MSCI’s IPD INDEXES AND BENCHMARKS REPORT

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TERMS OF USE
In addition to the website terms of use on www.ipd.com, the following terms apply to the report that you are about to download (“Report”):

A. You acknowledge and understand that IPD has published the Report publicly on a voluntary basis. You may only use the Report for your internal, non-commercial, good faith purposes.
B. Specifically, with respect to PricewaterhouseCoopers LLP (“PwC”) you agree that:

1. PricewaterhouseCoopers LLP (“PwC”) accepts no liability (including liability for negligence) to each recipient in relation to PwC’s report. The report is provided to each recipient for information purposes only. If a recipient relies on PwC’s report, it does so entirely at its own risk; ts own risk;
2. No recipient will bring a claim against PwC which relates to the access to the report by a recipient;
3. Neither PwC’s report, nor information obtained from it, may be made available to anyone else without PwC’s prior written consent, except where required by law or regulation;
4. PwC’s report was prepared with IPD’s interests in mind. It was not prepared with any recipient’s interests in mind or for its use. PwC’s report is not a substitute for any enquiries that a recipient should make. The description of the relevant activities on the control processes defined in relation to governance, quality and accountability activities is as at 30 June 2016 for the IPD Ireland, US and Canada indexes and throughout the period 1 July 2015 to 30 June 2016 for the IPD UK and Netherlands indexes, and thus PwC’s assurance report is based on historical information. Any projection of such information or PwC’s opinion thereon to future periods is subject to the risk that changes may occur after the reports are issued and the description of controls may no longer accurately portray the control processes. For these reasons, such projection of information to future periods would be inappropriate;
5. PwC will be entitled to the benefit of and to enforce these terms; and
6. These terms and any dispute arising from them, whether contractual or non-contractual, are subject to English law and the exclusive jurisdiction of English courts.

C. Specifically, with respect to IPD and its affiliates you agree that:
1. None of IPD or its affiliates accepts any liability (including liability for negligence) to any recipient in relation to the Report. The Report is provided to each recipient for information purposes only. If a recipient relies on the Report, it do so entirely at its own risk;
2. No recipient will bring a claim against IPD or its affiliates which relates to the access to the Report a recipient;
3. Neither the Report, nor information obtained from it, may be made available to anyone else without IPD’s prior written consent, except where required by law or regulation;
4. For the avoidance of doubt, nothing herein or in the Report creates any legal right or benefit for any third party; and
5. These terms and any dispute with IPD or its affiliates arising from them, whether contractual or non-contractual, are subject to New York law and the exclusive jurisdiction of, and venue in, any federal or state court of the competent jurisdiction located in the Borough of Manhattan, New York City.

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