Religare Investment Call

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1 BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter FII DII Others 1 Year relative price performance Mar-16 Apr-16 May-16 Jun-16 Jul-16 Research Analyst March 31, 2017 Jun Aug-16 BFL Sep-16 Siji A Philip siji.philip@religare.com Oct-16 Nov-16 NSE Dec-16 Jan-17 1,170 1, % 29,598 9, BAJFINANCE BAFIN Feb , ,249,864 1,206/664 Sep-16 Dec Mar-17 Best placed for sustained outperformance... Bajaj Finance (BFL), owned by Bajaj Finserv (58%) and part of the Bajaj Group, is a fast growing, well-diversified leading NBFC in the country. BFL focuses on four broad categories viz. consumer, commercial, SME and rural compared to the single product focus of most NBFCs on CV finance, gold finance or auto finance. Investment rationale Focus of BFL's business model has been on building scale with profitability. So, the product portfolio of the company has been balanced with Home Loans, LAP, commercial lending (high ticket sizes) with 2/3 wheelers, consumer durables, lifestyle finance and personal loans (high yields) resulting in AUM growth coupled with profit maximisation. The company's diverse portfolio offers good scope for cross selling of products to its creditworthy customers. The ability to mine the existing client base augurs well for profitability as it reduces client acquisition costs. To enable faster loan appraisal for repeat customers, company provides an EMI card to all its consumer durable customers. BLF has reduced the turnaround time for loan applications through considerable investments in business analytics, from a few hours to 15 minutes thus allowing it to compete with credit cards in this segment. The turnaround time is maintained due to large in-house database and better data availability with CIBIL. Asset quality has been amongst the best in the space(nnpa at 0.3%), attained by being alert to potential asset quality risks and taking steps like exiting construction equipment and infrastructure lending and slowing down financing in LAP, 3 wheeler financing in a timely manner. BFL has benefitted from strong retail credit demand reflected in its strong AUM CAGR of 36% over FY12-FY16. At the same time, diligent lending has resulted in stable margins (NIMs 10.8%) and healthy return ratios (ROAA 3.2%, ROAE 20.9%). Outlook & Valuation BFL's business model has a competitive edge over other NBFCs on risk and growth profile. Its loan book has compounded at 36% over FY12-FY16, due to its active churning of portfolio products keeping in mind the macro picture, its choice of borrowers as well as its robust risk management. Further, the USP of BFL is its stronghold in the consumer durable (CD) & lifestyle product financing business wherein it does not have any major competition. Despite strong growth in loans, the asset quality and provisioning remain among the best in the system. Given the strong growth rate, high margins and return ratios, its premium valuations within the NBFC space is justified. We recommend a BUY on BFL with a target price of 1,421(5.5x FY19E P/ABV). Financial Summary - consolidated Particulars, Rs cr Net Interest Income PPOP PAT EPS (Rs) ROAE (%) ROAA (%) Adj. BVPS (Rs) P/ABV (x) FY15 FY16 FY17E FY18E FY19E 2,872 4,030 5,326 7,179 9,444 1, ,508 1, ,510 1, ,738 2, ,247 3,

2 Investment rationale Diversified product profile mitigates portfolio concentration risk Four broad business categories viz. consumer, SME, commercial and rural BFL, one of the leading NBFCs in India, started as a captive financier to 2/3 wheelers manufactured by Bajaj Auto. Since then, the company has explored various other lending segments and became an industry bell-weather in the retail asset financing segment. Its diversified product portfolio currently comprises of more than 30 products divided broadly into four categories like consumer, SME, commercial and rural. It is the largest financier of 2 wheelers and consumer durables in the country. The company has Rs 44,229 crs (FY16) of Assets under Management (AUM) and witnessed strong growth at 36% CAGR over FY12-FY16. The portfolio mix is skewed towards Consumer (43%) and SME (42%) segments while Commercial (12%) and Rural (3%) form the rest. The company's reach and distribution channels are strong with a presence of 304 consumer branches and 519 rural locations with over 35,000+ distribution points. Further, for various product lines, BFL has tie-ups with all major manufacturers and dealers in consumer durables, lifestyle financing, digital products, etc. Consumer Finance (43% of AUM) Auto Financing Consumer Durable Lifestyle Financing Personal Loans SME (42% of AUM) Commercial (12% of AUM) Rural (3% of AUM) Small Business Loans Vendor Financing Consumer Durable Financing Loan Against Property Construction Equipment Financing Gold Loans Home Loans Infra Lending Personal Loans Loan Against Securities Business Loans SME Cross Sell Professional Loans Loans Against Property Digital Product Financing Salaried Personal Loans Portfolio Mix Increasing Share of Consumer Finance Consumer Finance and SME Finance are the two dominant categories with +42% share FY13 FY14 FY15 FY16 Consumer Finance SME Commercial Rural Consumer Finance SME Commercial Rural Growth in Consumer Finance driven by Consumer Durable and Lifestyle Product Financing Consumer financing segment continues its positive traction In the four broad categories, Consumer Finance book (CF) as on FY16 was at Rs 18,996 cr, comprising 43% of the total AUM. Within the CF book, Consumer Durable financing (CD) and Lifestyle Product financing book were at Rs 5,556 cr and Rs 1,016 cr, respectively. Apart from these, the CF book includes 2/3 wheeler finance, personal loans and home loans to salaried individuals.

3 Particulars Year Product Target Ticket size Duration Yield range Auto Financing /3 Wheeler Mass clients ~ lacs 2-3 yrs 22-25% Consumer Durable 1995 TV, AC,LED Mass Affluent ~0.3lacs 9m 24-26% Lifestyle Financing Personal Loans (PL) Digital & Non Digital viz Mobiles, Furniture PL to existing clients Mass Affluent Existing clients ~0.4lacs ~5lacs 12m 30-36m 25-26% 16-18% In the past five years, BFL has witnessed strong accretion in new customer acquisition each year in the CD financing business with increase in Point of sales from 3,500 in FY13 to 9,400 in FY16 resulting in an increased new customer base of ~47 lacs from ~19 lacs in FY13. Even lifestyle product finance (that includes digital products financing i.e. mobile phones, laptops, etc and non-digital i.e. furniture, furnishing etc.) started in FY13 saw a robust increase from 37,000 new customers served in FY13 to ~7 lac new customers in FY16. Currently, BFL is amongst the largest new client acquirers in India with an overall increase of new clients from 28 lacs in FY13 to 68 lacs in FY16. This increase is owing to BFL's large distribution network and reach. It has 193 branches with 9,400+ point of sales or distribution franchises in CD finance. Further, it has 8,400+ points of sales in lifestyle products (5,200+ in digital financing and 3,200+ in non-digital financing). CD financing is largely a duopoly market with the two prominent players in the organized market, being BFL and Capital First. BFL enjoys the dominant market share and is the largest consumer electronic lender financing high value items such LCD, refrigerators, airconditioners, mobile phones, etc. EMI cards and 0% financing popular features of Consumer Financing It has capitalised strongly on its 0% financing product, which enabled it to gain customer popularity. Almost the entire CD financing and lifestyle product financing business is through 0% financing. Under this scheme, the customer does not have to pay any interest on his purchase, also getting the convenience of paying the purchase price in easy installments. The customer pays ~30% as down payment and the balance amount in EMI of seven to eight months. BFL gets 1-1.5% processing fees and ~6-8% of the product value as subvention from manufacturers. Further, the company offers EMI (Existing Membership Identification) cards to its existing customers. This card enables the holder to purchase consumer durables & lifestyle products by availing a loan from BFL thus providing quick & hassle-free finance. Customers simply have to Swipe & Sign to buy using an EMI card. As of Q3FY17, about 68 lac EMI cards have been offered. CF AUM Growth & Share (%) 30, ,000 20,000 15, , ,000 FY14 FY15 FY16 YTDFY17 CF (Rs cr, LHS) Growth (%) % of AUM 25.0 BFL's stronghold in the CD financing business is on the back of its large reach, formidable relationships with dealers and manufacturers, strong brand, expertise of several years and database of such large customers. These factors act as entry barriers in the CD financing business and give BFL a competitive advantage.

4 Further, we believe the competition will remain low as banks are largely focused on housing finance or auto financing within retail loans while other NBFCs are in niche areas like auto finance, housing finance, gold finance or infrastructure finance. Sizeable financing market in consumer category products offers great opportunity Macro indicators conducive for robust growth in Consumer Finance category Overall macro indicators are very conducive for fast paced growth in the consumer financing space. Higher spending by a growing middle class population, increasing penetration in rural areas, growing urbanization rate would aid surge in demand for white goods, which will keep the need for financing in this space robust. Increase in Per Capita Income Rise in Middle Class Population 3,000 2,500 2,000 1,500 1, CAGR 8.1% 1,430 1,522 1,496 1,508 1,627 1,808 2, E 2025E Middle Class India's per capita GDP (in USD) Globals (%) Strivers (%) Seekers (%) Aspirers (%) Deprived (%) Source : Mckinsey Global Institute, IMF, RSL Research Growth in Urbanisation Growth in White Goods & TV Market /3 wheeler financing business captive financing model E Urbanisa on rate in India (%) ,500 2,000 1,500 1, E 2020P Washing Machine (Rs bn) Refrigerator (Rs bn) AC (Rs bn) TV (Rs bn) Source : Mckinsey Global Institute, IMF, RSL Research Proportion of 2/3 wheeler finance less than 10% in overall AUM BFL has been present in 2/3 wheeler financing since its inception and is the largest 2 wheeler financier, focused on semi-urban and rural markets. This business has a captive financing model wherein BFL finances 2 wheelers produced by its group company Bajaj Auto and contributes ~30% of the total Bajaj Auto's domestic 2 wheeler sales. BFL also finances ~15% of Bajaj Auto's 3 wheeler sales. BFL continues to capitalize on Bajaj Auto's distribution network to build its loan book and has access to >3,000 dealers. Though there has been a decline in the 2 wheeler financing proportion in BFL's overall AUM, the company is still the largest 2 wheeler lender with a market share of ~20%. Cross selling opportunities reduce client acquisition costs The large number of customers acquired through the CD financing business allows BFL to cross-sell various other products to customers with a healthy credit history. These products include personal loans, life/general insurance, etc. Further, home loans to salaried individuals are also covered in CF financing and have a book size of ~3% of AUM.

5 We expect the share of the CF segment in total AUM mix to increase mainly led by CD financing & lifestyle financing segment, on the back of a rise in sales of consumer durable, increased finance penetration and jump in the share of BFL in the overall financing market. Mortgage heavy SME financing book steady growth SME Financing dominated by LAP Share of BFL's SME book has come down gradually from ~50% in FY14 to ~42% in FY16 and includes small business loans, loan against property (LAP), home loans to self-employed & loan against securities (LAS). The slowdown in SME book was deliberate on management's assessment that the LAP market was getting overheated. Share of LAP book in overall AUM has come down to 19% in FY16 from 25% in FY15; though it continues to have the highest share in the overall AUM. To diversify its mortgage business, BFL also lends to nonsalaried individuals which stood at ~10% of AUM. Particulars Small Business Loan Against Loan Against SME Cross Home Loans Loans Property (LAP) Securities (LAS) Sell Year Target SME clients HNIs & Ultra HNIs Self employed HNIs & Ultra HNIs SME clients Ticket size 10-30lacs 1cr - 5cr 75lacs - 2cr 1-2cr 50lacs Duration 2-3yrs 15-20yrs 15-20yrs 1yr NA Yield range 18-20% % % % % Business loans (~10% of AUM) are mostly working capital loans with a ticket size of Rs lacs with an average maturity of 2-3 yrs. In the LAS segment, company provides working capital and growth capital to high net worth SMEs, with established financials against marketable securities. SME AUM Growth & Share (%) 25,000 21,000 17,000 13,000 9,000 5,000 1, FY14 FY15 FY16 YTDFY17 SME (Rs cr, LHS) Growth (%) % of AUM Commercial financing traction dependent on underlying economic trend Lending in Commercial category set to increase In the commercial segment, BFL provides finance in the construction equipment (CE) and infrastructure space. Apart from these, BFL also offers wholesale lending products covering short, medium and long term needs of auto component vendors in India. The proportion of commercial segment has increased from 10.3% in FY15 to 12% in FY16. There has been a continuous run down in the book related to CE and infra financing. These segments witnessed asset quality pressures in the past resulting in actively slowing down exposure. Going ahead, share of commercial lending could improve as macro recovery gradually picks up. Particulars Vendor Financing Construction Equipment Financing Infra Lending Year Target Ticket size Duration Yield range 2009 Bajaj Auto Vendors NA NA NA 2010 Strategic & Retail 1cr - 3cr 3yrs % 2010 Affluent NA 1-15yrs 12-14%

