MILESTONE

BULLION SERIES- I
Investment Opportunities into Bullion Companies
‡

Reliable Hedge against Inflation

‡
 MILESTONE
BULLION SERIES - I

AGENDA

‡ Overview & Structure 1-3

‡ Global Economic Scenario 4-5

‡ Investment Opportunity 6-11

> Silver
> Gold
> Gold Linked Structures

‡ Advantages and Strategies 12-14

‡ The Advisory Committee & Team 15-18

‡ Exit Options, Tax Considerations and Reporting 19-20

 OVERVIEW

Opportunity to invest in securities of companies linked to Silver, Gold and Gold linked structures to
FOCUS
- Maximize returns on investments
- Establish hedge against inflation
- Protect investments through portfolio diversification

PORTFOLIO Milestone Capital Advisors Ltd. (A SEBI registered portfolio manager)

MANAGER
Professionally managed Independent Fund House with focus on Indian Growth
- Truly Active Fund Advisor
- 60 people strong team, including 49 investment professionals

Expertise in alternate asset classes, currently managing

- 8 Private Equity schemes focussed on Real Estate, Healthcare & Education and Infrastructure sectors
- AUM of around Rs. 31,000 mn
- Over 12000 HNI investors

THE PRODUCT Scheme Name : Milestone Bullion Series - I

Focus Asset Classes of Portfolio Companies : Silver, Gold Forwards/Gold Deposit Schemes, Gold Linked Structures
Drawdown : ‡ Single Installment
‡ 40% upfront; balance 60% in 3 equal installments of 20% each over a period of 6 months

Target Return : 18% IRR

1
 MILESTONE
BULLION SERIES - I

SUMMARY OF TERMS

Minimum ‡ Rs. 15 Lacs for individual investors (Rs. 10 Lacs in case of single installment)
Commitment ‡ Rs. 25 Lacs for corporates/institutional investors

Agreement Life 3 years (plus potential one-year extension from final closing date)

Hurdle Rate/ 12% p.a. pre tax /

Profit Sharing 10%***

‡ One-time set up cost of 2% of commitment amount (2.5% in case of investment of Rs. 10 Lacs)
Fee ‡ Annual management fees of 1.5% of commitment amount

‡ Silver: up to 40%
Indicative allocation of ‡ Gold Forwards / Gold Deposit Scheme*: up to 40%
bullion by portfolio company** ‡ Gold Linked Structures: up to 30%

Customised
Portfolio
‡ For committed amounts of Rs. 50 Lacs or above, allocation to silver and gold can be customised

Gold : 995 Silver : 999

Purity ‡
To be imported from LBMA accredited refiners of international repute

* Gold shall be purchased in physical form and subsequently placed as deposit with our custodian. This will earn an interest of 1% net of all costs.
** Arrangement to get physical gold & silver at portfolio exit value from portfolio company. Physical delivery for specific quantities & at specific locations only.
*** With catch – up

2
 THE STRUCTURE

Investors

Distributions Investment

Portfolio Manager
Milestone Capital
Milestone Bullion Series - I
Advisors Ltd.
Management Fees
and Surplus
Equity, Equity Linked
& Debt Instruments

Portfolio Companies

Investments Investments Investments

Gold Forward/
Silver Gold Linked Structures
Gold Deposit Schemes

Custodian: ScotiaMocatta

3
 MILESTONE
BULLION SERIES - I

GLOBAL ECONOMIC SCENARIO: Economies on the road to recovery but will it be sustainable?

Global Economy is in the recovery mode YoY % change in the real GDP growth rate
(All major economies showing rebound)
After the turmoil in the financial markets, strong
rebound has been seen globally

Reduced investor risk aversion

Investment portfolios shifting into riskier assets,

including commodities, high-yield bonds and emerging
market bonds and equities

However, doubts still persist over the permanence

of recovery primarily on account of the following:
Rebound has been enabled by strong policy support and
government stimulus

Banking systems remain undercapitalized, suffering

from impaired legacy assets

High unemployment rate and subdued consumer

confidence will restrain domestic consumption which Source: IHS Global Insight and Wells Fargo Securities, LLC
accounts for ~70% of GDP in most developed countries

Global economic scenario continues to remain unclear despite initial rebound, strengthening the case for investments in “safe havens” like Silver and Gold 4
 GLOBAL ECONOMIC SCENARIO: Need for “safe haven” investments

USA is one of the key drivers of the global economy Gold prices have been climbing in all currencies

