1. User Environment

We recommend the following user environment when accessing this website.

Viewing Flash Content

The Company elects to use Adobe Flash software for content on a portion of this website. Flash Player from Adobe is required to view such content.

2. Cookies, JavaScript and IP Addresses

The Company uses Cookies, JavaScript and IP Addresses on a portion of this website for the following purposes:

1. To study usage conditions on this website without tracking specific users.
2. To pinpoint and resolve any problems that may arise on the web server.
3. To improve the content of the website as well as e-mails and improve overall user satisfaction.
4. To customize the content of the website and e-mails so that it matches up with user preferences.

• *An IP address is a number that identifies a user's computer. The Company's web server records access history with user's IP address.
• *JavaScript is a scripting language that is embedded within the html code of a website to add interactive features to web pages.
• *A Cookie is a piece of information sent from the Company's web server to a user's browser. The browser saves the information on the user's hard disk or other memory location, and use it as an identifier of the user's browser. Although Cookies can distinguish the user's browser, it cannot distinguish any features of a specific user unless the user inputs personal information to the browser. Any information inputted is saved on the Cookie and the browser sends it back to the Company's web server whenever the user returns to this website. At this time, although the web server can identify the user, it does not infringe on or violate the user's privacy or usage environment.

In order to increase privacy, browsers may be configured to alert the user when a cookie is being sent, or to refuse to accept cookies. If a user disables the function that allows the acceptance of cookies by a browser, a portion of the Company's website may not operate properly. Users are fully responsible for the setting and managing of Cookies.

Cookie Settings

The following instructions should be followed to modify cookie settings on a browser:

On Microsoft Internet Explorer7.0 for the PC

• *Setting instructions may differ depending on the browser. The help menu on the browser can be accessed to determine specific instructions for setting cookies.

1. Click on the "Tools" tab and select "Internet Options"
2. Click on the "Privacy" tab and select "Advanced"
3. Click on "Overwrite automatic cookie handling" and choose the setting for "First-party Cookies" and "Third-party Cookies" (websites other than those displayed)

• To specify that Cookies should always be saved on the computer, click on "Accept"
• To specify that Cookies should never be saved on the computer, click on "Block"
• To have the computer display a message every time a cookie is received, click on "Prompt"

3. Copyright

All content published on this website (e.g. information, trademarks, designs, etc.) is the copyright of Daiwa Capital Markets Singapore Limited and its affiliated companies. As such, it is protected by applicable copyright laws . As a general rule, commercials (if any) on this website are the copyright of the original creator.
No part of this website or contents therein can be used (e.g. copied, modified, uploaded, displayed, transmitted, distributed, licensed, sold or published), transmitted, or transferred via intranet or other means to any person without the prior permission of the Company, Daiwa Securities Group Inc. or any of its or their affiliated companies.

4. Trademarks

This site features names that are the registered trademarks of Daiwa Securities Group Inc. The site may also include product names, service names, company names and logos that are in general the trademark or trade name of Daiwa Securities Group Inc. and its affiliated companies. All these trademarks and service marks are the property of the Company, Daiwa Securities Group Inc. or its or their affiliated companies and displaying them in any manner without prior permission is strictly prohibited.

5. Information is subject to change

All contents displayed on this website are current as of the day they are published and any opinions or forecasts are based on available information at that time. The Company reserves the right to amend any such information without prior notice.
In addition, there is no guarantee that the information displayed on this website is up to date. The Company does not guarantee the accuracy or completeness of the information herein in this website, and is not liable for any loss or damage, arising from the use of such information.
Please also note that errors may occur on this website because of third-party tampering, mechanical malfunctions or other force majeure.

6. Links to Our Website

Please contact us with a description of the content and purpose of your website, if you would like to add a link to our site. As a general rule, the Company allows linking to the top page of this website or a specific URL. Please note that the Company reserves it right to decline such requests.

Please also note that content and URL addresses may be modified or deleted by the Company without any prior notice.

7. Links to Other Websites

This website contains links to other sites. The Company does not control these other websites, and as such, we have not reviewed the information on such sites. The Company is not responsible for the contents of any other sites or any products or services that may be offered through such sites. In addition, the Company is not liable for any loss or damage arising from the use thereof.
All intellectual property rights in the materials and contents of third party websites belong to the third party. Unauthorized use of any materials and contents is not permitted.

8. Survey of Usage Conditions

A portion of this website is monitored by Digital Forest Inc.'s "Visionalist Web Analysis" software. The software collects statistical data regarding site access and fluctuations, and analyzes behavioral characteristics of users. This allows the Company to understand usage conditions and improve the website to better match user needs.

9. Changes to the Site Policy

From time to time, the Company may make changes to all or part of the site policy. If and when important changes are made, the Company shall publish details of such change on the website for a specific period of time.

10. No liability

The Company, Daiwa Securities Group Inc. and its or their affiliated companies make no guarantee or representation regarding the contents of this site and links to any external websites, and accept no responsibility to any omission or errors in the contents or any loss or damages, resulting from usage of or reliance on information provided.

© 2010 Daiwa Capital Markets Singapore Limited. All rights reserved.