Terms And Conditions Of Use, Privacy Statement and Product Disclaimers

China Offshore Bond Index (COBI Index) - Terms And Conditions Of Use, Privacy Statement and Product Disclaimers Agreement to these terms of use; Amendment The COBI Index is provided by the Shanghai JZTS Financial Information Service Company Limited（上海嘉竹唐思金融信息服务有限公司，JZTS). Any use of COBI Index is subject to these Terms and Conditions of Use and Privacy Statement (collectively, these "Terms of Use"). As used herein, the terms "you" and "your" refer to each user of COBI Index. BY USING COBI INDEX, YOU ACCEPT THESE TERMS OF USE, AGREE TO BE BOUND BY THEM. PLEASE READ THESE TERMS OF USE CAREFULLY. You hereby represent and warrant that you have the authority, and are authorized, to accept this agreement on behalf of your employer, and that in doing so you are acting within the scope of your duties. These Terms of Use may be amended or supplemented by JZTS or any of its affiliates, direct and indirect subsidiaries and related companies from time-to-time in its sole discretion. During each use of COBI Index you are responsible for being familiar with, and are bound by, the current version of these Terms of Use, including the Privacy Statement. JZTS reserves the right to terminate access to COBI Index at any time, in whole or in part, in its sole discretion. "Information Only" Display; Disclaimers The data and other information on COBI Index are suitable for informational purposes only and should not be considered suitable for any other purposes, including evaluating a market, financial instruments or making an investment or trading decision. The data and information on COBI Index is obtained from various sources; we do not guarantee its accuracy or completeness. The data and information is historical and may not reflect current market conditions. Nothing contained herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities. Disclaimer of warranty and limitation of liability The information on COBI Index is provided "AS IS". Although the information on COBI Index is obtained or compiled from sources JZTS believes to be reliable, JZTS CANNOT AND DOES NOT GUARANTEE OR MAKE ANY REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO: (A) THE VALIDITY, SEQUENCE, TIMELINESS, COMPLETENESS OR CONTINUED AVAILABILITY OF ANY INFORMATION OR DATA MADE AVAILABLE ON OR THROUGH COBI Index; OR (B) THE PERFORMANCE, SETTINGS, FEATURES, COMPATIBILITY, LACK OF CONFLICT, FUNCTIONALITY OR CONTINUED AVAILABILITY OF ANY SOFTWARE MADE AVAILABLE ON OR THROUGH COBI Index, AND EXPRESSLY DISCLAIMS, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW OR REGULATIONS, ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE INFORMATION ON COBI Index DOES NOT CONSTITUE AN OFFER, OR AN INVITATION TO MAKE AN OFFER, TO BUY OR SELL SECURITIES, ANY OPTIONS, FUTURES OR OTHER DERIVATIES RELATED TO SUCH SECURITIES OR ANY OTHER FINANCIAL INSTRUMENT. NO INVESTMENT ADVICE IS PROVIDED. You understand and agree that JZTS utilizes a variety of electronic systems and networks, including the Internet, to transport data. Transmission of data on any electronic system or network may be subject to: delay; interruption; interference; blackout; failure; systems or service unavailability or failure; hardware or software malfunction or failure; encryption failure; interception by third parties; unauthorized access; theft; modification; or inaccuracy (collectively, "Failure Events"). You agree that neither JZTS nor any third party working with JZTS to provide software or information hereunder shall be responsible for any expense, loss, liability, damage or cost (including costs of investigation and legal fees) of any kind whatsoever (collectively, "Damages"), even if JZTS or such third party had been advised of the possibility thereof, arising from: (a) any Failure Event, whether or not the circumstances giving rise to such event may have been within the control of JZTS or any such third party; or (b) any other event or occurrence beyond the control of JZTS or any such third party, including force majeure. In no event will JZTS or any third party working with JZTS to provide software or information hereunder be liable to you for any special, indirect, consequential or incidental Damages, even if JZTS or any such third party has been advised of the possibility thereof. COBI Index may display certain financial market information (collectively "Market Information") that has been independently obtained from financial market information services, financial publishers, various financial markets and other providers (collectively "Market Information Providers") and has been provided to COBI Index via various market information transmitters ("Market Information Transmitters"). We do not guarantee or certify the accuracy, completeness or timeliness of the Market Information made available on or through COBI Index. You agree that neither JZTS nor the Market Information Providers nor the Market Information Transmitters shall be liable in any way for the accuracy, completeness or timeliness of any Market Information, or for any decision made or action taken by you relying upon any Market Information. You may need to load certain third party software onto your access device in order to utilize certain functionality within COBI Index. In certain instances, for convenience, COBI Index may provide links to the Web sites where such software may be available. JZTS cannot assure the performance, settings, features, compatibility, lack of conflict, functionality or continued availability of any such software. If you wish to download any such software, please follow the directions on the third party Web site where such software is available as well as your Firm's software download policies. We strongly urge that you perform such download in consultation with your system administrator or IT service person. JZTS shall not be liable for any Damages arising out of your downloading or using any such software. The information available on or through COBI Index is subject to change without notice. JZTS expressly disclaims any obligation to keep the information available on or through COBI Index up to date, free of errors or viruses or to maintain uninterrupted access. JZTS may stop producing or updating any