1. General Information

1. For the purposes of S. 21 FSMA the whole Site has been approved by Charles Stanley, a firm authorised and regulated by the Financial Services Authority ("the FSA") and entered in the FSA's Register with Register number 124412. The FSA's Register can be accessed at www.fsa.gov.uk.
2. "Charles Stanley" and "FASTRADE" are registered trade marks of Charles Stanley and its holding company, Charles Stanley Group plc, respectively.
3. Charles Stanley's registered VAT number is 524732945.
4. For general enquiries by email, please contact Charles Stanley at admin@charles-stanley.co.uk
5. Charles Stanley is a member of the London Stock Exchange, Euronext.liffe London, the International Capital Market Association and the Association of Private Client Investment Managers and Stockbrokers.

2. Disclaimers

1. Charles Stanley does not warrant that the Site will be uninterrupted or error-free; nor does it make any warranty as to the results that may be obtained from the use of the Site. Other than disclosures relating to Charles Stanley, the information on this Site including stock price information is based on current public information that it considers reliable, but Charles Stanley does not represent that it is accurate or complete and it should not be relied on as such.
2. The Site is provided without warranties or other assurances of any kind. To the fullest extent permitted by law, neither Charles Stanley nor any other party involved in creating, producing or communicating the Site shall be liable for any direct, indirect, incidental, special or consequential loss or damages that result from the use of or inability to use it, including but not limited to interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission, or any failure of performance, whether or not resulting from force majeure, communications failure, theft, destruction, or unauthorised access to Charles Stanley's records, programs or services.
3. E-mail messages may not be secure and may be intercepted by third parties. If you send an e-mail to Charles Stanley containing confidential information about you, you agree that you do so at your own risk and that you hold Charles Stanley harmless from any loss that you may suffer as a result.
4. These disclaimers shall not operate so as to exclude, limit or restrict Charles Stanley's liability for death or personal injury, for fraud or fraudulent misrepresentation, for damage suffered as a result of any breach by of the conditions as to title and quiet enjoyment implied by English law, liability under Part 1 of the Consumer Protection Act 1987 or for any other liability the exclusion or limitation of which is not permitted by English law. These disclaimers do not affect the statutory rights of consumers.
5. These disclaimers shall be governed by and construed in accordance with the laws of England. If any provision shall be unlawful, void or for any reason unenforceable then that provision shall be deemed severable and shall not affect the validity and enforceability of the remaining provisions.

3. Use & Reproduction

1. You acknowledge that this Site contains information, data, software, photographs, graphs, videos, typefaces, graphics, music, sounds, and other material (collectively "Content") which is protected by copyright and other intellectual property rights proprietary to Charles Stanley and its licensors.
2. No part of the Content may without the prior written permission of Charles Stanley be permanently stored, reproduced or copied in any form or by means other than for the user's legitimate and legal internal business purposes, provided that the user maintains all of the Charles Stanley notices, such as all legal notices and disclaimers, copyright notices, trade mark legends, or other proprietary rights.
3. Distribution, reselling or reproduction of this material is strictly prohibited. You may not modify, remove, delete, augment, add to, publish, transmit, participate in the transfer or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part.
4. You understand that while you may be able to access certain research tools and reports through this Site, the availability of such information does not constitute a recommendation to buy, sell or otherwise trade all or any of the securities mentioned therein. Charles Stanley accepts no fiduciary duties to the reader of such material and in communicating such research material is not acting in a fiduciary capacity. Neither Charles Stanley nor any of its directors, officers, employees or agents shall have any liability, howsoever arising, for any error or incompleteness of fact or opinion in it or lack of care in its preparation or publication, provided that this shall not exclude liability to the extent that this is impermissible under the law relating to financial services. All statements and opinions are made as of the date on the face of the relevant research material and are not held out as applicable thereafter. Research recommendations are given in good faith but without legal responsibility and are subject to change without notice. You are recommended to seek advice concerning suitability from your investment advisor. Investors should be aware that past performance is not necessarily a guide to the future and that the price of shares and other investments, and the income derived from them, may fall as well as rise and the amount realised may be less than the original sum invested. You agree not to hold Charles Stanley and/or any of its respective offices, employees, agents or affiliates, liable for any investment decisions made by you arising from the use of this Site or its Content.
5. Charles Stanley conducts a full service investment management, investment banking and brokerage business. Charles Stanley has investment banking relationships with a number of the companies covered by our research division. Charles Stanley may seek investment banking business from the covered businesses referred to in this research. Charles Stanley and its connected companies, their directors, members, employees and members of their families may have positions in the securities or derivatives (including derivatives, options and warrants) thereof of covered companies referred to in research. As a result, investors should be aware that Charles Stanley may have a conflict of interest that could affect the objectivity, independence and impartiality of its research. Investors should consider research as only a single factor in making their investment decision.
6. Research material will carry the date of publication or, on a research circular printed overnight, the date on which it was sent to the printers. Where a price is quoted in research material it will generally, in the absence of contrary words, be the latest practicable price prior to distribution or, in the case of a research circular printed overnight, the closing price at the close of business.
7. Prices and other share information provided within this Site are supplied on a delayed time basis.
8. You may not link to the Site without the prior written consent of Charles Stanley, unless you do so in a way that is fair and legal and does not damage Charles Stanley's reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval or endorsement by Charles Stanley where none exists. You must not establish a link from any website that is not owned by you. The Site must not be framed on any other site. Charles Stanley reserves the right to withdraw any linking permission without notice.

