Legal Disclosure from State Street Corporation
 

Important Legal Information
Terms and Conditions

Purpose
 This Web site is intended for the user's own use in reviewing information available here about State Street Corporation and its affiliates (" State Street"). By accessing this Web site, you agree to be bound by the terms and conditions that appear herein. These terms and conditions are subject to change. State Street reserves the right to modify these terms and conditions, which it may do by posting changes to the Web site. If you do not agree with these terms and conditions, please do not access the Web site.

Web Content and Materials
 The information on this Web site is for information purposes only and is subject to change without notice. Products and services described in this Web site may not be suitable for all users. The contents hereof do not constitute an offer or a solicitation to buy or sell any financial instrument, product or service or to enter into any contract with State Street. FURTHERMORE, THE CONTENTS HEREOF ARE NOT INTENDED FOR ACCESS BY, DISTRIBUTION TO, OR USE BY, ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY WHERE SUCH ACCESS, DISTRIBUTION OR USE WOULD BE CONTRARY TO LOCAL LAW OR REGULATION. Not all products and services mentioned in this Web site are available in all jurisdictions.

To the extent that information on this website promotes State Street’s provision of services within the scope of the Markets in Financial Instrument Directive and the national rules that implement it (“MiFID”), it may constitute a marketing communication for MiFID purposes.

Certain portions or pages of this Web site are subject to additional disclosures and disclaimers. In the event of a conflict between those disclosures and disclaimers and these terms and conditions, the additional disclosures and disclaimers will govern for such portions and pages.

Disclaimer of Warranties and Limitation of Liability
 THE INFORMATION AND CONTENT ON THIS WEB SITE ARE PROVIDED ON AN "AS-IS", "AS AVAILABLE" BASIS. STATE STREET MAKES NO REPRESENTATION ABOUT THE SUITABILITY OF THE CONTENT OF THE WEB SITE. STATE STREET DISCLAIMS ANY WARRANTIES AND REPRESENTATIONS WITH REGARD TO CONTENT, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, AND FREEDOM FROM VIRUSES OR OTHER CONTAMINATION.

IN NO EVENT WILL STATE STREET BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES ARISING OUT OF ANY USE OF OR INABILITY TO USE THE WEB SITE, REGARDLESS OF WHETHER STATE STREET HAS BEEN APPRISED OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING AND REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE. NOTHING IN THESE TERMS AND CONDITIONS EXCLUDES OR LIMITS STATE STREET'S LIABILITY.

Third Party Links
 State Street may provide a link to other sites through this Web site. State Street does not control any third party site and makes no representations concerning the content of any such site and expressly disclaims any liability with respect thereto.

Copyright Notice and Policy
 The contents of this Web site are protected by applicable copyright laws. No permission is granted to copy, distribute, or modify any material herein or to post any text, graphics, video, audio or other material hereto. This Web site is copyrighted by State Street Corporation. All rights reserved.

Governing Law
 The user's access to and use of this Web site, and these terms and conditions including the limitation of liability, are governed by the laws of England and the English courts shall have exclusive jurisdiction to determine any matter or dispute in connection with use of this Web site and these terms and conditions.

Web Site for Professionals Only
 This communication is directed at professional persons (this includes persons who are eligible counterparties and professional clients as defined by the MiFID ) who have professional experience in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (in particular retail investors) should not rely on this communication.

To the extent this communication refers to collective investment schemes, this communication is directed at persons having professional experience of participating in unregulated schemes and at trustees of high value trusts. Units in the scheme(s) to which this communication relates are available only to such persons. Persons who do not have professional experience in participating in unregulated schemes or who are not trustees of a high value trust should not rely on it. Participation in exempt collective investment schemes is restricted to pension schemes or funds which satisfy the criteria set out in the Income Tax (Pension Funds Pooling Schemes) Regulations 1996.

Suitability and Appropriateness
Securities or financial instruments mentioned in the Web site may not be suitable or appropriate for all investors or in all locations. We have not taken into account the needs, investment objectives or financial situation of any particular user in preparation of this Web site and the materials contained herein. The fact that State Street has made available to you through the Web site, investment opinions and other information constitutes neither a recommendation that you enter a particular transaction nor a representation that any financial instrument is suitable or appropriate for you. 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, objectives and financial circumstances.

For further information, contact:
State Street Bank and Trust Company, telephone +020 7864 7000
State Street Global Advisors, United Kingdom Limited, telephone +020 7698 6000

SSBEL PILLAR 3 DISCLOSURE STATEMENT
The Pillar 3 disclosure of State Street Bank Europe Limited (SSBEL) is set out in the attached file below. This is in accordance with BIPRU 11 of the Financial Service Authorities "Prudential Sourcebook for Banks, Building Societies and Investment Firms". This follows the introduction of the Capital Requirements Directive which is the framework for implementing the Basel II accord in the European Union.

Disclosure Statement