Lombard Street Research’s material is intended to encourage better understanding of economic policy and financial markets. It does not constitute a solicitation for the purchase or sale of any commodities, securities or investments. Although the information compiled herein is considered reliable, its accuracy is not guaranteed. Any person using Lombard Street Research’s material does so solely at his own risk and Lombard Street Research shall be under no liability whatsoever in respect thereof.

www.lombardstreetresearch.com ("the Site") is a web site developed by Lombard Street Research Limited (together referred to herein as "lombardstreetresearch.com"). By entering the Site or any future associated channels you are deemed to have accepted these terms and conditions.

CHANGES TO THESE TERMS AND CONDITIONS:
Due to the constant development of the Site it may become necessary to amend these terms and conditions and lombardstreetresearch.com reserves the right to do so by posting changes online. It is your responsibility to check these terms and conditions regularly and your continued use of the Site after such changes are posted constitutes your acceptance of these terms and conditions as amended.

SITE TRANSACTIONS:
If you use the Site to purchase products or services from third party providers, any such transaction is concluded under the terms of business of the third party provider and lombardstreetresearch.com accepts no liability for such transactions.

ACCURACY OF INFORMATION:
Neither lombardstreetresearch.com nor any of its data providers or affiliates make any warranties expressed or implied, as to the accuracy, adequacy, quality or fitness for any particular purpose of the information or the services for a particular purpose or use and all such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law. You bear all risks from any uses or results of using any information. You are responsible for validating the integrity of any information received over the internet.

INFORMATION POSTED BY YOU:
You agree to not post (or transmit) (i) any information which is objectionable including, without limit, information which is defamatory, obscene, threatening, untrue or in breach of any applicable laws, rules, regulations or market conventions, (ii) any information which is in breach of any person's rights (including without limit, copyright and confidentiality), (iii) any information or software which contains a virus, cancelbot, Trojan horse, worm or is otherwise harmful or (iv) any information which (in lombardstreet.com's opinion) constitutes advertising. Lombardstreetresearch.com accepts no responsibility for and gives no warranties in connection with any information posted on its site by its users. By placing a posting on the Site or making available to other users any information you hereby grant to lombardstreetresearch.com a worldwide non-exclusive licence to use copy, distribute, publish and transmit such information in any manner which lombardstreetresearch.com wishes (including, without limit, archiving and making available such information as part of the Site).

INDEMNITY:
You irrevocably indemnify lombardstreetresearch.com and its data providers and affiliates from and against any and all losses, damages and costs suffered or incurred by lombardstreetresearch.com, or any data providers or affiliates of whatsoever nature arising out of or in connection with your use, provision or distribution of information or any part or the Site or any part or otherwise howsoever arising in relation to any breach of these terms and conditions by you.

HYPERTEXT LINKS:
lombardstreetresearch.com provides hypertext links to sites on the Internet which are operated by other people. Using an external hypertext link means that you are leaving the Site and lombardstreetresearch.com therefore takes no responsibility for and gives no warranties, guarantees or representations in respect of linked sites.

INTELLECTUAL PROPERTY:
All intellectual property rights (including copyright, patents, trade marks) whether registered or not on the Site shall remain the property of lombardstreetresearch.com and no customer or other person shall, or shall attempt to obtain any title to such rights. Information appearing on lombardstreetresearch.com is the copyright of Lombard Street Research Limited and must not be reproduced in any medium without licence. Users are permitted to copy some material for their personal use as private individuals only. Users must not republish any part of the data either on another website, or in any other medium, print, electronic or otherwise, or as part of any commercial service without the prior written permission of the Managing Director of Lombard Street Research Limited. If you require any further information on permitted use, or a licence to republish any material, email us at lsr@lombardstreetresearch.com, or address your inquiry to Telephone +44 20 7382 5900. If you are granted a licence to reproduce material you will be required to follow some simple guidelines about the way the information is displayed. An acknowledgement of the source must be included whenever Lombard Street Research copyright material is copied or published.

