Terms of use and disclaimerTerms of use and disclaimer

Terms of Use and Disclaimers
Danske Markets, Inc. (DMI) is a subsidiary of Danske Bank, A/S, a Danish bank.  DMI is a registered broker-dealer, and a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).  DMI acts as a chaperone pursuant to SEC Rule 15a-6 for certain securities transactions between the Danske Markets securities division of Danske Bank and U.S. institutional investors and takes responsibility for supervision of those transactions and communications with U.S. institutional investors.

Terms of Use
Please read these terms of use carefully. The use of this website and subsites (“the site”) and any materials contained herein is permissible only in accordance with the following terms of use. By accessing the site you agree to be bound by the terms of use contained below. These terms of use are subject to change without notice from time to time in DMI’s sole discretion. DMI will notify you of amendments to these terms of use by posting them to the site and your continued use of the site shall constitute acceptance of such terms. If you do not agree with these terms of use, please do not access or use the site. 

As used herein, the term “you” shall mean any visitor to the site.

You are prohibited from unauthorized use of the site, including but not limited to unauthorized entry onto the Danske Markets Inc. system, misuse of passwords, or misuse of any information posted onto the site.  You may not use the site or any contents thereof in any manner that could damage, disable, overburden, or impair the site or interfere with any other party’s use and enjoyment of the site.  You may not attempt to gain unauthorized access to the site through hacking, password mining or any other unauthorized means.  DMI may terminate your access to the site for any reason, without prior notice. 

Access to specific areas of the site requires the use of a login and associated password.  You agree to hold such information in confidence and only use it for your personal, authorized use of the site.  You are responsible for all activities which occur in connection with your login and password, and as such you should take steps to protect them from misuse or theft.  If you become aware of any unauthorized use of, loss or theft of your login or password, immediately notify DMI customer service.

You acknowledge that DMI may disclose and transfer any information that you provide through the site to (i) any affiliate of DMI, its agents, its subcontractors or information providers; (ii) to any other person or entity with your consent; or (iii) if DMI has a right or duty to disclose or is permitted or compelled to disclose such information by law.

Use of the site may be monitored, tracked and recorded. When visits are made to this website, a cookie may be installed automatically and retained temporarily in the user's memory or on the hard disk.  Cookies record information about the user's use of the website.  Anyone using the site expressly consents to such monitoring, tracking and recording. 

Disclaimers
Only Institutional Investors

Information on the site is intended for use only by institutional investors and not for individual or retail investors. Information on the site, including research reports, is not intended for distribution to, or use by, any entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

U.S. Investors
U.S. institutional investors accessing this site and seeking to engage in securities transactions or to access any other services discussed on this website should contact DMI.  No other Danske Bank entity is licensed or otherwise authorized to conduct securities activities in the U.S. 

Informational Purposes Only
The content of the site has been prepared solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this site do not constitute investment advice and independent advice should be sought where appropriate.

All information and opinions expressed herein are current as of publication and are subject to change without notice.  DMI has made efforts to ensure that the information contained on the site is complete and correct, DMI does not guarantee or give any warranty as to the accuracy, timeliness or completeness of any information or material at this site. 

The products and services referred to on this website and the terms and conditions applicable to them may change at any time and may not be available in every jurisdiction due to legal or regulatory restrictions.

Any dated information is published as of its date only or, if no date is stated, the date of first posting. DMI does not undertake any obligation or responsibility to update or amend any information on the site and such information may be superseded by subsequent market events or for other reasons.

Securities or other financial instruments discussed on the site may not be suitable for all investors. You must make your own independent decisions regarding any securities or other financial instruments discussed herein. You should consider whether an investment strategy or the purchase or sale of any product is appropriate for you in light of your particular investment needs and financial circumstances. Any return estimates, past stock-market or fund performance is no guarantee of future performance.

Price information
Prices, rates and values published on the site are provided for information purposes only. Such prices, rates and values do not necessarily represent the terms that would apply to new transactions or existing positions and should not be considered firm quotations. You should always check prices, rates and values before completing transactions.

