TERMS OF USE

This financial benchmark report dated 30th April 2024 (“Report”) has been prepared for the sole use and benefit of NSE Indices Ltd. (“NSE Indices”) pursuant to an engagement letter entered into between Dalal Doctor & Associates (“DDA”) and NSE Indices.

IN THE EVENT ANY PARTY OTHER THAN NSE Indices (“THIRD PARTY”) IS PROVIDED A COPY OF THIS REPORT, THEN BY READING OR RETAINING SUCH COPY OF THIS REPORT, SUCH THIRD PARTY SHALL BE DEEMED TO HAVE ACCEPTED THE FOLLOWING TERMS OF THIS NOTICE, INTENDING TO BE LEGALLY BOUND BY THE SAME:

(i) No third party is entitled to use or rely on this Report for any purpose whatsoever and DDA accepts no responsibility or duty of care or liability to such third party. In the event that any third party uses the Report for any purposes whatsoever, it shall do so at its own risk, without recourse to DDA and DDA shall not be directly or indirectly liable for any losses, damages, costs or expenses, whether in contract, tort or otherwise, suffered by such third party.

(ii) Access to the Report is not a substitute for the third party undertaking its own appropriate inquiries and procedures in relation to the matters covered in the Report.

(iii) DDA makes no representations as to the sufficiency or even appropriateness of the Report or the procedures performed for the purposes of the third party. If third party relies on DDA’s Report, it does so entirely at its own risk;

(iv) The third party does not acquire any rights as a result of access to the Report and DDA does not assume any duties or obligations as a result of such access to the Report. DDA is not, by permitting NSE Indices to provide the third-party access to the Report, rendering accounting, financial, investment, legal, tax or other professional advice or services to, or acting as a fiduciary, agent or in any other capacity with respect to, the third party.

(v) Third party unconditionally and irrevocably releases DDA and its personnel from all claims, liabilities, losses, damages, costs and expenses relating to or arising out of the Report or the access to or use of the Report by the third party and any statement of reliance in relation thereto. Third party will not bring any claim against DDA in relation to the Report;

(vi) It was not prepared for providing any services to any third party. The description of the relevant activities on the control processes defined in relation to governance, quality and accountability activities as date 30th April 2024 and thus DDA’s assurance report is based on historical information. Any projection of such information or DDA’s opinion thereon to future periods is subject to the risk that changes may occur after the Report is issued and the description of controls may no longer accurately portray the control processes.

(vii) For these reasons, such projection of information to future periods would be inappropriate.

(viii) DDA will be entitled to the benefit of and to enforce these terms; and

(ix) These terms and any dispute with DDA arising from them, whether contractual or non- contractual, are subject to Indian laws and the exclusive jurisdiction of courts in Mumbai, India.

TERMS OF USE

This financial benchmark report dated 30th September 2022 (“Report”) has been prepared for the sole use and benefit of NSE Indices Ltd. pursuant to an engagement letter entered into between Deloitte Haskins & Sells LLP (“DHS”) and NSE Indices.

IN THE EVENT ANY PARTY OTHER THAN NSE INDICES (“THIRD PARTY”) IS PROVIDED A COPY OF THIS REPORT, THEN BY READING OR RETAINING SUCH COPY OF THIS REPORT, SUCH THIRD PARTY SHALL BE DEEMED TO HAVE ACCEPTED THE FOLLOWING TERMS OF THIS NOTICE, INTENDING TO BE LEGALLY BOUND BY THE SAME.

(i) No third party is entitled to use or rely on this Report for any purpose whatsoever and DHS accepts no responsibility or duty of care or liability to such third party. In the event that any third party uses the Report for any purposes whatsoever, it shall do so at its own risk, without recourse to DHS and DHS shall not be directly or indirectly liable for any losses, damages, costs or expenses, whether in contract, tort or otherwise, suffered by such third party.

(ii) Access to the Report is not a substitute for the third party undertaking its own appropriate inquiries and procedures in relation to the matters covered in the Report.

(iii) DHS makes no representations as to the sufficiency or even appropriateness of the Report or the procedures performed for the purposes of the third party. If third party relies on DHS’s Report, it does so entirely at its own risk.

(iv) The third party does not acquire any rights as a result of access to the Report and DHS does not assume any duties or obligations as a result of such access to the Report. DHS is not, by permitting NSE Indices to provide the third party access to the Report, rendering accounting, financial, investment, legal, tax or other professional advice or services to, or acting as a fiduciary, agent or in any other capacity with respect to, the third party.

(v) Third party unconditionally and irrevocably releases DHS and its personnel from all claims, liabilities, losses, damages, costs and expenses relating to or arising out of the Report or the access to or use of the Report by the third party and any statement of reliance in relation thereto. Third party will not bring any claim against DHS in relation to the Report.

(vi) It was not prepared for providing any services to any third party. The description of the relevant activities on the control processes defined in relation to governance, quality and accountability activities as date 30th September 2022 and thus DHS’s assurance report is based on historical information. Any projection of such information or DHS’s opinion thereon to future periods is subject to the risk that changes may occur after the Report is issued and the description of controls may no longer accurately portray the control processes.

For these reasons, such projection of information to future periods would be inappropriate.

(vii) DHS will be entitled to the benefit of and to enforce these terms; and

(viii) These terms and any dispute with DHS arising from them, whether contractual or non-contractual, are subject to Indian laws and the exclusive jurisdiction of courts in Mumbai, India.

TERMS OF USE

This financial benchmark report dated November 23, 2020 (“Report date”) has been prepared for the sole use and benefit of NSE Indices Limited (“NSE Indices”) pursuant to an engagement letter entered into between Ernst & Young Associates LLP (“EY”) and NSE Indices.

IN THE EVENT ANY PARTY OTHER THAN NSE INDICES (“THIRD PARTY”) IS PROVIDED A COPY OF THIS REPORT, THEN BY READING OR RETAINING SUCH COPY OF THIS REPORT, SUCH THIRD PARTY SHALL BE DEEMED TO HAVE ACCEPTED THE FOLLOWING TERMS OF THIS NOTICE, INTENDING TO BE LEGALLY BOUND BY THE SAME:

(i) No third party is entitled to use or rely on this Report for any purpose whatsoever. Neither EY nor NSE Indices accepts any responsibility or duty of care or liability to such third party. In the event that any third party uses the Report for any purposes whatsoever, it shall do so at its own risk, without recourse to EY and/or NSE Indices and EY and/or NSE Indices shall not be directly or indirectly liable for any losses, damages, costs or expenses, whether in contract, tort or otherwise, suffered by such third party.

(ii) Access to the Report is not a substitute for the third party undertaking its own appropriate inquiries and procedures in relation to the matters covered in the Report;

(iii) EY and/or NSE Indices makes no representations as to the sufficiency or even appropriateness of the Report for the purposes of the third party. If third party relies on EY’s Report, it does so entirely at its own risk;

(iv) The third party does not acquire any rights as a result of access to the Report and EY does not assume any duties or obligations as a result of such access to the Report. By permitting NSE Indices to provide the third party access to the Report, EY is not rendering any accounting, financial, investment, legal, tax or other professional advice or services to, or acting as a fiduciary, agent or in any other capacity with respect to, the third party;

(v) Except in cases of violation of third party intellectual property rights, third party unconditionally and irrevocably releases EY and its personnel from all claims, liabilities, losses, damages, costs and expenses relating to or arising out of the Report or the access to or use of the Report by the third party and any assertion of reliance in relation thereto. Third party will not bring any claim against EY in relation to the Report;

(vi) It was not prepared for providing any services to any third party. The description of the relevant activities on the control processes defined in relation to governance, quality and accountability activities as of report date and thus EY’s assurance report is based on historical information. Any projection of such information or EY’s opinion thereon to future periods is subject to the risk that changes may occur after the Report is issued and the description of controls may no longer accurately portray the control processes. For these reasons, such projection of information to future periods would be inappropriate;

(vii) EY and/or NSE Indices will be entitled to the benefit of and to enforce these terms; and

(viii) These terms and any dispute with EY and/or NSE Indices arising from them, whether contractual or non-contractual, are subject to Indian laws and the exclusive jurisdiction of courts in Mumbai, India.

TERMS OF USE

This financial benchmark report dated December 31, 2017 (“Report”) has been prepared for the sole use and benefit of India Index Services and Products Limited (“IISL”) pursuant to an engagement letter entered into between Deloitte Haskins & Sells LLP (“DHS”) and IISL.

IN THE EVENT ANY PARTY OTHER THAN IISL (“THIRD PARTY”) IS PROVIDED A COPY OF THIS REPORT, THEN BY READING OR RETAINING SUCH COPY OF THIS REPORT, SUCH THIRD PARTY SHALL BE DEEMED TO HAVE ACCEPTED THE FOLLOWING TERMS OF THIS NOTICE, INTENDING TO BE LEGALLY BOUND BY THE SAME:

(i).No third party is entitled to use or rely on this Report for any purpose whatsoever and DHS accepts no responsibility or duty of care or liability to such third party. In the event that any third party uses the Report for any purposes whatsoever, it shall do so at its own risk, without recourse to DHS and DHS shall not be directly or indirectly liable for any losses, damages, costs or expenses, whether in contract, tort or otherwise, suffered by such third party.

