GSET: Terms Of Use

Terms of Use

Goldman Sachs Execution & Clearing, L.P. (GSEC)

REDIPlus® is a licensed product of Goldman Sachs Execution & Clearing, L.P. ("GSEC"). REDIPlus® is offered in Australia by Goldman Sachs International; in Canada, ex-Ontario, by GSEC, unless otherwise indicated; in Europe by Goldman Sachs International; in Hong Kong by Goldman Sachs (Asia) L.L.C.; in Japan by Goldman Sachs Japan Co., Ltd; in Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in Ontario by Goldman Sachs Canada Inc.; in Singapore by Goldman Sachs (Singapore) Pte or Goldman Sachs Futures Pte Ltd; in Taiwan by Goldman Sachs (Asia) L.L.C., Taiwan Branch; and in the United States of America by GSEC, unless otherwise indicated. "Goldman Sachs" shall mean each of these entities, their affiliates, and their officers, directors, managing directors, partners, and employees. The "GSEC Website" shall mean the Website of GSEC, which is provided by GSEC and is available to the general public and located at www.redi.com and select other domains. "Services" shall mean REDIPlus® and the GSEC Website.

Monitoring by Goldman Sachs: Your use of the Services may be monitored by Goldman Sachs, and the resultant information may be used by Goldman Sachs for its internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory organization.

Information Made Available Through the Services: You are permitted to store, display, analyze, modify, reformat, and print the information made available to you through the Services only for your own use. You are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format to any third party without the express written consent of Goldman Sachs. In addition, you are not permitted to alter, obscure, or remove any copyright, trademark or any other notices that are provided to you in connection with the information. Goldman Sachs reserves the right, at any time and from time to time, in the interests of its own editorial discretion and business judgment to add, modify, or remove any of the information. These Terms and Conditions of Use are not intended to, and will not, transfer or grant any rights in or to the information other than those which are specifically described herein, and all rights not expressly granted herein are reserved by Goldman Sachs or the third party providers from whom Goldman Sachs has obtained the information. You are required to read and abide by any additional terms and conditions that may be posted on the Services from time to time concerning information obtained from specific third party providers. Such third party providers shall have no liability to you for monetary damages on account of the information provided to you via the Services. BY CONTINUING TO USE REDIPlus OR THE GSEC WEBSITE, YOU ARE INDICATING YOUR AGREEMENT TO BE BOUND BY THE TERMS AND CONDITIONS OF USE. IF YOU DO NOT AGREE, GOLDMAN SACHS IS NOT WILLING TO PROVIDE YOU WITH ACCESS TO THE SERVICES AND YOU SHOULD IMMEDIATELY DISCONTINUE YOUR USE OF THE SERVICES.

No warranties made as to content; responsibilities to update: Goldman Sachs and its third party providers make no warranty, express or implied, concerning this service. The Services provided by Goldman Sachs and its third party providers are on an "AS IS" basis at your sole risk. Goldman Sachs expressly disclaims any implied warranty of merchantability or fitness for a particular purpose, including any warranty for the use or the results of the use of the Services with respect to their correctness, quality, accuracy, completeness, reliability, performance, timeliness, or continued availability.

Neither Goldman Sachs nor any of its third party providers shall have any responsibility to maintain the Services and data made available through the Services or to supply any corrections, updates, or releases in connection therewith. Availability of the Services and data are subject to change without notice.

No liability for content; no liability arising from use: Goldman Sachs shall have no liability, contingent or otherwise, to you or to third parties, or any responsibility whatsoever, for the failure of any connection or communication service to provide or maintain your access to the Services, or for any interruption or disruption of such access or any erroneous communication between Goldman Sachs and you, regardless of whether the connection or communication service is provided by Goldman Sachs or a third party service provider. Goldman Sachs shall have no liability, contingent or otherwise, to you or to third parties, for the correctness, quality, accuracy, timeliness, reliability, performance, continued availability, completeness or delays, omissions, or interruptions in the delivery of the Services and data or for any other aspect of the performance of the Services or for any failure or delay in the execution of any transactions through the Services. In no event will Goldman Sachs be liable for any special, indirect, incidental, or consequential damages which may be incurred or experienced on account of you using the Services or data even if Goldman Sachs has been advised of the possibility of such damages. Goldman Sachs will have no responsibility to inform you of any difficulties experienced by Goldman Sachs or third parties with respect to the use of the Services or to take any action in connection therewith.

No warranties made as to security: Goldman Sachs makes no warranty whatsoever to you, express or implied, regarding the security of the Services, including with respect to the ability of unauthorized persons to intercept or access information transmitted by you through the Services.

System Outages and Slowdowns: As a result of high Internet traffic, transmission problems, systems capacity limitations and other problems, you may, at times, experience difficulty accessing the Services or communicating with Goldman Sachs through the Internet or other electronic and wireless services. Any computer system or other electronic device, whether it is yours, an Internet service provider's or Goldman Sachs', can experience unanticipated outages or slowdowns, or have capacity limitations.

Values and pricing are only indicative: Prices posted on the Services, unless otherwise indicated, are subject to change, are not to be used for valuation purposes, and should not be relied upon for such purposes. Values or prices generated through use of the Services or data made available through the Services are not related to size and, unless otherwise specified, may not reflect actual prices or values that would be available in the market at the time that you may want to purchase or sell a particular security, currency, commodity, option, forward, or other instrument either with or through Goldman Sachs or any other party. The Services and data are calculated based on historical information and should not be relied upon to predict future values or prices. The Services and data are similar to, but may not be identical to, services and data used by Goldman Sachs for its internal purposes; and there can be no assurance that the quantitative outputs or other results obtained by use of the Services or data will be the same as those that Goldman Sachs may obtain from its own pricing models. Even where prices are posted as bids or offers for actual transactions, such prices are subject to change until the execution of any such transaction is completed.

Values may be obtained or derived from pricing services: Values expressed on the Services may be derived from direct foreign exchange rates or intermediate rates. All values are provided for information purposes only and are not guaranteed for accuracy or as realizable values. Valuation and conversion method information is available upon request.

Content not to be construed as a solicitation or recommendation: Information on the Services has been prepared for informational purposes only without regard to any particular user's investment objectives, financial situation, or means, and Goldman Sachs is not soliciting any action based upon it. This material is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy in any jurisdiction in which such an offer or solicitation, or trading strategy would be illegal. Certain transactions, including those involving futures, options and high-yield securities, give rise to substantial risk and are not suitable for all investors. Although this material is based upon information that Goldman Sachs considers reliable and endeavors to keep current, Goldman Sachs has not verified this information and does not represent that this material is accurate, current, or complete and it should not be relied upon as such.

We may have positions in products mentioned: Goldman Sachs, as well as persons involved in the preparation or issuance of material posted on the Services, may have long or short positions in, or may buy or sell, the products mentioned on the Services or related securities or products or derivatives thereof for Goldman Sachs' proprietary accounts and on behalf of accounts under its management, which may affect the value or termination of a transaction. Goldman Sachs may enter into transactions at prices different from those reflected on the Services.

No determination of suitability has been made; not all risks are disclosed; private advisors should be consulted: The fact that Goldman Sachs has made the Services and data available to you constitutes neither a recommendation that you enter into a particular transaction, nor a representation that any product described on the Services is suitable or appropriate for you. Many of the products described on the Services involve significant risks, and you should not enter into any transactions unless you have fully understood all such risks and have independently determined that such transactions are appropriate for you. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or complete discussion of the risks which are mentioned. You should neither construe any of the material contained herein as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice nor make the Services the primary basis for any investment decisions made by or on behalf of you, your accountants, or your managed or fiduciary accounts, and you may want to consult your business advisor, attorney and tax and accounting advisors concerning any contemplated transactions.

No reliance upon Hardware Requirements: All recommendations and suggestions contained in the Hardware Requirements section of the GSEC Website are for informational purposes only and should not be relied upon. Each subscriber must analyze its own requirements to determine what hardware, communications links and products would be necessary for its intended usage.

No representations made as to other sites or links: The Services may provide links to certain Internet sites (the "Sites") sponsored and maintained by third parties. Goldman Sachs is providing such links solely as a convenience to you. Accordingly, Goldman Sachs makes no representations concerning the content of the Sites. The fact that Goldman Sachs has provided a link to the Sites does not constitute an endorsement, authorization, sponsorship, or affiliation by Goldman Sachs with respect to the Sites, their owners, or their providers. Goldman Sachs has not tested any information, software, or products found on any of the Sites; and therefore does not make any representations with respect thereto, including any representations regarding the content or sponsors of the Sites, or the suitability or appropriateness of the products or transactions described therein.

AUSTRALIA
In Australia, the Services (including the data made available on the GSEC Website) and any access to it, is offered by Goldman Sachs International only to persons who are a "wholesale client" (for the purpose of section 761G of the Corporations Act of Australia). Only if you are a wholesale client, Goldman Sachs International notifies you, and you acknowledge that, Goldman Sachs International is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 of Australia in respect of financial services provided to you. Goldman Sachs International is regulated by the Financial Services Authority under UK laws which differ from Australian laws.

