Website Legal Notice and Disclaimer

This Autonomous Research website (the "Website") is maintained by Autonomous Research LLP ("Autonomous Research"), a limited liability partnership registered in England with registered number OC343985. The business address and registered office of Autonomous Research is 11 Ironmonger Lane, London, EC2V 8JN. Autonomous Research is authorised and regulated by the Financial Services Authority. 

Please note that your use of this Website is governed by the terms and conditions set out in this Legal Notice and Disclaimer, and by continuing to use this Website you agree to the following:

Information on this Website:

The information on this Website is directed only at, and made available only to, persons who are professional clients or eligible counterparties for the purposes of the FSA Rules. This Website should not be accessed by or relied on by any other person. Under no circumstances are the contents of this Website to be construed as any offer to sell, or any solicitation of an offer to buy, investments. This Website is for information only. Nothing contained on this Website constitutes investment, tax, legal or other advice.

You are notified that there are rules concerning short selling (particularly in relation to banking and other financial sector issuers) in many jurisdictions, and such rules include, amongst other things, restrictions or prohibitions on short selling and/or disclosure requirements. It is your responsibility to be aware of and comply with any applicable short selling rules, and under no circumstances (including, without limitation, on publishing a negative assessment of an issuer) does Autonomous Research accept responsibility for your compliance with short selling rules.

To the extent that you have separately accepted Autonomous Research's Terms of Business (the "Terms of Business"), then the Terms of Business will also govern the provision and use of research and related materials included on this Website. Subject to the Terms of Business, your use of this Website will continue to be subject to this Legal Notice.

Communications:

Communications with Autonomous Research may be made by telephone +44 (0) 20 7776 3400, e-mail info@autonomous.com or in writing to the address specified above. You acknowledge that the Internet is not a totally reliable and secure medium of communication. Autonomous Research accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission shall be at your risk.

Restricted access sections of the Website:

Application to receive access to the “restricted access” pages of the Website may only be made on the terms set out in this Legal Notice. You will not be entitled to use such services unless and until you have accepted this Legal Notice and the Terms of Business and you have received from Autonomous Research a personal username and password. The information contained on the restricted access sections of this Website is confidential and may not be communicated by you to any other persons

Where you have been provided with a username and password, Autonomous Research will assume that any instructions received which have been authenticated by your username and password, are genuine, valid instructions from you to Autonomous Research and will act accordingly.  You must never disclose usernames and passwords to third parties. You are strongly advised to change your password from time to time.  You must contact Autonomous Research immediately if you suspect that your username or password has been disclosed to, or obtained by, a third party or that its integrity is threatened.  Access to the restricted access pages of the Website is restricted to you personally and may not be shared with others.  Whilst information extracted from the files on the Website may be used for personal research, any copying or distribution of such files in whole or in part is prohibited.

Copyright:

The research information compiled and published by Autonomous Research is the property of either Autonomous Research or its licensors and may not be used except as authorised by or pursuant to this Legal Notice. Whilst certain software may be made available to you from time to time via the Website, you are licensed to use such software on a non-exclusive basis only for the purposes specified. You are not permitted to use such software for any other purposes and may not redistribute, sell, decompile, reverse engineer, disassemble or otherwise deal with such software.

The "Autonomous Research" name and other trade marks and logos appearing on Autonomous Research Websites are, unless indicated otherwise, the trade marks of Autonomous Research. All intellectual property rights in and to the Website are expressly reserved to Autonomous Research or (as the case may be) the organisation which has licensed Autonomous Research to reproduce the same and accordingly none of the trade marks may be reproduced by you without the express prior consent of Autonomous Research.

Liability for Loss:

Autonomous Research shall not be liable for any direct or indirect, incidental or consequential loss or damage (including, but not limited to, loss of profits, revenue or goodwill) arising from the use, inability to use, interruption or non-availability of the Website or any part of the research materials published on the Website or otherwise for any loss of data on transmission, howsoever caused. Whilst the research material published on the Website is believed to be reliable and accurate, it is not independently verified. Accordingly, no representation or warranty is made or given by Autonomous Research, its members, officers, agents or employees as to the accuracy or completeness of the same and no such person shall have liability for any inaccuracy in, or omission from, such materials, save, however, that there shall not be excluded any liability for direct loss, costs or expenses caused by the wilful default, negligence or fraud of Autonomous Research or its employees. This is without prejudice to any duty or liability Autonomous Research may have to its clients under the Financial Services and Markets Act 2000, and the FSA Rules.

Autonomous Research shall have no liability or responsibility for any loss or damage incurred or suffered by you in the event of any breakdown, failure or malfunction of any telecommunications or computer services or systems. Neither Autonomous Research nor its members, employees, officers or agents accepts any responsibility for the accuracy of any information contained within any sites provided by third parties who at any time have links to or from the Website.

Access to this Website from outside of the United Kingdom:

Access to the Website is not open to persons resident in, or citizens of any territory outside the United Kingdom where, to allow such access would require any registration, filing, application for any licence or approval or other steps to be taken by Autonomous Research in order to comply with local laws or other regulatory requirements in such territory. It is your responsibility to inform yourself about applicable legal or other regulatory requirements in the territory in which you are resident or of which you are a citizen. You represent and warrant that allowing you access to the Website, and the acceptance of this Legal Notice by you, will not infringe any laws or other regulatory requirements or impose upon Autonomous Research any obligations or duty. If you are in any doubt about your status or compliance with the laws and regulations of any applicable territory, you must seek professional advice.

Further provisions concerning this Legal Notice:

If at any time any provision of this Legal Notice (in whole or in part) is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction (including, but not limited to, the FSA Rules and the rules and regulations of any regulatory authority) neither the legality, validity or enforceability of the remainder of such clause or the remaining clauses of this Legal Notice nor the legality, validity or enforceability of such clause under the law of any other jurisdiction, shall in any way be affected or impaired.

Autonomous Research may vary any of the terms of this Legal Notice at any time by updating the version of the Legal Notice set out on the Website. The variation shall take effect upon the first occasion thereafter upon which any attempt is made by you to access the Website.

Autonomous Research may from time to time send you promotional and other information about its products or services. If you would rather not receive the above information, email Autonomous Research on the contact details above.

This Legal Notice shall be governed by and construed in accordance with the laws of England and Wales. In relation to any contractual or non-contractual dispute, you irrevocably agree to submit to the non-exclusive jurisdiction of the English courts.

© Autonomous Research LLP 2011. All rights reserved. No part may be reproduced or distributed in any manner without the written permission of Autonomous Research. Autonomous Research specifically prohibits redistribution via the Internet or otherwise, and accepts no liability whatsoever for the actions of third parties in this respect.