part of COBI Index without notice. Some of the screens on COBI Index do not automatically refresh themselves. You are responsible for ensuring that you are viewing the most current data on any and all screens. JZTS shall not be responsible for the display on your access device screen of the information contained on COBI Index. At all times, you should be aware of the possibility of, and be responsible for, incomplete screen views or printouts. You are responsible for scrolling your viewing screens up, down and sideways to ensure that you are viewing or printing all portions of pertinent pages. You must be particularly careful when viewing COBI Index through a link from any third party or through any frames, and should be mindful that the default viewing preferences of your browser or your access device may not show entire pages. JZTS assumes no responsibility to provide any training regarding the use of COBI Index. If any training is provided, it shall be for convenience purposes only and without liability. IN NO EVENT WILL JZTS BE LIABLE FOR ANY DECISION, ACTION OR INACTION MADE OR TAKEN BY YOU IN RELIANCE ON ANY INFORMATION OR DATA ON COBI Index. Log-in procedures; your obligations with respect to instructions You agree to abide by and use whatever email log-in procedures and requirements that deems necessary and appropriate. You are the only person authorized to use your email address to access COBI Index. JZTS shall not be liable for any Damages arising from any unauthorized use of your email address to access COBI Index. Reservation of rights All content and information contained within COBI Index or delivered to you in connection with your use of COBI Index (including all text, data, graphics, audio, video, icons, software code and trade secrets, as well as the overall organization, design, look, feel and appearance of COBI Index) (collectively, " COBI Index Content") is protected, whether or not marked with a notice, under applicable patent, copyright, trademark and other proprietary (including intellectual property) rights, including, China U.S. and international copyright laws, both as individual works and as a compilation. JZTS does not waive any of its proprietary rights in COBI Index or in any COBI Index Content, including copyrights, trademarks and other intellectual property rights. The availability of any COBI Index Content shall not under any circumstance constitute a transfer of any copyrights, trademarks or other intellectual property rights of JZTS or any of its licensor's to any COBI Index user or any third party. You may not sell, publish, reproduce, distribute, re-transmit, sublicense, assign, time-share, lease, convey, copy, translate, convert to another programming language, decompile, disassemble, modify or change (by use of an html "frame" or otherwise), including postings to newsgroups, mail lists or electronic bulletin boards, any portion of COBI Index or any COBI Index Content without the prior written consent ofJZTS. COBI Index is delivered by means of software and electronic access products or services made available to you byJZTSand various unaffiliated vendors. By accepting and using such software and electronic access products or services, you agree to the non-exclusive, non-transferable software licenses and service agreements to use, for your internal business purposes only, such software and electronic access services. In certain cases, software licenses and service agreements may appear on screen when you install or sign on to specific applications or download software in order to access specific functionality. JZTS bears no responsibility or liability for your use of any third party vendor's software, products, services or equipment. Indices; research COBI Index contains fixed-income indices and related research provided byJZTS. Users should consult the Index Rules and Definitions available on the COBI Index for information relating to the composition of such indices and for important footnotes and disclaimers. The indices and related research reports are provided for informational purposes only and should not be considered suitable for any other purposes, including evaluating markets, financial instruments or making investment decisions. Use of links Should you leave COBI Index via a link contained within COBI Index and view content that is not provided by JZTS you shall do so at your own risk. JZTS provides links only as a convenience and without liability. In particular, and without limitation, you understand and agree that the ability to link to another Web site and the fact that a link exists does not mean that JZTS endorses or guarantees such site, the site sponsor or the site contents. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed byJZTS. JZTSis not responsible for any Damages arising from any delays, defects or omissions that may exist in the services, information or other content provided in such site. JZTS 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, sequence or timeliness of any electronic content. Your reliance on any information contained on any site reached through a link shall be your own responsibility. In addition, be aware that when you leave the COBI Index Web Site, unless otherwise indicated, you will be subject to the terms of use and privacy policies of the new Web site which you are visiting. If such new Web site is a non-JZTSWeb site thenJZTSwill have no control over the terms of use or privacy policies of such new Web site. Procedures for making claims of copyright infringement JZTS respects the intellectual property of others and asks that those posting content to COBI Index do the same. It is the policy of JZTS to respond expeditiously to claims of intellectual property infringement by promptly processing and investigating notices of alleged infringement and taking appropriate actions under applicable intellectual property laws. If you believe that your copyrighted work is accessible on COBI Index in a way that constitutes copyright infringement, you may notify us by providing us with the following information: (a) the electronic or physical signature of the owner of the copyright or of the person authorized to act on the owner's behalf; (b) identification of the copyrighted work or other intellectual property