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Important Disclosure

This communication is being furnished by Jefferies India Private Limited (“Jefferies India”) for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security, future or other financial instrument or product. It is distributed in the United States by Jefferies Financial Group Inc. (“JEF”), a US-registered broker-dealer, which accepts responsibility for its contents in accordance with the provisions of Rule 15a-6, under the US Securities Exchange Act of 1934. Transactions by or on behalf of any US person may only be effected through JEF. This material is approved for distribution in the United Kingdom by Jefferies International Limited (“JIL”) which is authorised and regulated by the Financial Conduct Authority and is intended for use only by persons who have professional experience in matters relating to investments falling within Articles 19(5) and 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or by persons to whom it can be otherwise lawfully distributed. Other persons should not act on this material and will not be permitted to invest on the basis of it. For Canadian investors, this material is intended for use only by professional or institutional investors. None of the investments or investment services mentioned or described herein are available to other persons or to anyone in Canada who is not a “Designated Institution” as defined by the Securities Act (Ontario). For investors in the Republic of Singapore, this material is intended for use only by accredited, expert or institutional investors as defined by the Securities and Futures Act and is distributed by Jefferies Singapore Limited (“JSL”) which is regulated by the Monetary Authority of Singapore. Any matters arising from, or in connection with, this material should be brought to the attention of JSL.

Where we have made a disclosure in relation to conflicts of interest in this document, this is because the organisational and administrative arrangements established under our conflicts of interest policies may not be sufficient to ensure with reasonable confidence that the risk of damage to your interests will be prevented.

This document was created by Jefferies India and has not been reviewed by, or discussed with, any member of the research departments of JEF or JIL. It is not intended to be, and in no way constitutes, a “research report”, as such term is defined in Rule 137 promulgated under the United States Securities Act of 1933, as amended. Jefferies India, JEF, JIL and JSL’s investment banking departments have done, and may continue to do, business with companies included in this document. This document is a marketing communication and is not and should not be construed as investment research.

The information contained herein (including historical prices or values) has been obtained from sources that Jefferies India considers to be reliable; however, Jefferies India makes no representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein. Such information is presented as of the date and, if applicable, time indicated. Jefferies India does not accept any responsibility for updating any such information. Any simulations, projections, valuations and statistical analyses contained in this document have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based on subjective assessments and assumptions and may utilise one among alternative methodologies that produce differing results; accordingly, such simulations, projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. Any market views or opinions expressed herein are those of the individual author, except where such views or opinions are expressly attributed to Jefferies India. Market views and opinions are current opinions only; Jefferies India and the individual author accept no responsibility to update such views and opinions or to notify the recipient when they have changed.

Jefferies India and its affiliates, officers, directors and employees may from time to time hold long or short positions in, buy or sell (on a principal basis or otherwise), or act as market maker in any securities, futures or other financial instruments or products related to matters discussed herein and may make trading decisions that are different from or contrary to any of those which may be discussed. Jefferies India is not an advisor as to legal, taxation, accounting or regulatory matters in any jurisdiction, and is not providing any advice as to any such matter to the recipient. Jefferies India Private Limited is licensed by the Securities and Exchange Board of India (SEBI) as a Category 1 Merchant Banker.

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