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STANDARD DISCLOSURES AS PER RESEARCH ANALYSTS REGULATIONS, 2014

DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION

Research Analysts, authors and the names subscribed to this report, of Leo Traders And Research. 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.

Terms & conditions and other disclosures:

Leo Traders And Research (hereinafter referred to as “Leo Traders”) is engaged in the business of Stock Broking, and Depository Participant . This document has been prepared by the Research Division of LEO TRADERS and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of LEO TRADERS. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security.

The information contained in this report has been obtained from sources that are considered to be reliable. However, LEO TRADERS has not independently verified the accuracy or completeness of the same. Neither LEO TRADERS nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein.

Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor.

Either LEO TRADERS or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication.

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LEO TRADERS submits that no material disciplinary action has been taken on us by any Regulatory Authority impacting Equity Research Analysis activities.

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LEO TRADERS or its associates have not received any compensation from the subject company in the past twelve months.

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It is confirmed that Mr. Varun Gupta and Prabhash Shukla, Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months .

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. The Research analysts 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. The research analysts for this report has not served as an officer, director or employee of the subject company.

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