“Safe haven” for investors: Central banks/ Sovereign funds have large exposures
towards US Dollar and US Treasuries
Consumption-driven economy: USA accounts for substantial portion of exports for
countries like Japan, UK and China
One of the worst hit by recession: USA tackled the crisis by
~ pushing more money into the failing systems
~ resorting to extensive cost cutting measures across industries to achieve GDP growth

These factors have made the global investors wary on the account of

Intrinsic depreciation of currency Source: http://www.research.gold.org

~ Creation of more debt and increase in money supply have caused potential
devaluation of dollar US inflation showing an uptrend in the medium term
~ Other countries have been buying dollars to keep their own currencies weak
for competitive reasons

This artificial shoring up of currencies gives little confidence to investors

causing them to shift to assets with tangible intrinsic value like precious metals

Inflationary pressure on real rates of return

~ Given high unemployment rate and substantial GDP growth attained through
cost cut measures, inflation is expected to rise in the medium term

Historically, silver and gold have given best returns when real rate of return is
low or negative

Both these factors coming into play, gold prices are rising in all currencies
Source: http://www.inflationdata.com

5
Silver & Gold are increasingly turning out to be an internationally favored “safe haven” investments in light of uncertainty on how dollar plays out in future
and the consequent need for Sovereign funds to hedge their exposure on USD.
 MILESTONE
BULLION SERIES - I

SILVER: Supply overhang will cause prices to be dependent on investor interest

Silver is an industrial as well as a precious metal

Change in annual jewellery demand
‡ As an industrial metal, it will gain from the economic recovery
‡ As a precious metal, it will find favor with investors looking to hedge against
dollar weakness and financial distress
‡ As a cheaper precious metal, it will win market share from gold jewellery

There is an over-supply situation in case of Silver when only industrial demand is considered
‡ In 2010, total fabrication demand is expected to increase by 3% to 23,320 tonnes, while supply
Source: ScotiaMocatta report on Silver, 2010
is forecast to grow to 27,473 tonnes, leaving a surplus of 4,153 tonnes
‡ At the end of September 2009, the combined holdings of investments in silver stood at 10,958 tonnes which is still 1.4% below the peak holding
Hence under current economic scenario there will be sufficient investor interest to support and strengthen silver prices

Annual Silver Demand break up (Moz.) Annual Silver Supply break up (Moz.)

Source: http://www.kitco.com/charts/CPM_silver.html Source: http://www.kitco.com/charts/CPM_silver.html

The combination of restocking, pick- up in actual demand and ongoing investment buying will more than overcome the surplus supply 6
and should cause Silver prices to continue to rise strongly and trade within a USD 13/oz to USD 25/oz range in the next one year
 GOLD: Set to rise backed by high investment demand

‡ Jewellery and industrial demand were hit in 2009

Yet, Gold prices have been able to sustain at high Segment wise Demand for Gold (USD bn)
levels on the back of rising investor demand
‡ China has increased its gold reserves to 1054
tonnes (up 76% since 2003)
‡ Russia has announced to raise its share of reserves
in gold from current 4.3% to 10%
Demand
Given huge exposures of Central Banks on USD Supply
and treasuries, further diversification through
shifting exposure to gold is in the offing

Pressure to Inflation * Annualized figure based on 9 month data

diversify fears Source: World Gold Council & GFMS report, Dec-2009

‡ In 2002, hedge books stood at 99.9 Moz.

Factors 
‡ De-hedging has been steadily shrinking the hedge driving ‡ Current levels of inflation are low and can be
books with current size at 14.7 Moz. maintained so by tightening the monetary
Gold Prices
With the mood among producers still bullish, policies
de-hedging is expected to keep supporting the ‡ Concern is that the same may not be possible
gold prices in the medium term. Central with unemployment at record highs
Bank
De-Hedging Rising gold prices point out that the investors
Official
sales want to be ready when that happens
Though Gold and Oil prices are positively
correlated, Gold has held on better

Oil Prices
‡ For past 4 years, sales under Central Bank Gold
Agreement have been below the max allowable
limit of 500 tonnes/p.a.
‡ This year the maximum allowable limit has been
further reduced to 400 tonnes/p.a.
When oil, which is well below its highs, does start to
run higher in anticipation of economic recovery; the With countries like China and Russia looking to
rising oil price is also likely to be seen as inflationary increase gold reserves, Net supply from official
which, in turn, would be supportive for Gold prices sales is expected to be low in the coming years.
Source: ScotiaMocatta report on Gold, 2010
7
 MILESTONE
BULLION SERIES - I

TECHNICAL INDICATORS: Sustained bull run for Gold while Silver to outrun Gold
will be challenged

Silver: In the past 5 years, Silver has had a roller-coaster ride with some fast
Historical highs

and long rallies interspersed with steep and aggressive sell-offs, exhibiting
higher volatility than Gold.

Gold: Currently trading close to all time high prices, and the stochastic
indicators suggest the bull run to continue.

Silver: Post rapid sell-off in 2008, prices are again trending higher. If the up
channel continues to push prices higher then prices are likely to gradually
volatile markets
Bull run amidst

overcome the overhead band of supply - the top of which is at USD 19.47/oz.
This would then open up the way for a challenge of the highs at USD 21.36/oz

Gold: After a long period of consolidation post run up to USD 1,006/oz, prices Source: ScotiaMocatta report on Silver, 2010
have broken higher out of the triangle and are in the process of setting fresh all
time highs.
More room for speculation

Silver: The net long position last at 47,410 contracts, is still 12.4% below the
peak in 2008 and 29.2% below the high in 2006. So with Silver prices also 23%
below their 2008 peak, there is greater room for speculators and good potential
for prices to rise

Gold: The net long position at 236,749 contracts has surpassed the previous
high of 212,259 contracts. However, given 2008 peak was 20% above the 2005
peak, the market could sustain net long position climbing another 20,000
contracts or so.

Source: ScotiaMocatta report on Gold, 2010

8
 GOLD LINKED STRUCTURE: Overview and Advantages

Gold linked structures are non convertible debentures where the Gold Linked Structures give superior risk-adjusted returns
interest rate is linked to movement of Gold spot price.
Gold-Linked
Physical Gold ETFs
A Gold Structured Product is an instrument that provides investors Structures
Fixed income-like features Risk High High Moderate
o Coupon Payments
o Principal Protection Capital Not Possible Not Possible Possible
Gold market upside exposure
Protection

Holding Cost High None None

Liquidity High High Moderate

How it works…

Returns = Principal x [100% + Participation Rate x max {0%, % change in gold price}]

Links Investors’ returns to the Gold Spot

Can provide 100% protection of
Investors Contribution
Enables investor to determine participation in the upside up to
price while providing protection from any
the desired level.
Downside due to adverse movement of Gold
For example, a participation rate of 100% would mean investor
gains Rs. 100 for every rise of Rs 100 in Gold prices and vice
versa.

9
Gold linked structures are increasingly becoming popular investment vehicles for investors who want to take an exposure
on gold but also wish to protect their capital from any downside
 MILESTONE
BULLION SERIES - I

GOLD LINKED STRUCTURES: Indicative structures*

KEY TERMS STRUCTURE 1* STRUCTURE 2*

Tenure ‡ 36/39 months ‡ 36/39 months

Capital Protection ‡ 100% ‡ 100%

Participation (PR) ‡ 110% ‡ 120%

Averaging ‡ Last 3 Months ‡ Last 3 Months

‡ Max (0%, PR* Gold Performance)

Pay Off ‡ Max (0%, PR* Gold Performance) ‡ Knock Out: 150%(Rebate: 60%)

‡ Average of official closing of Gold futures ‡ Average of official closing of Gold futures
Final Gold Level on MCX on the final Observation dates on MCX on the final Observation dates

‡ Official closing of Gold on the date of ‡ Official closing of Gold on the date of
Initial Gold Level
allotment allotment
*The above structures are for illustration only. Capital protection is provided by issuers of the structures & not by Portfolio Manager.
The Portfolio Manager shall use its discretion in selecting the most appropriate structures to be invested in

Entry level spot price

Assumptions Rs 16,000 Invested amount (Rs) Rs 100.00
(Rs/10 gm)

Spot price at maturity % appreciation in Knock out barrier Pay off on maturity (Rs)
(Rs/10 gm) underlying asset triggered for Structure 2 Structure 1 Structure 2
12,000 –25% No 100.00 100.00 Capital is protected during
Scenario

adverse market movements

Pay-off

16,000 0% No 100.00 100.00

24,000 50% Yes 155.00 160.00
28,000 75% Yes 182.50 160.00 10
 PRECIOUS METALS: The asset class of choice in times of uncertainty

Historically, precious metals have outperformed the market considerably when median real interest rates are negative and the
current global economic scenario presents a perfect opportunity after over 2 decades to invest in precious metals.

