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      <li>Use any device, application or process to retrieve, index, "data mine" or in any way reproduce or circumvent the navigational structure or presentation of the Site; </li>
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    <p class="bodytext">Access to this website and the information and material set forth herein (the "Site") is provided to you subject to the following terms. You understand that your access to and use of this Site constitutes your consent and
      agreement to abide by these terms. </p>
    <p class="bodytext">All securities transactions and other financial services are conducted based on signed written agreements between CLSA and its customers, and the terms of those agreements are binding on the parties. No other representation,
      whether made in person, online, electronically, in written, graphical, or verbal communication, may alter the terms of those agreements except that your use of this service constitutes your agreement to the additional terms and conditions
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    <p class="bodytext"><strong>Disclaimer</strong>
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    <p class="bodytext">The material and information contained in this Site has been produced and collated by CLSA in accordance with its current practices and policies and with the benefit of information currently available to it. All reasonable
      efforts have been made to ensure the accuracy of the contents of the pages of the Site at the time of preparation. </p>
    <p class="bodytext">Notwithstanding the efforts made by CLSA to ensure the accuracy of the Site, no responsibility or liability is accepted by CLSA in respect of any use or reference to the Site, and CLSA does not warrant or guarantee the
      adequacy, accuracy or completeness of any information herein or that such information will be delivered in a timely or uninterrupted form. The information and material on this Site is provided "as is". CLSA expressly disclaims any obligation to
      update any information herein and any liability for inaccuracies and omissions in such information. CLSA accepts no liability for losses or damages which may be directly or indirectly sustained by any visitor to the Site or other person who
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    <p class="bodytext">You understand that CLSA may have opinions from time to time with regard to any or all of the securities referenced herein and that those opinions may be different than those obtained by using or stated in parts of this Site.
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    <p class="bodytext">When you login to our Site as an authorised user, we collect information regarding where you go within our site so that we may send you information that is of interest to you. In addition, like most Sites, we use small bits of
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    <p class="bodytext">While using this Site, you agree not to, by any means (including hacking, cracking or defacing any portion of the Site): </p>
    <ul class="bodytext">
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      <li>Use the Site for unlawful purposes; </li>
      <li>Harvest or collect information about Site users without their express consent; </li>
      <li>"Frame" or "mirror" any part of the Site without our prior authorization; </li>
      <li>Engage in spamming or flooding; </li>
      <li>Transmit any software or other materials that contain any virus, time bomb, or other harmful or disruptive component; </li>
      <li>Remove any copyright, trademark or other proprietary rights notices contained in the Site; </li>
      <li>Use any device, application or process to retrieve, index, "data mine" or in any way reproduce or circumvent the navigational structure or presentation of the Site; </li>
      <li>Permit or help anyone without access to the Site to use the Site through your username and password or otherwise. </li>
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    <p class="bodytext">You represent and agree that: </p>
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      <li>Your are obligated to discontinue use of your password and advise CLSA if you leave or are discharged from your present employer; </li>
      <li>Any use of your password after such departure will be a violation of this agreement. </li>
    </ul>
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    <p class="bodytext">The Site's contents may not be reproduced in whole or in part or otherwise made available without the prior written consent of CLSA. Unless specifically indicated otherwise, the pages and contents of this Site including the
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your access to and use of this Site constitutes your consent and agreement to
abide by these terms.

All securities transactions and other financial services are conducted based on
signed written agreements between CLSA and its customers, and the terms of those
agreements are binding on the parties. No other representation, whether made in
person, online, electronically, in written, graphical, or verbal communication,
may alter the terms of those agreements except that your use of this service
constitutes your agreement to the additional terms and conditions applicable to
such use.

Access

This Site is not directed to, 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
law or regulation or which would subject CLSA Limited or its affiliates ("CLSA")
to any registration or licensing requirement within such jurisdiction.

No Offer

The information 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 to
sell or solicitation of an offer to buy securities or other financial
instruments, or any advice or recommendation with respect to such securities or
other financial instruments. CLSA or its affiliates may, to the extent permitted
by law, 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 effect transactions in the
securities or options thereon. In addition, they may make markets in such
securities. CLSA may, to the extent permitted by law, act upon or use the
information or opinions presented herein, or the research or analysis on which
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NOW ON CITICCLSA.COM . . .


CHINA RESEARCH FROM CITIC SECURITIES

Under agreement with our parent company, China’s largest broker, we now provide
CITICS Research to CLSA clients, with extensive coverage of A shares. CITICS
covers 727 A shares and 113 H shares. Together we have China covered.

As the vast bulk of CITICS’ research is in Chinese, we have provided some new
search filters to improve accessibility for English readers. You can choose to
show only English or Chinese language citations. You may also choose to
translate all Chinese citations into English. These functions are available
on-the-fly but you can set your default preferences here:

Choose English translation as your default view for all pages

See only CLSA Research on CLSA pages



You may change these settings at any time by revising your language preferences
under My CLSA.

In the spirit of fast turnaround, we use Amazon Translate for Chinese-to-English
translation. We recognise that there can be issues with this, but accurate
translation is not our primary focus here. Due to the volume of CITICS research
each day, those seeking linguistic accuracy should rely on the original Chinese
version. Please contact your CLSA representative with any queries or
suggestions.

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