New Delhi Wealth Management:DBS Regional Research Offices

DBS Regional Research Offices

General

This report is not directed to, 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 Ntry or Other JurisDition where such distribution, publication, avaiLibility or use would becontrary to law or regulation.

Australia

This report is bebuted in Australia by DBS Bank LTD, DBS VICKERS Securities (Singapore) PTE LTD ("DBSVS") OR DBSV HK. DBS Bank LTD Holds Australian Finan Cial Services Licence No. 475946.

DBS Bank LTD, DBSVS and DBSV HK Are Exempted from the Requirement to Hold An Australian Financial Services Licence the Corporation Act 2001 ("CA") In Respect OF ancial services proved to the recipients. Both DBS and DBSVS are regulated by the Monetary Authorityof Singapore Under the LAWS of Singapore, and DBSV HK Is Regulated by the Hong Kong Securities and Futures Commission Under The LAWS of Hong Kong, Whit Diffeier Australian last.

Distribution of this report is intennded only for "Wholesale Investors" within the meaning of the CA.

Hong kong

This report has been prepared by a personnel of dbs banks, who is not livened by the hong kong secreties and futures commit to carry on the regulated action o F Advision on Securities in Hong Kong Pursual to the Securities and Futures Ordinance (Chapter 571 of theLAWS of Hong Kong). This report is bebuted in Hong Kong and is attributable to DBS Bank (hong Kong) Limited UTION Registered with the Hong Kong Securities and Futures Commission to CarryOn the regulated activity of Advision on Securitys Pursuant to the Securities and Futures Ordinance (Chapter 571 of the LAWS of Hong Kong)New Delhi Wealth Management. DBS Bank LTD. Kong Branch is a limited liability company incorporated in Singapore.

For Any Query Regarding The Materials Herein, Please Contact Dennis Lam (Reg No. AH8290) at

Indesia

This report is bebuted in Indonesia by PT DBS Vickers Sekuritas Indonesia.

Malaysia

This report is distributed in Malaysia by AlliancedBS Research SDN BHD ("ADBSR"). Recipients of this report, Received from Adbsr are to contact it. NED AT 603-2604 3333 in Respect of Any Matters Arising from or in Connection with this report. InAddition to the General Discoscosure/Disclaimer Found at the Presenting Page, Recipients of this Report Are Adbsr (The Preparer of this Report), its ING Company Alliance Investment Bank Berhad, Their Respective Connected and Association Corporations, Affiliates, Their Directors, Officeers, Officeers, Employees, Agents and Parties Related or Association with Any May Have Positions in, and May Effect Transactions in the Securities Mentioned Herein and May Also Perform or Seek to Perform Broking, Investment Banking/Corporate Advisory and Other Services for the Subject Companies.They May Also have received compensation and/or seek to objects of the. ES.

Wong Ming Tek, Executive Director, ADBSR

Singapore

This report is differentRIBUTED in Singapore by DBS Bank LTD (Company Regin. NO. 196800306e) OR DBSVS (Company Regin No. 198600294G), Both of Which Are Exempt FinanCial Advi. SERS AS DEFINED in the Financial Advisers Act and Regulated by the Monetary Authority of SingaporeNew Delhi Investment. DBS Bank LTD and/OR DBSVS, May Distribute Reports Produced by ITS Respective Foreign Entities, Affiliates Or Other Foreign Researchs Pursuant To AN AN RRANGEMENT Under Regulation 32C of the Financial Advisers Regulations. where the report is distributed in Singapore to a Person WHO ISNot an account, Expert Investor or An Instificational Investor, DBS Bank LTD Accepts Legal Responsibility for The Report to Such Persons To the extent required by law.Or in connection with the report.

Thailand

This report is bebuted in thailand by DBS Vicker Security (Thailand) Co LTD.

For Any Query Regarding the Materials Herein, Please Contact Chanpen Sirithanaattanakul AT

United Kingdom

This report is Produced by DBS BANK LTD Which Is Regulard by the Monetary Authority of Singapore.

This report is disminiminated in the united kingdom by dbs bank, London Branch ("DBS UK"). Ubject to regulation by the Financial Conduct Authority and Limited Regulation by the Prudential Regulation Authority.Details about the exit of our regulation by the prudential regulation authority are available from us on request.

