Subscriber Agreement

1. Status of Subscriber Agreement

Please read this legally binding Subscriber Agreement carefully. We recommend that you print, store or save a copy of it for your records. It sets out the terms under which you are allowed to use one of the following, as the case may be, either by way of a subscription (a “Subscription”) or as a registered user:

(a) the China Confidential research notes and website (together, “China Confidential”) and the content available on or through the China Confidential research notes and website;

(b) the Renminbi Compass research notes and website (together, “Renminbi Compass”) and the content available on or through the Renminbi Compass research notes and website;

(c) the LatAm Confidential research notes and website (together, “LatAm Confidential”) and the content available on or through the LatAm Confidential research notes and website; or

(d) the Asean Confidential research notes and website (together, “Asean Confidential”) and the content available on or through the Asean Confidential research notes and website; or

(e) the Brazil Confidential research notes (together, “Brazil Confidential”) and the content available on or through the Brazil Confidential research notes; or

(f) a combination of any of the above

and in each case, the research notes and website being the “Service”, and the content available on or through the Service being the “Content”, irrespective of the device you are using to access it.

You will be asked to confirm your agreement to the terms of this Subscriber Agreement before you access any of the Services for the first time as a registered user or a subscriber and upon any renewal of your Subscription. In addition, each time you access any of the Services you are confirming your agreement to its terms. Each of the research notes and websites is published by The Financial Times Limited (“FT”) and references in this Subscriber Agreement to “we”, “us” or “our” refer to FT.

If your subscription has been acquired for your use at a company or other organization you work for or are otherwise engaged by, then you are also agreeing to the terms of this Subscriber Agreement on behalf of that company or organization and both you and it are responsible for your use of the Subscription.

If you do not agree with the terms and conditions (or are not authorised to do so on behalf of your business or work) you should not use the Services or any Content and should cancel any Subscription within 7 days of acquiring it by emailing FT at [email protected] and we will provide you with a full refund.

This version of the Subscriber Agreement was first published on 4th January 2011 and constitutes the entire agreement between FT and you as to the subject matter hereof and supersedes all previous agreements, communications, representations and arrangements, either written or oral. FT may change the terms of the Subscriber Agreement from time to time and will publish details of the changes in Section 10 below. You should regularly check Section 10 to see if any changes have been made. If you have a Subscription any revised terms of the Subscriber Agreement shall only apply to you with effect from the renewal of your then current Subscription and if you do not agree with any of the changes then you may cancel your Subscription within 7 days of the renewal date by emailing FT at [email protected] and we will provide you with a refund of any pre-paid renewal fee. If you are a registered user and you do not agree with any revised terms of the Subscriber Agreement, you should email us at [email protected]to unsubscribe. You may also email us at [email protected] if you have any questions about this Subscriber Agreement.

FT will try to process your Subscription promptly (on the same day you contact us to subscribe) but does not guarantee that the Service will be available to you by any specified time after buying the Subscription. A contract with you for provision of the Subscription will only come into effect after we confirm the Subscription price to you by email or invoice and you subsequently confirm your agreement on the relevant website to the terms of this Subscriber Agreement.

2. Proprietary Rights and Permitted Use

FT or its licensors own all intellectual property rights (including copyright and database rights) in the Services and the Content. FT has made a substantial investment in obtaining, verifying and presenting the Content and the China Confidential, Renminbi Compass, Brazil Confidential, LatAm Confidential and Asean Confidential archives and this Subscriber Agreement prevents the extraction or re-utilisation of the contents of the relevant database of parts of it.

Unless you are a registered user or a subscriber you may not be permitted to view any Content.

Your usage rights are limited as follows. You may on a non-exclusive basis:

• Retrieve and view Content on any compatible device;
• Print a single copy of each research note on paper for your own use (but may not photocopy or share them); and
• Store a single copy of each research note on a storage device personal to you such as a USB stick (but not on any shared drive, shared server or other storage device connected to a network)

You shall not (and shall not permit any third party to):

• Except as expressly permitted above, copy, cut and paste, reproduce, broadcast, transmit, modify, adapt, edit, abstract, create derivative works of, store, archive, aggregate, publicly display, redistribute, syndicate, share, licence, sub-licence, publish, sell or in any way commercially exploit any of the Content. In particular you shall not forward any research notes to any individual or other third party by email or otherwise and nor shall you publish any Content on a website, intranet, extranet, email service or in any other electronic or hard copy product or service; or
• Share your username and/or password with any individual or other third party; or
• Remove the copyright or trade mark notices from the Service or any copies of Content you are permitted to make as above; or
• Frame, harvest or scrape the Content or otherwise access the Content for similar purposes; or
• Use the Service or Content for any unlawful purpose.

