The Karnataka Bank Ltd

DISCLAIMERS AND DISCLOSURES:

Opulent Investment Adviser Private Limited (hereinafter referred to as 'Opulent') is a SEBI registered Research Analyst (Registration No. INH000007669) and Investment Adviser (Registration No INA000011644) registered under the SEBI (Research Analysts) Regulations, 2014 and SEBI (Investment Advisers) Regulations, 2013 respectively. Opulent prepares and shares research data and reports with clients and investors in compliance with SEBI (Research Analysts) Regulations, 2014. Opulent also offers investment advisory services in compliance with SEBI (Investment Advisers) Regulations, 2013. Opulent also ensures compliance with other applicable directives, instructions or guidelines issued by the SEBI from time to time.

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendation(s) or view(s) expressed in this report.

Opulent has no material adverse disciplinary history as on the date of publication of this report.

Opulent has no holding or position in the subject company as on the date of publication of this report.

Other disclosures by Opulent Investment Adviser Private Limited and its Research Analyst with reference to the subject company(s) covered in this report-:

Research Analysts or his/her relative's or Opulent or its associates does not have any financial interest in the subject company. Also Research Analysts or his/her relative's or Opulent or its associates may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the research report. Research Analysts or his/her relative's or Opulent or its associates do not have any material conflict of interest in the subject company. Research Analysts have not served as officer, director, or employee in the subject company. Opulent or its Research Analysts has not been engaged in market making activity for the subject company.

Opulent or its associates in the last twelve month has not:

• received any compensation from the subject company;
• managed or co-managed public offering of the securities for the subject company; and
• received compensation for investment banking or merchant banking or stock broking services or for any product or other services from the subject company

Opulent or its associates have not received compensation or other benefits from the subject company or any other third-party in connection with this report.

Our salespeople and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein.

Opulent holding in the subject company: Nil

TERMS AND CONDITIONS

This report is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. The report and information contained herein are strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of Opulent.

The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The source of the data is from ACE Equity. The information is obtained from publicly available media, Company website www.karnatakabank.com or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. Opulent will not treat recipients as customers by virtue of their receiving this report.

DISCLAIMER

Explanation of Investment Ratings
Expected return (over 12-month)

• BUY: >=10%
• HOLD: <-10%to +10%
• SELL: <10%

A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com.

Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the recipient's specific circumstances. The securities and strategies discussed and opinions expressed, if any, in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.

This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors.

Opulent, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

Opulent and its affiliated companies, their directors and employees may; (a) from time to time, have long or short position(s) in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or investment banker, lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting this document.

This report is not directed 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, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Opulent to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors.

General Risk Factors
An indicative list of the risks associated with investing through the services is set out below:

1. Equity and Equity related Risks: Equity instruments carry both companies specific and market risks and hence no assurance of returns can be made for these investments.
2. Price/Volatility Risk: Equity Markets can show large fluctuations in price, even in short periods of time. Investors should be aware of this and only invest in equity or equity-related products if their investment horizon is long enough to support these important price movements.
3. Clients are not being offered any guaranteed/assured returns.
4. The value of the asset may increase or decrease depending upon various market forces affecting the capital markets such as de-listing of Securities, market closure, etc. Consequently, we make no assurance of any guaranteed returns.
5. Our past performance does not guarantee the future performance of the same.
6. Investment decisions made by the Investment Adviser may not always be profitable
7. Not following the recommendation or allocation may impact the profitability of the Portfolio.
8. System / Network Congestion: Recommendation communicated via electronic modes i.e. Email exists a possibility of delivery failure, which may be beyond our control.

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