BNP PARIBAS EQUITY RESEARCH The bank for a changing world


Conditions of Use

Use of the BNP Paribas Securities (Asia) Limited (BNP Paribas Securities Asia) website (the "Site") by you is granted by Securities Asia on the conditions set out below which are in addition to any terms of business or other contractual agreements from time to time concluded with you. In the event of any conflict then, in relation to the use of the Site, the conditions set out below shall prevail.
References to "you", "your" and "yours" are references to the person(s) accessing the Site. The Site is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Site is prohibited. Persons in respect of whom such prohibitions apply must not access the Site.

BNP Paribas Securities Asia reserves the right to refuse the access to the Site to any person. No product and/or service shall be provided by BNP Paribas Securities Asia to any person if such product and/or service contravenes the law in the jurisdiction where such person is domiciled, or in any other jurisdiction relevant to that person. Each person accessing the Site should check in advance with his usual advisers before using the Site.

All parts of the Site may only be accessed by persons to whom a valid password has been issued. If you are a client of BNP Paribas and wish to obtain access to this password protected site then please direct your request to your usual BNP Paribas point of contact.

If you are not a client of BNP Paribas but wish to establish a client relationship please provide your details in the "Contact page". Please note that passwords may be withdrawn at any time without notice or liability. Unless you have been issued with a password and that password has not been withdrawn, you must not attempt to gain access to the Site.

These Terms of Use shall apply on each visit made by you to the Site, subject to such additional terms and conditions determined by BNP Paribas Securities Asia. We may modify, supplement or amend these Terms of Use at any time without notice. You agree to review these Terms of Use regularly and your continued access to or use of the Site will mean that you agree to any changes.

We do not represent or warrant that the Site will be available and meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. In particular, although we seek to ensure that any information specifically relating to you which may be accessed by you is incapable of being accessed by any third party, we cannot be held responsible if third parties hack into such information or it otherwise becomes available to third parties.

Consequently, we are not liable for any loss caused to you by any of the foregoing events. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.

BNP Paribas Securities Asia may record user access to this service and use such records for statistical analysis and marketing purposes.

US Supplement
Major U.S. Institutional Investor Certification

Access to the Site and the research presented on it is only available to "Major U.S. Institutional Investor" (MII) as defined in Rule 15a-6(b)(4) of the Securities Exchange Act.

MII includes (i) a U.S. institutional investor that has, or has under management, total assets in excess of $100 million; (ii) an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act that has total assets under management in excess of $100 million, or (iii) any entity, including any investment adviser (whether or not registered under the Investment Advisers Act), that owns or controls (or, in the case of an investment adviser, has under management) in excess of $100 million in aggregate financial assets.

UK Supplement
Access to this site is available only to persons who are Market Counterparties or Intermediate Customers for the purposes of the rules of the Financial Services Authority and who have professional experience in matters relating to investments. Those persons who do not have professional experience in matters relating to investments are not permitted to access the site.

Any person accessing this site and wishing to effect a transaction over any security or financial instrument detailed must do so through the appropriate BNP Paribas entity which maintains the client account.

Turkey Supplement
The comments and recommendations, which are a part of the reports prepared by TEB Yatırım Menkul Değerler A.Ş. (TEB Investment), are not tailor-made within the context of “investment consultancy”. In order for you to make transactions based on such remarks and recommendations, you need to fill-in and sign standard forms that will be requested by the entity through which you will have your transactions, containing such information as your preference on risk and return, purpose of your investment and your financial status.

Copyright: Trademark
The content of the Site is subject to copyright and all rights are reserved. You may download or print copies of information contained within the Site only for your own private use. All other copying, reproducing, transmitting, distributing or displaying of material on the Site (by any means and in whole or in part) is prohibited without the prior written permission of BNP Paribas Securities Asia.

The "BNP Paribas" trademark is owned by BNP Paribas and nothing contained on the Site shall constitute the grant of a licence to use such a trademark.

Scope of Information and Extent and Limitation of Responsibility for Content
Information on the Site is of a general nature and does not take into account your individual financial circumstances or investment objectives. The information contained on the Site is for your general information only and is not intended to provide the sole basis for any evaluation of any securities, investments or financial derivative products ("Securities") discussed therein. Nothing on the Site constitutes an offer to sell or any solicitation of any offer to buy or sell any security or instrument or to enter into any transaction. Independent advice should be obtained before making a decision on the suitability of any Security for your own investment strategy and objectives. In assessing the merits and suitability of any Security you should give consideration to the legal, tax, accounting, regulatory, financial and other related aspects thereof. In particular you should give consideration to the fact that derivative products can constitute high-risk investments, and should carefully review any risk warning included in, attached or linked to pages contained within the Site.

BNP Paribas Securities Asia has used its reasonable efforts to ensure that the information contained on the Site is compiled from sources that BNP Paribas Securities Asia believes to be reliable and accurate. However, BNP Paribas Securities Asia does not represent or warrant the accuracy or timeliness of such information which may be incomplete or condensed. Further, BNP Paribas Securities Asia undertakes no obligation and assumes no liability or responsibility (whether express or implied) to any person concerning the information or materials contained on the Site except as required by mandatory provision of law which may not be excluded and hereby excludes all liability for loss or damage (including direct, indirect, foreseeable, special or consequential loss or damage and including loss of profit) even if advised of the possibility of such damages incurred or sustained by any person in connection with the information or its use including (without limitation) for the consequences of reliance upon any opinion or statement contained therein or any error or omission whether negligent or not, except to the extent such liability may not be excluded or limited by law or by the rules of the jurisdiction to which BNP Paribas Securities Asia is subject.

