Disclosure Document

The Research Analyst or any of its officer/employee does not trade in securities which are subject matter of recommendation. There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/securities. Such conflict of interest shall be disclosed to the client as and when they arise. The Research Analyst or its employee or its associates have not received any compensation from the company which is subject matter of recommendation. The Research Analyst or its employee or its associates have not managed or co-managed the public offering of any company. The Research Analyst or its employee or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company. The Research Analyst or its employee or its associates have not received any compensation for products or services other than above from the subject company. The Research Analyst or its employee or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report/recommendation. The subject company was not a client of the Research Analyst or its employee or its associates during the twelve months preceding the date of recommendation services provided. The Research Analyst or its employee or its associates have not served as an officer, director or employee of the subject company. The Research Analyst has not been engaged in market making activity of the subject company.