Disclaimer for reports issued by Intrinsic Value Equity Research:

Intrinsic Value Equity Research (‘Intrinsic Value) is a SEBI Registered Research Analyst having registration no. INH000009047.

Any research report or notes prepared by Intrinsic Value Equity Research is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in these documents should be construed as investment advice. Each recipient of these document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies referred to in this document (including merits and risks) and should consult their own advisors to determine merits and risks of such investment. The information and opinions contained in these notes have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete. Intrinsic Value Equity Research is not obliged to update this report for such changes. Intrinsic Value Equity Research has the right to make changes and modifications at any time.

Any research report or notes are not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject Intrinsic Value Equity Research or its affiliates to any registration or licensing requirement within such jurisdiction.

If any of these reports is inadvertently sent or has reached any person in such country, especially, United States of America, the same should be ignored and brought to the attention of the sender. These documents may not be reproduced, distributed or published in whole or in part, directly or indirectly, for any purposes or in any manner. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. It should not be considered to be taken as an offer to sell or a solicitation to buy any security.

Any of research reports, notes or document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. These reports should not be construed as an invitation or solicitation to do business with Intrinsic Value Equity Research. Intrinsic Value Equity Research may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments.

Intrinsic Value Equity Research and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the 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 company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.

Intrinsic Value Equity Research, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.

Intrinsic Value Equity Research and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.

Intrinsic Value Equity Research or its associates have not managed or co-managed public offering of securities for the subject company and have not been mandated by the subject company for any other assignment in the past twelve months.

Intrinsic Value Equity Research or its associates have not received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business.

Intrinsic Value Equity Research or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Intrinsic Value Equity Research nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Intrinsic Value Equity Research may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report.

Intrinsic Value Equity Research, Registered Address:1204, Deffodil, Vasant oasis, Makwana road, Marol, Andheri East Mumbai, 400059 .