All estimates and opinions included in any documents or other materials contained on the Site constitute BNP Paribas Securities Asia' judgement as at the date they were published and may be subject to change without notice. The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. Several factors may cause the value of investments to go up or down.

BNP Paribas' Interests
At any time, BNP Paribas may be long or short of or may have a financial interest in transactions involving any Securities described on the Site.

BNP Paribas may have acted as advisor and/or underwriter to any companies discussed on the Site.

The Site may contain links to other websites, which in turn may contain material that has been produced by issuers or independent providers not affiliated with BNP Paribas Securities Asia. BNP Paribas Securities Asia accepts no responsibility or liability for information provided on any website that may be accessed through links on the Site. Any opinions or recommendations expressed on such other websites are solely those of the relevant provider and are not the opinions or recommendations of BNP Paribas Securities Asia. The existence of a link from the Site to any other such website does not constitute a recommendation or other approval by BNP Paribas Securities Asia of such website or any provider thereof and, in particular (but without prejudice to the foregoing), no approval is given by BNP Paribas Securities Asia to any such other website or its content.

You agree to indemnify, defend and protect BNP Paribas Securities Asia as well as its directors, managers, employees, representatives, licence holders or any other persons involved in the creation, production and distribution of the Site against all claims, liability, and the related costs and expenses arising as a result of any violation on your part of the terms set forth in these Terms of Use or in relation to your use of the Site.

System Failure
Due to the public nature of the Internet or otherwise, communications over the Internet may be subject to failure of performance, system, server or connection failure, error, omission, interruption, breach of security, computer virus, malicious code, corruption, delay in operation or transmission, transmission error or unavailability of access when accessing to this website and/or using the online services. Under no circumstances shall BNP Paribas Securities Asia be liable for malfunctions in communications facilities which are not under its control even if BNP Paribas Securities Asia had been advised as to the possibility.

These Terms of Use are governed by, and shall be construed in accordance with, Hong Kong law. Any disputes arising therefrom will be subject to the jurisdiction of the Hong Kong Commercial Court .

BNP Paribas Securities Asia is regulated in Hong Kong by the Securities and Futures Commission for the conduct of dealing in securities, advising on securities and providing automated trading services. To the extent that material on the Site is issued in Hong Kong it has been reviewed for compliance with applicable laws within this jurisdiction. The website is intended for use by institutional investors whose business involves the acquisition, disposal or holding of securities, whether as principal or agent

BNP Paribas is regulated in the US by the Securities Exchange Commission, Financial Industry Regulatory Authority (FINRA), New York Stock Exchange, Chicago Board Options Exchange and various other self regulatory organizations. BNP Paribas Securities Corp is a member of the NYSE and various other self regulatory organizations. To the extent that material on the Site is issued in the US it has been reviewed for compliance with applicable laws within this jurisdiction. The website is intended for use by institutional investors. All U.S. institutional investors accessing the site should effect transactions in securities discussed in the report through BNP Paribas Securities Corp.

BNP Paribas London Branch a branch of BNP Paribas, is regulated by the Financial Services Authority for the conduct of its designated investment business in the United Kingdom (U.K). To the extent that material on the Site is issued in the U.K. it has been reviewed for compliance with applicable laws within this jurisdiction. The website is intended for use by persons who are not private customers as defined under U.K. securities.

You agree to indemnify, defend and hold harmless BNP Paribas Securities Asia from and against any and all suits, losses, claims, demands, liabilities, damages, costs and expenses (including reasonable attorneys' fees) arising from or relating to: (a) your use of the Site; (b) your breach of any terms and conditions contained in this Conditions of Use Notice or any representation, warranty or covenant made by you herein; or (c) your violation of any applicable law, statute, ordinance, regulation or any third party's rights. This obligation survives the termination of this Conditions of Use Notice.

BNP Paribas Securities Asia reserves the right to change the terms and conditions under which this Site is offered without further notice to you. Your continued use of this Site shall signify your agreement with and understanding of any additional or modified terms or conditions applicable to this Site, which additions and modifications can be made at any time, without notice.

This Site and access to it can be terminated at any time, with or without notice, and for any reason. Termination of your access to and use of the Site does not relieve you of any obligations arising or accruing prior to such termination or limit any liability that you otherwise may have to BNP Paribas Securities Asia or any of its affiliates.

This Conditions of Use Notice will be binding on and will inure to the benefit of the legal representatives, successors and assigns of the parties hereto. BNP Paribas Securities Asia may assign the terms and conditions under this Conditions of Use Notice in whole or in part at any time without your consent. Your obligations contained in this Conditions of Use Notice shall not be assigned or delegated. Any purported assignment of the terms and conditions contained in this Conditions of Use Notice in violation of its terms shall be void.

If any portion of any provision of this Conditions of Use Notice is found invalid or unenforceable, that provision shall be enforced to the maximum extent possible and the remaining provisions of this Conditions of Use Notice shall remain in full force and effect.

Deem Consent
When you log-in to this Research Website, we deem to have your consent that you agree the following terms. The personal information collected from you is solely for the purpose of distributing research reports to you. We may pass your personal information to other BNP Paribas companies or agents or internal systems in accordance with our internal policies and procedures. All BNP Paribas companies, all our staff and all third parties with permitted access to your information are specifically required to observe our confidentiality obligations. We maintain strict security systems designed to prevent unauthorised access to your personal information by anyone, including our staff. Please kindly contact "" if you do not want to access to the Research Website, receive any research materials or you would like to update your personal information.

BNP Paribas uses cookies on this website. By continuing to use the Site you accept the use of these cookies. Please see our for more information and to learn how to block cookies from your computer. Blocking cookies may mean you experience reduced functionality or are prevented from using the Site completely.