Disclaimer

" IMPORTANT: You must read and agree with the terms and conditions of the following disclaimer before continuing.

The following disclaimer applies to the offering documents of certain companies filed with Securities and Exchange Board of India ("SEBI") (the "Offering Documents" and each, an "Offering Document") hosted on this Web site in connection with a public offering of securities (the "Issue") that Daiwa Capital Markets India Private Limited (Daiwa) is associated with as a Book Running Lead Manager. You are advised to read this disclaimer carefully before reading, accessing or making any other use of the Offering Documents. By accessing the Offering Documents, you agree to follow the following terms and conditions, including any modifications to them from time to time.

The contents of the Offering Documents are for your information only. No part of the contents herein shall be copied or duplicated in any form by any means or redistributed. Daiwa and/or its affiliates are not soliciting any action based on any of the information contained on this website, including the Offering Documents, and such information should not be construed as an offer to sell or the solicitation of any offer to buy or subscribe for any security.

Please note that because of restrictions imposed by applicable law or regulation on soliciting securities business in various jurisdictions, subscription to the Issue will not be permitted to residents of certain jurisdictions. The Prospectus is directed at, and is, intended for distribution to, and use by, residents of India only. The Offering Documents are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where (a) distribution or use of such information would not be permissible under or in violation of any applicable law or regulation; or (b) Daiwa would by virtue of such distribution become subject to new or additional registration requirements.

The information contained in this portion of our website is not intended to be viewed by U.S. persons (as defined in Regulation S of the Securities Act of 1933, as amended (the "Securities Act")) or any person in the United States. The information contained in this Web site does not constitute an offer for sale in the United States. The securities described in each of the Offering Documents have not been, and will not be, registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction in the United States and may not be offered or sold, directly or indirectly, into the United States unless the securities are so registered or an exemption from the registration requirements is available.

You have accessed the attached document on the basis that you have confirmed to Daiwa that you are not resident in the United States nor a US Person, as defined in Regulation S under the Securities Act, nor acting for the benefit or account of a US Person.

This does not constitute, and should not be construed as, "general solicitation or general advertising" as defined under Regulation D of the Securities Act, or "directed selling efforts" under Regulation S of the Securities Act.

The Offering Documents have been hosted on this Web site as prescribed under regulation 9(1) and regulation 60(3)(b) of the SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009 ("SEBI ICDR Regulations"). Daiwa, as a Book Running Lead Manager/Lead Manager, has taken all necessary steps to ensure that the contents of the Offering Document as appearing on this Web site are identical to the Offering Document filed with SEBI for its comments in accordance with regulation 6(1) of SEBI ICDR Regulations. You are reminded that documents transmitted in electronic form may be altered or changed during the process of transmission and consequently neither Daiwa India nor any of its affiliates accept any liability or responsibility whatsoever in respect of alterations or changes which have taken place during the course of transmission of electronic data. Daiwa will not be responsible for any loss or damage that could result from interception and interpretation by any third parties of any information being made available to you through this Web site.

Neither Daiwa , nor any of its affiliates nor their directors, officers and employees will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or disruption of this Web site, or resulting from the act or omission of any other party involved in producing or hosting this Web site or the data contained therein available to you, or from any other cause relating to your access to, inability to access or use of the Web site or these materials.

Please note that forms downloaded and used for subscription to the Issue in contravention of the above will be rejected with no recourse to Daiwa, the issuer, or any of their respective affiliates.