Important Legal Terms

These Terms and Conditions relate to your use of the Credit Suisse Research & Analytics website and supplement any other agreement between you and any Credit Suisse subsidiaries and affiliates. Certain applications on or pages of this Site may contain additional terms, conditions or disclaimers. Such terms, conditions and disclaimers are hereby incorporated by reference into this Agreement. In addition, when you access and/or act upon any part of the Site which contains or refers to such additional terms, conditions and disclaimers, you shall hereby be deemed to accept the content thereof. As used herein, the terms "you" and "your" refer to each user of this website and the Credit Suisse client on whose behalf the user has been given access to this website, unless the context otherwise requires.

By clicking the "I ACCEPT" button at the end of this Agreement, you agree to accept these terms and conditions and agree to be bound by them, on your own behalf and on behalf of the client with which you are associated.

1. Credit Suisse may in its sole discretion restrict or terminate access to Credit Suisse Research & Analytics or any portion thereof at any time without notice
2. Your access to this Site is based upon information that you have provided to Credit Suisse.
3. You may access Credit Suisse Research & Analytics through the World Wide Web or other Internet services that are not necessarily secure and Credit Suisse does not warrant that such systems are secure.
4. Credit Suisse hereby grants you a non-exclusive, non-transferrable licence to access and use this Site for your internal business purposes only, on the terms and subject to the conditions set forth in this Agreement.
5. The services and products described on this Site are intended to be made available only to institutional and corporate clients of Credit Suisse.
6. This Site and the information, tools and material contained in it (this "Site") are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Credit Suisse to any registration or licensing requirement within such jurisdiction.
7. Credit Suisse is the trade name for the investment banking business of Credit Suisse, a Swiss bank, and references to Credit Suisse or Credit Suisse herein include all of the subsidiaries and affiliates of Credit Suisse operating under the Credit Suisse name. For more information on our structure, please follow this link: https://www.credit-suisse.com/governance/en/index.jsp.

1. By agreeing to these terms and conditions and using the Credit Suisse Research & Analytics website, you affirm and agree that:
   1. you are experienced in financial markets, understand the economic features of investments, can independently evaluate how market developments would affect investments, may consult with your own consultants or investment advisers as you deem necessary, and are otherwise capable of evaluating investment risk independently; and
   2. you are exercising and will continue to exercise independent judgement in evaluating investments you make.
2. You will take appropriate steps to maintain, and to ensure that your authorised agents and employees maintain the confidentiality of your authorised password, which is for your use only and not to be shared among other representatives of your firm.

1. The information, tools and material presented in this Site are provided to you for informational purposes only and are not to be used or considered as an offer or a solicitation to sell or an offer or solicitation to buy or subscribe for securities or other financial instruments, nor to constitute any advice or recommendation with respect to such securities or other financial instruments. The Site's contents may not be reproduced in whole or in part or otherwise be made available without the prior written consent of Credit Suisse. Information and opinions presented in this Site have been obtained or derived from sources believed by Credit Suisse to be reliable, but Credit Suisse makes no representation as to their accuracy or completeness. Credit Suisse accepts no liability for any loss arising from the use of the material presented in this Site.
   In jurisdictions where Credit Suisse is not registered or licensed to trade in securities, commodities or other financial products, any trade will be made only in accordance with applicable law or regulation which will vary from jurisdiction to jurisdiction and may require that the trade be made in accordance with applicable exemptions from registration or licensing requirements.
   
2. Credit Suisse and/or its affiliates may, to the extent permitted by applicable law and/or regulation, participate or invest in financing transactions with the issuer(s) of the securities referred to in this Site, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest or effect transactions in such securities or options thereon or investments related thereto. Credit Suisse may, to the extent permitted by applicable law and/or regulation, act upon or use the information or opinions presented on this Site, or the research or analysis on which they are based, before the material is published. Credit Suisse may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities referred to on this Site or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment. Additional information is, subject to duties of confidentiality, available on request. Some investments referred to on this Site will be offered solely by a single entity and in the case of some investments solely by Credit Suisse, or an associate of Credit Suisse, or Credit Suisse may be the only market maker in such investments.
3. All posted prices are indicative unless expressly noted otherwise and may not reflect actual prices or values that would be available in the market at the time that the user may want to purchase or sell a particular security or other instrument. The Site does not refresh automatically, so prices displayed on your browser may not be the most current prices available.
4. Credit Suisse may provide information, including but not limited to prices, from third parties on Credit Suisse Research & Analytics or by hyperlink from it. Credit Suisse does not warrant that such information is accurate or updated in a timely manner. Any use of or reliance on any third-party information shall be at your own risk.
   

1. You acknowledge and agree that Credit Suisse may collect, maintain and share certain information about you when you register to use Credit Suisse Research & Analytics, and that Credit Suisse may monitor, collect, maintain and share certain information concerning your use of Credit Suisse Research & Analytics. The resultant information may be used by Credit Suisse for internal business purposes or in accordance with applicable law, rule or regulation.
2. Information that we accumulate as part of your registration or entry into the site includes your name, company name, professional title, business address, business phone number and business e-mail address. When you use the site, we collect "click-stream" data regarding the portions of the site that you visit and the information or other services you obtain or input. This data may also include your domain name, Internet service provider, protocol, browser type (including versions and settings), operating system and connectivity specifications. We may also record, store and use any telephone, e-mail or other electronic communications with you.
3. Credit Suisse uses this information to authenticate users, save passwords, facilitate your navigation of our site, send you notifications about products or services in which you have indicated an interest, and determine your entitlements to data and other services. In addition, Credit Suisse uses the data to evaluate the effectiveness of and improve our services to our clients, to determine product development and marketing strategies, and to bring to your attention products and services that we believe may be of interest to you.
4. Our monitoring and collection of information may include the use of "cookies." Cookies are computer text files that are stored on your computer.
5. Credit Suisse may share this information with its affiliates, but does not otherwise share this information, except to certain service providers performing services in connection with the operation of the site, who are bound by confidentiality agreements to protect such data, and as otherwise permitted or required by law. Credit Suisse does not sell this information to any non-affiliated companies.

1. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Opinions and/or estimates reflect a judgment at the original date of publication by Credit Suisse and are subject to change without notice. The price of, value of and income from any of the securities or financial instruments mentioned in this Site can fall as well as rise. Foreign currency-denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Investors in securities, the values of which are influenced by currency volatility, effectively assume this risk.
2. Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own investigation and analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.
3. Hypothetical performance results have may inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to any that may be shown on this Site. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
4. Additional information may be available upon request. Any results shown do not reflect the impact of commission and/or fees, unless stated. Financial futures and options are not appropriate for all investors. Their relative merits should be carefully weighed.
5. Opinions and estimates reflect a judgment at the original date of publication by Credit Suisse and are subject to change. This Site is subject to periodic update and revision. Materials should only be considered current as of the date of initial publication appearing on this Site, without regard to the date on which you may access the information. Credit Suisse maintains the right to delete or modify information on this Site (except for proprietary information relating to your portfolio(s) that you have loaded onto the Site) without prior notice.
6. Credit Suisse may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this Site. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and Credit Suisse is under no obligation to ensure that such reports are brought to your attention.
7. Credit Suisse HEREBY EXPRESSLY DISCLAIMS, TO THE EXTENT PERMITTED BY APPLICABLE LAW AND/OR REGULATION, ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, REGARDING THE SITE AND ANY RESULTS TO BE OBTAINED FROM THE USE OF THE SITE, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND/OR USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE APPLICABLE LAWS AND/OR REGULATIONS OF ANY JURISDICTION. Credit Suisse DOES NOT WARRANT OR GUARANTEE THE ACCURACY, TIMELINESS, SUITABILITY, COMPLETENESS OR AVAILABILITY OF THIS SITE OR THE INFORMATION OR RESULTS OBTAINED FROM USE OF THIS SITE, OR THAT THIS SITE OR THE INFORMATION OR RESULTS WILL BE FREE FROM ERROR.
   UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF ANY APPLICABLE LAW AND/OR REGULATION, (TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE), SHALL Credit Suisse OR ANY OF ITS VENDORS BE LIABLE TO ANYONE FOR ANY DAMAGES RESULTING FROM ACCESS TO OR USE OF OR INABILITY TO ACCESS OR USE THIS SITE REGARDLESS OF WHETHER THEY ARE DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING DAMAGES FOR TRADING LOSSES OR LOST PROFITS, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY, EVEN IF Credit Suisse KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.
8. You agree to indemnify and hold harmless Credit Suisse and its directors, officers and employees, from and against any costs, damages, legal proceedings and any other liabilities (including reasonable legal fees) arising from your use of Credit Suisse Research & Analytics, provided that such indemnify shall not apply in cases to fraud, wilful misconduct or recklessness of Credit Suisse.