CANADA
IN ONTARIO, THE DATA AND SERVICES MADE AVAILABLE HEREIN AND THE PRODUCTS DESCRIBED HEREIN ARE BEING MADE AVAILABLE BY GOLDMAN SACHS CANADA INC. IN RESPECT OF CANADIAN SECURITIES AND BY GOLDMAN SACHS EXECUTION & CLEARING, L.P. IN RESPECT OF NON-CANADIAN SECURITIES. IN ALL PROVINCES AND TERRITORIES OF CANADA OTHER THAN ONTARIO, NEWFOUNDLAND AND THE YUKON, THE DATA AND SERVICES MADE AVAILABLE HEREIN AND THE PRODUCTS DESCRIBED HEREIN ARE BEING MADE AVAILABLE BY GOLDMAN SACHS EXECUTION & CLEARING, L.P. IN RESPECT OF BOTH CANADIAN AND NON-CANADIAN SECURITIES. NO DATA, SERVICES OR PRODUCTS ARE BEING MADE AVAILABLE IN NEWFOUNDLAND OR THE YUKON.

COMMONWEALTH OF INDEPENDENT STATES
ANY INDICATIVE TERM SHEET CONTAINED ON THE SERVICES IS NOT TO BE CONSTRUED AS AN OFFER OF ANY SECURITY REFERRED TO THEREIN.

CROATIA
THE SERVICES ARE DEEMED TO BE PERFORMED ABROAD THROUGH AN ELECTRONIC MEDIUM AND A TRADING ORGANIZATION OPERATED OUTSIDE OF CROATIA.

DENMARK
BY ACCESSING THE SERVICES, YOU CONFIRM THAT YOU QUALIFY AS A PROFESSIONAL INVESTOR UNDER THE DANISH EXECUTIVE ORDER NO. 229 OF 20 APRIL 1998 ISSUED PURSUANT TO CHAPTER 12 OF THE DANISH ACT ON TRADING IN SECURITIES.

EUROPEAN ECONOMIC AREA
EACH CLIENT LOCATED IN A MEMBER STATE OF THE EUROPEAN UNION IS REMINDED THAT CERTAIN TRANSACTIONS IN FINANCIAL INSTRUMENTS ARE REGULATED BY DIRECTIVE 93-22 DATED MAY 10, 1993 RELATING TO INVESTMENT SERVICES AND BY THE DIRECTIVE 2000-12 OF 20 MARCH 2000 RELATED TO THE TAKING UP AND PURSUIT OF THE BUSINESS OF CREDIT INSTITUTION AND MAY ONLY BE EFFECTED THROUGH ENTITIES QUALIFYING AS INVESTMENT SERVICES PROVIDERS AND, WITH RESPECT TO BANKING TRANSACTIONS, AS CREDIT INSTITUTIONS IN EACH OF THE RELEVANT MEMBER STATES OF THE EUROPEAN UNION. ACCORDINGLY, ANY QUERY ARISING IN RELATION TO A TRANSACTION OR POTENTIAL TRANSACTION SHOULD BE DIRECTED EXCLUSIVELY TO THE REPRESENTATIVES OF GOLDMAN SACHS INTERNATIONAL, WHOSE NAMES AND ADDRESSES APPEAR ON THE SERVICES.

FOR PURPOSES OF COMPLIANCE WITH SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 RELATING TO A COMMUNICATION OF A FINANCIAL PROMOTION, THE INFORMATION MADE AVAILABLE HEREIN HAS BEEN APPROVED BY GOLDMAN SACHS INTERNATIONAL ("GSI") AS A FINANCIAL PROMOTION, WHOSE REGISTERED OFFICE IS AT PETERBOROUGH COURT, 133 FLEET STREET, LONDON EC4A 2BB, WHICH IS REGULATED BY THE FINANCIAL SERVICES AUTHORITY ("FSA") AND APPEARS IN THE FSA'S REGISTER (REGISTRATION NO. 142888), ON THE BASIS THAT THE DATA AND SERVICES MADE AVAILABLE HEREIN AND THE PRODUCTS DESCRIBED HEREIN WILL NOT BE MADE AVAILABLE TO ANY "RETAIL CLIENT", AS SUCH TERM IS DEFINED BY THE FSA.

THE PRICE OF THE INSTRUMENTS AND THE VALUE OF TRANSACTIONS POSTED ON THE SERVICES MAY FLUCTUATE AND MAY MOVE ADVERSELY TO YOUR POSITION AND YOU MAY INCUR LOSSES. CHANGES IN THE RATES OF EXCHANGE MAY HAVE AN ADVERSE EFFECT ON THE VALUE, PRICE OR INCOME, IF ANY, OF TRANSACTIONS ENTERED INTO BY YOU THROUGH THE SERVICES. SOME TRANSACTIONS COULD INVOLVE LOSSES IN AMOUNTS IN EXCESS OF THE AMOUNT INITIALLY COMMITTED.

GSI OR ONE OF ITS AFFILIATES MAY HAVE PROVIDED OR BE PROVIDING SIGNIFICANT ADVICE OR INVESTMENT SERVICES IN RELATION TO THE INSTRUMENTS OR TRANSACTIONS IDENTIFIED ON THE SERVICES OR IN A RELATED INSTRUMENT OR TRANSACTION.

LEVELS AND BASES OF TAXATION MAY CHANGE FROM TIME TO TIME. IT MAY BE DIFFICULT FOR YOU TO REALIZE GAINS ON ANY TRANSACTIONS OR TO OBTAIN INDEPENDENT INFORMATION ABOUT THE VALUE OF ANY POSITION AND THE EXTENT OF RISK INVOLVED.

FRANCE
UNLESS OTHERWISE SPECIFIED, THE INFORMATION CONTAINED IN THE SERVICES DOES NOT CONSTITUTE AN OFFERING OR DISTRIBUTION OF SECURITIES IN FRANCE.

GOLDMAN SACHS HAS PROVIDED YOU WITH THE INFORMATION DESCRIBED IN THE SERVICES AT YOUR REQUEST. ANY PURCHASE OF SECURITIES MUST BE MADE AS PRINCIPAL AND YOU MAY ONLY ON-SELL SUCH SECURITIES IN FRANCE TO QUALIFIED INVESTORS (AS SUCH TERM IS DEFINED UNDER FRENCH LAW). UNLESS OTHERWISE MENTIONED, NO PROSPECTUSES COMPLYING WITH APPLICABLE FRENCH LAW HAVE OR WILL BE FILED IN FRANCE IN CONNECTION WITH THE INSTRUMENTS DESCRIBED IN THE SERVICES.

GERMANY
UNLESS OTHERWISE MENTIONED, NO GERMAN SELLING PROSPECTUSES ARE OR WILL BE AVAILABLE IN CONNECTION WITH INSTRUMENTS REFERRED TO ON THE SERVICES. SUCH INSTRUMENTS WILL NOT BE LISTED ON ANY GERMAN EXCHANGE AND MAY ONLY BE RE-SOLD IN GERMANY TO OTHER PROFESSIONAL INVESTORS. SETTLEMENT OF A TRANSACTION MAY BE POSTPONED, OR A TRANSACTION MAY BE CANCELED, BY GOLDMAN SACHS DUE TO MARKET TURBULENCE. YOU SHOULD NOT RELY ON THE EXECUTION OF A TRANSACTION UNLESS CONFIRMED BY GOLDMAN SACHS.

HONG KONG
THE SERVICES, INSTITUTIONAL PORTAL OR ANY OTHER ELECTRONIC PLATFORM ARE MADE AVAILABLE IN HONG KONG BY GOLDMAN SACHS (ASIA) L.L.C. THE PRODUCTS, SERVICES AND DATA OFFERED THROUGH REDIPlus, INSTITUTIONAL PORTAL OR ANY OTHER ELECTRONIC PLATFORM CONSTITUTING ACTIVITY REGULATED UNDER THE SECURITIES AND FUTURES ORDINANCE WILL BE PROVIDED BY GOLDMAN SACHS (ASIA) L.L.C. OR ITS AFFILIATES LICENSED (OR EXEMPT) IN HONG KONG TO CARRY OUT SUCH ACTIVITY. FOR FURTHER INFORMATION ON ANY PRODUCTS, SERVICES OR SECURITIES, PLEASE CONTACT GOLDMAN SACHS (ASIA) L.L.C.

ITALY
BY ACCESSING THE SERVICES, YOU CONFIRM THAT YOU ARE FULLY AWARE OF THE NATURE, RISKS AND CONSEQUENCES ARISING FROM THE PRODUCTS AND SERVICES MADE AVAILABLE BY GOLDMAN SACHS, INCLUDING BUT NOT LIMITED TO ANY TRANSACTIONS ENTERED INTO THROUGH THE SERVICES.

BY ACCESSING THE SERVICES, YOU CONFIRM THAT YOU HAVE FULL AND COMPLETE KNOWLEDGE OF THE DOCUMENT, "GENERAL RISKS OF INVESTMENTS IN FINANCIAL INSTRUMENTS", WHICH IS ATTACHED AS ANNEX 3 TO CONSOB REGULATION NO. 11522 OF JULY 1, 1998.

ANY PERSONAL DATA OF WHICH GOLDMAN SACHS MIGHT BECOME AWARE IN THE RENDERING OF ITS SERVICES TO YOU SHALL BE PROCESSED IN COMPLIANCE WITH THE APPLICABLE LAW OF DATA PROTECTION.

IF APPLICABLE, FOR INVESTMENTS IN FUNDS, PLEASE READ THE RELEVANT PROSPECTUS CAREFULLY.

JAPAN
ANY RESEARCH PRODUCT CONTAINED HEREIN IS NOT A PROSPECTUS. IN JAPAN, THE DATA AND SERVICES MADE AVAILABLE HEREIN AND THE PRODUCTS DESCRIBED HEREIN ARE BEING MADE AVAILABLE BY GOLDMAN SACHS JAPAN CO., LTD. GOLDMAN SACHS SHALL NOT BE OBLIGATED TO ACCEPT ANY TRANSACTION THAT CLIENT SEEKS TO EXECUTE THROUGH A SERVICE AND MAY REJECT ANY SUCH TRANSACTION AT GOLDMAN SACHS' SOLE DISCRETION.

＜特定投資家用資料＞
本資料は、特定投資家のお客さまのみを対象に作成されたものです。本資料における金融商品は特定投資家のお客さまのみがお取引可能であり、特定投資家以外のお客さまからのご注文等はお受けできませんので、ご注意ください。商号等 /ゴールドマン・サックス証券株式会社金融商品取引業者　関東財務局長（金商）第６９号加入協会/　日本証券業協会、社団法人金融先物取引業協会、一般社団法人第二種金融商品取引業協会

KOREA
THIS SITE IS MADE AVAILABLE IN KOREA BY GOLDMAN SACHS (ASIA) L.L.C., SEOUL BRANCH.

PORTUGAL
BY ACCESSING THE SERVICES, YOU CONFIRM THAT YOU QUALIFY AS AN INSTITUTIONAL INVESTOR AS DEFINED IN ARTICLE 30 NR. 1 OF THE PORTUGUESE SECURITIES CODE AND ANY TRANSACTIONS ENTERED INTO BY YOU ARE FOR YOUR OWN ACCOUNT AND NOT IN EXECUTION OF A CLIENT'S ORDER OR PURSUANT TO A PORTFOLIO MANAGEMENT AGREEMENT.

SINGAPORE
IN SINGAPORE, THE DATA AND SERVICES MADE AVAILABLE HEREIN AND THE PRODUCTS DESCRIBED HEREIN ARE BEING MADE AVAILABLE BY GOLDMAN SACHS (SINGAPORE) PTE (COMPANY NUMBER: 198602165W) OR GOLDMAN SACHS FUTURES PTE LTD (COMPANY NUMBER: 199004153Z), AS THE CASE MAY BE.

SPAIN
THE MATERIAL IN THE SERVICES IS NOT SPECIFICALLY ADDRESSED TO ANY PARTICULAR JURISDICTION, NOR INTENDED FOR ANY SPECIFIC CUSTOMERS OF GOLDMAN SACHS INTERNATIONAL OR ITS AFFILIATES. GOLDMAN SACHS HAS PROVIDED YOU WITH ACCESS TO THE SERVICES AT YOUR REQUEST TO BE PROVIDED WITH INFORMATION OF OPPORTUNITIES OF THE TYPE DESCRIBED.

SWEDEN
THE DATA AND SERVICES MADE AVAILABLE VIA THE SERVICES ARE FOR THE INTENDED RECIPIENT ONLY AND MAY NOT IN ANY WAY BE FORWARDED TO THE PUBLIC IN SWEDEN. YOU FULLY UNDERSTAND (i) THAT ALL TRADING IS AT YOUR OWN RISK, (ii) THE NEED TO CAREFULLY STUDY CONDITIONS AFFECTING TRADING IN DERIVATIVES, AND (iii) THAT SUCH CONDITIONS FREQUENTLY CHANGE AND THEREFORE MUST BE CONSTANTLY MONITORED.

TAIWAN
THE SERVICES ARE MADE AVAILABLE IN TAIWAN BY GOLDMAN SACHS (ASIA) L.L.C., TAIWAN BRANCH.

TURKEY
THE SECURITIES OFFERED FOR SALE VIA THE SERVICES ARE NOT REGISTERED WITH THE CAPITAL MARKETS BOARD AND THE SECURITIES ARE NOT BEING SOLD IN A PUBLIC OFFERING IN THE REPUBLIC OF TURKEY.

UNITED KINGDOM
FOR PURPOSES OF COMPLIANCE WITH SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 RELATING TO A COMMUNICATION OF A FINANCIAL PROMOTION, THE INFORMATION MADE AVAILABLE HEREIN HAS BEEN APPROVED BY GOLDMAN SACHS INTERNATIONAL ("GSI") AS A FINANCIAL PROMOTION, WHOSE REGISTERED OFFICE IS AT PETERBOROUGH COURT, 133 FLEET STREET, LONDON EC4A 2BB, WHICH IS REGULATED BY THE FINANCIAL SERVICES AUTHORITY ("FSA") AND APPEARS IN THE FSA'S REGISTER (REGISTRATION NO. 142888), ON THE BASIS THAT THE DATA AND SERVICES MADE AVAILABLE HEREIN AND THE PRODUCTS DESCRIBED HEREIN WILL NOT BE MADE AVAILABLE TO ANY "RETAIL CLIENT", AS SUCH TERM IS DEFINED BY THE FSA.

NEITHER GOLDMAN SACHS EXECUTION & CLEARING, L.P. NOR ITS NON-UK AFFILIATES HAS A PERMANENT PLACE OF BUSINESS IN THE UNITED KINGDOM, AND THEY ARE NOT AUTHORIZED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 OF THE UNITED KINGDOM (THE "FSMA"). A DIFFERENT REGULATORY REGIME, INCLUDING COMPENSATION ARRANGEMENTS, FROM THAT APPLICABLE IN THE UK WILL BE APPLICABLE FOR ANY DEALINGS WITH GOLDMAN SACHS EXECUTION & CLEARING, L.P. AND ITS NON-UK AFFILIATES.

GSI IS REGISTERED AS A LIMITED COMPANY IN ENGLAND AND WALES (COMPANY NUMBER 2263951) AND ITS VAT REGISTRATION NUMBER IS GB 447 2649 28. GSI IS SUBJECT TO THE FSA RULES AND GUIDANCE, DETAILS OF WHICH CAN BE FOUND ON THE FSA'S WEBSITE AT www.fsa.gov.uk. THE FINANCIAL SERVICES AUTHORITY REGULATES THE FINANCIAL SERVICES INDUSTRY IN THE UK AND IS LOCATED AT 25 THE NORTH COLONNADE, CANARY WHARF, LONDON E14 5HS.

EXCEPT IN THE CASE OF THE GOLDMAN SACHS FUNDS SICAV FUNDS AND GOLDMAN SACHS FUNDS PLC FUNDS, FUNDS REFERRED TO HEREIN ARE NOT SCHEMES OF THE TYPE DESCRIBED IN SECTION 238(4) OF THE FSMA. THE FUNDS WILL THEREFORE BE MADE AVAILABLE IN THE UK ONLY TO PERSONS TO WHOM SUCH INVESTMENT MAY BE PROMOTED IN ACCORDANCE WITH RULES OR ORDERS MADE PURSUANT TO SECTIONS 238(5) OR (6) OF THE FSMA. ANY RECIPIENT OF THIS MATERIAL WHO IS AUTHORISED UNDER THE FSMA ("AUTHORISED PERSON") MAY (IF AND TO THE EXTENT THAT IT IS PERMITTED TO DO SO BY THE CONDUCT OF BUSINESS RULES APPLICABLE TO IT) DISTRIBUTE IT OR OTHERWISE PROMOTE THE FUNDS IN THE UNITED KINGDOM TO OTHER AUTHORISED PERSONS OR TO PERSONS PERMITTED TO RECEIVE IT UNDER THE FSMA OR REGULATIONS MADE THEREUNDER, BUT NOT OTHERWISE. WITH REGARD TO GOLDMAN SACHS FUNDS SICAV AND GOLDMAN SACHS FUNDS PLC, YOU SHOULD CONFIRM WITH THE DISTRIBUTOR OF SUCH FUNDS THE CURRENT REGISTRATION STATUS OF THE INDIVIDUAL SUB-FUNDS OF THOSE FUNDS.

Thomson Financial Inc. Warranties and Disclaimers.

The information, data, statements and all other materials provided by Thomson Financial Inc. and its affiliates and contributors (collectively, “Thomson”) which appear in this service, in whatever form presented (hereinafter collectively referred to as “Information”), are subject to change without notice and may not be current or accurate. Thomson is not responsible for any inaccuracies in the Information, and, as further described below under the headings NO WARRANTY and LIMITATION OF LIABILITY, Thomson is providing all Information “as is” and therefore you bear all risk associated with your use of or reliance on such Information.