that you claim is being infringed; (c) identification of the material that you claim is infringing; (d) identification of the URL or other specific location on COBI Index where the material that you claim is infringing is located (please be as specific as possible); (e) your name, address, telephone number, and email address; (f) a statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law; and (g) a statement by you, made under penalty of perjury, that the information in your Notice is accurate and that you are the copyright owner or are authorized to act on the copyright owner's behalf. JZTS's Agent for Notice of claims of copyright infringement on COBI Index can be reached by mail: michael@serespartners.com Governing law ANYONE CHOOSE TO ACCESS COBI Index DO SO ON THEIR OWN INITIATIVE AND ARE RESPONSIBLE FOR COMPLIANCE WITH ALL APPLICABLE LAWS AND REGULATIONS. Interpretation of these terms of use These Terms of Use and any other agreements relating to your use of COBI Index shall be interpreted by reference to the English language versions thereof, even if you were provided with a version of such writing translated into a language other than English. You agree that any and all non-English language translated versions of these Terms of Use and any other agreements relating to your use of COBI Index, even if accepted by you, were intended for convenience purposes only and not as controlling versions of such writings. Severability; Headings: Usage If any specific term or condition of these Terms of Use is held to be invalid, void or unenforceable, that determination shall not affect the validity of the remaining provisions of these Terms of Use. Headings used in these Terms of Use are for convenience, are not substantive and shall not be used to interpret or construe any of the provisions contained in these Terms of Use. When used in these Terms of Use the words "include", "includes", and "including" shall be deemed to be followed by the phrase "without limitation". PRIVACY STATEMENT Within this Privacy Statement the term " COBI Index" refers only to the COBI Index Web Site. While you are on non- COBI Index Web sites, platforms, services or systems you are subject to their privacy policies, which you should review prior to your use thereof. The information collected, how it is used by JZTS and with whom and where such information may be disclosed is as follows: Information which may be collected You are required to provide your email address, first and last name and your general geographic location. Once you have accessed COBI Index, our Web servers may recognize your: (a) domain name; (b) Internet service provider's ("ISP") domain name; (c) Internet protocol ("IP") address; and (d) browser type. We may collect certain information about your systems, including: (a) your browser type, version and settings (e.g. Java and cookie settings); (b) connectivity information (e.g. SSL/HTTPS compatibility, bandwidth capacity); and (c) browser plug-in information (e.g. do you have Adobe, what is your media player, can you open Flash files, etc.). COBI Index will record your clickstream information (e.g. the pages that you visit). Additionally, electronic communications, such as e-mails may be archived in the ordinary course of business. How your information may be used by JZTS Some of the information, including user clickstream information, collected by us about you in connection with your use of COBI Index may be retained by us. Additionally, aggregate non-identifying user information may be utilized by JZTS for our own marketing and/or research and development purposes. Information collected from users in connection with their use of COBI Index may be used by us to satisfy global legal and regulatory compliance requirements. To whom and where information may be disclosed We do not rent or sell information we have collected from or about you. For the purposes specified above, we may transfer or disclose your information to any other JZTS entity, wherever located in the world. We may disclose information collected from users relating to their use of COBI Index to third parties who are contracted to perform services on behalf of JZTS, such as those who assist JZTS in bringing you COBI Index and providing you with certain features and functionality included within or accessible via COBI Index. Disclosures to these third party vendors will be subject to confidentiality agreements and, where required, governed by a contract in the form required by law. JZTS may also be required to disclose information collected from users relating to their use of the COBI Index to governmental or regulatory entities or agencies in response to regulatory inquiries or to comply with applicable laws, rules, regulations, orders, subpoenas or other legal processes. Consent By (a) agreeing to the Terms of Use, which include this Privacy Statement, or (b) by using COBI Index, and, in either case, providing any information that may be required, invited or otherwise collected by us as set out above, you freely consent to JZTS processing your information for the purposes set out in this Privacy Statement, and you also consent to the transfer of your information for such purposes to any JZTS entity wherever such entity may from time to time be located and to any third parties as described above and in accordance with applicable law and regulations. If you do not wish to have your personal information processed for any or all of such purposes, you should not use COBI Index. General Information If you have any questions regarding this Privacy Statement or your information that is held by us, please contact us by Email: michael@serespartners.com. If we receive a request from you regarding your personal information held by us, we will use reasonable means to provide you with such information that we can reasonably compile. You will be given the opportunity to rectify any inaccuracies in such information. Please be aware that when you leave the COBI Index Web Site, unless otherwise indicated, you will be subject to the terms of use and privacy policies of the new Web site which you are visiting. If such new Web site is a non-JZTS Web site then JZTS will have no control over the terms of use or privacy policies of such new Web site.