Important Information

1. Regulatory status. 致銘株式会社 ("Zimark") is not registered as a Financial Instruments Business Operator (including Investment Advisory and Agency Business) under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948), and is not registered with, authorised or supervised by any securities or investment regulator in any other jurisdiction. Clients do not benefit from the protections afforded to clients of regulated firms.

2. Information purposes only. All research, analysis and other content provided by Zimark, including content described as "investment research", is prepared for information purposes only. It consists of general economic, policy, industry, supply-chain and commercial analysis intended to inform clients' own internal processes. It is not intended to induce any transaction.

3. No investment advice. Zimark does not provide opinions on the value of any security, recommendations to buy, sell or hold any security or financial instrument, or advice on investment decisions. Any views on economic conditions, currencies, interest rates or market indices describe macroeconomic developments and risks only, and do not constitute an investment judgement regarding any financial instrument or transaction.

4. Independent judgement. Recipients must make their own investment decisions based on their own independent evaluation and, where appropriate, professional advice. Zimark's content is not a substitute for the skill, judgement and experience of the recipient, and Zimark does not act as fiduciary or adviser to any recipient in connection with any investment decision.

5. No offer or solicitation. Nothing on this website constitutes an offer, solicitation or invitation to buy or sell any security, fund interest or other financial instrument, or to engage in any investment activity, in any jurisdiction.

6. Corporate advisory. Transaction advisory services (including due diligence, valuation, corporate finance support and data room preparation) are provided solely to the engaging client under a written engagement. Zimark does not solicit investors or act as intermediary in the offering, placement or sale of securities.

7. Proprietary trading and conflicts. Zimark's systematic and CTA strategies are conducted solely with its own capital. Zimark does not manage assets for, or accept capital from, third parties. Zimark may from time to time hold long or short positions in markets or instruments discussed in its research, and maintains internal policies to manage conflicts of interest.

8. Future services. Certain services described on this website may be offered in the future only upon obtaining any required registration or licence. No such regulated services are currently provided or offered.

9. No warranty; limitation of liability. Content is prepared from sources believed to be reliable as at the date of preparation, but Zimark does not guarantee its accuracy, completeness or timeliness. Views may include forward-looking statements subject to risks and uncertainties, and may change without notice as economic conditions change. Zimark, its authors and its sources accept no liability for any loss or damage arising from any use of or reliance on this content.