1. No Warranty. THE INFORMATION IS PROVIDED “AS IS” AND “AS AVAILABLE.” THOMSON DOES NOT WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF THIS INFORMATION AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THIS INFORMATION. NO WARRANTY OF ANY KIND, IMPLIED OR EXPRESS OR STATUTORY, IN EXISTENCE NOW OR IN THE FUTURE, INCLUDNG BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR FREEDOM FROM COMPUTER VIRUS OR OTHER INFIRMITY, IS GIVEN BY THOMSON.

2. Limitation of Liability. IN NO EVENT WILL THOMSON BE LIABLE FOR ANY DAMAGES, INCLUDING WITHOUT LIMITATION DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES ARISING IN CONNECTION WITH THIS SERVICE OR INFORMATION CONTAINED HEREIN OR USE THEREOF OR INABILITY TO USE SAME BY ANY END USER, OR IN CONNECTION WITH ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS OR OTHER INFIRMITY OR CORRUPTION, OR LINE OR SYSTEM FAILURE, EVEN IF THOMSON OR ITS REPRESENTATIVES ARE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES OR EXPENSES.

London Stock Exchange
January 27, 2006

The information presented on this website contains data sourced from the London Stock Exchange® SEDOL® Masterfile. Recipients of data containing SEDOL identifiers must be licensed by the London Stock Exchange plc. We understand that this licensing requirement extends to any company receiving, extracting and /or reproducing any data contained within the Exchange's SEDOL Masterfile ^TM database. However, this is subject to certain exemption which may apply to you, and these can be found in the Exchange's SEDOL Pricing and Policy Guidelines, available on www.londonstockexchange.com/en-gb/products/membershiptrading/techlib/sedolmf/sedoldoc.htm.

The Exchange has asked that affected companies contact it directly to discuss if a User Licence Agreement is required. The Exchange can be contacted on the following e-mail: sedol@londonstockexchange.com or by telephone to the SEDOL Support Team on +44 (0) 20 7797 3009.

London Stock Exchange and SEDOL are registered trade marks of the London Stock Exchange plc.

Internal Control Procedures

As a broker-dealer, Broker-Dealer is required to implement internal procedures consistent with NYSE Information Memo 92-15 to control electronic order flow, whether entered on Broker-Dealer’s behalf or, if permitted, on behalf of customers. The following are Broker-Dealer’s procedures with respect to orders entered through a Routing Service:

All users will be assigned a unique password and each user will be prohibited from disclosing this password other than to Authorized Users.
All users will comply with all laws, rules (including without limitation short sale rules under U.S. securities laws and self regulatory rules), regulations, policies, procedures or interpretations thereof including but not limited to the rules and regulations of any Routing Service, any Routing Destination or any U.S. or non-U.S. regulatory or self-regulatory organization applicable to Broker-Dealer, the transmission or any resulting order or transaction.
All users must know specific trading and size limits established for customer and proprietary orders.
All users must validate order and trade accuracy.
All users must monitor terminal for message from any Routing Destination, Goldman Sachs Execution & Clearing, L.P. or Affiliates.
All users must monitor orders throughout the day to confirm when orders are filled and compliance with established credit and order size limits.
All users must relay any errors, trade discrepancies, potential unauthorized access, and system or execution problems to the appropriate Goldman Sachs Execution & Clearing, L.P., or Affiliate personnel and/or clearing firm when discovered.
All users are responsible for adhering to the requirements of New York Stock Exchange Rule 405 ["Know Your Customer"].

Note: In lieu of Exhibit A, Broker-Dealer may provide a copy of such other written procedures as it has implemented.

These procedures are implemented to control electronic order flow in accordance with NYSE Information Memo 92-15.

Schedule M-Market Data

If you ("Client") and we have entered or are entering into an Electronic Access and Trading Agreement, this is a supplement referred to in such Agreement. The Electronic Access and Trading Agreement, between Goldman Sachs Execution & Clearing, L.P., or, if Market Data (as defined below) is provided by one or more affiliates of Goldman Sachs Execution & Clearing, L.P. (each such affiliate an "Affiliate"), such Affiliate, and you, is attached to this Schedule and is referred to herein, together with this Schedule, as the "Agreement", the Agreement and this Schedule being considered one and the same agreement. The Services provided by this Schedule will be considered "Trading Services" for all purposes under the Electronic Access and Trading Agreement. Terms used but not otherwise defined in this Schedule will have the same meanings as in the Agreement. The terms "we", "our" and "us" refer to Goldman Sachs Execution & Clearing, L.P. and its Affiliates, and, if you are a resident of any of the jurisdictions identified in Schedule B, if any, to the Electronic Access and Trading Agreement, the Designated Affiliate listed opposite the relevant jurisdiction in Schedule B.

I. SERVICES

The Service covered by this Schedule is the provision by us of certain market data and/or pricing information ("Market Data") from various exchanges, markets or other sources (each a "Source"). One or more Sources require you to agree to certain additional terms and conditions relating to use of the Market Data, and you are required to indicate your acceptance of the applicable additional terms and conditions set out in Annex A hereto.

II. FEES

You agree to pay such fees for the provision and use of the Market Data as may be separately specified in a writing provided by us to you or as otherwise agreed between you and us.

III. TERMINATION

The Service covered by this Schedule will continue until terminated (in whole or part) as follows:

by either party on 30 days prior written notice;
by either party immediately if there is a breach or threatened breach of this Agreement by the other party; or
by us immediately if we stop offering the Service.

Regardless of any other provision of the Agreement or this Schedule, we have the right to terminate (temporarily or permanently and at any time, with or without cause or prior notice) the provision of the Service in whole or part, or to change the nature, composition or availability of any Service.

You understand that in the event of you terminating the Service, you may be held liable and responsible for any termination fee or early termination fee imposed by a Source, regardless of the reason for termination of such Service.

ASX Operations Pty Limited [Australian Stock Exchange]

In relation to Market Data made available by ASX Operations Pty Limited ("ASX") you agree that:

you will not use the Market Data to establish, maintain or provide, or assist in establishing, maintaining or providing a market for trading in securities which is not authorized by law;
you will not supply or make available or permit to be supplied or made available the Market Data to any third person (except by way of fair dealing for the purpose of research, private study, criticism or review) unless you have first entered into a separate written agreement with ASX governing the wholesale supply of the Market Data.

BOAT Services Limited

In relation to Market Data made available by BOAT Services Limited, you agree to the following;

Prohibited Uses. You are prohibited from the following:
1. distributing, transferring, sub-licensing, renting, lending, transmitting, selling, re-circulating, repackaging, assigning, leasing, reselling, publishing or making available all or any portion of the Market Data;
2. using the Market Data to develop, create or directly price any index (e.g., any composite financial index), data feed services, valuations services to third parties, or any database or service that competes directly with the Market Data or any other BOAT service offered in the market place or that would create a substitute for any such BOAT service. For the avoidance of doubt, the Market Data shall not be used in any index or to create, price or calculate indices or any similar derivative product (including but not limited to "baskets" and "strategies"). For example, a total return index on the trading strategy or total return of investment strategy in relation to a structured product whose performance is based on a quantitative trading strategy, and the daily/weekly NAV or redemption value together with the Market Data are used to calculate such index; and
3. using the Market Data for any illegal purpose or contrary to the laws applicable in the jurisdictions where you operate or applicable to supply and use of the Market Data.
Limited Permitted Use. You are permitted to reproduce non-systematic and limited excerpts from Market Data in documents for distribution to your clients or potential clients in graphical format only for viewing, not reproduced or republished by you in any format that would enable the recipient to incorporate the Market Data in a database of their own. You may also create and include "Derived Data" in your periodic or ad-hoc reports to your clients. "Derived Data" shall mean, for the purposes of these terms and conditions only, data that you have developed through a process in conjunction with additional third party data and professional experience, such that the Derived Data: (i) cannot be identified or reverse-engineered as originating or directly derived from the Market Data (ii) includes an amount of the Market Data that has no independent commercial value; (iii) is not separately marketed by you; (iv) could not be used by its recipients as a substitute for the Market Data or any part of it; (v) has no commercial value in its own right, irrespective of whether that value is realised by you or not; and (vi) the distribution of Derived Data is only of supportive nature to your services (for example – report on your performance) and does not constitute a service that your clients may subscribe for.
Intellectual Property. All copyright, database rights, trade marks, patents, rights of privacy or publicity and other proprietary or intellectual property rights (including all models, software, data and any materials) comprised in all or any of the Market Data, or its provision, and all enhancements, modifications or additional services thereto, are and will be the exclusive property of BOAT. You will not use the same (including copying, reverse engineering or disclosing it to any person, for any purpose whatsoever) except as expressly permitted, and will not remove or deface any trademarks or identifier associated with Market Data.
Disclaimer. The Market Data distributed to you shall be on an "as is" basis. Neither we, BOAT, its affiliates nor any third party data provider makes any warranty, express or implied, as to the accuracy or completeness of the Market Data or as to the results to be attained by you or others from the use of the Market Data. You hereby acknowledge that there are no express or implied warranties of title, merchantability or fitness for a particular purpose or use, and that you have not relied upon any warranty, guarantee or representation made by BOAT, its affiliates or any third party data provider. You are bound to any legends, disclaimers, and notices appearing from time to time with the Market Data.
Liability. Neither we, BOAT, its affiliates nor any third party data provider shall in any way be liable to you or any client of yours for any inaccuracies, errors or omissions, regardless of cause, in the Market Data provided hereunder or for any damages (whether direct or indirect) resulting therefrom. Without limiting the foregoing, BOAT shall have no liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any client of yours, whether or not based on the Market Data.

