© 2016 by Fifth Element Research & Consultancy Ltd | Terms & Conditions

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This web site http://www. tabbushreport.com ("Site") and the subscriber reports
called The Tabbush Report (“Reports”) are owned and operated by Fifth Element
Research & Consultancy Ltd. ("FERC"). These Terms and Conditions of Use ("Terms
of Use") contain the terms, covenants, conditions, and provisions upon which you
(i.e., a "user") may access and use this Site and the content, including without
limitation the Reports and other opinions, displayed on the Site. These Terms of Use are current as of August 2016. By using this Site, you acknowledge that you have read these Terms of Use, understand them, and agree to be bound by their terms and conditions. If you do not agree to these Terms of Use, you should not use this Site.


1. Ownership of Information. These Terms of Use provide you with a personal,
revocable, non-exclusive, nontransferable license to use the Site conditioned on
your continued compliance with the terms and conditions of these Terms of Use.
ALL INFORMATION PROVIDED BY FERC ON THIS SITE IS OWNED OR LICENSED BY
FERC, AND UNLESS OTHERWISE INDICATED, IS PROTECTED BY LAW, INCLUDING
BUT NOT LIMITED TO COPYRIGHT, TRADE SECRET AND TRADEMARK LAWS.
NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED,
REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED,
REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH
PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS
WHATSOEVER, BY ANY PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF
FERC. The contents of the Site are © 2016, Fifth Element Research & Consultancy
Ltd. All rights reserved. In particular and without limitation, FERC owns copyright in the Site as a collective work and/or compilation, and in the selection, coordination, arrangement, and enhancement of the content of the Site. The Tabbush Report and all other names, logos, and icons identifying FERC and services are proprietary marks of FERC or its licensors.


2. Disclaimers. FERC obtains all information furnished on the Site from sources
believed by it to be accurate and reliable. The Tabbush Report provides analysis on banks financial statements and the economies in which they operate. The Tabbush Report does not provide investment advice (personal or institutional) or
recommendations on specific stocks. You expressly agree that (a) the periodic
reports and other opinions provided via the Site are, and will be construed solely as, statements of opinion and not statements of fact as to creditworthiness or
recommendations regarding solvency or decisions to purchase, hold or sell any
securities, or endorsements of the accuracy of any of the data or conclusions, or
attempts to independently assess or vouch for the financial condition of any
company; (b) each opinion made on the Site or in the periodic reports will be
weighed, if at all, solely as one factor in any investment or credit decision made by or on behalf of you; and (c) you will accordingly make your own study and
evaluation of each decision or security, and of each issuer and guarantor of, and
each security you may consider purchasing, holding, selling, or providing. The
opinions provided via the Site do not take into account your personal objectives,
financial situation or needs. You should always seek the assistance of a licensed
professional for advice on investments, tax, the law, or other professional matters. Because of the possibility of human and mechanical error as well as other factors, the Site and all related materials, products, services and information are provided on an "as is" and as available basis without representation or warranty of any kind, and FERC AND ITS LICENSORS AND SUPPLIERS MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO YOU OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, RESULTS, TIMELINESS, COMPLETENESS, MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT TO THE SITE OR ANY RELATED MATERIALS, REPORTS OR INFORMATION. YOU ASSUME THE SOLE RISK OF MAKING USE AND/OR RELYING ON THE INFORMATION, MATERIALS, AND REPORTS AVAILABLE ON THE SITE. FERC makes no representation that materials on the Site are appropriate or available for use in any particular locations, and access to them from territories where any of the contents of the Site are illegal is prohibited. If you choose to access the Site from such locations, you do so on your own volition and are responsible for compliance with any applicable local laws. Users from Thailand shall not have access to the Site and content. Should you be a user from Thailand and you continue you do so at your own risk. You agree and acknowledge that no oral or written information or advice given by FERC or any of its employees or agents with respect to the Site shall constitute a representation or a warranty unless such information or advice is incorporated into these Terms of Use by a written agreement. Further, the information, materials, and reports available on the Site may contain or include inaccuracies or errors, and there may be times when the Site or its content are unavailable.


Moreover, FERC may make changes or modifications to the Site at any time, for any reason. TO THE EXTENT PERMITTED BY LAW, FERC DISCLAIMS LIABILITY FOR
ANY DAMAGES BASED ON YOUR USE OF THE SITE AND ITS CONTENT. WITHOUT
LIMITING THE FOREGOING, FERC SHALL NOT HAVE LIABILITY TO ANY PERSON OR
ENTITY FOR ANY LOSS OR DAMAGE IN WHOLE OR IN PART CAUSED BY,
RESULTING FROM, OR RELATING TO, ANY ERROR (NEGLIGENT OR OTHERWISE)
OR OTHER CIRCUMSTANCE OR CONTINGENCY WITHIN OR OUTSIDE THE
CONTROL OF FERC OR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES OR
AGENTS IN CONNECTION WITH THE PROCUREMENT, COLLECTION, COMPILATION,
ANALYSIS, INTERPRETATION, COMMUNICATION, PUBLICATION OR DELIVERY OF
INFORMATION. UNDER NO CIRCUMSTANCES WILL FERC OR ITS LICENSORS OR
SUPPLIERS BE LIABLE TO YOU FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR
CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO,
COMPENSATION, REIMBURSEMENT OR DAMAGES ON ACCOUNT OF THE LOSS OF
PRESENT OR PROSPECTIVE PROFITS, EXPENDITURES, INVESTMENTS OR
COMMITMENTS, WHETHER MADE IN THE ESTABLISHMENT, DEVELOPMENT OR
MAINTENANCE OF BUSINESS REPUTATION OR GOODWILL, FOR LOSS OF DATA,
COST OF SUBSTITUTE MATERIALS, REPORTS OR INFORMATION, COST OF CAPITAL,
AND THE CLAIMS OF ANY THIRD PARTY, OR FOR ANY OTHER REASON
WHATSOEVER, EVEN IF FERC OR ITS LICENSORS OR SUPPLIERS HAVE BEEN
ADVISED OF THE POSSIBILITY OF DAMAGES. IN ANY EVENT, THE AGGREGATE
LIABILITY OF FERC FOR ANY REASON WHATSOEVER RELATED TO USE OF THE
SITE AND ITS CONTENT SHALL NOT EXCEED THE GREATER OF (A) THE TOTAL
AMOUNT PAID BY THE USER FOR SERVICES PROVIDED VIA SUCH SITE PURSUANT
TO THESE TERMS OF USE DURING THE 12 MONTHS IMMEDIATELY PRECEDING
THE EVENT GIVING RISE TO LIABILITY, OR (B) U.S. $100.


3. Assumption of Risk. You use the Internet solely at your own risk and subject to all applicable local, state, national, and international laws and regulations. While FERC has endeavored to create a secure and reliable Site, please be advised that the confidentiality of any communication or material transmitted to/from a Site over the Internet cannot be guaranteed. Accordingly, FERC is not responsible for the security of any information transmitted via the Internet, the accuracy of the
information contained on the Site, or for the consequences of any reliance on such information. FERC shall have no liability for interruptions or omissions in Internet, network or hosting services. You assume the sole and complete risk of using the Site. 
Moreover, the user agrees (a) to hold FERC harmless for the use of third party software on the Site and (b) that FERC shall have no liability whatsoever to any person or entity for the accuracy and/or completeness of any outcome resulting from the use of such software.


4. Password Policy. Your use of certain portions of the Site requires a password. As part of the registration process, you must select a user name and password and provide FERC with accurate, complete and up-to-date information. Anyone with knowledge of your password can gain access to the restricted portions of the Site and the information available to you. Accordingly, you must keep your password secret. By agreeing to these Terms of Use, you agree to be solely responsible for the confidentiality and use of your password, as well as for any communications entered through the Site using your password. You will also immediately notify FERC if you become aware of any loss or theft of your password or any unauthorized use of your password. FERC reserves the right to delete or change a password at any time and for any reason.


5. Enforcing Security. Actual or attempted unauthorized use of the Site may result in criminal and/or civil prosecution. For your protection, FERC reserves the right to view, monitor, and record activity on the Site without notice or further permission from you, to the fullest extent permitted by applicable law. Any information obtained by monitoring, reviewing, or recording is subject to review by law enforcement organizations in connection with the investigation or prosecution of possible criminal activity on any portion of the Site. FERC will also comply with all court orders involving requests for such information.


6. Links to Other Sites. FERC may provide links, in its sole discretion, to other Sites
on the World Wide Web for your convenience in locating related information and
services. These Sites have not necessarily been reviewed by FERC and are
maintained by third parties over which FERC exercises no control. Accordingly,
FERC expressly disclaims any responsibility for the content, the accuracy of the
information, the quality of products or services provided by or advertised on,
and/or software downloaded from, these third party Sites. Moreover, these links do not imply an endorsement of any third party or any Site or the products or services provided by any third party. Users and third parties are prohibited from
establishing hyperlinks to or away from this site, unless FERC provides prior
written consent (which it may or may not provide in its sole discretion).


7. Events Beyond FERC Control. You expressly absolve and release FERC from any
claim of harm resulting from a cause beyond their control, including, but not limited to, the failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, strikes or other labor problems, wars, terrorism or governmental restrictions.


8. Submissions. FERC also welcomes your feedback and suggestions about how to improve the Site. Any ideas, suggestions, information, know-how, material, or any other content (collectively, "Submissions") received through a Site, however, will be deemed to include a royalty-free, perpetual, irrevocable, nonexclusive right and license for FERC to adopt, publish, reproduce, disseminate, transmit, distribute, copy, use, create derivative works, display, (in whole or part) worldwide, or act on such Submissions without additional approval or consideration, in any form, media, or technology now known or later developed for the full term of any rights that may exist in such Submissions. You hereby waive any claim to the contrary. 

 

9. Membership and Refund Policy. Memberships to the Site are available on an
annual non-recurring subscription basis for institutional investors. Membership
provides you access to all areas of the Site and the right to receive the monthly
reports. Memberships once subscribed are NON REFUNDABLE and NON
TRANSFERABLE. Any information provided to a Member that is not publicly
accessible on the Site shall be for the Member’s private use only and shall not be
provided to any third parties. 

 

As part of the Membership Sign Up process, you will be asked to provide certain
identifying dataas part of our Customer Identification Program (CIP). This data is
handled according to our Privacy Policy found at http://www.tabbushreport.com/privacy. FERC will use this data for verification of your status as an institutional investor prior to approving your membership. Should FERC not be able to verify your status, FERC will either contact you requesting further documentation and proof that you are an institutional investor or FERC will deny your membership application and shall process a refund for the subscription fee.


10. Governing Law. These Terms of Use, including without limitation any disputes
relating to the content of the Site, are governed by the laws of the Kingdom of
Thailand, without reference to its conflict of law principles.


11. Dispute Resolution. Any dispute, controversy or claim arising out of or relating
to these Terms of Use, including any disputes relating to the content of Site, shall be finally resolved by arbitration. The arbitration shall be conducted in accordance with the rules of the Thai Arbitration Institute, which shall administer the arbitration and act as appointing authority. The place of the arbitration shall be Bangkok, Thailand. The decision of the arbitrators shall be binding upon the parties hereto, and the expense of the arbitration (including without limitation the award of attorneys' fees to the prevailing party) shall be paid as the arbitrators determine. The decision of the arbitrator may be entered by any court of competent jurisdiction. You agree to submit to the jurisdiction of the courts in Bangkok for the purposes of any judicial proceedings to obtain interim relief and in aid of the arbitration or judicial proceedings to confirm or enforce the award. Notwithstanding the foregoing, FERC may seek preliminary injunctive relief from a court of law in the event of a breach by you.