ADVERTISING AND SPONSORSHIP:
Parts of the Site contain advertising and sponsorship. Advertisers and sponsors are responsible for ensuring that material submitted for inclusion on the Site complies with all legal and regulatory requirements and does not contain any material which is objectionable including, without limit, information which is defamatory, obscene, threatening or untrue. Lombardstreetresearch.com will not be responsible for any such material or any error or inaccuracy in advertising material.

LIABILITY:
Due to the number of sources from which lombardstreetresearch.com obtains content and the nature of electronic distribution via the world wide web neither lombardstreetresearch.com nor any of its data providers nor affiliates shall have any liability (whether in contract or tort) for any losses, costs or damages resulting from or related to use of or inability to use any information contained in the Site or the provision of the Site to the fullest extent to which such liability may be excluded or avoided by law and in no event shall lombardstreetresearch.com be liable to you for lost profits or for indirect, incidental, special, punitive or consequential damages arising out of or in relation to the provision of information on the Site. Lombardstreetresearch.com makes no warranty that the Site is free from infection by viruses or anything else that has contaminating or destructive properties.

JURISIDICTION:
These terms and conditions will be governed by the laws of England and Wales and the parties agree to submit to the exclusive jurisdiction of the English Courts.

LICENCE DEFINITIONS
A Limited User License permits access by up to the number of stated, named users at a single site.

COPYRIGHT, LICENCING & DISTRIBUTION
Information provided is subject to Lombard Street Research (LSR’s) copyright and distribution terms. Information may not be reproduced, abstracted, sorted or transmitted in any way other than under the terms set out in this contract. If information is incorporated in commercially published reports, services or publications, in whatever format, then the client will seek permission before using the information. In the event that the amount of data in such commercially produced articles is significant then LSR reserves the right to charge a fee or royalty, which reflects the amount of information used. The Subscriber has purchased a non-transferable, non-exclusive, license to access specific Lombard Street Research services, which will be subject to the following terms and conditions. The "content" within the site is also referred to in this agreement as "material", "intellectual property" "report" and "data". Once your organisation, or a person within it, has had access to any Content subject to these conditions, you are agreeing that your organisation is deemed to be aware of, and consents to, this Agreement.

1. AVAILABILITY OF SERVICES: LSR will use reasonable endeavors to ensure that the Services will be made available to the Subscriber 24 hours per day throughout the Subscription Period ("Normal Service Availability"). However LSR reserves the right to, a) vary the Normal Service Availability in any way provided it gives the Subscriber 48 hours notice of its intention to do so. b) suspend the Services temporarily in the event of technical difficulties or other circumstances beyond the reasonable control of LSR. In the event of any such variation or suspension of Services LSR will use all reasonable endeavors to resume Normal Service Availability as soon as practicable but shall not be liable for any loss, damage or claim caused by such variation or suspension.

2. AUTHORISED USE OF SERVICES: (i) Access to the Services is restricted to the specific users. The subscriber will notify LSR as soon as a user has left the company, or no longer requires access, so that a replacement user can be assigned access during the term of the agreement.ii) Where specific IP addresses are authorised to have access, these should be notified. iii) The Subscriber also warrants that: (a) it shall ensure that any user name, password or other identification measure employed to access the Services is not disclosed to any person other than the persons authorized to access the same; and (b) all authorized persons will use the Services only in accordance with this Agreement; and (c) its information technology systems and paper record systems are secure and not capable of penetration (including by 'hacking' or physically) by unauthorized persons and that all data derived from the Services shall be kept secure; and (d) it shall comply with all applicable laws and regulations relating to the activities contemplated under this Agreement, in particular the Data Protection Act 1998.

