Effective as of February15, 2006

Introduction
SMD Advisory Services P Ltd (SMD) is a privacy conscious organization. The following privacy statement explains how we protect visitors' information sent to us through our Web site.

If you have any questions regarding this privacy statement or if you do not feel that your concerns have been addressed, please direct your questions to Webmaster Services using the contact us link.

Information Collection
As a visitor, you do not have to submit any personal information in order to use the Web site. The site collects only personally identifiable information that is specifically and voluntarily provided by visitors. We do not usually seek sensitive information from visitors.

Cookies and Web Beacons
To ensure that our Web site is well managed and to facilitate improved navigation within the site, we or our service provider(s) may use cookies (small text files stored in a user's browser) or Web beacons (electronic images that allow the Web site to count visitors who have accessed a particular page and to access certain cookies) to collect aggregate data. We may use such devices to track information on our systems and identify categories of visitors by items such as IP address, domain, browser type and pages visited. This information is reported to our Webmasters who use the information to analyze the number of visitors to different areas of the site and to make sure that our Web site is serving as a useful, effective information source.

Neither our cookies nor Web beacons collect any personal information such as your name or email address. However, under specific circumstances, visitors may be denied access to some parts of our site if their browsers are set to decline cookies.

Information Use
Personal information is used only for limited purposes. For example, when you register with the Web site to gain access to premium content or request future communications about SMD Advisory we may use the information you submit to create a personal profile to customize our response to further requests or inquiries. We may also use the information to personalize your Web site experience. And, when you choose to register online for a SMD-hosted event, we will use the information you submit to respond to you. In addition, the web masters may, where necessary, use your information for various site related tasks. We will ensure that our marketing activities comply with applicable law, and implement procedures to obtain necessary consents before sending you emails containing information about SMD service offerings. You may at any time request that we discontinue sending you such materials.

Disclosure of Information to Third Parties
Although we may provide visitors' information to service providers that handle information on our behalf, we will usually not share the information with third parties or other SMD associated entities for secondary or unrelated purposes unless otherwise disclosed at the point of collection.

Personal information may be transmitted internationally through the SMD Advisory or to third parties for the purposes identified above. This may include transfer to countries without data protection rules similar to those in effect in a visitor's country of residence. By providing information to through this Web site, you are consenting to such transfers. Where appropriate, personal information may be disclosed to law enforcement, regulatory or other government agencies, or third parties where necessary or desirable to comply with legal or regulatory obligations or requests or for the purposes identified above.

Access to Information
We are dedicated to providing reasonable access to visitors who wish to review the personal information retained when they register with our Web site and correct any inaccuracies it may contain.

Information Security
We have in place reasonable commercial standards of technology and operational security to

Visitors' Questions
If you have any questions or concerns regarding your privacy while using this Web site, please direct them to Webmaster Services using the Contact Us link.

Security
SMD has in place generally accepted standards of technological security for the purpose of protecting information provided by visitors from misuse, loss, or corruption. Only authorized personnel have access to personally identifiable information submitted through the Web site. Such employees are required to maintain the confidentiality of this sensitive data. The policy also applies to any and all agents, affiliates, and related entities of SMD that may receive such information from SMD. All visitors, however, should be aware that our Web site may contain links to other sites that are not governed by this or any other privacy statement.

Legal
SMD hereby authorizes you to view, copy, print, and distribute this document subject to the following conditions:

- The document is used for informational purposes only.

- The document is used for non-commercial purposes.

- Any copy of this document or portion thereof must include this copyright notice in its entirety.

Note that any program, publication, design, product, process, software, technology, information, know-how, or idea described in this document may be the subject of other rights, including other intellectual property rights, which are owned by SMD or one of its national practices or other interested parties and are not licensed to you hereunder.

This document is intended to provide general information on a particular subject or subjects and is not an exhaustive treatment of such subject(s). Accordingly, the information in this document is not intended to constitute accounting, tax, legal, investment, consulting or other professional advice or services. Before making any decision or taking any action that might affect your personal finances or business, you should consult a qualified professional adviser.

This document and the information contained herein is provided "as is," and SMD makes no express or implied representations or warranties regarding this document or the information. Without limiting the foregoing, SMD does not warrant that the document or information will be error-free or will meet any particular criteria of performance or quality. SMDexpressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, noninfringement, compatibility, security, and accuracy.

Your use of this document and information is at your own risk. You assume full responsibility and risk of loss resulting from the use of this document or information. SMD, or any of its national practices or affiliates, or any partners, principals, stockholders, or employees of any, thereof will be liable for any special, indirect, incidental, consequential, or punitive damages or any other damages whatsoever, whether in an action of contract, statute, tort (including, without limitation, negligence), or otherwise, relating to the use of this document or information.

If any of the foregoing is not fully enforceable for any reason, the remainder shall nonetheless continue to apply. "SMD," and the SMD logos (and any of the foregoing used in any combination), product names and all page headers, footers, and icons are trademarks or registered trademarks of SMD or one of its national practices. All other product names mentioned are the trademarks of their respective owners.

Certain links in the SMD WebServer lead to resources maintained by third parties over whom SMD has no control. SMD makes no representations or warranties as to the accuracy of, or any other aspect relating to, those resources.