6 Commercial AUM Growth & Share (%) 8,000 7, , , , , , FY14 FY15 FY16 YTDFY17 Commercial (Rs cr, LHS) Growth (%) % of AUM 0.0 Rural financing to maintain strong growth on lower base, increasing reach Rural financing spread across five states currently In the rural financing category, BFL is a highly diversified lender. The company is currently present in CD financing, asset backed financing, gold loans, personal loans, etc. BFL functions through a hub & spoke model. The company operates its rural business in Maharashtra, Gujarat, Karnataka, Madhya Pradesh and Rajasthan. As the business commenced in FY13, the book size is small and witnessed sharp traction. We expect the rural portfolio to continue to witness robust growth, going ahead. Rural AUM Growth & Share (%) 3, ,500 2, , , FY14 FY15 FY16 YTDFY Rural (Rs cr, LHS) % of AUM L o a n g r o w t h e x p e c t e d t o b e maintained at +30% CAGR over FY16- FY19E Strong operating metrics to sustain Overall book expected to grow at +30% CAGR over FY16-19E BFL has a diversified loan portfolio with a leadership position in under penetrated & growing segments like CD financing, lifestyle product financing, 2 wheeler financing, LAP, etc. These factors have allowed BFL to clock strong AUM CAGR of 36% over FY This has been despite a weak economic environment in the past few years. The traction in AUM in the past four years has been led by the Consumer Finance segment, which grew 39% followed by SME (34%) and Commercial Lending (26%). The LAP portfolio in the SME segment, accounts for highest proportion (~19%) in overall AUM. CD financing

7 is 13% of the entire portfolio. Of the total AUM, BFL places about 3-5% for securitisation for better asset liability management which leads to a difference in the AUM and actual advances outstanding in the balance sheet. Going ahead, we expect overall advances traction to continue at +30% CAGR over FY16-19E, primarily driven by CF segment. NIMs expected to sustain Steady NIMs of +10% improving over last four years The margins of BFL are one of the highest among its peers. Its margins during FY16 were at 10.8% on the back of strong blended yields of 18.6% (pushed by high yields in CF segment) and competitive Cost of Funds, which helps the company to earn an overall spread of 9.2%. Asset quality stable through prudent risk management processes; NNPA less than 1% Funding profile a mix of banks (48%), debt markets (46%) and retail deposits (6%) With banks reducing their base rates, the company could benefit going ahead on the Cost of Funds front. However, lower yields expected in segments like SME (which is predominantly mortgage) could pare some of these savings. We expect margins to moderate a bit, but still remain healthy compared to peers and remain in +10% range. Operational efficiency to be maintained In the past, BFL had to resort to continuous investments to streamline operations, expanding its network, upgrade technology for maintaining large database of customers, their behavioral pattern and on other analytics in CD, lifestyle financing and the SME business to meet increasing asset generation. However, we believe that, to a large extent, fixed costs have been incurred, BFL since then is reaping the benefits of the same. BFL's cost-to-income ratio has improved to 43.7% in FY16 from 46% in FY14. Cost to average assets has also been stable at ~5% in the last two years. We expect further improvement as incremental costs comes down. Asset quality stable & well capitalized BFL's gross NPA ratio at 1.3% as on FY16 is relatively better than some of its peers and also considering the weak economic environment of the past two or three years. Post setbacks in FY09-FY10, the company has focused on improving its risk management process and framework which included focusing on safer products like LAP and mortgages, increased use of Cibil scores, focusing on repeat customers with good repayment pattern and on affluent & mass affluent customers. These efforts helped in maintaining stable asset quality with NNPAs at less than 1% in the last five years. BFL is in a comfortable position on the capital adequacy front with CAR of 19.5% and Tier I of 16.1%, which is well above the RBI capital requirements. We expect the current capital to be sufficient to meet growth requirements for the next two or three years. Diversified borrowing profile Funding profile is diversified among banks, debentures, commercial papers and fixed deposits. As on FY16, the borrowing mix remains skewed towards banks (48%) followed by debt markets (46%) and retail deposits (6%). Being a highly rated company (viz. Credit rating of AAA/Stable by India Ratings (Fitch), AA+/Positive by CRISIL & AA+/Stable by ICRA), cost of funds is lower and stood at 9.2%. Further, at regular intervals, the company was able to raise funds via QIP, which also helped in reducing its funding costs. We expect funding costs to continue at lower levels and derive further savings in a lower interest rate scenario. Return ratios to sustain ROAA to be maintained at +3% BFL has delivered strong earnings growth supported by improved credit profile, strong NIMs and best in class asset quality with lower credit costs. PAT has compounded at +30% over last four years, posting PAT of Rs 1,279 cr in FY16. Consequently, ROAAs have remained steady at +3%. We expect the strong growth in profitability to continue with return ratios staying healthy.

