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STANDARD DISCLOSURES AS PER RESEARCH ANALYSTS REGULATIONS, 2014

DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION

We/I, Mr. Dhiren K. Thanawala Research Analysts, authors and the names subscribed to this report, of JK Securities Private Limited. hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

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Research Team:

Mr. Dhiren K. Thanawala (Research Head)