Bolsa de Valores de Sao Paulo S.A.

Certain Market Data is obtained from Bolsa de Valores de Sao Paulo S.A. ("BOVESPA") with the appropriate authorization thereof, and such Market Data may only be consulted for personal use, any and all redistribution prohibited.

Dow Jones & Company, Inc.

Certain data ("Dow Jones Data") accessible in connection with the services provided by us or our affiliates, as the case may be, is proprietary to Dow Jones " Company, Inc. ("Dow Jones"). Dow Jones Data is protected by intellectual laws and all ownership rights remain with Dow Jones.

You may only use the Dow Jones Data for your own personal and non-commercial purposes. Such use will be in accordance with these terms and conditions and any requirements set out elsewhere with respect to these services. You may not copy, distribute or redistribute the Dow Jones Data, including by caching, framing or similar means or sell, resell, re-transmit or otherwise make such data available to any third party. You may not store the Dow Jones Data for the purposes of creating a historical database or historical data product. You may not use any of the Dow Jones Data in connection with the issuance, creation, marketing or promotion of investment products (e.g., derivatives, structured products, funds, portfolios, etc. where the price, return and/or performance of the product is related to Dow Jones indexes) without a separate written agreement with Dow Jones.

The Dow Jones Data is provided "as is." Dow Jones shall not be liable to you for any loss or damage, direct, indirect or consequential, arising from (i) any inaccuracy or incompleteness in, or delays, interruptions, errors or omissions in the delivery of the Dow Jones Data or (ii) any decision made or action taken by you or any third party in reliance upon the Dow Jones Data. Dow Jones shall not be liable for loss of business revenues, lost profits or any punitive, indirect, consequential, special or similar damages whatsoever, whether in contract, tort or otherwise, even if advised of the possibility of such damages incurred by you or any third party.

Dow Jones does not make any warranties, as to the accuracy, adequacy, quality or fitness for a particular purpose or use, timeliness, noninfringement, title, of any Dow Jones Data and all such warranties are expressly excluded to the fullest extent permitted by law.

Euronext N.V.

In relation to Market Data made available by Euronext N.V. you agree that:

all intellectual property rights in the Market Data (in its entirety as well as parts thereof, or embodied in any information demonstrably based thereon and/or derived therefrom) are owned by Euronext N.V. and will so remain regardless of whether the Market Data is the product of processing, upgrading or performance by any party other than Euronext N.V.;
the Market Data is for your personal use only or for disclosure to a third party/third parties on an incidental basis only. You shall refrain from any non-incidental disclosure of the Market Data, processed or otherwise, to any third parties via any medium, present or future. You shall especially refrain from disclosure of the Market Data in connection with commercial information brooking, information vending, publishing or credit rating, nor for substantial reproduction through the press or the media, nor for transmissions via any private or public network, cable or satellite system. You guarantee to us and Euronext N.V. that third parties will not gain access to the Market Data in any manner, other than as set forth in our agreement with you relating to your use of the Market Data;
you will not redistribute or transmit all or some of the Market Data, free of charge or for consideration, in any manner or form whatsoever, in-house or beyond the premises where your information system receives the Market Data directly from us;
we may request from you a statement of the actual number of devices through which the Market Data can be received, accompanied by a declaration from your accountant that the statement is correct and gives a fair view of the situation;
Euronext N.V. shall not be liable for any loss, damage, costs, claims and expenses whatsoever to you, nor to any third parties for any direct or indirect damage which you or any third party may suffer as a result of or in connection with the Market Data, or in any other way connected with our agreement with you relating to your use of the Market Data. This limitation of liability shall not apply in the event of willful misconduct or gross negligence. You shall indemnify Euronext N.V. in this respect against any claims of third parties;
Euronext N.V. retains the right to direct us to terminate distribution of the Market Data to you for various reason without any claim (for damages) arising on your part against either Euronext N.V. or us. Such reasons include (a) where you make, allow or cause unauthorized and/or improper use to be made of the Market Data in such a manner as to be in violation of your obligations under our agreement with you relating to your use of the Market Data; any costs and losses as a result thereof shall be borne by you; (b) where you are declared bankrupt, wind up your company or are granted a (preliminary) moratorium on payment of your debts; (c) where, during the term of such agreement, you perform any activities which might be deemed to be competitive with those of us;
the prohibitions listed above shall remain in effect after the cessation of contractual relations between you and us for whatever reason.

Exfeed Ltd [VirtX]

Market Data made available by Exfeed Ltd (“Exfeed”):

is for your own use and may not be made available to any third party, except for limited extracts of the Market Data included on an occasional basis in communications with your business customers. Exfeed reserves the right to determine whether any form of Market Data distribution by you may be allowed under this provision;
may be processed with or without other information for the purpose of creating new original works, provided that (a) any works so created which contain, display, represent or recreate any item of the Market Data will be regarded as Market Data for the purposes of our agreement with you relating to your use of the Market Data, and (b) you may not use any element of the Market Data to create or recalculate indices without the prior permission of Exfeed and payment by you of an appropriate fee;
shall not be misrepresented or displayed in such a way as may create a false or misleading impression as to the origin, meaning or value of any item of the Market Data. In particular, you shall (a) use best efforts to credit Exfeed (and any other source of the Market Data notified to you) as the source(s) of the Market Data, and (b) not alter, deface or remove any trademarks, trademark notices or copyright notices transmitted with the Market Data;
shall not be used for any illegal purposes; and
shall be displayed in accordance with any other reasonable display requirements issued by Exfeed from time to time.

FTSE International Limited

We are licensed by FTSE International Limited to publish the FTSE Index Values (the "Data"). FTSE shall not be responsible for any error or omission in the Data. All copyright and database rights in the Data belong to FTSE or its licensors. Redistribution of data comprising the Data is not permitted. 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 us and you may be required to enter into a separate agreement with FTSE or us. "FTSE™", "FT-SE™" and "Footsie™" are trade marks of London Stock Exchange PLC and The Financial Times Limited and are used by FTSE International Limited under licence.

You may not remove any copyright or other proprietary notices incorporated with the Data. You may not use or exploit the Data supplied by FTSE for the purpose of creating any financial product or service which seeks to match the performance of, or whose capital and/or income value is related to the Data or any part thereof, without the prior consent and agreement of FTSE on terms to be agreed with FTSE at its absolute discretion.

You may reprocess the Data and perform calculations using that data for use within your organisation (data created by such means being referred to herein as "Reprocessed Data"); however you may not, and may not allow any third party to, redistribute or re-disseminate such Reprocessed Data in whatever form it may take, whether the Data underlying the Reprocessed Data is readily identifiable or not.

Hang Seng Indexes Company Limited

In relation to Market Data made available by Hang Seng Indexes Company Limited:

you shall use the Market Data for your own use and not for any other purposes and shall not further disseminate the Market Data (or any of them) to any other person under any circumstances;
the following disclaimer applies:
"Information referred to in this section is provided by Hang Seng Indexes Company Limited. Neither Hang Seng Indexes Company Limited nor any of its holding companies and subsidiaries nor Goldman Sachs provides any warranties of any kind in relation to such Information (including, without limitation, that the Information is fit for a particular purpose) or accepts any responsibilities for its accuracy, completeness and/or consistency, or for any loss or damage whatsoever and howsoever suffered or incurred by any party. With the use of or the access to the Information referred to in this section, the subscriber or any party irrevocably and unconditionally accepts and agrees to be bound by this disclaimer."

Italian Exchange

In relation to Market Data made available by the Italian Exchange, you agree that you will not redistribute, publish or assign the Market Data, or any portion of the Market Data, to third parties, in any manner whatsoever, whether directly or indirectly. You will inform your employees, collaborators, consultants or service suppliers of the foregoing prohibitions. You agree that the foregoing prohibitions are for the benefit of the Italian Exchange and shall survive termination of your agreement with us relating to your use of the Market Data.

Jakarta Stock Exchange, Inc

In relation to Market Data made available by Jakarta Stock Exchange, Inc. ("JSX") you agree that the intellectual property rights to the Market Data, in its entirety and with respect to each individual item included in the Market Data, vest in JSX.