8 Loan Growth at +30%CAGR FY16-FY19E Steady NIMs 120, ,000 80,000 60,000 40,000 20, ,886 CAGR 33% 77,186 57,175 43,314 31,593 23,375 17, FY13 FY14 FY15 FY16 FY17E FY18E FY19E 12.0 FY13 FY14 FY15 FY16 FY17E FY18E FY19E 8.0 Loans (Rs cr) YOA (%) - LHS COF(%) - RHS NIM (%) - RHS Stable Asset Quality Healthy Return Ratios FY14 FY15 FY16 FY17E FY18E FY19E FY13 FY14 FY15 FY16 FY17E FY18E FY19E GNPA(%) NNPAs (%) ROAA (%) ROAE (%)

9 Company Background Bajaj Finance (BFL) is one of the leading NBFCs in India and is part of the well-known Bajaj group. Incorporated in 1987, it started as a captive financier to Bajaj Auto's vehicles. Initially, BFL was promoted by the erstwhile Bajaj Auto and Bajaj Auto Holdings. However, as per the scheme of de-merger of erstwhile Bajaj Auto in 2007, the shareholding of Bajaj Auto in the company has been vested with Bajaj Finserv, which is the financial services arm of the Bajaj Group. Subsequent to being a primarily, two wheeler financier, company entered into various other lending segments and became one of the significant players in the retail asset-financing industry. BFL's diversified product suite now comprises >30 product lines divided broadly into four categories like consumer, SME, commercial and rural. The company is the largest financier of two-wheelers and consumer durables in India. BFL Product Journey Bajaj Finance Legacy FY08 FY09&FY10 Rs 4,000 cr FY11 Rs 7,600 cr FY12 Rs 13,100 cr FY13 Rs 17,500 cr FY14 Rs 24,100 cr FY15 Rs 32,400 cr FY16 Rs 44,200 cr CD Financing 2W & 3W Financing Life Insurance Personal Loans Cross Selll Business Loans Loan Against Shares - Promoter Loans Against Property Vendor Financing Extended Warranty Cross Sell Home Loans - Self Employed Loan Against Shares - Retail Construction Equipment Financing* Salaried Personal Loans Professional Loans Relationship Mngmt Infrastructure Financing* Co-branded Credit Card* EMI Card Lifestyle Product Financing Home Loans - Salaried Lease Rental Disc. Consumer Rural Lending Retailer Finance General Insurance Distribution Crisil SME Rating Consumer Financial Fitness Report Digital Finance Property Fitness Report MSME Rural Lending E- Commerce Seller Finance SME Financial Fitness Report Financial Institutions Lending Business Light Engineering Business Corporate Finance Business Urban Gold Loans *Exited Businesses

10 Risks & Concerns Segment concentration risk: Though BFL's loan book is well diversified; certain products like LAP, CD financing have higher share. Any large decline in property price could lead to asset quality stress cropping up in the LAP segment. Demand for consumer durables depends on various factors like state of the economy, employment opportunities etc. Any letdown can also impact demand for consumer durables and other lifestyle products. In turn, this could impact the advances growth of BFL and consequently, its profitability. Increasing competition in CF segment: BFL's key strength against its peers is in its stronghold in the CD financing business and lifestyle product financing business. Currently no major player except Capital First Ltd is in this business who can pose a challenge to BFL but there are no entry barriers too. With demand for corporate loans and SME loans expected to remain weak, other financial institutions like banks and NBFCs may look towards this under penetrated CD financing business. This may reduce BFL's strong positioning or compel it to resort to risky ways of going about its business. This may lead to a reduction in the premium multiple it gets currently. MCLR applied to banks may get imposed to NBFCs: RBI has imposed a Marginal Cost Lending Rate (MCLR) on banks which slightly impacted margins. As has been witnessed in the past, the RBI has gradually subjected NBFCs to the same NPA provisioning guidelines as applicable to banks. Similar instance can also happen in lending rate calculation for NBFCs which can have negative implications NBFC's margins.

