1. Investments in securities market are subject to market risks. Read all the related
documents carefully before investing. Registration granted by SEBI and certification from
NISM in no way guarantee performance of the intermediary or provide any assurance of
returns to investors.

2. We do not give any assurance or guarantee of profit or protection from loss in any form.
We only provide research recommendations. We do not provide any service based on
profit sharing, fixed returns, or similar services.

3. The research analyst or research entity or his associate or his relative does not have
financial interest in the subject company.

4. The research analyst or its associates or relatives does not have actual/beneficial
ownership of one percent or more securities of the subject company, at the end of the
month immediately preceding the date of publication of the research report/ document or
date of the public appearance.

5. The research analyst or his associate or his relative does not have any other material
conflict of interest at the time of publication of the research document or at the time of
public appearance.

6. The research analyst or its associates does not have received any compensation from
the subject company in the past twelve months. The research analyst or its associates does
not have managed or co-managed a public offering of securities for the subject company
in the past twelve months.

7. The research analyst or its associates does not have received any compensation for
investment banking or merchant banking or brokerage services from the subject company
in the past twelve months.

8. The research analyst or its associates does not have received any compensation for
products or services other than investment banking or merchant banking or brokerage
services from the subject company in the past twelve months. The research analyst or its
associates have not received any compensation or other benefits from the subject
company or third party in connection with the research document.

9. The research analyst has not been engaged in market-making activity for the subject
company. The research analyst has not served as an officer, director or employee of the
subject company.

10. The research analyst did not receive any compensation or other benefits from the
companies mentioned in the documents or third parties in connection with the
preparation of the research documents. Accordingly, the research Analyst does not have
any material conflict of interest at the time of publication of the research documents.

11. Recommendations provided may not always result in profits. Investing in equity and
related instruments involves uncertainties, including company-specific and market-related
risks. We do not assure guaranteed returns as the value of assets may fluctuate based on
market forces like de-listing of securities or market closures etc.

12. Past performance does not ensure future performance. Notwithstanding all the efforts
to do the best research, clients should understand that investing in equities involves a risk
of loss of both income and principal. Please ensure that you understand fully the risks
involved in investment in equities.

Mayank Kumar Gupta
(SEBI Registered Research Analyst)
Registration No. INH000015978