JSE Securities Exchange South Africa

You agree to allow JSE Securities Exchange South Africa ("JSE") and/or its agents access to your premises at all reasonable times for the purpose of monitoring compliance with the provisions and intent of our agreement with you relating to your use of the Market Data insofar as it relates to your use of Market Data made available by JSE.

London Metal Exchange

Market Data made available by the London Metal Exchange ("LME") may not (except as required by applicable law or regulation) be copied, distributed or transmitted, in whole or in part, without the LME's prior written consent.

London Stock Exchange

Market Data made available by the London Stock Exchange ("LSE") may not be redistributed without the LSE's prior written consent.

London Stock Exchange (SEDOL)

You acknowledge that Market Data may include SEDOL data sourced from the London Stock Exchange plc. We are required to inform you that to the extent any Market Data contains SEDOL identifiers you should contact the London Stock Exchange to get the appropriate user licence for the use of SEDOL identifiers. We recommend you consult the information available on the London Stock Exchange website (currently http://www.londonstockexchange.com/en-gb/products/membershiptrading/techlib/sedolmf/sedoldoc.htm) and in particular the SEDOL Pricing and Policy Guidelines document.

Mercado Mexicano De Derivados, S.A. de C.V.

In relation to Market Data made available by Mercado Mexicano de Derivados, S.A. De C.V. ("MEXDER"), you recognize and accept that MEXDER has all rights, title and interest in the Market Data. You shall make best efforts to ensure that the Market Data is used properly, as provided herein and by any applicable law, and only as a research tool or for market analysis, and not for sale or redistribution through any electronic, mechanical or manual means of communication. You shall not modify or alter the Market Data in any manner, however you may utilize the Information in the format of your choice. If at any time you become aware of any infringement or violation of this clause, you shall immediately notify us and discontinue such infringement or violation. MEXDER will not be responsible for any damages caused to you or any third person for delays, discontinuity, errors or omissions that may occur in the capture, process, transmissions, reception or presentation of the Market Data. In view of the foregoing, you waive any damage or losses action against MEXDER, for any damage or losses which may be caused to you for the transmission of the Market Data. In the case MEXDER receives notice of any legal action taken against it which is derived from the use of the Market Data from you or any third party receiving the information from you, you will cooperate with MEXDER in resolving such matter and will protect the rights of MEXDER, even indemnify MEXDER if necessary, in order to keep MEXDER free of damage or any kind of responsibility derived from such actions. You will promptly cooperate with MEXDER in the protection and defense of MEXDER's copyright and industrial property.

OMX Exchanges Ltd

In relation to Market Data made available by OMX Exchanges Ltd ("OMX"):

You recognize the intellectual property rights and the right to legal remedy of OMX in respect of the Market Data;
OMX and its information providers accept no liability for the display of the Market Data or any losses or claims arising from use of the Market Data;
You may use the Market Data solely for your own purposes. You may not transfer or publish to third parties all or part of the Market Data except where allowed to do so by these provisions or otherwise authorised by OMX. Further, if you are a natural person categorized by us as a private use subscriber, you may use the Market Data only for your own personal use relating to the management of your own personal investments and not for any business purpose;
OMX and its information providers may suspend or terminate receipt of Market Data by any party if OMX has reason to believe the Market Data is being misused or misrepresented;
You agree (a) not to allow other persons to gain unauthorized access to the Market Data; (b) not to make your User IDs available to another person; (c) not to use Market Data for any illegal purpose; (d) to maintain all records and, upon request, to provide all information required by us to meet our record-keeping, reporting and payment obligations to OMX and to allow rights of audit by us or our appointed representatives for this purpose;
In any display created by you that incorporates the Market Data, you shall (a) use reasonable efforts to credit OMX and/or any information provider or other source(s) of the Market Data specified by OMX as the source(s) of the Market Data; (b) not misrepresent the Market Data or deface or remove any trademarks transmitted with the Market Data; (c) ensure that delayed and end-of-day Market Data are clearly labeled and the period of delay or time of original dissemination of the Market Data is noted in all displays of delayed and end-of day Market Data; (d) comply with such other Market Data display requirements as OMX may specify from time to time, on behalf of OMX or any other information provider;
You agree to (a) allow OMX or its authorized representatives to audit your records and use of the Market Data; and (b) to obtain and provide any consents needed for OMX or its authorized representatives to review and receive personal data, where necessary, for the purposes of verifying or ensuring compliance with our obligations to OMX; (OMX will only exercise its rights under this provision if it discovers that we are unable to control (for example, by means of user IDs and passwords) the number of end-users within your organization with access to the Market Data.)
You acknowledge that if you access the Market Data utilizing GICS you are aware and are subject to the following limitations and restrictions:
The Market Data utilize the Global Industry Classification Standard (GICS®) under a licence from Morgan Stanley Capital International Inc. (MSCI®). GICS was developed by and is the exclusive property of MSCI and Standard and Poor's (S&P). Neither MSCI nor S&P makes any express or implied warranties or representations and each hereby expressly disclaims all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose. GICS may be used by you solely in connection with the Market Data. You may not redistribute any GICS or use any GICS to create a securities classification designation or system or to create any financial products or indices. You are entitled to make use of the GICS solely for the purpose of comprehending the content of the Market Data. You may not use the GICS to create a classification designation in any way.

Osaka Securities Exchange

Permission from OSE is required, if you consume market data of OSE in order to operate financial instruments exchange and/or foreign financial instrument exchange stipulated in Financial Instruments and Exchange Act, concerning derivatives trading at the exchange. (Contact: md@ose.or.jp)

Oslo Børs Informasjon AS

In relation to Market Data made available by Oslo Børs Informasjon AS ("OBI"):

You agree that the Market Data is for your own internal business use and may not be made available, directly or indirectly, in whole or in any part or manipulation thereof, to any third party, except as provided below;
You may only redistribute limited extracts (i.e. purely ad hoc and insubstantial extracts), provided that any such redistribution complies with any and all of the following requirements: (a) is not continuous, (b) does not constitute updating in real-time, (c) is made on either an infrequent or irregular basis, (d) is incidental to the purpose of your principal business, (e) cannot be used as a substitute for any service provided by us or any substantial part of it; (f) has no independent commercial value; (g) is not separately charged for, (h) is not made in connection with commercial information broking, information vending, publishing or credit rating, nor for substantial reproduction through the press or media, nor for transmission via any private or public network, cable or satellite system;
You may not delete any copyright or proprietary notice contained in the Market Data;
You acknowledge and agree that OBI may assert intellectual property rights in the Market Data and that the Market Data is provided subject to the terms of an agreement with OBI;
The Equity Indices are based on MSCI's Classification Model (Global Industry Classification Standard – GICS). A description of the GICS is publicly available i.a. on Oslo Stock Exchange's web site.

You may not redistribute the description of the GICS to any third party. The GICS is developed by and is the exclusive property of and service mark of Morgan Stanley Capital International Inc (MSCI) and Standard and Poor's (S&P). It has been licensed for use by OBI and we are entitled to redistribute the classifications and products based on classifications made by MSCI and S&P to their clients. You are entitled to make use of the GICS solely for the purpose of comprehending the content of the Market Data. You may not use the GICS to create a classification designation in any way.

You acknowledge that MSCI is the sole and exclusive owner of all right, title and interest in and to the GICS. You agree that the rights granted hereunder convey no rights, title or interest in or to the GICS to you. You shall not use the GICS in any way other than as expressly provided herein.

Neither MSCI nor S&P nor any other party involved in or related to the compilation or creation of the GICS makes any express or implied warranties or representations with respect to this information (or the results to be obtained by the use thereof), and MSCI and S&P and any other party involved in or related to the compilation or creation of the GICS hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for particular purpose with respect to any of this information. The Equity Indices are not issued, sponsored, endorsed, sold or promoted by MSCI or S&P.