11 P&L Account Particulars, Rs cr FY15 FY16 FY17E FY18E FY19E Interest Earned Interest Expended Net Interest Income Other Income Total Income Total Operating Exp PPOP Provisions & Contingencies PBT Provision for Tax PAT 5,120 2,248 2, ,170 1,429 1, , ,957 2,927 4, ,457 1,949 2, , ,279 9,205 3,879 5, ,055 2,545 3, , ,819 12,273 5,094 7, ,071 3,333 4,738 1,022 3,716 1,300 2,415 16,098 6,654 9,444 1,061 10,505 4,258 6,247 1,317 4,930 1,725 3,204 Balance sheet Particulars, Rs cr FY15 FY16 FY17E FY18E FY19E SOURCES OF FUNDS Share capital Reserves and surplus 4,700 7,320 8,982 11,190 14,124 Shareholders' funds 4,800 7,427 9,090 11,298 14,232 Total Borrowings 26,655 37,025 49,171 67,924 88,641 Other Liabilities, provisions 1,325 2,005 8,837 11,576 16,457 Total 32,780 46,456 67,097 90, ,330 APPLICATION OF FUNDS Advances 31,593 43,314 57,175 77, ,886 Investments 326 1,029 1,132 1,245 1,370 Fixed assets Other Assets 608 1,823 8,496 12,070 15,775 Total assets 32,780 46,457 67,097 90, ,330

12 Key Ratios Particulars, Rs cr FY15 FY16 FY17E FY18E VALUATION RATIOS EPS Earnings Growth (%) BVPS (ex reval.) Adj. BVPS (ex reval. & 100% cover) RoAA (%) ROAE (%) P/E (x) P/ABV (x) P/PPOP (x) Dividend Yield (%) FY19E PROFITABILITY Yield on Advances (%) Cost of Funds (%) Core Spread (%) NIM (%) OPERATING EFFICIENCY Cost/Avg. Asset Ratio (%) Cost-Income Ratio (%) BALANCE SHEET STRUCTURE RATIOS Loan Growth (%) Borrowing Growth (%) Equity/Assets (%) Equity/Loans (%) Total Capital Adequacy Ratio (CAR) ASSET QUALITY Gross NPL (%) Net NPLs (%) Provision/Avg. AUM (%)

13 ROAA TREE Particulars, Rs cr FY15 FY16 FY17E FY18E FY19E Net Interest Income Non Interest Income Operating Cost Provisions Tax ROAA Leverage (x) ROAE

14 Before you use this research report, please ensure to go through thedisclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 and Research Disclaimer at the following link : Specific analyst(s) specific disclosure(s) inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 is/are as under: Statements on ownership and material conflicts of interest, compensation Research Analyst (RA) [Please note that only in case of multiple RAs, if in the event answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) below, are given separately] S. No. Statement Answer Tick appropriate YES I/we or any of my/our relative has any financial interest in the subject company? [If answer is yes, nature of Interestis given below this table] I/we or any of my/our relatives, have actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance? I / we or any of my/our relative, has any other material conflict of interest at the time of publication of the research report or at the time of public appearance? I/we have received any compensation from the subject company in the past twelve months? I/we have managed or co-managed public offering of securities for the subject company in the past twelve months? I/we have received any compensation for brokerage services from the subject company in the past twelve months? I/we have received any compensation for products or services other than brokerage services from the subject company in the past twelve months? I/we have received any compensation or other benefits from the subject company or third party in connection with the research report? I/we have served as an officer, director or employee of the subject company? I/we have been engaged in market making activity for the subject company? Nature of Interest ( if answer to F (a) aboveis Yes :... Name(s)with Signature(s)of RA(s). [Please note that only in case of multiple RAs andif the answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) above, are given below] SS.No Name(s) of RA Signatures of RA Serial Question of question which the signing RA needs to make separate declaration / answer YES Copyright in this document vests exclusively with RSL. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose, without prior written permission from RSL. We do not guarantee the integrity of any s or attached files and are not responsible for any changes made to them by any other person. Disclaimer: