SEBI Registered : Research Analyst Call : +91-98200 76161 Email : research@lotusfunds.com

Disclaimers and Disclosures

Disclaimers:

Investment in securities market are subject to market risks. Read all the related documents carefully before investing. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, Enlistment with RAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Research Analyst: Mr. Pradyut Patnaik (Proprietor of M/s. Lotus Funds), SEBI Regn No. INH000001238, Office Address: B-904, PRESIDENT CO. OP. HOS, Tulsi Gagan, Plot No. 38 & 39, Sector -21, Kharghar, Navi Mumbai, Maharashtra, 410210. Contact Number: 9820076161. Email ID: pradyut@lotusfunds.com

Disclosures:

This Report is published by Mr. Pradyut Patnaik(Proprietor of M/s. Lotus Funds) (hereinafter referred to as “Lotus Funds”) for private circulation. LOTUS FUNDS is a SEBI registered Research Analyst vide SEBI Registration Number: INH000001238. LOTUS FUNDS has no other business divisions. LOTUS FUNDS or its associates has not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities Market. There has been no instance of any Disciplinary action, penalty, etc. levied/passed by any regulation/administrative agencies against LOTUSFUNDS and its Partners.

LOTUS FUNDS or its associates or his relatives do not hold any financial interest in the subject company. Associates may have such interest in its ordinary course of business as a distinct and independent body. LOTUS FUNDS or its associates or Analyst do not have any material financial interest at the time of publication of the research report with the company covered by Analyst. LOTUS FUNDS or its associates or Analyst or his relatives do not hold beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of this research report. LOTUS FUNDS or his associate or his relative, has not any other material conflict of interest at the time of publication of the research report or at the time of public appearance.

LOTUS FUNDS or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. LOTUS FUNDS or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. LOTUS FUNDS 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.

LOTUS FUNDS or its associates has not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and LOTUS FUNDS / analyst has not been engaged in market making activity of the subject company. LOTUS FUNDS or its associates / analyst have never received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.

This document has been prepared by LOTUS FUNDS. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The investment discussed or views expressed may not be suitable for all investors. This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The investments in financial products could be illiquid for long period of time and the markets for these products may disappear and the price discovery may not exist. Also the value, income, appreciation, returns, yield of any of the securities or financial instruments mentioned in this statement are based on current market conditions in the opinion of the Research Analyst and subject to change.

LOTUS FUNDSF acts merely as a Research Analyst and done the research of these securities or financial instruments. Please note, however, that some data has been derived from sources that we believe to be reliable but is not guaranteed. Please review this information for accuracy as LOTUS FUNDS cannot be responsible for omitted or misstated data. 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 subject LOTUS FUNDS and affiliates/ group companies to any registration or licensing requirements within such jurisdiction.

The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. This information is subject to change without any prior notice. LOTUS FUNDS reserves the right to make modifications and alterations to this statement as may be required from time to time. However, LOTUS FUNDS is under no obligation to update or keep the information current. Nevertheless, LOTUS FUNDS is committed to providing independent and transparent recommendation to its client and would be happy to provide any information in response to specific client queries. Neither LOTUS FUNDSF nor any of its affiliates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.

The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. Please note that past performance of Capital / Debt Market / Financial Products / Instruments does not necessarily indicate the future prospects and performance thereof.

LOTUS FUNDS may have included statements/opinions/recommendations in this document which may contain words or phrases such as “will”, “expect”, “should” and similar expressions or variations of such expressions, that could be “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and/or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry.

By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated. The disclosures of interest statements if any, incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report.

The analyst 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.

LOTUS FUNDS is not liable for any delay in the receipt of this statement. LOTUS FUNDS and affiliates, associates, officers and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as advisor or lender/borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. The said persons may have acted upon and/or in a manner contradictory with the information contained here. This document is intended to be used only by resident Indians, non-resident Indians, persons of Indian origin, subject to the applicable laws and regulations of any Indian or foreign regulatory authority. The information contained in this document is strictly confidential and is intended for the use by recipient only.

Receipt and review of this document constitutes your agreement not to circulate, redistribute, retransmit or disclose to others the contents, opinions, conclusion, or information contained herein, in whole or in part, or in any form or manner, without the express written consent of LOTUS FUNDS. In the preparation of the material contained in this document, LOTUS FUNDS has used information that is publicly available, including information developed in-house Information gathered & material used in this document is believed to be from reliable sources and is given in good faith. LOTUS FUNDS does not warrant the accuracy, reasonableness and/or completeness of any information. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. The user assumes the entire risk of any use made of this information.

Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. LOTUS FUNDS or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any error in the information contained in this report. For data reference to any third party in this material no such party will assume any liability for the same. This document should not be regarded as solicitation of business in any jurisdiction including India. The information provided in these reports remains, unless otherwise stated, the copyright of LOTUS FUNDS. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright LOTUS FUNDSF and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.

This document has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither LOTUS FUNDS, nor its affiliates/ associates, nor any person who controls them nor any employees, officer, nor agent of them or affiliate/associates of any such person accepts any liability or responsibility whatsoever for such alteration or change in the document. This website/platform may contain links to third-party websites or content. We do not endorse or control the content of these third-party websites and are not responsible for their accuracy, legality, or reliability.