Disclosure of interest
DMI, Danske Bank and their shareholders, directors, officers and employees may make a market or deal as principal in the securities, commodities or instruments mentioned in materials on this site or in options or other derivative instruments based thereon.  In addition, any member of or individual within a Danske Bank group company may from time to time have long or short positions in such securities or in options, future or other derivative instruments based thereon. Any member of or individual within Danske Bank may be a director of the issuer of the securities mentioned on this site. Any member of the Danske Bank group may have managed or co-managed a public offering of, or acted as initial purchaser or placement agent for a private placement of, any of the securities of any issuer mentioned on this site. Any member of the Danske Bank group may from time to time perform investment banking or other services for, or solicit investment banking or other business from such companies.

DMI distributes research from its parent company Danske Bank A/S (“Danske Bank”).  Danske Bank’s research analysts are not permitted to invest in securities related to their own research sectors.

Links to other websites
The site may offer access to third-party websites through relevant links or offer or convey products, services and information provided by a third-party. The inclusion of any link or third-party product or service on the site is not and does not imply an affiliation, sponsorship, endorsement, approval or monitoring by DMI of any information contained on any third-party website or in any third-party product or service.  DMI has not reviewed and is not responsible or liable for the contents of third-party websites, including products or services provided by such parties.

Use of Website and Website Security
THE INFORMATION MADE AVAILABLE ON THE SITE IS PROVIDED ON AN “AS IS” BASIS.  TO THE EXTENT ALLOWABLE BY LAW, DMI AND ITS AFFILIATES DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT, WITH RESPECT TO THE SITE AND ITS CONTENTS.  Without limiting the foregoing, DMI does not represent or warrant that this website will be available, that access will be uninterrupted, that there will be no delays, failures, errors or omissions of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted, or that no damage will occur to your computer system through use of this website.  DMI makes no warranty whatsoever, express or implied, regarding the security of this website, including with respect to the ability of unauthorized persons to intercept or access information transmitted by you through the website.

E-mails sent to DMI through the (open) Internet may not be encrypted. Therefore, DMI recommends that you do not include personal information in your e-mails.

Limitation of Liability
IN NO EVENT SHALL DMI OR ITS SUBSIDIARIES, AFFILIATES OR ANY OF THEIR SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR LICENSORS BE LIABLE (JOINTLY OR SEVERALLY) TO YOU FOR ANY DIRECT SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH (I) THE USE, UNAVAILABILITY OF, OR RELIANCE ON THE SITE OR ITS CONTENTS, OR (II) THE INACCURACY OF ANY INFORMATION CONTAINED ON THE SITE.

Forward Looking Statements
This site may from time to time contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which includes all statements that address operating performance or events or developments that we expect or anticipate will occur in the future. Forward-looking statements may be identified by the use of words like "plan," "expect," "believe," "intend," "will," "anticipate," "estimate" and other words of similar meaning in conjunction with, among other things, discussions of future operations and financial performance, as well as our strategy for growth, product development, regulatory approvals, market position and expenditures. Forward-looking statements are based on current expectations of future events.

The forward-looking statements contained in this site are and will be based on DMI's then current views and assumptions regarding future events and operating performance, and speak only as of the date upon which they were published. All forward-looking statements contained in this site are subject to certain risks and uncertainties. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Furthermore, DMI undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events and developments or otherwise. You are therefore cautioned not to place any reliance on any forward-looking statements contained in this site.

Ownership and intellectual property rights
All information on the site is proprietary information of DMI or its licensors, unless otherwise specified.  DMI and its affiliates and licensors reserve all ownership and intellectual property rights relating to the site and to the products and services made available on the site.

As a user of this site, you may view and print limited copies of the contents made available on the site for personal, non-commercial use only.  You may not otherwise copy, save or otherwise reproduce, adapt, modify, distribute, transfer, assign, use, download, print or otherwise exploit the contents or any portions thereof without DMI’s prior written consent.

Governing Law
You agree that your use of this site and any disputes arising from such use shall be governed by the laws of the State of New York, without regards to any conflicts of law provisions.  Any dispute relating to the foregoing shall be resolved solely in the state or federal courts located in New York, New York.

Investments in Stocks, Bonds and Other Securities Are
Not FDIC Insured. Not Bank Guaranteed. Not Insured By Any State, Federal or Foreign Government Agency. Subject to investments risks, including possible loss of principal amounts invested.

Last Updated: 1 December 2010