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RISK Disclosures:

SANJAY SARAF: INH000013882, its partners, employees, officers, and its affiliates are not responsible for any loss or damage that may arise to any person for any nonchalant error in the information represented in the research report or research recommendations.

Investors may lose his/her entire amount or Investments or portfolio under certain market conditions so acting on any advice or recommendations from research reports, Investors should understand their risk appetite or consult their financial advisers.

The research report or Research recommendations do not take into account any specific investment objective, goal, or financial situation or any specific needs and objectives of any specific individual.

The client obtaining the research report or Research recommendations should act according to his/her own risk appetite and financial position and should also understand the risk involved in capital markets while making investments.

Disclosures of all material information: SANJAY SARAF: INH000013882

Disclosures with regard to ownership and material conflicts of interest:

SANJAY SARAF: INH000013882 or its research analysts or his/her relative or associate don’t have any direct or indirect financial interest in the subject company

SANJAY SARAF: INH000013882 or its research analysts, or his/her relative or associate don’t have any other material conflict of interest at the time of publication of the research report.

SANJAY SARAF: INH000013882 or its research analysts, or his/her relative or associates don’t have actual ownership of 1% or more securities of the subject company

Disclosures with regard to ownership and material conflicts of interest:

SANJAY SARAF: INH000013882 or its associates have received any compensation from the subject company in the past twelve months: NO

SANJAY SARAF: INH000013882 or its associates have managed or co-managed public offering of securities for the subject in the past twelve months: NO

SANJAY SARAF: INH000013882 or its associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months: NO

SANJAY SARAF: INH000013882 or its associates 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: NO

SANJAY SARAF: INH000013882 or its associates have received any compensation or other benefits from the subject company or third party in connection with the research report: NO

The research analyst has not served as an officer, director, and employee of the subject company

SANJAY SARAF: INH000013882 or its research analyst has been engaged in the market-making activity for the subject company: NO

SANJAY SARAF: INH000013882 or its associates have received any compensation from the subject company in the past twelve months: NO

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