4. External Sites

   By accessing other websites through links provided by Charles Stanley (be it a hypertext link or other referral device), you agree to the following terms and conditions:

1. Should you leave this Site via a link contained herein, and view content on any website that is not provided by Charles Stanley, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Charles Stanley. Charles Stanley does not guarantee the timelines, sequence, accuracy, adequacy or completeness of such information and Charles Stanley gives no express warranties with respect to the information. Charles Stanley is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in any such website, or for any such site's policies in relation to the use or processing of personal data. Charles Stanley makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.
2. Charles Stanley is not responsible for the accuracy of information contained within websites provided by third parties that may have links to or from its Site. The material available on external websites has been produced by independent providers that are not affiliated with Charles Stanley and nor may they be regulated by the FSA. Any opinions or recommendations expressed on external sites are solely those of the independent providers and are not the opinions or recommendations of Charles Stanley.
3. You understand that while some of the linked websites may provide information and news stories about investments, the availability of such information does not constitute a recommendation to buy or sell or otherwise trade all or any of the securities discussed therein. You understand that you are responsible for your own investment decisions and you should seek your own professional advice as to the suitability of any investment mentioned in such information.
4. The 'Stock News' and 'General News' services which may appear on the Site have been produced by independent providers that are not affiliated with Charles Stanley. Any opinions or recommendations expressed are solely those of the independent providers and not the opinions or recommendations of Charles Stanley. Information provided by the independent providers is believed to be reliable. However, Charles Stanley does not guarantee the timeliness, sequence, accuracy, or completeness of such information.

5. Use of Information

1. All information provided by Digital Look Ltd (the "Information") on the Site is owned by or licensed to Digital Look Ltd and any user is limited to storing, filing in format print and displaying the Information for such user's personal use. In no event shall any user publish, retransmit or redistribute or otherwise reproduce any Information in any format to anyone else for interruption, inaccuracy, error or omission, regardless of cause. Charles Stanley shall not be responsible for any errors in the Information or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom. You agree to indemnify and hold harmless Charles Stanley for any cost, charges and damages resulting from breach of this clause.
2. "FTSE" is a trade mark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under licence. Charles Stanley is licensed by FTSE to redistribute the FTSE^TM 100, 250 & 350 and the TechMark and All Share Indexes (the "Indexes") on a delayed basis on the Site. The Indexes are calculated in accordance with a standard set of ground rules established by FTSE in conjunction with the Institute and Faculty of Actuaries and all rights in and to the Indexes vest in FTSE and/or its licensors. All information is provided for reference only. Neither FTSE nor its licensors shall be responsible for any error or omission in the Indexes.
3. You agree to comply with any restrictions or conditions imposed upon the use, access or storage of the data as may be notified to you by FTSE or Charles Stanley and you agree not to distribute or disseminate in any form or by any means (including but not limited to via the Internet or via any other electronic means) all or any of the data provided by Charles Stanley under licence from FTSE. You agree to indemnify and hold harmless Charles Stanley for any costs, charges and damages resulting from a breach of this clause.

6. Data Protection

1. In cases where you have provided personal information as part of the online registration forms, Charles Stanley shall only use it to carry out its duties and obligations arising from the provision and use of this Site and Charles Stanley shall at all times comply with the requirements of current data protection legislation.
   Click here to view our Privacy Policy.
2. You are responsible for maintaining the security of your User ID and password which permits access to your account. Such information must never be shared with anyone, and after accessing your account you must log off. This ensures that no third party may be able to access you account if you leave your computer and your session has not yet been timed out.
3. If you receive marketing, research or other regular information from Charles Stanley and wish to unsubscribe please email admin@charles-stanley.co.uk.

7. Other Information

1. In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Charles Stanley reserves the right to monitor all internet communications, including web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to, viruses and other malignant codes, criminal activity and inappropriate, offensive or otherwise unacceptable use or content.
2. Charles Stanley reserves the right to cooperate fully with any investigation by national and international police, regulatory authorities and other officials, and reserves the right to disclose any personal data (including personal or private electronic communication transmitted on this Site) to such officials to the extent requested by them in connection with any such investigation, or as otherwise required by law or regulation.
3. Current tax levels and reliefs may change and the value of any relief depends on individual circumstances.
4. This Site contains both public and client areas. The client login area and the services described by the Site are only available following successful completion of Charles Stanley's account opening requirements. Charles Stanley has made every effort to describe the benefits and risks associated with these services which you should ensure you understand before contemplating making an application. The terms and conditions applicable to these services operate in conjunction with the terms of this legal notice, although the former shall take precedence in the case of any conflict between them.

February 2007