3. OWNERSHIP OF INTELLECTUAL PROPERTY: (i) The Subscriber acknowledges that: (a) all Intellectual Property Rights (IPR) (including all patents, copyrights, rights in software, design rights, trade marks, service marks, trade secrets, know-how, database rights, domain names, and all other intellectual or industrial property rights (whether registered or unregistered)) and all applications for the same, anywhere in the world) in the Services, the information contained therein, in all documentation, training materials and related matter, and in all parts thereof, are owned by LSR; (b) that it does not have any IPR nor any other proprietary interests in the Services, or in any data or material contained in it; and (c) except as expressly permitted in this Agreement, nothing herein shall be taken as conferring by implication, estoppel or otherwise any license or right to use any IPR in the Services without the prior written approval of LSR or third parties who may own such IPR. (ii)The Subscriber undertakes that it will not copy, reproduce, extract or transmit in any form or otherwise deal with in any way, the whole or part of the data, materials or information contained in the Services except as provided in sub-clauses (iv) (a.) and (b.) below. (iii) Unless otherwise agreed in writing in advance by LSR, the material (in whole or in part) may not be sold, nor passed on, communicated, or disseminated in any form, nor access granted to any third party (including but not limited to clients/potential clients/suppliers/agents/partners in other ventures/accountants/solicitors/bankers/ brokers/licensees). Nor to any subsidiary, associated or holding company (whether direct or indirect) of the subscriber, whether trading or non-trading, or to any entity trading under the same umbrella trading name where the direct equity interest is different in any way to that of the subscriber. (iv)The Subscriber may only use the Services for its own business or internal purposes as follows: (a.) It may only store material in the memory of, display material upon the monitor of, and use the printing facilities connected to, the PC through which the Services are being accessed in order to download and/or access material. Where the Subscriber effectively copies, or has effectively copied, the intellectual property onto a hard disk, file server or equivalent at its own premises for ease of use, reference or any other reason, it is hereby agreeing to limit access to the nominated users unless otherwise agreed in writing, and upon payment of additional fees to LSR. (b.) distribute copies in paper and/or electronic form of material so long as all copies made are distributed: within the immediate organization of the Subscriber and the Subscriber acknowledges that any distribution to any third party outside of its organization (including without limitation any subsidiary, associated or holding company of the Subscriber) then it will indemnify LSR against any claim arising from the unauthorized distribution and be liable for a sum equivalent to the loss in sales revenue (at the prevailing copy price per whole report or the rate card price for an annual subscription to the relevant database as published from time to time by LSR) caused by any unauthorized distribution of any part(s) of any report(s). The Subscriber, (or any subsequent user, whether licensed or unlicensed), will not place financial reliance upon any figure, statement or inference contained within any LSR's report or intellectual property, or invite investment from others, without first obtaining the written consent of LSR's company secretary so to do. In the event that the Subscriber (or any subsequent user, whether licensed or unlicensed) does not follow this procedure, it (or any subsequent user, whether licensed or unlicensed) agrees to fully and effectually indemnify LSR against any claims, howsoever arising.

4. PAYMENT: The Subscriber undertakes to pay for the supply of the Services for the initial and any subsequent terms of the Agreement in accordance with clause 6, and the Subscriber undertakes to settle invoices issued by LSR in respect of the Services within 30 days of receipt unless otherwise agreed in writing by LSR and expressed as such in the agreement specification. Failure to settle in full on these terms may lead to the imposition of interest charges upon the Subscriber at 6.5% per annum. LSR will not provide a pro rata refund once such a subscription has been made available to the subscriber, as all subscriptions will run their full term.