Singapore Exchange Derivatives Trading Limited

In relation to Market Data made available by Singapore Exchange Derivatives Trading Limited ("SGX-DT") you shall not:

engage in the operation of any unlawful business nor allow any other unauthorized or unlawful usage of the Market Data in contravention of any applicable laws, rules and regulations;
commercially exploit the Market Data in any other manner whatsoever. Further, you hereby expressly acknowledge, warrant and agree, as conditions of the agreement between you and us relating to your use of the Market Data, that:
the Market Data provided to you on a real-time basis relating to the trading operations at SGX-DT is confidential and remains the valuable property of SGX-DT, and it is a condition of its supply to you that you will only use it on the basis set out in such agreement, and no other;
you will not, without SGX-DT's prior written consent, authorize or allow any modifications to the equipment, apparatus, and wires by which the Market Data is transmitted to you directly or indirectly by us;
you have authority to bind all your subscriber locations and have provided us with a list of those subscriber locations and the number of terminals to be used from time to time and at any time to access the Market Data at each such subscriber location;
you have a duty to report to us the number of terminals used from time to time and at any time located at each of your subscriber locations on a monthly basis for all subscriber locations, including all branch offices;
at all reasonable times during normal hours, any person or persons designated by us shall have access to all of your subscriber locations (including branch offices). They shall have the right to observe the use being made of the Market Data and the right to examine and inspect all instruments, apparatus and terminals used in connection with the receipt and processing of the Market Data on a delay or real-time basis in the particular subscriber location;
you agree and undertake to give to such persons as SGX-DT may designate, from time to time, full and free access to your premises and/or any other premises at which the Market Data is received at any and all reasonable times during normal business hours. You shall permit such persons to observe the use made of the Market Data at such premises and to examine and inspect all instruments and apparatus used at such premises in connection with the Market Data. You shall also complete any required questionnaire and/or provide any other necessary information to SGX-DT for the purpose of billing and collecting information related to your use of the Market Data and the technical and administrative costs in place to manage data distribution and reporting;
the transmission of Market Data is conditioned upon a strict compliance on your part with the provisions set forth herein, and we may, with or without notice, discontinue transmission whenever in our judgment there has been any breach by you of any of those provisions, or whenever directed to do so by SGX-DT;
neither we nor SGX-DT guarantee the sequence, timeliness, accuracy or completeness of any of the Market Data. Subject to paragraph (xii) below, neither we nor SGX-DT, shall be liable for non-performance or interruption of transmission due to any cause whatsoever, including any omission or negligence on the part of us and/or SGX-ST. Neither we nor SGX-DT shall be liable for any reason whatsoever to you or to any other person, firm or corporation for any delays, inaccuracies, errors or omissions in the Market Data, or in the transmission thereof, or for any damages arising there from or occasioned thereby, including economic, financial, material, personal or consequential loss or damage;
subject to paragraph (xii) below, SGX-DT shall not be liable in any way whatsoever to us or you or any person, company or other entity whatsoever for any economic, financial, material, consequential, or personal loses or damage resulting from actions or decisions based on, or as a result of, Market Data received directly or indirectly from us;
you hereby indemnify and agree to keep indemnified each of us, SGX-DT and our respective officers, employees and agents and any other person having an estate or interest of any kind at any time and from time to time in any of the equipment used by SGX-DT to supply the Market Data against all loss, actions, proceedings, costs, claims and damages arising from: (a) any breach by you of your obligations under such agreement; (b) reliance by third parties on the Market Data obtained through, or from, your utilization of the transmission of the Market Data; and (c) any defect in or abuse or misuse or failure of operation or performance or breakdown of such equipment or any part or parts thereof at any time during the term of such agreement;
you acknowledge that SGX-DT has retained rights under its agreement with us to terminate the transmission of Market Data to us on short notice and that if SGX-DT elects to exercise those rights then we will not be in a position to continue transmissions to you;
you shall not use or permit the Market Data to be used other than for your own internal purposes, and shall not permit any third party to use or distribute the Market Data or purport to do any of the same;
you agree and undertake that during the term of such agreement and thereafter you will keep confidential and, save as expressly provided in such agreement, will not without the prior written consent of SGX-DT, disclose to any third party any and all confidential information (including, without limitation, the Market Data).

Singapore Exchange Securities Trading Limited

In relation to Market Data made available by Singapore Exchange Securities Trading Limited ("SGX-ST") you shall not:

use the Market Data to compile a stock index on the Singapore stock market or on securities quoted or traded on the Singapore Exchange Limited, which would enable and/or facilitate index based trading to be conducted by any market or any person;
engage in the operation of any unlawful business nor allow any other unauthorized or unlawful usage of the Market Data in contravention of any applicable laws, rules and regulations;
commercially exploit the Market Data in any other manner whatsoever.

Further, you hereby expressly acknowledge, warrant and agree, as conditions of the agreement between you and us relating to your use of the Market Data, that:
the Market Data provided to you on a real-time basis relating to the trading operations at SGX-ST is confidential and remains the valuable property of SGX-ST, and it is a condition of its supply to you that you will only use it on the basis set out in such agreement, and no other;
you will not, without SGX-ST's prior written consent, authorize or allow any modifications to the equipment, apparatus, and wires by which the Market Data is transmitted to you directly or indirectly by us;
you have authority to bind all your subscriber locations and have provided us with a list of those subscriber locations and the number of terminals to be used from time to time and at any time to access the Market Data at each such subscriber location;
you have a duty to report to us the number of terminals used from time to time and at any time located at each of your subscriber locations on a monthly basis for all subscriber locations, including all branch offices;
at all reasonable times during normal hours, any person or persons designated by us shall have access to all of your subscriber locations (including branch offices). They shall have the right to observe the use being made of the Market Data and the right to examine and inspect all instruments, apparatus and terminals used in connection with the receipt and processing of the Market Data on a delay or real-time basis in the particular subscriber location;
you agree and undertake to give to such persons as SGX-ST may designate, from time to time, full and free access to your premises and/or any other premises at which the Market Data is received at any and all reasonable times during normal business hours. You shall permit such persons to observe the use made of the Market Data at such premises and to examine and inspect all instruments and apparatus used at such premises in connection with the Market Data. You shall also complete any required questionnaire and/or provide any other necessary information to SGX-ST for the purpose of billing and collecting information related to your use of the Market Data and the technical and administrative costs in place to manage data distribution and reporting;
the transmission of Market Data is conditioned upon a strict compliance on your part with the provisions set forth herein, and we may, with or without notice, discontinue transmission whenever in our judgment there has been any breach by you of any of those provisions, or whenever directed to do so by SGX-ST;
neither we nor SGX-ST guarantee the sequence, timeliness, accuracy or completeness of any of the Market Data. Subject to paragraph (xiii) below, neither we nor SGX-ST, shall be liable for non-performance or interruption of transmission due to any cause whatsoever, including any omission or negligence on the part of us and/or SGX-ST. Neither we nor SGX-ST shall be liable for any reason whatsoever to you or to any other person, firm or corporation for any delays, inaccuracies, errors or omissions in the Market Data, or in the transmission thereof, or for any damages arising therefrom or occasioned thereby, including economic, financial, material, personal or consequential loss or damage;
subject to paragraph (xiii) below, SGX-ST shall not be liable in any way whatsoever to us or you or any person, company or other entity whatsoever for any economic, financial, material, consequential, or personal loses or damage resulting from actions or decisions based on, or as a result of, Market Data received directly or indirectly from us;
you hereby indemnify and agree to keep indemnified each of us, SGX-ST and our respective officers, employees and agents and any other person having an estate or interest of any kind at any time and from time to time in any of the equipment used by SGX-ST to supply the Market Data against all loss, actions, proceedings, costs, claims and damages arising from: (a) any breach by you of your obligations under such agreement; (b) reliance by third parties on the Market Data obtained through, or from, your utilization of the transmission of the Market Data; and (c) any defect in or abuse or misuse or failure of operation or performance or breakdown of such equipment or any part or parts thereof at any time during the term of such agreement;
you acknowledge that SGX-ST has retained rights under its agreement with us to terminate the transmission of Market Data to us on short notice and that if SGX-ST elects to exercise those rights then we will not be in a position to continue transmissions to you;
you shall not use or permit the Market Data to be used other than for your own internal purposes, and shall not permit any third party to use or distribute the Market Data or purport to do any of the same;
you agree and undertake that during the term of such agreement and thereafter you will keep confidential and, save as expressly provided in such agreement, will not without the prior written consent of SGX-ST, disclose to any third party any and all confidential information (including, without limitation, the Market Data).

Sociedas de Bolsa [Madrid Exchange]

Market Data made available by Sociedas de Bolsa is for your own use and may not be made available, directly or indirectly, in whole or in any part or manipulation thereof, to any third party.

Societe de la Bourse de Luxembourg S.A.

Your attention is drawn to the following copyright notice in relation to Market Data made available by Societe de la Bourse de Luxembourg S.A. ("BDL"):

In relation to Market Data made available by BDL:

you acknowledge and agree that (a) the intellectual property rights belong solely to BDL and will so remain under all circumstances, regardless of how they are used or modified, and (b) that you shall quote the above-cited copyright notice;
you agree that the Market Data is for your own internal business use and may not be made available, directly or indirectly, in whole or in any part or manipulation thereof, to any third party, except as provided below;
you may only redistribute limited extracts (i.e. purely ad hoc and insubstantial extracts), provided any such redistribution complies with any and all of the following requirements: (a) is not continuous, (b) does not constitute updating in real-time, (c) is made on either an infrequent or irregular basis, (d) is incidental to the purpose of your principal business, (e) cannot be used as a substitute for any service provided by us or any substantial part of it; (f) has no independent commercial value; (g) is not separately charged for, (h) is not made in connection with commercial information broking, information vending, publishing or credit rating, nor for substantial reproduction through the press or media, nor for transmission via any private or public network, cable or satellite system;
you may not delete any copyright or proprietary notice contained in the Market Data.

