66.1244

April 15.266 1,000 65.5050

May 16.845 1,000 59.3648

Identical amounts invested through a SIP and in one lumpsum. Investor A starts investing `̀̀̀ 1,000 every month in an equity mutualfund scheme starting in January. Investor B invests `̀̀̀ 12,000 in one lump sum in the same scheme

May 16.845 1,000 59.3648

June 16.991 1,000 58.8547

July 15.501 1,000 64.5120

August 15.114 1,000 66.1638

September 12.774 1,000 78.2840

October 13.848 1,000 72.2126

November 14.566 1,000 68.6530

December 15.111 1,000 66.1770

Total 12,000 788.906 12,000 738.916

*NAV as on the 10th of every month. These are assumed NAVs in a volatile market.Disclaimer: The illustration above is merely indicative in nature and should not be construed as investment advice. It does not in any manner imply or suggest current or future performance of any HDFC Mutual Fund Scheme(s). SIP neither ensures profits nor protects you from making a loss in declining markets.

Systematic Investment PlanA Graphical Illustration (Continued)

10

12

1416

18 16.991

12.774

When the price is the When the price is the

As seen in the table, by investing through SIP, you end up buying more units when the price is low and fewer units when the price is high. However over a period of time these market fluctuations

are generally averaged and the average cost of your investment is often reduced.

0

246

810

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

58.854units

78.284units

When the price is the highest, you buy the least number of units

When the price is the lowest, you buy the

highest number of units

Systematic Investment PlanA Graphical Illustration (Continued)

At the end of the 12 months, Investor A has more units than Investor B, eventhough they invested the same amount

That’s because the average cost of Investor A’s units is lower than that ofInvestor B

Investor B made only one investment and that too when the per unit price wasInvestor B made only one investment and that too when the per unit price washigh

Investor A’s average unit price = 12,000 / 788.905 = `̀̀̀ 15.211

Investor B’s average unit price = 12,000 / 738.916 = `̀̀̀ 16.240

Benefits of Systematic Investing

Disciplined investments (Remember, an investor’s worst enemy is not the stockmarket, but his own emotions)

Reach your financial goals

Take advantage of Rupee Cost Averaging

Grow your investments with compounded benefits

Do all this effortlessly

Steps to financial success…

Invest regularly

Start early

Control consumption and exercise self control

Benefit from power of compoundingBenefit from power of compounding

Consider the following situation:

Four friends plan to save and invest for retirement at the age of 60

Due to their individual circumstances, cash flows etc. each of them start savingat different periods of time / ages

The following table illustrates their investment decisions and outcomes…

Starting early matters!An Illustration

Particulars Option 1 Option 2 Option 3 Option 4

Amount invested p.m. (`)(`)(`)(`)

1,000 1,000 1,000 1,000

Starting age

(Years)

20 30 35 40

Investment for years

40 30 25 20

Assumed Rate of Return p.a.

12% 12% 12% 12%

Total Amount invested

(`)(`)(`)(`)

4,80,000 3,60,000 3,00,000 2,40,000

Maturity amount at 60

(`)(`)(`)(`)

1,18,82,420 35,29,914 18,97,635 9,99,148

Disclaimer: The above investment simulation is for illustration purpose only and should not be construed as a promiseon minimum returns and safeguard of capital. HDFC Mutual Fund / HDFC Asset Management Company Ltd. Is notguaranteeing or promising or forecasting any returns. SIP does not assure a profit or guarantee protection against loss ina declining market. It does not in any manner imply or suggest current or future performance of any HDFC Mutual FundScheme(s)

The power of compoundingIllustration (Cont’d)

119

80

100

120

140

Maturity amount at age 60 – Figures in Lacs

Starting late earned you 12 times less wealth!!

35

19

10

0

20

40

60

Option 1 Option 2 Option 3 Option 4Investment Options

Consider another situationAn Illustration

Start Date Amount Invested Per month (`)(`)(`)(`)

Investor A March 1, 1993 5,000

Four investors start investing in the S&P CNX Nifty on the 1st business day of each month at different periodsof time.

Investor B January 1, 1999 7,500

Investor C December 3, 2001 10,000

Investor D November 1, 2004 15,000

Investor A Investor B Investor C Investor D

Monthly Investment Commenced on

March 1, 1993 January 1, 1999 December 3 ,2001 November 1, 2004

Amount per Month(`)(`)(`)(`) 5,000 7,500 10,000 15,000

No. of installments 210 140 105 70

Total Amount Invested (`)(`)(`)(`)

1,050,000 1,050,000 1,050,000 1,050,000

The more you delay starting your investment…

On September 30, 2010 they review their portfolios and realize this startling fact:

Illustration ( Cont’d)

(`)(`)(`)(`)

Compounded Annualised Returns as on 30th Sept, 2010(%)

(p.a)

15 19 22 20

Market Value as on September 30, 2010

(`)(`)(`)(`)

4,459,384 3,475,142 2,947,182 1,874,528

…less is the amount of wealth created, inspite of earning a substantially higher return and investing more per month!!!

Disclaimer: The above investment simulation is for illustrative purposes only and should not be construed as a promiseon minimum returns and safeguard of capital. The AMC / Mutual Fund is not guaranteeing or promising or forecastingany returns. It does not in any manner imply or suggest current or future performance of any HDFC Mutual FundScheme (s). SIP does not assure a profit or guarantee protection against a loss in declining market.

Analysis

Investor A’s portfolio is worth 138% more than Investor D’s

This is inspite of Investor D investing three times more per month andearning a higher return than that of Investor A’s per year onhis investment!!!

The benefits of starting early (albeit in smaller amounts) and investing regularlyThe benefits of starting early (albeit in smaller amounts) and investing regularlyfar outweigh anything else; compound interest is indeed a miracle

Power of CompoundingThe Eighth Wonder of the World

Date Market Value (`)(`)(`)(`) in S & P CNX Nifty

Index% of Total Capital Appreciation Missed

July 11, 1990 10,000

January 2, 1995 40,305 80%

January 1, 1998 36,863 82%

January 1, 2001 42,765 79%

January 1, 2002 35,980 82%

January 1, 2003 37,509 82%

January 1, 2004 65,198 68%

An analysis of `̀̀̀ 10,000/- invested in the S&P CNX NIFTY on July 11, 1990

January 1, 2004 65,198 68%

January 2, 2007 136,631 34%

January 1, 2008 209,490 -2%

January 1, 2009 103,425 50%

January 4, 2010 178,391 13%

September 20, 2010 205,590

The cost of missing out on just ~9% of the total time (the last 18 months of the 20 year period) under analysis results in the investor losing out on 50% of the capital appreciation possible by staying invested for the entire duration.

Compounding is truly a miracle if given the time to work its magic!!

Disclaimer: The above investment simulation is for illustrative purposes onlyand should not be construed as a promise on minimum returns and safeguardof capital. HDFC Mutual Fund/ HDFC Asset Management Company Limitedis not guaranteeing or promising or forecasting any returns.

Power of CompoundingThe table below shows the difference in the overall returns due to compounding of interest rates

at their respective levels

Year Cashing on Interest Interest Reinvested

Assumed Rate of Interest ( Simple interest)

Value at the end of the year

Assumed Rate of Interest ( Compound Interest)

8% 8% 10% 12%

1 8,000 1,08,000 1,10,000 1,12,000

5 8,000 1,46,933 1,61,051 1,76,234

10 8,000 2,15,892 2,59,374 3,10,585

15 8,000 3,17,217 4,17,725 5,47,357

A marginal difference of 2% has a significant impact on eventual wealth creation

An Illustration

20 8,000 4,66,096 6,72,750 9,64,629

25 8,000 6,84,848 10,83,471 17,00,006

30 8,000 10,06,266 17,44,940 29,95,992

Total Interest Earned (1) 2,40,000 71% 2,40,000 24% 3,00,000 17% 3,60,000 12%

Principal (2) 1,00,000 29% 1,00,000 10% 1,00,000 6% 1,00,000 3%

Interest on Interest (3) 0 6,66,266 66% 13,44,940 77% 25,35,992 85%

Total Amount

(4)= (3)+(2)+(1)

3,40,000 100% 10,06,266 100% 17,44,940 100% 29,95,992 100%

Einstein refers to the “Power of Compounding” as the “Eighth wonder of the World”

Disclaimer: The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. HDFC Mutual Fund/ HDFC Asset Management Company Limited is not guaranteeing or promising or forecasting any returns.

Exercise Self Control.Reduce Consumption.

The Story of Mahesh and Ramesh

Mahesh

Mahesh has recently graduated from a premier management institute. He gets ajob as an executive at a MNC. He’s living at home with his parents and savingevery last rupee so he can make the ` 80,000 down payment on a ` 8,00,000new car

He takes out a car loan for the remaining ` 7,20,000. It’s a five year loan at11.67% p.a. interest, so he pays EMI of ` 16,000 every month to the financecompany

He cringes the first time he pays the ` 16,000 EMI, but forgets all that whenhe’s driving around in the new car

A few months later, the car’s condition deteriorates. There are scratches on thedoors and stains on the carpets; its just another car now but Mahesh is stuckwith the payments

Ramesh

Ramesh has also just graduated from the same institute and works withMahesh as an executive at the MNC. He also lives at home with his parents

Ramesh took the ` 80,000 he’d saved up and bought a second hand car. Since

he paid cash, he didn’t have car payments to be made to the finance company

So instead of paying an EMI of ` 16,000 to the finance company, he investedSo instead of paying an EMI of ` 16,000 to the finance company, he invested

` 16,000 a month in a diversified equity mutual fund

Mahesh (Five years later)

At the end of five years, he’s sick of the car

He’s finally paid off the car loan, which cost him an extra ` 2,40,000 in interest

charges

So between the loan and the original purchase price, Mahesh has invested

` 10,40,000 in this car, not including taxes and fees, insurance premiums, gas,` 10,40,000 in this car, not including taxes and fees, insurance premiums, gas,

oil and maintenance

If he sold the car now, its resale value would fetch him ` 2,00,000. So what he’sgot to show for his ` 10,40,000 investment is a ` 2,00,000 car that he doesn’t

even like anymore

Ramesh (Five years later)

Five years later, when Mahesh was mailing out his last car payments, the valueof Ramesh’s mutual fund had increased

Between the increase of the fund itself and the steady stream of ` 16,000contributions to the fund, Ramesh has an asset of nearly ` 12,00,000 (at an

assumed rate of return of ~8% p.a.)

He also has the used car, which gets him back and forth OK, and he neverworries about dents and scratches because he never thought of it as aninvestment, its only transportation

As we leave this economic morality tale, Ramesh has enough money to make adown payment on his own house and move out of his parent’s house, whileMahesh continues to mooch

Disclaimer : The above illustration is merely indicative in nature and should not be construed as aninvestment advice. It does not in any manner imply or suggest current or future performance of any HDFCMutual Fund Scheme(s). SIP does not assure a profit or guarantee protection against loss in a decliningmarket.

To summarize:

If you start saving and investing early enough, you’ll get to a point where yourmoney is supporting you

This is what most people hope for, a chance to have financial independencewhere they’re free to go places and do what they want, while their money stayshome and works for them

It will never happen unless you get into the habit of saving and investing andputting aside a certain amount of money every month wisely

HDFC Equity Fund – A Case Study

Product Features

Type of Scheme Open-ended Growth Scheme

Inception Date (Date of allotment) January 1, 1995

Investment Objective To achieve capital appreciation

Fund Manager $ Prashant Jain (Since June 19, 2003)*

Plans / Options Growth and Dividend

The Dividend Option offers Dividend Payout and Reinvestment facility

Minimum Application Amount

(Under Each Plan)

Purchase: ` 5,000 and any amount thereafter

Additional Purchase: ` 1,000 and any amount thereafter

Load Structure Entry Load:Not Applicable. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009,Not Applicable. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009,no entry load will be charged by the Scheme to the investor. Upfront commission shall be paiddirectly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’assessment of various factors including the service rendered by the ARN Holder.

Exit Load:

In respect of each purchase / switch – in of units, an exit load of 1.00% is payable if units areredeemed / switched – out within 1 year from the date of allotment.

No exit load is payable if units are redeemed / switched out after 1 year from the date ofallotment.

No entry / exit load shall be levied on bonus units and units allotted on dividend reinvestment.

Benchmark S&P CNX 500

*Date of Migration from Zurich India Mutual Fund.$ Dedicated Fund Manager for Overseas Investments: Miten Lathia

Start early, continue regularly:

The table below shows notional loss of wealth due to delay in starting SIP

# Past Performance may or may not be sustained in the future.Load is not taken into consideration. Investors are advised to refer to the Relative Performance table on slide No. 38.Disclaimer: The above investment simulation is for illustrative purposes only and should not be construed as a promise onminimum returns and safeguard of capital. HDFC Asset Management Company Limited / HDFC Mutual Fund is not guaranteeingor promising or forecasting any returns. SIP does not assure a profit or guarantee protection against a loss in a declining market.

HDFC Equity Fund- SIP Returns Snapshot as on 30th November 2010

This is how your investments would have grown if you had invested say `̀̀̀ 1,000 systematically on the first

business day of every month over a period of time.

SIP Investments

Since Inception $

SIP

10 Year

SIP

5 Year

SIP

3 Year

SIP

1 Year

SIP

Total Amount Invested (`)(`)(`)(`)

191,000 120,000 60,000 36,000 12,000

Market Value (`)(`)(`)(`) 3,138,270 739,040 113,510 63,040 14,180Market Value (`)(`)(`)(`) 3,138,270 739,040 113,510 63,040 14,180

Returns (annualised) (%) * ^

30.59 34.14 25.82 39.94 35.49

Benchmark Returns (annualised) (%) #

16.64 21.77 14.47 22.28 15.00

^ Past Performance may or may not be sustained in the future.# S&P CNX 500 $ Inception Date: January 1, 1995*Load is not taken into consideration and the Returns are of Growth Option. Investors are advised to refer to Relative Performancetable on slide 15 for Non – SIP ReturnsPlease refer to the SIP enrolment form or contact the nearest ISC for SIP load structure.Disclaimer: The above investment simulation is for illustrative purpose only and should not be construed as a promise onminimum returns and safeguard of capital. HDFC Mutual Fund / HDFC Asset Management Company Ltd. is not guaranteeingor promising or forecasting any returns. SIP does not assure a profit or guarantee protection against loss in a declining market.Please refer SIP enrolment form or contact nearest ISC for SIP load structure.

HDFC Equity Fund – Relative Returns as on 30th November 2010

Period Returns (%) ^ S&P CNX 500 Returns (%) #

Last 1 Year (365 Days) 31.87 15.34

Last 3 Years (1098 Days) 12.74 -0.61

Last 5 Years (1826 Days) 24.41 15.69

Last 10 Years (3653 Days) 31.71 17.84

Since Inception (5751 Days) 23.70 10.51

^ Past performance may or may not be sustained in the futureAbove returns are compounded annualized (CAGR) # Benchmark IndexDate of Inception: January 1, 1995

A few simple rules to conclude with:

Invest you must – The biggest risk is the long-term risk of not putting yourmoney to work at a return which beats inflation, not the short term risk of pricevolatility

Time is your friend – Give yourself all the time you can. Start early, even witha small amount and never stop. Even modest investments in tough times willhelp you sustain the pace and will become a habit; compound interest is amiraclemiracle

Stay the course – No matter what happens, stick to your program. It is themost important single piece of investment wisdom you will receive

“Failing to plan is planning tofail”fail”

-Robin Sharma.

Think of each SIP payment as laying a brick. One by one, you can lay the

foundation of a secured financial future.

Thank You

DISCLAIMER: This presentation has been prepared and issued on the basis of internal data, publicly available information and other sources believed to bereliable. The information contained in this document is for general purposes only and not a complete disclosure of every material fact and terms and conditionsand features of HDFC MF Systematic Investment Plan (SIP). The information/ data herein alone is not sufficient and shouldn’t be used for the development orimplementation of an investment strategy. It should not be construed as investment advice to any party. The statements contained herein may includestatements of future expectations and other forward-looking statements that are based on our current views and assumptions and involve known and unknownrisks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Therecipient alone shall be fully responsible / liable for any decision taken on the basis of this presentation. The content of this presentation is confidential andintended solely for the use of the addressee. If you are not the addressee, or the person responsible for delivering it to the addressee, any disclosure, copying,distribution or any action taken or omitted to be taken in reliance on it is prohibited and may be unlawful. No part of this document may be duplicated in whole orin part in any form and/or redistributed without prior written consent of the HDFC Mutual Fund/ HDFC Asset Management Company Limited (HDFC AMC). Therecipient(s) should before investing in the Scheme(s) make his/their own investigation and seek appropriate professional advice. HDFC MF SIP does not assure aprofit or guarantee protection against loss in a declining market. HDFC Mutual Fund/ HDFC AMC is not guaranteeing or promising or forecasting any returns.

Risk Factors: All mutual funds and securities investments are subject to market risks and there can be no assurance that the Schemes’objectives will be achieved and the NAV of the Schemes may go up or down depending upon the factors and forces affecting the securitiesmarket. Past performance of the Sponsors and their affiliates / AMC / Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme ofthe Mutual Fund. There is no assurance or guarantee to unit holders as to the rate of dividend distribution nor that dividends will be paid regularly. Investors inthe Mutual Fund. There is no assurance or guarantee to unit holders as to the rate of dividend distribution nor that dividends will be paid regularly. Investors inthe Schemes are not being offered any guaranteed / assured returns. The NAV of the units issued under the Schemes may be affected, inter-alia by changes inthe interest rates, trading volumes, settlement periods, transfer procedures and performance of individual securities. The NAV will inter-alia be exposed to Price /Interest Rate Risk and Credit Risk. HDFC Equity Fund, an open-ended growth scheme is only the name of the Scheme and does not in any mannerindicate either the quality of the Scheme, its future prospects and returns. Please read the Scheme Information Document and Statement ofAdditional Information before investing. In view of the individual nature of tax consequences, each investor is advised to consult his/her professional taxadvisor. Investment Objective: To achieve capital appreciation. Asset Allocation Pattern: Equity and equity related instruments (80%-100%); Debt andMoney Market Instruments (0-20%). Investment in securitised debt, if undertaken, will not exceed 20% of the net assets of the Scheme. Load Structure:Entry Load: Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’assessment of various factors including the service rendered by the ARN Holder. Exit Load: In respect of each purchase / switch - in of units, an exit load of1.00% is payable if units are redeemed / switched out within 1 year from the date of allotment. No exit load is payable if units are redeemed / switched - outafter 1 year from the date of allotment. Terms of Issue: Applications for subscriptions /redemptions /switches would be accepted at official points of acceptanceon all Business Days at NAV based prices. The AMC will calculate and publish NAVs on all Business Days. Statutory Details: HDFC Mutual Fund has been set upas a trust sponsored by Housing Development Finance Corporation Limited and Standard Life Investments Limited (liability restricted to their contribution of ` 1lakh each to the corpus) with HDFC Trustee Company Limited as the Trustee (Trustee under the Indian Trusts Act, 1882) and with HDFC Asset ManagementCompany Limited as the Investment Manager.