5. LIMITATION ON LIABILITY: (i) Except as provided in Clause 5 (ii), all conditions and warranties whether express or implied by statute or otherwise (including but not limited to those as to description, merchantability or fitness for purpose) are excluded from this agreement. In particular whilst LSR aims to ensure that material contained within the Services is accurate and complete, LSR gives no warranty, express or implied, that the material supplied as part of the Services is suitable for any particular purpose, nor that it is complete, correct, or up to date. (ii) LSR will use all reasonable efforts to ensure that the Services and any software relating thereto provided by LSR will perform in accordance with any LSR user guide that is available. In the event of an established failure of the Services, LSR's obligation shall be limited to using its reasonable efforts to remedy any deficiencies in the relevant Services, or at its option, to canceling, crediting or refunding all charges due from the Subscriber in respect of any period for which the Services have failed to perform correctly. The obligation to correct defects or cancel, credit or refund a proportionate part of the charges described above shall constitute the full extent of LSR's liability in respect of any loss or damage sustained by the Subscriber whether caused by breach of this Agreement, misrepresentation, negligence of LSR (or its employees or agents) or from any other cause, and in particular, LSR shall not be liable for any consequential, economic or other direct or indirect loss (including but not limited to any damages payable to a third party, loss of profits or wasted resources) suffered by the Subscriber, provided that if for any reason this provision is invalid or unenforceable, the maximum aggregate liability of LSR shall not exceed the total annual charges payable by the Subscriber for the Services. The foregoing exclusions and limitations of liability shall not apply in the case of death or personal injury.

6. SUBSCRIPTION PERIOD & TERMINATION: (i) This agreement shall commence on the date stated on the Agreement Specification and shall continue for an initial minimum period of 12 months (unless otherwise agreed in writing). The subscription shall be automatically renewed on the last day of the agreement, for an equal period to that of the initial term. The Subscriber may terminate the subscription by serving notice, in writing, 30 days prior to the last day, of the end of, either the initial period or any subsequent periods there after, allowing the agreement between LSR and the subscriber to expire on the last day of the term where notice has been served. LSR may also notify the subscriber at any time, during the term of the current agreement of any changes in the cost to the subscriber for the use of the online services LSR offer during the subsequent term. ii) LSR may terminate this Agreement, with immediate effect and without notice, in the event that the Subscriber has defaulted in the performance of any material provision contained in this agreement and (where capable of remedy) such default has not been remedied within 30 days after written notice thereof shall have been given to the defaulting party. Termination of this Agreement for any reason shall not affect LSR's right to recover any moneys due at the time of termination or to recover damages for any breach of contract before termination.

7. CONFIDENTIALITY: The Subscriber undertakes to keep confidential and not to disclose to any third party or to use itself, any confidential or secret information in any form directly or indirectly belonging or relating to LSR, its or their business affairs, disclosed by LSR or received by the Subscriber pursuant to or in the course of this Agreement ("Confidential Information"). The Subscriber undertakes to disclose Confidential Information of LSR only to those of its officers, employees, agents and contractors to whom and to the extent to which disclosure is necessary for the purposes contemplated under this Agreement. The above obligations of confidentiality and non-use shall not apply to information or material: (i) which is named by the Subscriber prior to receipt from LSR as evidence by documents in the possession of the Subscriber at the time of disclosure; (ii) which, after receipt from LSR, is disclosed to the Subscriber by a third party having the legal right to do so; (iii) which is available to the public at the time of receipt of LSR; or (d) which becomes available to the public after receipt from LSR through no fault of the Subscriber.

8. FORCE MAJEURE: No party shall be liable to the other for the delay or non-performance of its obligations under this Agreement arising from any cause or causes beyond its reasonable control including without limitation, any of the following: act of God, government act, war, fire, flood, explosion or civil commotion.

9. WAIVER: No forbearance or delay by LSR in enforcing its rights will prejudice or restrict the rights of LSR, and no waiver of any such rights or of any breach of any contractual terms will be deemed to be a waiver of any other right or of any later breach.

10. NO ASSIGNMENT: The benefit of this Agreement may not be assigned in whole or in part by the Subscriber without the prior written consent of LSR

11. INVALIDITY: If any party of this Agreement shall be held unenforceable the rest of the Agreement shall nevertheless remain in full force and effect.

Lombard Street Research Limited
Registered office: Pellipar House, 9 Cloak Lane - London - EC4R 2RU.
Registered in England No 2357712

This privacy statement discloses the privacy practices for www.lombardstreetresearch.com. It applies solely to this website. Information collection and use LSR does not store or collect any personal information about site users, other than their account credentials. This data is not sold or utilised by any other 3rd parties.

