Stalwart Advisors (herein referred to as SA) including its directors, employees and their relatives have financial interest in the subject company.

Neither SA nor its employees have actual/beneficial ownership of one per cent or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report.

Neither SA nor its research analyst have any other material conflict of interest at the time of publication of the research report.

Neither SA nor its employees have received any compensation from the subject company in the past twelve months.

Neither SA nor its employees have managed or co-managed public offering of securities for the subject company in the past twelve months.

Neither SA nor its employees  have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.

Neither SA nor its employees have 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.

Neither SA nor its employees have received any compensation or other benefits from the subject company or third party in connection with the research report.

None of the employees of SA have ever served as an officer, director or employee of the subject company.

Neither SA nor its employees have ever been engaged in market making activity for the subject company.