DISCLOSURES / DISCLAIMERS

Finterest Capital Research Private Limited (hereinafter referred to as “Finterest”) is a Private Limited company incorporated on 22nd April, 2022 under the provisions of the Companies Act, 2013. Finterest is a professionally managed financial service company. Finterest is a Research Analyst.

We hereby declare that our activities were neither suspended nor we have defaulted or been debarred from doing business by SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.

We offer our research services to clients as well as our prospects.

This Research Report should be read and relied upon at the sole discretion and risk of the recipient. If anyone is dissatisfied or is in disagreement with the contents of this Research Report or with the terms of this disclaimer, then the sole and exclusive remedy is to stop using this research report and Finterest or its associates shall not be responsible and/or liable for any direct /consequential loss whomsoever directly or indirectly, from any use of this Research Report.

This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.

This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Finterest. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients.

Finterest makes its best endeavor to ensure that the research analyst(s) use current, reliable, comprehensive information and obtain such information from sources which the analysts believe to be reliable. However, such information has not been independently verified by Finterest and/or the analyst(s) and no representation or warranty, express or implied, is made as to the accuracy or completeness of any information obtained from third parties. The information, opinions, views expressed in this Research Report are those of the research analyst as at the date of this research report which are subject to change and do not represent to be an authority on the subject. Finterest and its affiliates / group entities may or may not subscribe to any and/ or all the views expressed herein. The recipients of this material should rely on their own investigations and take their own professional advice.

Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals.

Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make independent investment decision which may be inconsistent with the recommendations expressed herein.

We and our associates, officers, directors, and employees, Research Analyst (including relatives) may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report or at the time of public appearance. The views provided herein are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Finterest. Finterest does not provide any promise or assurance of favorable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing.

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. Accordingly, any brokerage and investment services including the products and services described are not available to or intended for Canadian persons or US persons. This report is not for distribution outside India without expressed written permission.

Regulatory Disclosures:

v We or our associates have received compensation from the subject company(ies) in the past 12 months: No

v We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No

v We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months -No

v We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report --No

v We or our associates or Research Analyst or his/her relative's financial interest in the subject company(ies)- No

v Nature of financial interest in subject company, if any -Nil

v We, our associates or Research Analyst have actual/beneficial ownership of 1% or more securities of the subject company (ies) at the end of the month immediately preceding the date of publication of Research Report - No

v Subject company (ies) may have been client during twelve months preceding the date of distribution of the research report-No.

v We or our Associates or Research Analyst are engaged in market making of subject company - No

v By referring to any particular sector, FINTEREST does not provide any promise or assurance of favorable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing. Such representations are not indicative of future results.

v There are either no material conflict of interests or all existing and potential conflict of interest are disclosed herein.

v A graph of daily closing prices of securities is available at www.nseindia.com and www.bseindia.com

v Rating scale is not employed and no target is currently assigned.

In case of any grievance / complaint/ queries you may get in touch with against the Intermediary you may follow the following matrix:

Initial grievance may be raised with Mr. Darshil Pandya at our Research helpdesk on his email id darshil.pandya@finterestcapital.com or his phone number +91 77988 39862 In case of further grievance / complaint you may follow the following matrix:

Level-1

For any grievance you may write to us at grievance@finterestcapital.com

Level-2

If reply from Level 1 is not satisfactory, client can notify the same to the Compliance Officer at nikhil.oswal@finterestcapital.com or call on 99871 11634

Name of the Research Analyst : Mr. Nikhil Oswal

SEBI Research Analyst Registration No: INH000012458

Corporate Office: G-12/14, 7th Floor, Commerce Center, Opp H P Petrol Pump, Tardeo, Mumbai- 400034

Reg. Office: G-12/14, 7th Floor, Commerce Center, Opp H P Petrol Pump, Tardeo, Mumbai- 400034

CIN No. U67190MH2022PTC381122

Email: info@finterestcapital.com

Website: https://www.finterestcapital.com/