ABOUT COOKIES
Cookies are information packets sent by web servers to web browsers, and stored by the web browsers. The information is then sent back to the server each time the browser requests a page from the server. This enables a web server to identify and track web browsers. There are two main kinds of cookies: session cookies and persistent cookies. Session cookies are deleted from your computer when you close your browser, whereas persistent cookies remain stored on your computer until deleted, or until they reach their expiry date.

GOOGLE COOKIES
www.lombardstreetresearch.com uses Google Analytics to analyse the use of this website. Google Analytics generates statistical and other information about website use by means of cookies, which are stored on users’ computers. The information generated relating to our website is used to create reports about the use of the website. Google will store and use this information. Google’s privacy policy is available at: Google Policy.

REFUSING COOKIES
Most browsers allow you to refuse to accept cookies.

How to enable and disable cookies using your browser

Microsoft Internet Explorer 6.0, 7.0, 8.0
- Click on 'Tools' at the top of your browser window and select 'Internet Options'
- In the options window navigate to the 'Privacy' tab
- To enable cookies: Set the slider to ‘Medium’ or below
- To disable cookies: Move the slider to the top to block all cookies
- To enable cookies in the “Cookies” section, pick ‘Allow local data to be set’, this will enable both first-party and third-party cookies. To allow only first-party cookies pick ‘Block all third-party cookies without exception’
- To disable cookies, in the “Cookies” section, pick ‘Block sites from setting any data’
- Note there are various levels of cookie enablement and disablement in Explorer. For more information on other cookie settings offered in Internet Explorer, refer to the following page from Microsoft: http://windows.microsoft.com/en-GB/windows-vista/Block-or-allow-cookies

Google Chrome
- Click the wrench icon on the browser toolbar
- Select Settings
- Click ‘Show advanced settings’
- In the “Privacy” section, click the ‘Content settings’ button
- To enable cookies in the “Cookies” section, pick ‘Allow local data to be set’, this will enable both first-party and third-party cookies. To allow only first-party cookies pick ‘Block all third-party cookies without exception’
- To disable cookies, in the “Cookies” section, pick ‘Block sites from setting any data’
- Note there are various levels of cookie enablement and disablement in Chrome. For more information on other cookie settings offered in Chrome, refer to the following page from Google: http://support.google.com/chrome/bin/answer.py?hl=en&answer=95647

Mozilla Firefox
- Click on 'Tools' at the browser menu and select ‘Options’
- Select the Privacy panel
- To enable cookies: Check ‘Accept cookies for sites’
- To disable cookies: Uncheck ‘Accept cookies for sites’
- Note there are various levels of cookie enablement and disablement in Firefox. For more information, refer to the following page from Mozilla: http://support.mozilla.org/en-US/kb/Enabling%20and%20disabling%20cookies

Opera
- Click on 'Setting’ at the browser menu and select 'Settings'
- Select ‘Quick Preferences’
- To enable cookies: check “Enable Cookies”
- To disable cookies: uncheck “Enable Cookies”
- Note there are various levels of cookie enablement and disablement in Opera. For more information on other cookie settings offered in Opera, refer to the following page from Opera Software: http://www.opera.com/browser/tutorials/security/privacy/

Safari on OSX
- Click on 'Safari' at the menu bar and select the 'Preferences' option
- Click on 'Security'Click on 'Security'
- To enable cookies: In the 'Accept cookies' section select 'Only from site you navigate to'
- To disable cookies: In the ‘Accept cookies’ section select ‘Never’
- Note there are various levels of cookie enablement and disablement in Safari. For more information on other cookie settings offered in Safari, refer to the following page from Apple: http://docs.info.apple.com/article.html?path=Safari/3.0/en/9277.html

All other browsers
- Please look for a “help” function in the browser or contact the browser provider.

Blocking cookies will have a negative impact upon the usability of some websites.

If we decide to change our privacy policy, we will post those changes on this page so our users are always aware of what information we collect and how we use it.