Risk Factors & Disclaimers: Investing in securities including equities and derivatives involves certain risks and considerations associated generally with making investments in securities. The value of the portfolio may be affected generally by factors affecting financial markets, such as price and volume, volatility in interest rates, currency exchange rates, changes in regulatory and administrative policies of the Government or any other appropriate authority (including tax laws) or other political and economic developments. Consequently, there can be no assurance that the objective of the Portfolio would achieve. The value of the portfolios may fluctuate and can go up or down. Prospective investors are advised to carefully review the Disclosure Document, Client Agreement, and other related documents carefully and in its entirety and consult their legal, tax and financial advisors to determine possible legal, tax and financial or any other consequences of investing under this Portfolio, before making an investment decision. The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future positions in these Stock(s)/Sector(s). The composition of the portfolio is subject to changes within the provisions of the disclosure document. The benchmark of the portfolios can be changed from time to time in the future. Trading volumes, settlement periods and transfer procedures may restrict the liquidity of investments in portfolios. Different segments of the financial markets have different settlement periods and such periods may be extended significantly by unforeseen circumstances. The inability of the Fund Manager to make intended securities purchases due to settlement problems could cause the portfolio to miss certain investment opportunities. Individual returns of Clients for a particular portfolio type may vary significantly from the data on performance of the portfolios that may be depicted / shared with clients. This is due to factors such as timing of entry and exit, timing of additional flows and redemptions, individual client mandates, specific portfolio construction characteristics or structural parameters, which may have a bearing on individual portfolio performance. No claims may be made or entertained for any variances between the performance depictions and individual portfolio performance. The Fund Manager, its Directors or Employees shall not be in any way liable for any variations noticed in the returns of individual portfolios. The Client shall not make any claim against the Fund Manager against any losses (notional or real) or against any loss of opportunity for gain under various PMS Products, on account of or arising out of such circumstance/ change in market condition or for any other reason which may specifically affect a particular sector or security, including but not limited to disruption/prohibition/ discontinuation/ suspension of trading in a particular Security including any index or scrip specific futures/ options or due to any act of Company, Market Intermediary by SEBI or any other regulatory authority which may result in trading in such security(ies) being completely or partially affected, to which the Fund Manager has taken exposure/ proposed to take exposure and is unable to take additional exposure/ restrain him from taking any position in a particular equity or related derivative instruments etc. due to any reason beyond the control of the Fund Manager resulting in unhedged positions or losses due to unwinding of certain positions or losses due to any reason or related to any of the aforesaid circumstances. The Fund Manager shall have the sole and absolute discretion to invest in respect of the Client’s account in any type of security subject to the Agreement and as stated in the Disclosure Document and make such changes in the investments and invest some or all of the Client’s investment amount in such manner and in such markets as it deems fit would benefit the Client. The Fund Manager’s decision (taken in good faith) in deployment of the Clients’ account is absolute and final and can never be called in question or be open to review at any time during the currency of the agreement or any time thereafter except on the ground of malafide, fraud, conflict of interest or gross negligence. This right of the Fund Manager shall be exercised strictly in accordance with the relevant Acts, rules and regulations, guidelines and notifications in force from time to time. By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated. The recipient(s) alone shall be fully responsible/are liable for any decision taken on the basis of this material. All recipients of this material should before dealing and/or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The investments discussed in this may not be suitable for all investors. Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/debt markets. There is no assurance or guarantee that the objectives of the portfolio will be achieved. Please note that past performance of the financial products, instruments and the portfolio does not necessarily indicate the future prospects and performance thereof. Such past performance may or may not be sustained in future. Fund Manager’s investment decisions may not be always profitable, as actual market movements may be at variance with anticipated trends. The investors are not being offered any guaranteed or assured returns. Please refer to the Disclosure Document and Client Agreement for portfolio specific risk factors.

Data presented here may or may not be relevant at a future date. Calyx takes no responsibility of updating any data / information in this material from time to time. The information shall not be altered in any way, transmitted, copies or distributes, in part of whole, to any person or to the media or reproduced in any form, without consent of Calyx. In the preparation of this material, Calyx has used publicly available information, including information developed in-house. Calyx does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendations in this document that included phrases like “will”, “expected to”, “believe” and similar expressions or variations of such expressions that are “forward looking statement”, Actual results may differ materially from those suggested by the forward looking statements dues to risks or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in Mauritius and other countries globally, which may have an impact on the investments in the portfolio. Further, the information contained herein should not be construed as forecast or promise. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of this material.