The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations)

Kalkine Consultancy India Private Limited (“Research Entity”) is registered with SEBI as Research Analyst with Registration No. INH000017727. The research entity got its SEBI registration on Jul 19, 2024 and is engaged in research and recommendation Services. The focus of Research entity is to provide research and recommendations services to the clients. Analyst aligns its interests with those of the client and seeks to provide the best suited services.

• Research entity have no material adverse disciplinary history as on the date of publication of this report.
• Research entity has no associates
• Research entity or its associate or Research Analyst or his relative have no financial interest in the securities recommended.
• There are no actual or potential conflicts of interest arising from any connection of Research entity or its associate or Research Analyst or his relative to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of Research Analyst services. Such conflict of interest shall be disclosed to the client as and when they arise.
• Research entity or its associate or Research Analyst or his relative, may have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance or research recommendation.
• Research entity or its associate or Research Analyst or his relative has no connection or association of any sort with any issuer of products/ securities recommended herein.
• Research entity or its associate or Research Analyst or his relative has no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of research and recommendations services.
• Research entity or Research analyst or its associates has not received any kind of remuneration or consideration form the products/ securities recommended herein.
• Research entity or Research analyst or its associates have not received any compensation from the subject company in past 12 months.
• Research entity or Research analyst or its associates have not managed or co-managed the public offering of Subject Company in past 12 months.
• Research entity or Research analyst or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company in past 12 months.
• Research entity or Research analyst or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months
• Research entity or Research analyst or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report or research recommendations.
• Research entity or Research analyst or its associates have not received any compensation for products or services from the subject company in past 12 months.
• The subject company is or was not a client of Research entity or Research analyst or its associates during twelve months preceding the date of distribution of the research report and recommendation services provided.
• Research Analysts or its associates has not served as an officer, director or employee of the subject company.
• Research Entity or Research Analysts has not been engaged in market making activity of the subject company.