DISCLAIMER

This document is for private circulation and information purpose only and should not be regarded as an investment, trading, taxation‐legal or price‐risk management advice. In no circumstances it is considered as an offer to sale or a solicitation of any offer to buy or sell the Equity derivatives or other services mentioned herein. The securities and strategies discussed and opinions expressed, if any, in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.

We and our affiliates, group‐companies, directors and employees, and directors and employees of our affiliates and group‐companies, including persons involved in the preparation or issuance of this material may (a) have positions in Equity (derivatives or physical) mentioned hereby or (b) have other positions which might have conflicting interest with respect to any related information. The information contained hereby may have been taken from sources which we believe are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinion expressed reflects judgments at this date and are subject to change without notice. Risk of loss in Equity derivatives trading can be substantial. Persons trading in Equity Derivatives should consider the suitability of trading based upon their resources, risk appetite and other relevant information; and understand that statements regarding future prospects may not be realized. KTCPL, 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. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward looking statements are not predictions and may be subject to change without notice. This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. KTCPL, 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. KTCPL and its affiliated companies, their directors and employees / arbitrageurs may; from time to time, (a) have long or short position(s) in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or 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 investment banker, 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. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting this document. KTCPL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

We advised and cautioned the recipient of this report nor to copy, forward, pass-on or circulate or re-circulate or transmit or distribute or redistribute, this report or part thereof to any person /entities into United States of America (USA), Japan, Canada and such other countries, directly or indirectly. Any recipient(s) who have received of such report or any part thereof of such countries, is are requested to ignore the same and brought to the knowledge of such incidence to the Company as this report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would require or subject to any registration or licensing requirement within such jurisdiction of KTCPL. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors.