Daiwa Institute of Research Europe Limited
Website Terms and Conditions

1. The Site

Please read the details set out below carefully before using this Site. By accessing this Site, you agree to be bound by the following terms and conditions and disclaimers (the "Terms"). You and we agree that the Terms are legally binding between you and us and that your use of the Site is subject to the Terms.

This website has been approved for issue and access in the UK by Daiwa Securities SMBC Europe Limited ("Daiwa SMBC Europe"), which is regulated by the Financial Services Authority and is a member of the London Stock Exchange, for and on behalf of Daiwa Institute of Research Europe Limited. ("DIREL").

If you choose to enter this website from outside the UK, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on the Site. Neither DIREL nor Daiwa SMBC Europe Limited will be liable for any breach of local law or regulation that you may commit as a result of accessing the Site.

2. Use of the Site

All products and services of DIREL are subject to the terms and conditions and disclaimers of the applicable agreement governing their use. The products and services are not available to private customers.

These Terms are to be read by you together with any terms, conditions and disclaimers provided in the pages of this Site and any other segments of the Site accessible only by password.

The information, material and content provided in the pages of the Site may be changed at any time without notice. Changes may be made to these Terms by us at any time without actual notice to you by updating the posting of the Terms. You agree to review the Terms regularly and your continued access to or use of the Site will mean that you agree to any changes.

If any part of the Terms are found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

You may not use the Site for any purpose which is unlawful, abusive, libellous, obscene or threatening.

3. Trade Marks and Copyright

All content on the Site ("Content") is protected by copyright, database rights and other intellectual property, including without limitation, trademarks, patent rights, design rights and confidential information ("Intellectual Property") which may be owned by DIREL, its licensors, content providers, other third parties or by other users of the Site.

All Intellectual Property in the design, layout, and screen interfaces of the Site is owned by DIREL.

You acknowledge the Intellectual Property position set out above by using the Site.

You may reproduce Content or other information from the Site for your own personal use only. The information or Content may not otherwise be reproduced, distributed, transmitted modified or adapted or incorporated in any way into any other document or other material without the express prior permission of DIREL.

DIREL acknowledges all third party trade marks which are used on the Site.

You shall not use or adapt any DIREL or third party trade marks or any similar marks which you access through the Site, nor imply that you are connected or associated with DIREL or any other third party by use of those marks or otherwise.

4. On-line privacy

DIREL is committed to protecting the privacy of your business and its employees. For further details please refer to our on-line privacy policy.

5. No Offer

Neither the information, nor any opinion contained on this Site constitutes or contains an offer to sell or solicitation or an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. Further, neither the information, nor any opinion on this Site has any regard to the specific investment objectives, financial situation or particular needs of any specific recipient, which means that certain or all financial products or accounts mentioned (and related financial products or accounts) may not be suitable for you. You should seek independent financial advice if you are intending to purchase or invest in any financial product or account and your decision to purchase or invest in any such financial product or account must be made solely on the information in the prospectus or other document issued in connection with such product or account.

DIREL is not registered as a broker-dealer or an investment advisor in the United States. It does not offer any services of a registered broker-dealer or investment advisor in the United States nor does it offer any services to persons in the United States. This site does not include any offer of investment services to any US person. Any US persons interested in seeking the services of a broker dealer should consult Daiwa Securities America Inc., a registered broker dealer in the US.

This Site is not directed at any person in any jurisdiction where for any reason the publication or availability of this Site is prohibited or restricted. You must not access this Site if such prohibitions apply to you. DIREL does not represent that (a) any of the materials on this Site; (b) any investment services that may be deemed to be available on this Site; or (c) anything else on this Site, are appropriate for use or permitted by local laws in all jurisdictions.

You access this Site on your own initiative, and are responsible for compliance with applicable local laws or regulations. If you are in doubt you should seek legal advice. None of the materials or investment services referred to on this Site are available to persons resident in any jurisdiction where this would be contrary to local law or regulation. Without limitation, none of the materials or investment services at or referred to on this site are available to persons resident in Australia or Hong Kong.

6. No warranties

The following clauses exclude or limit our legal liability for the Site. You should read them carefully. They all apply only as far as the law permits, and in particular we do not exclude or restrict our duties and liabilities to you where or to the extent that this is prohibited by law or regulation.

You are wholly responsible for use of the Site by any person using your computer and you must ensure that any such person complies with and is aware of these Terms.

Whilst we have taken reasonable steps to ensure the accuracy, currency, availability, correctness and completeness of the information contained on the Site, information is provided on an "as is", "as available" basis and we do not give or make any warranty or representation of any kind, whether express or implied in respect of such information whether in respect of the Site. Your use of this Site is at your sole risk. We shall not be liable for any loss or damage whatsoever and howsoever arising as a result of your use of or reliance on the information contained on the Site to the maximum extent permitted by law, including without limitation consequential, special, indirect or incidental loss or damage even if DIREL has been advised of the possibility of such loss or damage.

We do not represent or warrant that the Site will be available or that it will meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.

We make no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with the Site.

7. Links to other websites

The contents of any third party websites which you link to from www.dir.co.uk are entirely out of the control of DIREL, and you proceed at your own risk.

Such links are provided only as a convenience and the inclusion of these links in the www.dir.co.uk website does not imply DIREL's endorsement of any products, services, content, information or materials offered by or accessible to you at the third party website. You should also be aware that the terms and conditions of such website and the website's policies may be different from those applicable to your use of the www.dir.co.uk website.

All copyright and trademarks accessible via the links from www.dir.co.uk are owned by the respective website owners, or their licensors.

8. Internet e-mail

Messages sent over the internet cannot be guaranteed to be completely secure as they are subject to possible interception or loss or possible alteration. We are not responsible for them and will not be liable to you or anyone else for any damages or otherwise in connection with any messages sent by you or to you over the internet. All communications made to this Site will be considered non-confidential and we may use the content in such messages in any manner in our discretion.

9. Use of personal information

By using the Site you hereby consent to our use of information about you and to the sharing of such information for these purposes among DIREL, DIREL's affiliates, their agents, counterparties and support service providers, wherever located and to the extent required to provide these services.

You also consent to us collecting, storing, processing and using your information for the following purposes: (i) servicing your relationship with us and our affiliates; (ii) financial risk assessment, money laundering checks, compliance and regulatory reporting and fraud prevention; and (iii) helping us and our affiliates to understand and develop our and their business, including new and innovative products and services.

If any personal information which you provide to us relates to a third party then by providing us with such personal information you (i) give consent on behalf of such persons to the use of their personal information in line with the Terms; (ii) warrant and represent to us that such persons have given you the power to give such consent on their behalf; and (iii) agree to indemnify us fully against any damage, loss, cost or liability (including without limitation legal fees and the cost of enforcing the indemnity) arising out of breach by you of this warranty and representation.

Personal information in our possession may be shared, among offices and affiliates located in different countries. You understand and accept that these countries may have differing laws relating to the degree of confidentiality afforded client information, and information can become subject to the laws and disclosure requirements of such countries, including disclosure to governmental bodies, regulatory agencies and private persons, as a result of applicable governmental or regulatory inquiry, court order or other similar process. In addition, a number of countries have agreements with other countries providing for exchange of information for law enforcement, tax and other purposes.

You are in many cases entitled to a description of the personal information which we hold about you. If you would like to know more about this, please contact us at 5 King William Street, London EC4N 7AX.

10. Governing Law

The Terms are governed by and interpreted in accordance with the laws of England and Wales and the courts of the above jurisdiction will have exclusive jurisdiction in respect of any dispute, which may arise.