Disclaimer: This document has been prepared by the Research Desk of PINC and is meant for use of the recipient only and is not for public circulation. Each recipient of this
document 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 document
(including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed
may not be suitable for all investors
The information contained herein is obtained and collated from sources believed reliable and PINC has not independently verified all the information given in this document.
Accordingly, no representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document.
The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed
in the report. The opinion expressed or estimates made are as per the best judgement as applicable at that point of time and PINC reserves the right to make modifications and
alternations to this statement as may be required from time to time without any prior approval
PINC, its affiliates, their directors, employees and their dependant family members may from time to time, effect or have effected an own account transaction in, or deal as principal
or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other
business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into
account before interpreting the document
This report has been prepared on the basis of information, which is already available in publicly accessible media or developed through analysis of PINC. The views expressed are
those of analyst and the PINC may or may not subscribe to all the views expressed therein
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