12. Indemnity. You agree to indemnify and hold harmless FERC, all of its affiliates,
and all of its respective officers, directors, employees, shareholders, legal
representatives, agents, successors and assigns, from and against any damages,
liabilities, costs and expenses (including reasonable attorneys' and professionals'
fees and court costs) arising out of any third party claims based on or related to
your use of the Site or any breach by you of these Terms of Use.
13. Term, Termination, Amendments. These Terms of Use will take effect when you
first commence using the Site. FERC reserves the right at any time and for any
reason to deny you access to the Site or any portion thereof. Termination will be
effective without notice. Please note that FERC reserves the right to change the
terms and conditions of these Terms of Use upon notice, which may be given by
FERC posting such change on the Site, by e-mail, or any other reasonable means.
Your continued use of the Site following notice of such modifications will be
conclusively deemed acceptance of any changes to these Terms of Use.


14. Waiver. Failure to insist on strict performance of any of the terms and conditions of these Terms of Use will not operate as a waiver of any default or failure of performance. No waiver by FERC of any right under these Terms of Use will be deemed to be either a waiver of any other right or provision or a waiver of that same right or provision at any other time.


15. Nature of Relationship / Severability. No joint venture, partnership, employment, or agency relationship exists between you and FERC as a result of these Terms of Use or your utilization of the Site. If any provision of these Terms of Use is held unenforceable by a court or tribunal of competent jurisdiction, that provision shall be enforced to the maximum extent permissible so as to effect the intent of the parties, and the remainder of these Terms of Use shall continue in full force and effect.


16. Entire Agreement/Reservation of Rights. These Terms and Conditions represent the entire agreement between you and FERC with respect to your use of, and material available on or through, the Site, and it supersedes all prior or
contemporaneous communications and proposals, whether electronic, oral, or
written between you and FERC with respect to the Site. Any rights not expressly
granted herein are reserved.


17. Reports. Each user of this Site acknowledges that a report from FERC is an
opinion and analysis of banks in Asia. This opinion is based on established criteria and methodologies that FERC is continuously evaluating and updating. OPINIONS PRESENTED ARE FERC'S CURRENT OPINIONS OF THE RELATIVE RISK OF ENTITIES, CREDIT AND DEBT COMMITMENTS, CREDIT GROWTH TRENDS, BAD LOAN TRENDS, PROFIT MARGINS, ARTIFICIALLY LOW COSTS, DECLINING CAPITAL
LEVELS, AND/OR OTHER ISSUES AND RISKS THAT PERTAIN TO THE BANKING
SECTOR AS A WHOLE. OPINIONS PRESENTED DO NOT CONSTITUTE INVESTMENT
OR FINANCIAL ADVICE, AND OPINIONS PRESENTED ARE NOT
RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES.
OPINIONS PRESENTED DO NOT COMMENT ON THE SUITABILITY OF AN
INVESTMENT FOR ANY PARTICULAR INVESTOR. FERC ISSUES ITS OPINIONS WITH
THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS
OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER
CONSIDERATION FOR PURCHASE, HOLDING, OR SALE BY THE INVESTOR AND
THAT THE OPINION PROVIDED IS INFORMATIONAL AND THOUGHT PROVOKING.
The ratings, financial reporting analysis, projections, charts, graphs, and other
observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion. FERC does not have a fiduciary relationship with any issuer, subscriber or any other individual which a report might contain information or analysis. Nothing is intended to or should be
construed as creating a fiduciary relationship between FERC and any issuer or
between FERC and any user of its reports. FERC does not provide to any party any
financial advice, or legal, auditing, accounting, appraisal, valuation or actuarial
services. An opinion should not be viewed as a replacement for such advice or
services. Opinions may be changed, qualified, or withdrawn as a result of changes in, additions to, accuracy of, unavailability of or inadequacy of information or for any reason FERC deems sufficient. Reports might become outdated and FERC is under no obligation to update such reports. It is the responsibility of the Member to verify if said reports are current and relevant. The presentation of an opinion by FERC shall not constitute consent to use its name as an expert in connection with any registration statement, offering document or other filings under any relevant securities laws. To summarize, FERC does not provide recommendations or make any claims or promises that any information here will lead to a profit, loss or any other result. The reports are for your guidance and informational purpose only.