1. You acknowledge and agree that the Credit Suisse affiliate listed in Schedule A hereto opposite the jurisdiction in which you are resident is providing the information, services and material offered on the Credit Suisse Research & Analytics website to you, or, if you are a resident of another jurisdiction, such information, services and material are being provided by an authorised affiliate.
2. Non-U.S. customers wishing to effect a transaction should contact a Credit Suisse entity in their local jurisdiction unless governing law permits otherwise. U.S. customers wishing to effect a transaction should do so only by contacting a representative at Credit SuisseLLC in the U.S.
3. Credit Suisse (Europe) Limited of One Cabot Square, LondonE144QJ, England is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority ("FCA") and the Prudential Regulation Authority in the United Kingdom.
4. In the UK, the investment products and services featured in this Site are directed exclusively at professional clients and eligible counterparties and are not and will not be made available to retail clients (as defined by the rules of the FCA). Retail clients should not rely on this material.
5. In publishing these opinions and estimates Credit Suisse has not taken into account the investment objectives, financial situation or particular needs of a specific person. Nothing in this Site constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. Credit Suisse does not advise on the tax consequences of investments and you are advised to contact an independent tax adviser. Please note in particular that the bases and levels of taxation may change. Information on this Site may relate to investments or services of an entity/person outside of the United Kingdom or to other matters which are not regulated by theFCA and further details as to where this may be the case are available upon request in respect of this material.

1. All material presented on this Site, unless specifically indicated otherwise, is under copyright to Credit Suisse Group, and/or its affiliates. The material is freely downloadable for browsing purposes only. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Credit Suisse. All trademarks, service marks and logos used on this Site are trademarks or service marks or registered trademarks or service marks of Credit Suisse or one of its affiliates or other entities.
2. You acknowledge that Credit Suisse Research & Analytics is confidential to Credit Suisse and has been developed through the expenditure of substantial time, skill, effort and money.
3. You will protect the confidentiality of Credit Suisse Research & Analytics by allowing access to Credit Suisse Research & Analytics only by your employees and agents with a need for such access and will ensure that such employees or agents maintain the confidentiality of Credit Suisse Research & Analytics. You will not allow any third party to access or view Credit Suisse Research & Analytics and will not publish, distribute or otherwise make available to third parties any information derived from or relating to Credit Suisse Research & Analytics. In particular, and without limitation, any posting or redistribution to any electronic bulletin boards, message boards, chat rooms, messaging services or other websites is expressly prohibited.
4. You will not copy, modify, de-compile, reverse engineer or make derivative works of Credit Suisse Research & Analytics or otherwise attempt to ascertain the design or any proprietary features of Credit Suisse Research & Analytics or the manner in which it operates.

We may provide addresses or hyperlinks which lead you out of this Site. Except to the extent to which the Site refers to Credit Suisse's own website material, Credit Suisse has not reviewed any such sites which link to this Site or to which this Site links, and is not responsible for the content of any other websites or pages linked to or linking from this Site. Such addresses or hyperlinks (including addresses or hyperlinks to Credit Suisse's own website material) are provided solely for your convenience and information. Accessing such website or following such links to any other websites or pages shall be at your own risk.

1. These terms and conditions are the entire agreement between the parties in respect of your use of Credit Suisse Research & Analytics and supersede all other oral or written communications or advertising. No modification of this Agreement shall be effective unless it is in writing and is signed by you and us.
2. You may not assign your rights hereunder or to the use of this Site to any third party without the prior written consent of Credit Suisse.
3. A waiver of a breach or default under these terms and conditions shall not be a waiver of any other breach or default. Failure or delay by either party to enforce compliance with any term or condition of these terms and conditions shall not constitute a waiver of such term or condition.
4. These terms and conditions shall be governed by the laws of the state or country of incorporation of the relevant Credit Suisse affiliate listed on Schedule A or otherwise providing the information to you, without giving effect to the principles of conflict of laws.

You agree that:

1. You will be bound by and accept the Terms and Conditions set out above.
2. Your password is personal to you and you will ensure that this password is known only to you and shall not be made available to any other person.
3. You are obligated to discontinue use of your password and advise Credit Suisse if you leave or are discharged from your present employer and that any use of your password after such departure will be a violation of this agreement.
4. You will read the legal disclosures and terms of use set forth in this site before accessing any products on this site.
5. You acknowledge and agree that the information you provide in registering, and information regarding the products you use and information you obtain on this site may be used by Credit Suisse or its affiliates.

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