We reserve the right to monitor your use of any Service. You acknowledge that “China Confidential”, “Renminbi Compass”, “LatAm Confidential”, “Asean Confidential”, “FT” and “Financial Times” are trade marks and that you may not use them without written permission from FT.

PLEASE NOTE THAT IN ADDITION AND WITHOUT PREJUDICE TO FT’S RIGHTS AT LAW TO RESTRICT THE TYPES OF USE REFERRED TO ABOVE, THESE RESTRICTIONS ARE ALSO CONTRACTUAL IN NATURE AND BIND ALL USERS OF ANY SERVICE AND/OR CONTENT. ALL RIGHTS RESERVED BY FT UNDER THIS SUBSCRIBER AGREEMENT ARE WITHOUT PREJUDICE TO ALL OF FT’S OTHER RIGHTS, WHETHER UNDER THIS AGREEMENT, AT LAW (INCLUDING APPLICABLE COPYRIGHT LEGISLATION), EQUITY OR OTHERWISE.

3. Privacy policy, Registration and Technical Requirements

All information received by you from your use of any Service will be used by FT in accordance with our Privacy Policy.

On registration, you must provide FT with accurate, complete registration information and FT is entitled to rely on any information you provide to us. It is your responsibility to update and maintain changes to your registration information by contacting us at [email protected]. Each registration is for a single user only. On registration, you will be sent a user name and password ("ID"). FT does not permit any other person sharing your ID or access through a single ID being made available to multiple users on a network or within an organization. A separate Subscription or registration is required for each user within an organization. FT may cancel or suspend your access to the Content if you do this without further obligation to you.

You are responsible for all use of the Services made by you or anyone else using your ID and for preventing unauthorized use of your ID. If you wish to change your username and password, or you believe there has been any breach of security such as the disclosure, theft or unauthorized use of your ID or any payment information, you must notify FT immediately by e-mailing us at [email protected].

If you provide FT with an email address that will result in any messages FT may send you being sent to you via an email address or domain operated or owned by a third party (e.g. your employer or college) then you warrant that you are entitled to receive those messages. You also agree that FT may refrain from sending messages to you without notifying you. If such third party asks us to identify you, for example, for the purposes of acquiring an enterprise licence or corporate subscription or otherwise, then you agree that we may do so without notifying you.

The Services are best viewed with one of our supported browsers. Our current list of supported browsers and the degree to which they are supported can be found athttp://www.ft.com/servicestools/help/terms/browsers.

4. Our Responsibilities To You

A summary of what this section means: this section is important and you should read it carefully. It makes clear to what extent, if any, FT accepts responsibility (liability) to you for your use of the Services or the Content or in respect of any third party products or services that we refer or link to in the Services. Unless you have a paid-for Subscription, we accept no financial responsibility to you arising from your use of any Service or the Content. If you have a paid-for Subscription, we limit our financial responsibility to you arising from your use of any Service or the Content to the price you paid for your Subscription. In no circumstances do we accept responsibility for your use of Third Party Sites or third party products or services.

Limitations of Content: The Content is only for your general information and use and is not intended to address your particular requirements. In particular, the Content, including any content provided by third parties and published through a Service, does not constitute any form of advice, recommendation, representation, endorsement or arrangement by FT and is not intended to be and should not be relied upon by users in making (or refraining from making) any specific business, investment or other decisions. Appropriate independent advice should be obtained before making any such decision. Any agreements, transactions or other arrangements made between you and any third party named on (or linked to from) a Service are at your sole risk and responsibility. FT is not responsible for any use of the Services or Content by you outside its scope as stated in these terms and conditions.

