DISCLOSURES AS PER SECURITIES AND EXCHANGE BOARD OF INDIA REGULATIONS, 2014

DSIJ or its analysts did not receive any compensation or other benefits from the companies or third party in connection with preparation of research report.

Subject company may have been client of DSIJ or its associates during twelve months preceding the date of publication of the research report.

DSIJ or its associates may have received compensation from the subject company in the past twelve months.

DSIJ or its associates have not managed or co-managed public offering of securities for the subject Company in the past twelve months.

The Research Analysts of the company have not served as an officer, director or employee of the subject Company.

The Research Analysts or the Company have not been engaged in market making activity for the subject Company.

Research analyst or his/her relatives may have actual/ beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.

DSIJ or Research analyst or his/her relatives may have financial interest in the subject company in ordinary course of business.

DSIJ and its associate company(ies), their directors and employees may  from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.

Definitions of Terms Used in the research reports:

• 'Subject company' means the company where a recommendation is being suggested.
• Buy: The intended audience is being informed that they can consider purchasing the shares of the said company
• Sell: The intended audience is being informed that they can consider selling the shares of the said company
• Hold: The intended audience is being informed that they can consider to neither purchase or sell but continue to hold, if any, the shares of the said company