Sydney Futures Exchange Limited

In relation to Market Data made available by the Sydney Futures Exchange Limited ("SFE"), you hereby expressly acknowledge, warrant and agree, as conditions of the agreement between us relating to your use of the Market Data, that:

the Market Data provided to you relating to the trading operations at SFE is confidential and remains the valuable property of SFE, and it is a condition of its supply to you that you will only use it on the basis set out in such agreement and no other;
you will not, without our prior written consent, authorize or allow any modifications to the equipment, apparatus, and wires by which the Market Data is transmitted by us to you;
you have authority to bind all your subscriber locations and have provided us with a list of those subscriber locations and the number of terminals to be used from time to time and at any time to access the Market Data at each such subscriber location;
you have a duty to report to us the number of terminals used from time to time and at any time located at each of your subscriber locations on a monthly basis for all subscriber locations, including all branch offices;
at all reasonable times during normal hours, any person or persons designated by us shall have access to all of your subscriber locations (including branch offices). They shall have the right to observe the use being made of the Market Data and the right to examine and inspect all instruments, apparatus and terminals used in connection with the receipt and processing of the Market Data in the particular subscriber location;
you agree and undertake to give to such persons as SFE may designate, from time to time, full and free access to your premises and/or any other premises at which the Market Data is received at any and all reasonable times during normal business hours. You shall permit such persons to observe the use made of the Market Data at such premises and to examine and inspect all instruments and apparatus used at such premises in connection with the Market Data where it is obtained in such a way that the receivers of the Market Data cannot be identified individually, or where access to the Market Data is controlled with your own customer controlled network;
the transmission of Market Data is conditioned upon a strict compliance on your part with the provisions set forth herein, and we may, with or without notice, discontinue transmission whenever in our judgment there has been any breach by you of any of those provisions, or whenever directed to do so by SFE;
neither we nor SFE guarantee the sequence, accuracy or completeness of any of the Market Data. Subject to paragraph (xi) below, neither we nor SFE, shall be liable for non-performance or interruption of transmission due to any cause whatsoever, including any omission or negligence on the part of us and/or SFE. Neither we nor SFE shall be liable for any reason whatsoever to you or to any other person, firm or corporation for any delays, inaccuracies, errors or omissions in the Market Data, or in the transmission thereof, or for any damages arising therefrom or occasioned thereby, including economic, financial, material, personal or consequential loss or damage;
subject to paragraph (xi) below, SFE shall not be liable in any way whatsoever to us or you or any person, company or other entity whatsoever for any economic, financial, material, consequential, or personal loses or damage resulting from actions or decisions based on, or as a result of, Market Data received directly or indirectly from us;
nothing contained in paragraphs (viii) or (ix) shall exclude, restrict or modify any condition or warranty implied into such agreement by law where to do so would render either paragraph (or both) void in whole or in part, and you agree that to the extent permitted by the Australian Trade Practices Act, or any other relevant law, our liability to you for any loss or damage alleged by you or by any other person, either directly or indirectly, and arising out of the performance or non performance of such agreement is limited to either of the remedies set out in section 68A(1) (a) (b) of the said Trade Practices Act at our discretion;
you hereby indemnify and agree to keep indemnified each of us, SFE and our respective officers, employees and agents and any other person having an estate or interest of any kind at any time and from time to time in any of the equipment used by SFE to supply the Market Data against all loss, actions, proceedings, costs, claims and damages arising from: (a) any breach by you of your obligations under such agreement; (b) reliance by third parties on the Market Data obtained through, or from, your utilization of the supply of the Market Data; and (c) any defect in or abuse or misuse or failure of operation or performance or breakdown of such equipment or any part or parts thereof at any time during the term of such agreement;
you acknowledge that SFE has retained rights under its agreement with us to terminate the supply of Market Data to us on short notice and that if SFE elects to exercise those rights then we will not be in a position to continue transmissions to you;
you shall not use or permit the Market Data to be used other than for your own internal purposes, and shall not permit any third party to use or distribute the Market Data or purport to do any of the same;
you agree and undertake that during the term of such agreement and thereafter you will keep confidential and, save as expressly provided in such agreement, will not without the prior written consent of SFE, disclose to any third party any and all confidential information (including, without limitation, the Market Data).

Taiwan Stock Exchange Corporation

In relation to Market Data made available by the Taiwan Stock Exchange Corporation ("TSE"), you agree to comply with the TSEs Regulations Governing the Use of Trading Information (www.tse.com.tw/docs), and the sanctions and the civil and criminal liabilities for making unlawful relaying or reconnection of the Market Data. You acknowledge that, pursuant to the said Regulations, (i) we are obligated to disclose to the TSE your identity and other details related to your use of the Market Data and (ii) the TSE has the right to make an inspection of your place of business.

Taiwan Futures Exchange

資料來源:台灣期貨交易所，本資料係經路透社處理提供。
Data source: Taiwan Futures Exchange, quotes provided by Reuters.

The Stock Exchange, Mumbai (BSE)

In relation to Market Data made available by The Stock Exchange, Mumbai (BSE) ("BSE"):

you agree and accept that BSE, being the owner of the Market Data, may enforce any of the terms and conditions of our agreement with you relating to your use of the Market Data, where such terms and conditions relate to BSE's right in the Market Data, against you or any person or individual as if BSE was a party to such agreement. The use of the Market Data by you shall give sufficient cause of action to BSE against you to protect BSE's rights and interests in relation to the Market Data. However, nothing in such agreement shall be construed to create a privity of contract between you and BSE;
you will have a non-exclusive, non-transferable license to receive and use the Market Data solely for your internal use and to redistribute non-systematically;
you agree to use the Market Data in accordance with the terms and conditions laid down in our agreement with you relating to your use of the Market Data. Additionally, you agree to use the Market Data in accordance with the BSE's Exchange Provisions, available for viewing at BSE's library or upon request to BSE;
you acknowledge and agree that BSE has all right, title and interest and all other intellectual property rights in the Market Data and that BSE does not grant you any express or implied right under any patents, trademarks, copyrights or trade secret information;
in case BSE has evidence or has good reasons to believe that you are in breach of your contractual obligations relating to the Market Data, BSE reserves the right to terminate or deny or direct us to terminate or deny your access to the Market Data without notice;
you shall endeavour to do all necessary acts, deeds and things to ensure that the intellectual property rights in the Market Data shall effectively vest in BSE. You shall not directly or indirectly apply for or permit any other person to apply for registration of any intellectual property rights in the Market Data;
you shall comply with and submit to any audit laid down by us or BSE from time to time and shall cooperate and offer full assistance to us or BSE for conducting such audits;
you acknowledge that you are aware of the Disclaimers, Confidentiality, Jurisdiction and Termination clauses mentioned by BSE in the agreement between BSE and us, available for viewing upon request to BSE or us;
you acknowledge that your license to use the Market Data shall forthwith terminate upon the termination of our agreement with BSE;
you shall ensure the security of the Market Data;
you agree to indemnify and hold BSE harmless from any claim or demand, including reasonable attorney's fees, made by any third party due to or arising out of your use of the Market Data, or the violation of the terms of use, any intellectual property or any other right of any person or entity by you.

Turquoise Services Ltd

In relation to Market Data made available by Turquoise Services Ltd ("Turquoise"), you agree to the following:

you recognise that all intellectual property rights in the Market Data remain the property of Turquoise;
you may use the Market Data solely for your own purposes. You may not transfer or publish to third parties all or part of the Market Data without the prior authorisation of Turquoise (with the exception of the provision by you of limited extracts of the Market Data in written and oral communications which do not involve the regular or systematic distribution or display of Market Data);
you agree that in the event that Turquoise has reasonable cause to suspect that there has been a breach of your agreement with us relating to your use of the Market Data, Turquoise (and any third party auditors acting on its behalf) may conduct an audit at your premises, to obtain access to and inspect systems, controls, books and records, insofar as they relate to the use of the Market Data by you. Such an audit may occur during the term of your agreement with us relating to your use of the Market Data, and for a period of two years thereafter. An audit at your premises may only follow an audit at our premises. Turquoise and its auditors shall treat all information obtained in the audit confidentially and use it only for the purposes of the audit. Turquoise shall give reasonable notice of audits, prepare and carry out audits in accordance with generally accepted industry guidelines, and shall not audit you more than once in any calendar year (except where multiple visits are required to ascertain the extent of non-compliance). Turquoise and its auditors shall comply with all health, safety and security requirements in effect at your premises. Any audit may only occur during normal business hours;
you agree: (a) not to use the Market Data to create or publish any index, without the prior written permission of Turquoise; (b) not to use the Market Data for any illegal purpose, or any purpose that may mislead investors or bring Turquoise into disrepute; and (c) not to make any passwords or other access methods that we provide to you for the purposes of accessing the Market Data available to any third party.

Wiener Börse AG [Vienna Exchange]

In relation to Market Data made available by Wiener Börse AG ("WBAG"):

WBAG is not responsible or liable if any of the Market Data is inaccurate or incomplete in any respect;
WBAG is not responsible or liable for any actions that you take or do not take based on the Market Data;
you will use the Market Data solely for the purposes set forth in our agreement with you relating to your use of the Market Data;
the Market Data is proprietary to WBAG and you will not retransmit or disclose the Market Data to third parties except as required by applicable law or regulation;
you will use the Market Data solely in compliance with applicable laws, rules and regulations.

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