By accessing the The CM Group Internet website and information and services referred to in the website (collectively, the “Website”), you agree to be bound by the terms and conditions below. These terms and conditions are subject to change. We will notify you of amendments to these terms and conditions by posting them to the Website.

Do not access this Website if you do not agree with these terms and conditions.

This Website is intended for and written only for sophisticated, professional, institutional and highly experienced industry participants.

Unauthorised use of The CM Group Website including but not limited to unauthorised entry into The CM Group Websites’ systems, misuse of passwords, or misuse of any information posted to a Website, is strictly prohibited.

This Website also contains certain material in relation to and services available of related entities of The CM Group, and these related entities take no responsibility for the Website or its contents.

Web Content and Materials
The information on this Website is for information purposes only. It is believed to be reliable, but The CM Group does not warrant its completeness, timeliness or accuracy. Website publications, including our research and commentary, are not intended for retail or inexperienced investors. Although the information on this Website is designed for, and intended for sophisticated, professional and highly experienced investors, any advice that may be contained in them is general advice that has not been tailored or directed to any particular such investor.

The advice has been prepared without taking account of any particular clients’ specific objectives, financial situation or needs. Accordingly, clients should, before acting on any such advice, consider the appropriateness of the advice, having regard to their own objectives, financial situation and needs.

If any advice contained in either The CM Group or Commentary relates to the acquisition or possible acquisition of a financial product in respect of which there is a Product Disclosure Statement, then you should obtain that Product Disclosure Statement for that financial product and consider it carefully, before making a decision about whether to acquire the financial product.

Any statements and observations made about companies on the Website pages are not to be considered as research or company advice. Our commentary is not intended or designed for giving investment advice or recommendations about securities to investors. Our commentary pages and news articles contain incidental, anecdotal and nuanced observations on certain characteristics, occurrences or patterns in the alumina market, as they unfold daily. They are intended as very short-term observations whose currency and relevance is, if it has not already passed by the time of publication, likely to be of very short duration.

Any implied or explicit recommendations or advice that a reader might see in the Commentary and news pages must be treated as either already passed, or, if still current, considered as only having very short-term relevance. Comments that may still be current are likely to have relevance only for a matter of minutes or at best hours and sometimes only for seconds, during the course of a trading day. Accordingly, any such observations or statements in the Commentary should only be acted on by highly experienced and sophisticated traders who have a clear understanding of the high risk of making decisions in fast moving and sometimes irrational and unpredictable live market conditions.

Even those highly experienced and sophisticated investors must rely solely on their own judgments in respect of decisions they may make after reading the Commentary. The CM Group takes no responsibility for any reliance placed by investors on the Commentary to make investment decisions.

By subscribing to The CM Group, you agree that:

(i) you will not engage in any activities related to the Website that are contrary to applicable law, regulation or the terms of any agreements you have with The CM Group, and

(ii) in circumstances where locations of the Website require identification for access, you will establish commercially reasonable security procedures and controls to limit access to your password or other identifying information to authorised individuals.

Limitation of Liability
The CM Group and its affiliates will not be liable for any delay, difficulty in use, computer viruses, malicious code or other defect in this Website any incompatibility between the Website and the user’s files and the user’s browser or other Website accessing program, or any other problems experienced by the user due to causes beyond The CM Group control.

Links to Other Websites
Links to non-CM Group Websites are provided solely as pointers to information on topics that may be useful to users of The CM Group Website, and The CM Group has no control over the content on such non-CM Group Websites.

If you choose to link to a Website not controlled by The CM Group, then The CM Group does not make warranties, either expressed or implied, concerning the content of such Websites, including the accuracy, completeness, reliability, or suitability thereof for any particular purpose, nor does The CM Group warrant that such Websites or content are free from any claims of copyright, trademark, or other infringement of the rights of third parties, or that such Websites or content are devoid of viruses or other contamination.

The CM Group does not guarantee the authenticity of documents on the Internet. Links to non-CM Group Websites do not imply any endorsement of or responsibility for the opinions, ideas, products, information, or services offered at such Websites, or any representation regarding the content at such Websites.

The works of authorship contained in the Website including but not limited to all design, text, sound recordings, and images are owned, except as otherwise expressly stated, by The CM Group or one of its subsidiaries. Except as otherwise expressly stated herein, they may not be copied, transmitted, displayed, performed, distributed (for compensation or otherwise), licensed, altered, framed, stored for subsequent use, or otherwise used in whole or in part in any manner without The CM Group’s prior written consent.

Governing Law
The user’s access to and use of the Website, and the terms of this disclaimer are governed by the laws of Victoria, Australia.

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