Disclaimer

The following conditions apply to the use of the www.kempenresearch.nl website (hereinafter referred to as the "Website") of Kempen & Co NV (hereinafter referred to as "Kempen"). By perusing the Website and using the information provided on it, the user signifies his or her approval of these conditions. Where the conditions for specific products and services are at variance with these conditions, the conditions for the products and services prevail.

Available information
The information on the Website is intended as general information. It is not intended as a substitute for expert advice. Information on the Website may in no circumstances be regarded as an offer, and may not be interpreted as a recommendation or incitement to undertake certain action. Users making use of the information on offer without verification or further advice do so under their own responsibility and at their own risk. Kempen is authorised at all times to amend the information and details on the Website (including this disclaimer) without prior notification. It is therefore advisable to consult this disclaimer from time to time, so that you are aware of any changes.

Use of the Website
The user of the Website is permitted to store, print, analyse and copy (in full or in part) the data and information on the website for personal use only. Information on the website may not be distributed, published, transferred, reproduced or made available to third parties in any other way without Kempen's express written consent. No licensing rights or rights of use of any kind (except for personal use as described above) are granted to the user of the Website. Kempen retains all rights (including all registered property rights as well as the rights to all non-registered brands, copyright, texts, graphic material and logos) in relation to the information and services presented on the Website. The website is aimed at users in the Netherlands. People outside the Netherlands seeking access to the Website or wishing to use the information on it should establish whether the information is suitable for their purposes and to what extent access to and use of the Website and related services are permitted. Kempen does not guarantee that the information provided is suitable for use from or in other countries. Links to the Website are not permitted without Kempen's prior written consent.

Exclusion of liability
Kempen provides no guarantee whatever concerning the availability of, access to and use of the Website. Despite the care that it takes, Kempen is unable to guarantee that the information and data provided on the Website will be up to date, accurate or complete. The user accepts that access to and use of the Website, as well as the use of the information provided on it, are solely his or her personal responsibility. Kempen is not responsible for the updating, improvement, renewal or deletion of information on the Website, nor is it responsible for maintenance of the Website or the networks and computer systems (owned by Kempen or otherwise). The Website provides links to other websites maintained by third parties. Kempen does not provide any guarantee concerning the content of these websites, does not vouch for the quality of the services and information provided on those sites and is unable to accept any liability in this regard.

Kempen does not in any way guarantee the security of the Website and, in particular, cannot rule out the possibility that unauthorised third parties may gain access to details entered by the user on the Website or that such entries will be intercepted and/or manipulated. Kempen accepts no liability whatever for loss, costs, compensation or lost earnings arising directly or indirectly from the provision of the Website to the user or the use of the Website by the user or third parties, or arising from the access provided by the Website to other websites. This exclusion of liability also extends to the management and staff of Kempen.

Supervision
Kempen & Co NV is subject to the supervision of De Nederlandsche Bank NV under the Credit System (Supervision) Act and is a securities institution registered with the Netherlands Authority for Financial Markets in Amsterdam.

Privacy
Kempen processes user data in accordance with its privacy policy. Click here for the Privacy Statement.

Applicable law
This website and all the information published on it (including this disclaimer) are governed by Dutch law. The Dutch courts have exclusive jurisdiction to adjudicate upon disputes in connection with the Website and the information provided on it.

© Kempen & Co NV, 16 November 2004


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