(ii).Access to the Report is not a substitute for the third party undertaking its own appropriate inquiries and procedures in relation to the matters covered in the Report.

(iii).DHS makes no representations as to the sufficiency or even appropriateness of the Report for the purposes of the third party. If third party relies on DHS’s Report, it does so entirely at its own risk;

(iv).The third party does not acquire any rights as a result of access to the Report and DHS does not assume any duties or obligations as a result of such access to the Report. DHS is not, by permitting IISL to provide the third party access to the Report, rendering accounting, financial, investment, legal, tax or other professional advice or services to, or acting as a fiduciary, agent or in any other capacity with respect to, the third party.

(v).Third party unconditionally and irrevocably releases DHS and its personnel from all claims, liabilities, losses, damages, costs and expenses relating to or arising out of the Report or the access to or use of the Report by the third party and any assertion of reliance in relation thereto. Third party will not bring any claim against DHS in relation to the Report;

(vi). It was not prepared for providing any services to any third party. The description of the relevant activities on the control processes defined in relation to governance, quality and accountability activities as date December 31, 2017 and thus DHS’s assurance report is based on historical information. Any projection of such information or DHS’s opinion thereon to future periods is subject to the risk that changes may occur after the Report is issued and the description of controls may no longer accurately portray the control processes. For these reasons, such projection of information to future periods would be inappropriate;

(vii). DHS will be entitled to the benefit of and to enforce these terms; and

(viii). These terms and any dispute with DHS arising from them, whether contractual or non-contractual, are subject to Indian laws and the exclusive jurisdiction of courts in Mumbai, India.

TERMS OF USE

This financial benchmark report dated December 31, 2015 (“Report”) has been prepared for the sole use and benefit of India Index Services and Products Limited (“IISL”) pursuant to an engagement letter entered into between Deloitte Haskins & Sells LLP (“DHS”) and IISL.

IN THE EVENT ANY PARTY OTHER THAN IISL (“THIRD PARTY”) IS PROVIDED A COPY OF THIS REPORT, THEN BY READING OR RETAINING SUCH COPY OF THIS REPORT, SUCH THIRD PARTY SHALL BE DEEMED TO HAVE ACCEPTED THE FOLLOWING TERMS OF THIS NOTICE, INTENDING TO BE LEGALLY BOUND BY THE SAME:

i. No third party is entitled to use or rely on this Report for any purpose whatsoever and DHS accepts no responsibility or duty of care or liability to such third party. In the event that any third party uses the Report for any purposes whatsoever, it shall do so at its own risk, without recourse to DHS and DHS shall not be directly or indirectly liable for any losses, damages, costs or expenses, whether in contract, tort or otherwise, suffered by such third party.

ii. Access to the Report is not a substitute for the third party undertaking its own appropriate inquiries and procedures in relation to the matters covered in the Report.

iii. DHS makes no representations as to the sufficiency or even appropriateness of the Report for the purposes of the third party. If third party relies on DHS’s Report, it does so entirely at its own risk;

iv. The third party does not acquire any rights as a result of access to the Report and DHS does not assume any duties or obligations as a result of such access to the Report. DHS is not, by permitting IISL to provide the third party access to the Report, rendering accounting, financial, investment, legal, tax or other professional advice or services to, or acting as a fiduciary, agent or in any other capacity with respect to, the third party.

v. Third party unconditionally and irrevocably releases DHS and its personnel from all claims, liabilities, losses, damages, costs and expenses relating to or arising out of the Report or the access to or use of the Report by the third party and any assertion of reliance in relation thereto. Third party will not bring any claim against DHS in relation to the Report;

vi. It was not prepared for providing any services to any third party. The description of the relevant activities on the control processes defined in relation to governance, quality and accountability activities as date December 31, 215 and thus DHS’s assurance report is based on historical information. Any projection of such information or DHS’s opinion thereon to future periods is subject to the risk that changes may occur after the Report is issued and the description of controls may no longer accurately portray the control processes. For these reasons, such projection of information to future periods would be inappropriate;

vii. DHS will be entitled to the benefit of and to enforce these terms; and

viii. These terms and any dispute with DHS arising from them, whether contractual or non-contractual, are subject to Indian laws and the exclusive jurisdiction of courts in Mumbai, India.