While investment in Silver & Gold has clear advantages, more specifically; investing through a scheme enables investors to
combine the benefits of the asset class along with expertise of the fund house thus maximizing their risk adjusted returns.

Precious Metals
Equity Hedge Fixed
{ }
a. Individually Commodities
Investing in Markets Funds Deposits
b. Through Current
Proposition

a. Low
Return Potential b. Medium High Various Volatile Low

a. High
Liquidity b. Medium Very High Low High Low

a. Very High
Diversification Benefit Low Moderate High Low
(both cases)

a. Medium
Risk b. Medium Very High High High Very Low

a. High
Holding Cost b. None No Low Low Low

Requirement of a. High
b. Medium Very High Low High Low
Technical Knowledge

11
Given investments in current market scenario expose investors to considerable market volatility, Milestone Bullion Series - I presents an opportunity to maximize
returns through the Milestone Investment expertise.
 MILESTONE
BULLION SERIES - I

THE MILESTONE ADVANTAGE

The proposed portfolio series presents a unique opportunity to invest in securities of companies linked to Silver, Gold &
Gold-Linked Structures. The series has been designed specifically to provide protection from adverse market movements and yet
capitalize on the upsides with superior and consistent risk adjusted returns

Milestone Bullion Series - I: A Clear Winner

Physical Gold /Silver ETFs Milestone Bullion

(Through Banks/Jewellers) (None exist for Silver) Series - I

Market Risk High High Low (Downside protected)

Return Low High Superior (Risk adjusted)

Yes
Capital Protection No No (30% allocated to capital
protected structures)

Yes
Recurring Income on Capital No No (Allocation to Gold Forwards to also
yield Bank Fixed Deposit Interest)

Holding Cost High None None

Liquidity High Medium to Moderate High Medium

Storage Requirement Locker No No

Security of Asset Investor responsibility Taken care of by Fund House Taken care of by Fund House

Making charges/Impurity risk Yes None None

Investment Expertise Requirement High High Not required

12
 ACTIVE PORTFOLIO MANAGEMENT & VALUE ADDITION
Entry
‡ Milestone, through its preferred
relationship with partners such as
ScotiaMocatta, shall be able to get better
than market rates on the physical
purchases and better terms for the
Deposit Schemes/Gold-Linked structures
‡ Allocation to gold forwards shall also yield
returns similar to fixed deposit apart from
appreciation in gold price
‡ Trade to be executed over a period of seven
days at the end of each month, at daily
London fixed prices from the total available
corpus to avoid daily fluctuations in the
prices
13
Portfolio monitoring and
risk management
‡ Strong in-house research team and best
in industry support partners
‡ Idle cash between investments will be
invested into liquid funds to generate
additional returns for the investors
‡ The portfolio will be monitored on a regular
basis to
~ Manage risk and protect investments from
any adverse market movements
~ Shuffle portfolio to increase risk adjusted
returns for the investors
Position closure and
value realization
‡ The team will use its experience and
expertise to close positions at the most
opportune time and ensure maximum
value realization.
‡ In case of extreme volatility at the time of
exit the agreement life may be extended for
period not more than 1 year
‡ Arrangement to get physical gold &
silver at portfolio exit value from
portfolio company.
 MILESTONE
BULLION SERIES - I

ILLUSTRATION OF INVESTMENT STRATEGY

The portfolio series has been structured in a manner as to minimize the risk of capital loss even if there is a fall in the underlying asset prices
at the time of exit. However, in case of asset appreciation, the investor is able to reap the maximum returns

Assumptions
Total Invested Corpus : Rs 100 Return on idle cash allocated to Gold
Allocated to Gold Linked Structures : Rs 30 invested over 3 years (per-annum) : 4.0%
Allocated to Gold : Rs 30 Management Fees (per-annum) : 1.5%
Allocated to Silver : Rs 40 Set up Cost (one-time) : 2.0%
Participation ratio for Gold Linked Structures : 110%

Scenario I: Asset prices fall by 50% at exit Scenario II: Asset prices appreciate by 50% at exit

Value of Gold Linked Structure : Rs 30 A significant Value of Gold Linked Structure : Rs 46.5
Value of Gold Forwards : Rs 15 portion of Value of Gold Forwards : Rs 45
Value of Silver : Rs 20 total expense Value of Silver : Rs 60
Return on idle cash over 3 yrs : Rs 3.6 Return on idle cash over 3 yrs : Rs 3.6
is offset by
Less Management Fees for 3 years Less Management Fees for 3 years
other income
and One time Set-up Cost : Rs 6.5 and One time Set-up Cost : Rs 6.5
through
proper treasury
Total Inflow to Investor : Rs 62.1 Total Inflow to Investor : Rs 148.6
management

If the underlying asset prices fall by 50%, the investor loses only 38%
At exit, 14
If the market price of assets appreciate by 50%, the investor gains are commensurate to market returns
 MILESTONE CAPITAL ADVISORS LTD.

