You may:

browse the Site and view the information on it for private, non-commercial use only;

print off pages from the Site to the extent reasonably necessary for your use of the Site in accordance with the above.

provided that at all times you do not do any of the things set out in clause 2.

Subject to these terms and conditions, you may not:

systematically copy (whether by printing off onto paper, storing on disk or in any other way) substantial parts of the Site;

remove, change or obscure in any way anything on the Site or otherwise use any material contained on the Site except as set out in these terms and conditions

reproduce, retransmit, disseminate, sell, publish, broadcast, nor the Site and anything available from the Site be used in connection with creating, promoting, trading, marketing investment products without the express written consent of Morningstar Asia Limited or its information providers; or

for unlawful purposes and you shall comply with all applicable laws, statutes and regulations at all times.

You acknowledge that:

Morningstar does not provide investment advice and that nothing on the Site constitutes investment advice and that you will not treat any of the Site's content as such;

Morningstar does not recommend any financial product;

Morningstar does not recommend that any financial product should be bought, sold or held by you; and

nothing on the Site should be construed as an offer, nor the solicitation of an offer, to buy or sell securities by Morningstar

information which may be referred to on the Site from time to time may not be suitable for you and that you should not make any investment decision without consulting a fully qualified financial adviser.

The Site is directed exclusively at users located within Hong Kong and as such any use of the site by users outside Hong Kong is at their sole risk. By using the Site you confirm that you are located within Hong Kong and that you are permitted by law to use the Site.

Morningstar's use of your personal information is governed by Morningstar's Privacy Policy, which forms part of these terms and conditions.

All copyright and other intellectual property rights in any material (including text, photographs and other images and sound) contained in the Site is either owned by Morningstar or has been licensed to Morningstar by the rights owner(s) for use by Morningstar on the Site. You are only allowed to use the Site and the material contained in the Site as set out in these terms and conditions.

The Site contains trade marks, including the Morningstar name and logo and the "QuickTake" and "Morningstar Rating" marks. All trade marks included on the Site belong to Morningstar or have been licensed to Morningstar by the trade mark owner(s) for use on the Site. You are not allowed to copy or otherwise use any of these trade marks in any way except as set out in these terms and conditions.

Users agree that by posting comments on various articles and sections of the website ("Posting Comments") they automatically grant, and represent and warrant that they have the right to grant, to JS-Kit a non-exclusive, royalty-free, worldwide license to also display their posted comments on other Morningstar sites and/or JS-KIT websites ("JS-Kit Network").

Morningstar does not exclude or limit its liability for death or personal injury resulting from its negligence, fraud or any other liability which may not by applicable law be excluded or limited.

Subject to clause 8.1, in no event shall Morningstar be liable (whether for breach of contract, negligence or for any other reason) for (i) any loss of profits, (ii) exemplary or special damages, (iii) loss of sales, (iv) loss of revenue, (v) loss of goodwill, (vi) loss of any software or data, (vii) loss of bargain, (viii) loss of opportunity, (ix) loss of use of computer equipment, software or data, (x) loss of or waste of management or other staff time, or (xi) for any indirect, consequential or special loss, however arising.

ALL INFORMATION CONTAINED ON THE SITE IS FOR GENERAL INFORMATIONAL USE ONLY AND SHOULD NOT BE RELIED UPON BY YOU IN MAKING ANY INVESTMENT DECISION. THE SITE DOES NOT PROVIDE INVESTMENT ADVICE AND NOTHING ON THE SITE SHOULD BE CONSTRUED AS BEING INVESTMENT ADVICE. BEFORE MAKING ANY INVESTMENT CHOICE YOU SHOULD ALWAYS CONSULT A FULLY QUALIFIED FINANCIAL ADVISER.

ALTHOUGH MORNINGSTAR USES ITS REASONABLE EFFORTS TO ENSURE THAT INFORMATION ON THE SITE IS ACCURATE AND COMPLETE, WE CANNOT GUARANTEE THIS TO BE THE CASE. AS A RESULT, USE OF THE SITE IS AT YOUR SOLE RISK AND MORNINGSTAR CANNOT ACCEPT ANY LIABILITY FOR LOSS OR DAMAGE SUFFERED BY YOU ARISING FROM YOUR USE OF INFORMATION CONTAINED ON THE SITE. YOU SHOULD TAKE ADEQUATE STEPS TO VERIFY THE ACCURACY AND COMPLETENESS OF ANY INFORMATION CONTAINED ON THE SITE.

Information contained on the site is not tailored for individual use and as a result such information may be unsuitable for you and your investment decisions. You should consult a financial adviser before making any investment decision.

The Site includes advertisements and links to external sites and co-branded pages in order to provide you with access to information and services which you may find useful or interesting. Morningstar does not endorse such sites nor approve any content, information, goods or services provided by them and cannot accept any responsibility or liability for any loss or damage suffered by you as a result of your use of such sites.

Morningstar is unable to exercise control over the security or content of information passing over the network, and Morningstar hereby excludes all liability of any kind for the transmission or reception of infringing or unlawful information of whatever nature.

Morningstar accepts no liability for loss or damage suffered by you as a result of accessing Site content which contains any virus or which has been maliciously corrupted.

Morningstar may suspend the operation of the Site for repair or maintenance work or in order to update or upgrade its content or functionality from time to time. Morningstar does not warrant that access to or use of the Site or of any sites or pages linked to it will be uninterrupted or error free.

Morningstar may change the format and content of the Site at its sole discretion from time to time. You should refresh your browser each time you visit the Site to ensure that you access the most up to date version of the Site.

If you have any enquiries or complaints about the Site then please address them (within 30 days of such enquiry or complaint first arising) to:Email: hksupport@morningstar.com

These terms and conditions form the entire understanding of the parties and supersede all previous agreements, understandings and representations relating to the subject matter. If any provision of these terms and conditions is found to be unenforceable, this shall not affect the validity of any other provision. Morningstar may delay enforcing its rights under these terms and conditions without losing them. You agree that Morningstar may sub-contract the performance of any of its obligations or may assign these terms and conditions or any of its rights or obligations without giving you notice.

Morningstar will not be liable to you for any breach of these terms and conditions which arises because of any circumstances which Morningstar cannot reasonably be expected to control.

These terms and conditions shall be governed and interpreted in accordance with English law, and you consent to the non-exclusive jurisdiction of the English courts.