What we promise: FT WILL TRY TO DEVELOP AND OPERATE THE SERVICES WITH REASONABLE SKILL AND CARE AND WILL USE REASONABLE EFFORTS TO PROMPTLY REMEDY ANY FAULTS OF WHICH IT IS AWARE. THIS IS THE ONLY PROMISE WE MAKE IN RELATION TO OUR PROVISION OF THE SERVICES AND THE CONTENT.

What we do not promise: CHINA CONFIDENTIAL, RENMINBI COMPASS, LATAM CONFIDENTIAL, ASEAN CONFIDENTIAL, THE SERVICES AND THE CONTENT ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. THIS MEANS THAT FT DOES NOT MAKE ANY PROMISES IN RESPECT OF LATAM CONFIDENTIAL, THE SERVICES AND THE CONTENT OR THE SERVICES AND FUNCTIONS AVAILABLE ON OR THROUGH CHINA CONFIDENTIAL, RENMINBI COMPASS, LATAM CONFIDENTIAL, ASEAN CONFIDENTIAL OR OF THE QUALITY, COMPLETENESS OR ACCURACY OF THE INFORMATION PUBLISHED OR LINKED TO FROM THE SERVICES. TO THE FULLEST EXTENT ALLOWED BY APPLICABLE LAW, FT DISCLAIMS ALL WARRANTIES, REPRESENTATIONS, CONDITIONS AND DUTIES (EXCEPT ANY DUTIES OF GOOD FAITH) OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTIES OF SATISFACTORY QUALITY, MERCHANTIBILITY OR OF FITNESS FOR A PARTICULAR PURPOSE. FT ALSO DOES NOT MAKE ANY PROMISES AS TO THE TIMELINESS, SECURITY, PERFORMANCE OR AVAILABILITY OF THE SERVICES AND DOES NOT PROVIDE ANY WARRANTY OR REPRESENTATION THAT THE SERVICES OR THE CONTENT IS FREE FROM INFECTION FROM VIRUSES OR ANYTHING ELSE THAT HAS CONTAMINATING OR DESTRUCTIVE PROPERTIES.

THE ABOVE DISCLAIMERS APPLY EQUALLY TO YOUR USE OF ANY OF THE SERVICES AND ALL CONTENT. WITHOUT LIMITING THE ABOVE, FT IS NOT LIABLE FOR MATTERS BEYOND ITS REASONABLE CONTROL. FT DOES NOT CONTROL THIRD PARTY COMMUNICATION NETWORKS (INCLUDING YOUR INTERNET SERVICE PROVIDER), THE INTERNET, ACTS OF GOD OR THE ACTS OF THIRD PARTIES.

Our financial responsibility to you: YOU AGREE THAT IF WE ARE IN BREACH OF THESE TERMS AND CONDITIONS, WE WILL ONLY BE RESPONSIBLE TO YOU FOR ANY DAMAGES THAT YOU INCUR ARISING OUT OF YOUR USE OF ANY SERVICE OR THE CONTENT (TO THE EXTENT THAT FT’S LIABILITY IS NOT OTHERWISE EXCLUDED BY THIS SECTION 4) AS FOLLOWS:

• IF YOU INCUR ANY LOSS AS A RESULT OF USING ANY SERVICE OR ANY CONTENT OUTSIDE THE SCOPE OF THESE TERMS AND CONDITIONS, FT ACCEPTS NO RESPONSIBILITY (LIABILITY) TO YOU FOR THIS.
• IF YOU HAVE PAID FOR A SUBSCRIPTION, THEN FT ACCEPTS RESPONSIBILITY (LIABILITY) TO YOU FOR ANY DIRECT DAMAGES YOU ACTUALLY INCUR ARISING OUT OF YOUR USE OF THE RELEVANT SERVICE OR THE CONTENT IN ACCORDANCE WITH THESE TERMS AND CONDITIONS, SUBJECT TO A LIMIT EQUAL TO THE PRICE PAID BY YOU TO FT FOR YOUR SUBSCRIPTION DURING THE YEAR IN WHICH YOU INCUR THE DAMAGE. YOU MAY AT YOUR OPTION RECEIVE A RENEWAL TO YOUR SUBSCRIPTION FREE-OF-CHARGE AT THE POINT OF RENEWAL, IN PLACE OF MONETARY DAMAGES.
• IF YOU HAVE NOT PAID FOR A SUBSCRIPTION, THEN FT ACCEPTS NO RESPONSIBILITY (LIABILITY) TO YOU FOR ANY LOSS OR DAMAGE YOU MAY INCUR AS A RESULT OF YOUR USE OF ANY SERVICE OR ANY CONTENT IN ACCORDANCE WITH THESE TERMS AND CONDITIONS.