Raising & Nurturing PE since 2007

INDEPENDENT Fund House

Truly ACTIVE MANAGEMENT Fund Advisor Capital Investments.

Active Management.
G R O U P
Pioneered fund with Rental Yield structure
Sustainable Development.

Combined experience of over 100 years in PE in India

A track record of Successful Joint Ventures with leading
AUM of over Rs. 31,000 mn (US$ 710 mn)
National and Global Institutions
12000+ HNI investors in domestic funds
Pioneered privately held Rental Yield like structure in conjunction
with IL&FS Investment Managers Ltd.
AUM Growth since inception in 2007
JV with Religare Enterprises Limited for managing Education &
Healthcare focused PE Fund

JV with Ecofirst UK, a leading green/zero carbon emission buildings

developer to launch Milestone Ecofirst Sustainable Development
Advisory

Development JV with Money Matters, a leading financial advisory and investment

banking entity to launch the Special Opportunity Fund
Rental Yield

Private Equity
JV with Mercator Lines, India’s 2nd largest private sector shipping
company to launch the shipping fund

in USD million
15
 MILESTONE
BULLION SERIES - I

MILESTONE CAPITAL ADVISORS LTD.

BOARD OF DIRECTORS

NOEL TATA V.K. CHOPRA

MD & CEO, Trent Ltd., having more than 26 years of Former MD/Chairman of Corporation Bank & SIDBI. Served
experience across industries. Director at Titan Industries, at SEBI as Whole Time Member and also as Exec. Director at
Voltas & Tata Investment Corporation. Oriental Bank of Commerce.

NAWSHIR KHURODY Dr. PRAVIN P. SHAH

With an executive career mostly with the TATA Group, Having more than 37 years of experience in financial
he was MD, Voltas & also Independent Director at HSBC consultancy, he is Board member at Adani Exports, JM
Asset Management. Financial Ltd., Benchmark Trustee Co., Bombay Rayon etc.

RAJ NARAIN BHARDWAJ ARVIND BANSAL

Former MD/Chairman of LIC & Ex-Member, Securities
Appellate Tribunal. Board member at SREI Venture Cap., Rich experience in investment banking & private equity
TEBMA Shipyard, Lanco Power, Aegon Religare etc. in infrastructure, IT, media, telecom & pharma companies.

BHAGYAM RAMANI VED PRAKASH ARYA

Exec. Director at General Insurance Corp., Board member at MD & CEO, Milestone Group. Ex-Director & COO, Future
IDBI Trusteeship Services, NSE, L&T and Trustee – Tariff Group, Ex-CEO, Globus Stores. Founding Director,
Advisory Committee Pension Fund. Retailers Assoc. of India. Rich experience in PE and M&A

16
 THE ADVISORY COMMITTEE & TEAM

Ajay Mitra
Managing Director – World Gold Council (India, Middle East and Turkey)
Was the Commercial Director for distribution and marketing company Melcosmetics in Russia prior to joining
World Gold Council
([SHULHQFHRI\HDUVDW&RFD&RODLQFOXGLQJ\HDUVDV&RXQWU\0DQDJHU%DQJODGHVK¬
Having graduated in Economics, he has completed his Post Graduation in Marketing from Mumbai University

Navin Kumar
Over 19 years of experience in financial services and related industries in India with market leading financial
houses like Standard Chartered, BNP Paribas and Deutsche Bank
Was also associated with World Gold Council, where he spear-headed the case for Investment in physical
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Instrumental in assisting many financial institutions create retail platform for physical gold in India
MBA from University of Poona

17 Additionally a nominee from our business partners and / or custodian partner shall be invited to the advisory committee meetings
 MILESTONE
BULLION SERIES - I

THE ADVISORY COMMITTEE & TEAM

Sumit Somani
Over 8 years of experience in financial services wherein conceptualised, structured, raised 10 PE funds
(7 at Milestone, 3 at Pantaloon Retail)
Structured and arranged for pricing of 20 Nifty Linked & 2 Gold Linked Debentures at Milestone.
Chartered Accountant

