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We hereby declare that in RR Equity Brokers (P) Ltd.(RREB) stock brokering and CDSL activities were neither suspended nor “RREB” has defaulted with any stock exchange authority/CDSL with whom “RREB” is registered, in last five years.

However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise/warning/deficiency letters/ or levied minor penalty on RR Equity Brokers (P) Ltd. for certain operational deviations. “RREB”has not been debarred from doing business by any Stock Exchange / SEBI or any other authorities ;nor its certificate of registration been cancelled by SEBI at any point of time.

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Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

“RR Group” does/does not do business with companies covered in its research reports. Investors should be aware that the “RR Group” may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision. Our Research Analysts, as employed by “RR Group” are qualified as research analysts.

Other Disclosures:

All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person. Ownership and material conflicts of interest Disclosure

“RR Group” policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst as officer or director:

“RR Group” policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, advisory board member or employee of any company in the analyst’s area of coverage.

Country Specific Disclosures India – For private circulation only, not for sale.

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