SEBI Registration Details

Registered Name: "Pradyut Patnaik" for LotusFunds
Type of Registration: Proprietorship
Registration Number: INH000001238
Validity: Upto 01st August, 2025
Registered Office Address: B 904, Tulsi Gagan, Sector 21, Kharghar, Navi Mumbai, Maharastra 410210

Details of Principal Officer:

Name: Pradyut Patnaik

Email: pradyutpatnaik@gmail.com

Phone: 9820017751

Details of Compliance Officer

Name: Pradyut Patnaik

Email: pradyutpatnaik@gmail.com

Phone: 9820017751

• Note: If not satisfied with the response of the research analyst you can lodge your grievances with SEBI at http://scores.gov.in or you may also write to any of the offices of SEBI. For any queries, feedback, or assistance, please contact the SEBI Office on the Toll-Free Helpline at 1800 22 7575 / 1800 266 7575. SEBI Investor complaint “SCORE” link: - https://scores.gov.in/

Disclosures with regard to ownership and material conflicts of interest:

1) LotusFunds or its research analysts or his/her relative or associate has any direct or indirect financial interest in the subject company -> NO

2) LotusFunds or its research analysts, or his/her relative or associate has any other material conflict of interest at the time of publication of the research report. -> NO

3) LotusFunds or its research analysts, or his/her relative or associates have actual ownership of one % or more securities of the subject company -> NO

Disclosures with regard to receipt of compensation:

1) LotusFunds or its associates have received any compensation from the subject company in the past twelve months -> NO.

2) LotusFunds or its associates have managed or co-managed public offering of securities for the subject in the past twelve months -> NO

3) LotusFunds or its associates have received any compensation or other benefits from the subject company or third party in connection with the research report -> NO

Disclosure: We may hold and trade in some stocks related to our recommendations, but our intention is educational not financial from those stocks. If any financial benefit arises in any form, it is purely coincidental. I have NO YouTube channels. Min-Max Quantity Limit: 1-10

Other Disclosures :

1) The research analyst has served as an officer, director, and employee of the subject company -> NO.

2) LotusFunds or its research analyst has been engaged in the market-making activity for the subject company -> NO

3) Lotus Funds or its associates have received any compensation from the subject company in the past twelve months -> NO

Lotus Funds Services Terms & Conditions :

1) LotusFunds service is valid for 1 year from the payment date.

2) We will provide 25+ Buy/Sell/Hold calls based on Technical and fundamental research analysis during the validity period.

3) The fees paid towards LotusFunds services and in case of pre-mature termination of the research services by the client or by LotusFunds, the clients can ask for refund for the fees for unexpired period.

4) Investors are advised to act according to their risk appetite, we are not providing Investment Advisory Services.

5) All Buy/Sell/Hold call updates will be received through WhatsApp or LotusFunds Mobile App or Email when provided.

Some of the risks associated with the securities market that will adversely affect your investments and portfolio are :

1) Market Risk: Companies often disclose the risks associated with market volatility. For example: "The company operates in a highly competitive industry, and its financial performance is subject to market fluctuations. Adverse changes in market conditions, such as changes in demand for our products or services, could negatively impact our revenue and profitability."

2) Financial Risk: Companies may disclose their exposure to financial risks, such as currency risk or interest rate risk: "We have significant foreign currency exposure due to our international operations. Fluctuations in exchange rates could affect our financial results."

3) Operational Risk: Companies may discuss risks related to their day-to-day operations: "Our manufacturing facilities are located in an area prone to natural disasters. Any disruption in our operations due to such events could result in production delays and financial losses."

4) Regulatory Risk: Companies may highlight risks related to changes in regulations or legal proceedings: "The regulatory environment in which we operate is subject to change. New regulations or legal actions could impact our business operations and financial results."

5) Competition Risk: Companies may discuss the competitive landscape and how it affects their business:" Our industry is highly competitive, with new entrants and existing competitors. Intense competition could lead to pricing pressures and reduced market share."

6) Technology Risk: In technology-driven sectors, companies might address technology-related risks:" Our business relies heavily on technology platforms. Any cybersecurity breaches or technological failures could compromise our data security and reputation."

7) Supply Chain Risk: Companies may disclose risks associated with their supply chain: "We source critical raw materials from a limited number of suppliers. Disruptions in the supply chain due to factors like supplier bankruptcy or geopolitical issues could impact our production."

8) Environmental and Sustainability Risk: Companies may address environmental and sustainability concerns: "Environmental regulations are becoming more stringent. Non-compliance with environmental standards or reputational damage related to sustainability issues could harm our business."

9) Credit Risk: For financial institutions, credit risk is a significant concern: "We have exposure to credit risk through our lending activities. Economic downturns or defaults by borrowers could lead to loan losses."

10) Litigation Risk: Companies may disclose ongoing or potential legal actions: "We are currently involved in several legal proceedings. Unfavourable outcomes in these cases could result in financial liabilities."