Sachin Tulsyan
Over 6 years of experience in financial services wherein worked at Everstone Capital, Deloitte & KPMG
Chartered Accountant

Kumar Saurabh
Over 4 years of experience of working in projects for Banking and Financial Institutions.
Experience in various aspects of Risk Management working for UBS Investment Bank, London, ING Life, Thailand
and Yes Bank, India
MBA from IIM Ahmedabad; B. Tech, Mechanical Engineering, ISM Dhanbad

The advisory committee & team shall work together to adopt the most suitable investment/execution/exit strategy 18
 EXIT OPTIONS, TAX CONSIDERATIONS & REPORTING

Exit Options Lock-in of 24 months (Computed from date of payment of final installment/ lump sum payment)
– Exit load - 2% if redeemed before 3 years
– Maximum Exit- 60% of commitment
Special Case: Portfolio Manager shall have option to early redeem up to 60% of the committed capital after 1 year
In such case, there shall be no exit load for investor

Tax Considerations* Investor shall mainly have interest income or long term capital gain which shall depend on structuring done by Portfolio Manager
for Investors In case of interest income, tax will be deducted at source (TDS) on the interest paid to the debenture holders u/s. 193 of the Act
– 20% in case the investor is a domestic company
– 10% in all other cases
Debenture interest received by the Debenture holders would be taxed in their hands at tax rate applicable to them.
TDS deducted shall be adjusted
In case of long term capital gain, investor would be taxed at 20.60%

Reporting Investors will receive the following reports

– Monthly research reports on Silver and Gold from ScotiaMocatta
– Quarterly valuation of the portfolio

*As per Finance Act, 2010

19
 MILESTONE
BULLION SERIES - I

SUPPORT PARTNERS

Custodian
ScotiaMocatta
(Gold, Silver, Deposit Scheme)

Registrar & Transfer Agent CAMS, Chennai

Portfolio Company Auditors S. R. Batliboi & Co. (Ernst & Young)

Legal Advisors Nishith Desai Associates

Tax Advisors G. M. Kapadia & Co.

Structuring Consultant Pravin P. Shah & Co.

Portfolio Manager's Recommendation

Investment in precious metals presents an excellent diversification avenue which improves risk
DGMXVWHGUHWXUQVRIWKHSRUWIROLRRQWKHZKROH¬:HUHFRPPHQGHYHU\DVWXWHLQYHVWRUWRKDYHRI
their portfolio invested in precious metals. We also recommend investor to opt for drawdown option
instead of single installment option to get benefits of averaging.

20
For investment related queries
please contact

Sumit Somani
Email: sumit@milestonecapital.in
Office Phone: +91 22 4235 7036
Mobile: +91 98201 96748
Ruchir Gandhi
Email: ruchir@milestonecapital.in
Office Phone: +91 22 4235 7024
Mobile: +91 98339 34246
Amit Kumar
Email: amit.kumar@milestonecapital.in
Office Phone: +91 22 4235 7000
Mobile: +91 98108 73419
Aayam Banerjee
Email: aayam@milestonecapital.in
Office Phone: +91 22 4235 7045 Milestone Capital Advisors Ltd.
Mobile: +91 98200 84440 602, Hallmark Business Plaza, Sant Dnyaneshwar
Marg, Opp. Guru Nanak Hospital, Bandra (E),
Kumar Saurabh
Mumbai 400 051. INDIA.
Email: saurabh@milestonecapital.in
Tel : +91 22 4235 7000 Fax : +91 22 4235 7077
Office Phone: +91 22 4235 7060
Mobile: +91 97697 63421 Email: info@milestonecapital.in

For operations related queries

please contact
Namrata Sharma
Email: namrata@milestonecapital.in
Office Phone: +91 22 4235 7031
Mobile: +91 98206 65544
Ami Jhaveri
Email: ami@milestonecapital.in
Office Phone: +91 22 4235 7029
Mobile: +91 98927 53953

DISCLAIMER
Securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Portfolio will be
achieved. Past performance of the Portfolio Manager does not indicate the future performance of the portfolio. Investors are not being
offered any guaranteed or assured return/s i.e. either of Principal or appreciation on the portfolio. Investors may note that Portfolio
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The Portfolio Manager and any of its officers directors, personnel and employees, shall not liable for any loss, damage of any nature,
including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from
the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision taken on this material.
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