THE LIMITATIONS OF LIABILITY IN THIS SECTION 4 APPLY FOR THE BENEFIT OF FT, ITS AFFILIATES AND ALL OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS.

TO THE FULL EXTENT PERMITTED BY LAW YOU ACKNOWLEDGE AND AGREE THAT OUR THIRD PARTY CONTENT AND DATA SUPPLIERS HAVE NO LIABILITY WHATSOEVER TO YOU IN RESPECT OF ANY OF THEIR DATA SUPPLIED TO YOU AS PART OF THE CONTENT.

YOU ALSO AGREE TO WAIVE, TO THE FULL EXTENT PERMITTED BY LAW, ANY RIGHT YOU MAY HAVE TO BRING LEGAL CLAIMS AGAINST SUCH THIRD PARTIES ARISING FROM YOUR USE OF THEIR CONTENT IN ANY SERVICE. Notwithstanding anything else in this Section 4, FT’s liability will not be limited in the case of death or personal injury directly caused by FT’s negligence in those countries where it is unlawful for FT to seek to exclude such liability.

IF A COURT OF COMPETENT JURISDICTION DETERMINES THAT THE ABOVE LIMIT ON OUR LIABILITY IS UNENFORCEABLE, THEN YOU AGREE THAT IN ANY EVENT OUR TOTAL LIABILITY TO YOU SHALL NOT EXCEED DAMAGES GREATER THAN TWICE THE VALUE OF THE HIGHEST THEN APPLICABLE ANNUAL SERVICES SUBSCRIPTION FEE.

The above disclaimers and restrictions on liability apply equally to your use of the Services and all Content and also apply to content or information you receive in any conference calls that your Subscription may entitle you to participate in.

OTHER INFORMATION

Without limiting the above, FT is not liable for matters beyond its reasonable control. FT does not control postal or courier services, telephones, third party communications networks (including your Internet Service Provider), the Internet, acts of God or the acts of third parties. You are responsible at your cost for obtaining all hardware and communications services needed to access the Services.

Notwithstanding anything else contained in the provisions of this Section 4, FT’s liability will not be limited in the case of death or personal injury directly caused by FT’s negligence.

5. Third Party Sites and Services

The Services contain links to other Internet websites or online and mobile services provided by independent third parties ("Third Party Sites"), either directly or through frames. Third Party Sites may be co-branded with FT and so include FT’s trade mark. FT is not responsible for the availability or content of Third Party Sites and will not be a party to, or in any way responsible for, any transaction concerning goods or services available from such Third Party Sites. If you purchase products or services from a Third Party Site your contract for such products or services will be with the third party and not with FT. Our Privacy Policy does not apply to Third Party Sites.

Copyright in any software that is made available for download from the Services belongs to FT or its suppliers. Your use of the software is governed by the terms of any licence agreement that may accompany or be included with the software. FT is not responsible for any technical or other issues that may arise if you download third party software. Do not install or use any software unless you agree to such licence agreement.

The Content and Services may contain advertising and sponsorship. Advertisers and sponsors are responsible for ensuring that material submitted for inclusion on the Services complies with international and national law. FT will not be responsible for any error or inaccuracy in advertising or sponsorship material.

6. Subscription fees, payment and cancellations

FT may offer more than one level or type of Subscription at any time and make different content and services available to you depending on the level of Subscription you acquire. This will be made clear to you at the time you acquire your Subscription. FT reserves the right to change the content and services of China Confidential, Renminbi Compass, LatAm Confidential, Asean Confidential or any level of subscription at any time.

When you subscribe, you must provide FT with complete and accurate payment information and agree to pay at the rates in effect on the date you subscribe. You can request an invoice (which you shall pay in accordance with its credit terms) at the point of sale or pay by credit or debit card. By submitting card payment details to us, you warrant that you are entitled to purchase a Subscription using those card details. If we do not receive timely payment or payment authorization or any authorization is subsequently cancelled or refused, we may immediately terminate or suspend your access to the Services.