In Respect of the United Kingdom, this report is solely intended for the clients of dbs uk, its respective connected and associated corporations and ONLY and No PART of This Document May Be (I) Copied, Photocopied or Duplicated in Any Form or by AnyMeans or (II) redistributed with the prior written conservation of dbs uk, this communication is direct, o investments. Any Investment Activity Following from this Communication will only be engaged in with sko do not notHave Professional Experience in Matters Relating to Investments Should Not Rely on this Communication.

Dubai International Financial Center

This communication is provided to you as a professional client or Market Counterparty as defined in the DFSA RuleBook Conductant of Business Module ), And Should Not Be Relied Opon or ACTED on By Any Person Which Does Not Meet The Criteria toBe Classified as a Professional Client or Market Counterparty Under The DFSA RULES.

This communication is from the branch of DBS Bank LTD Operation in the Dubai International Financial Center (The "DIFC") Under The Trading name "DBS Bank LTD. (DIFC Branc h) "(" DBS DIFC "), Registered with The Difcistrar ofCompanies Under Number 156 and Haveing ​​Its Register at Units 608 -610, 6th Floor, Gate Precide Building 5, PO BOX 506538, DIFC, Dubai, United Arab Emir ATES.

DBS DIFC Is Regulard by the Dubai Financial Services Authority (The "DFSA") With A DFSA Reference Number F000164. s, please see

Where this communication contains a research report, this research is prepared by the Entity Referred to therein, whit may be dbs bankd or a Third party, and PROVIDED to you by dbs difc.The dfsa. Such Research Report is Distributed on the Express UNDERSTANDING that, Whilst The Information Containe is BELIEVED to BELIABLE, the Information Not ben independently Verify by dbs difc.

Unless Otherwise Indicated, this Communication Does Not Constitute An "OFFER of Securitys to the Public" As Defined Under Article 12 of the Markets LAW (DIFC LA w no.1 of 2012) Or an "offer of a unit of a fund" as defined underArticle 19 (2) of the Collective Investment Law (DIFC LAW No.2 of 2010).

The DFSA HAS No Responsibility for Reviewing or Verifying This Communication or Any Associated Documents In Connection with this Investment and It is Not Subject T o Any form of regulation or approval by the dfsa. Accordingly, The DFSA Has Not Approved ThiS Communication or Any Other Association DocumensIn Connection with this investment nor taken any steps to verify the information set out in this project or any asSociated documents, and has no For them. The DFSA has not assessed the Suitability of Any Investments to Which the Communication Relates and, in Respect OFAny Islamic Investments (or Other Investments Identify to Be Shari❊compliant), Neither We Nor the Dfsa Has Determined WHATHEY ARE Shari❊compliant Iny Way.

Any Investments Which This Communication Relates to May Be Illiquid and/OR SUBJECT to RESTRICTIONS on their Resale. EIR OWN DILILINCENCENCENCENCENCENCENCENCENCENY INY Investments. If you do not undaster. Contents of this document you should consult an authorised Financial Adviser.

United states

This report was prepared by DBS Bank LTDSurat Investment. DBSVUSA DID Notification in ITS Preparation. The Research Analyst (S) NAMED On Report Are NOTERED As Research AN Alysts with FINRA and Are Not Association Persons of DBSVUSA. The Research Analyst (s) areNot Subject to FINRA Rule 2241 RESTRictions on Analyst Compensation, Communications with A Subject Company, Public Appearances and Trading Securities Held by A. Ch Analyst. This Report is Being Distributed in the United States by DBSVUSA, Which Accepts Responsibility for its Contents.ONLY Be distribud to Major U.S. Instificational Investors (As DEFINED In Sec Rule 15A-6) And to Such Other Investors and Qualified Persons As DBSVUSA May Authorize. Any U.S. Person Receiving this Report Who Wishes to EFFECT Transactions in Any Securities Referred TO Herein ShouldContact dbsvusa directly and not ites affiliate.

Other JurisDictions

In Any Other JurisDictions, Except If Otherwise Restricted by Laws or Regulations, This Report is Intended Only for Qualified, PROFESSIONAL, Institutional or Sophisticated Investors As Defined in the LAWS and Regulations of Such JurisDictions.

Agra Investment

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