The subscription price is the price quoted to you by our sales team on the telephone and which we will confirm by email to you. If there is a discrepancy between the price quoted on the telephone and the price confirmed by email then we reserve the right to cancel your Subscription at any time pending agreeing a revised price with you and re-confirming it by email. Eligibility for any discounts is ascertained at the time you subscribe and cannot be changed during the term of your Subscription. We only sell annual Subscriptions which automatically expire at the end of the annual Subscription period unless you renew the Subscription We may make a free trial available to you in which case we reserve the right without notice and at any time to terminate any free trial.

If you acquire a premium subscription then you will be entitled to additional premium content and services which may include access to survey data and invitations to participate in conference calls with senior China Confidential, Renminbi Compass, LatAm Confidential or Asean Confidential staff, as applicable. Please note that the terms of section 2 and section 4 of this Subscriber Agreement apply equally to any information you access through such premium subscription.

Although you may cancel the Subscription at any time by contacting [email protected], all Subscription fees are non-refundable except:

• as expressly provided in Section 1 of this Subscriber Agreement; or
• if we completely withdraw the relevant Service or we make the relevant Service a completely and permanently free service (in which case we will provide you with a refund on a pro rata basis relating to the unexpired period of your Subscription)

FT will charge you in British Pounds Sterling, US$ or Euros, depending on your country of residence. You may also have to pay any applicable taxes. Please click here for further tax information.

FT reserves the right to change the Content and Services or any part of China Confidential, Renminbi Compass, LatAm Confidential or Asean Confidential.

If you are a registered user, you can view limited parts of the Content in China Confidential, Renminbi Compass, LatAm Confidential and Asean Confidential that FT decides to make available to you.

FT reserves the right to suspend or terminate your Subscription or your registered user account if you breach the terms of the Subscriber Agreement, with or without notice, and without further obligation to you. You shall not longer be entitled to use the Services when your Subscription or registered user account is terminated or suspended or when it expires.

Your statutory rights are not affected by these contractual cancellation rights.

7. Choice of Law and Jurisdiction

If you are resident anywhere in the world other than the United States, this Subscriber Agreement shall be governed by, and construed in accordance with, English law and to the extent possible in the applicable jurisdiction, you and we irrevocably agree that the courts of England shall (subject to the third paragraph of this Section 7) have non-exclusive jurisdiction to settle any dispute which may arise out of, under, or in connection with this Subscriber Agreement.

If you are resident in the United States, this Subscriber Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, United States of America, without regard to any conflict or choice of law principles and you and we irrevocably agree that the appropriate federal or state court in New York shall (subject to the paragraph below) have non-exclusive jurisdiction to settle any dispute which may arise out of, under, or in connection with this Subscriber Agreement.

For the exclusive benefit of FT and to the extent possible in the applicable jurisdiction, FT shall retain the right to bring or enforce proceedings as to the substance of the matter in the courts of the country of your residence or, where you have also agreed to this Subscriber Agreement on behalf of a company or organization, the country of the place of business in which you agreed to this Subscriber Agreement or (if different) the country of the principal place of business of that organization.

8. General

You may not assign, sub-license or otherwise transfer any of your rights under these terms and conditions.

If any provision of these terms and conditions is found to be invalid by any court having competent jurisdiction, the invalidity of that provision will not affect the validity of the remaining provisions of these terms and conditions, which shall remain in full force and effect.

Failure by either party to exercise any right or remedy under these terms and conditions does not constitute a waiver of that right or remedy. Headings in these terms and conditions are for convenience only and will have no legal meaning or effect.

9. Corporate Information

China Confidential, Renminbi Compass, LatAm Confidential and Asean Confidential Subscriptions and Content are provided by The Financial Times Limited whose registered office address is Number One, Southwark Bridge, London SE1 9HL; company number is 227590; VAT number is 278 5371 21; and Data Protection Registration Number is Z7087146. Please send any queries (including complaints) about the Service to [email protected] or to the above postal address marked “China Confidential”, “Renminbi Compass”, “LatAm Confidential” or “Asean Confidential”, as applicable.

10. Changes to Subscriber Agreement

This version of the Subscriber Terms is the first published version and was published on 4th January 2011.