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									Disclaimer Notice

Please read this disclaimer notice before proceeding. It contains important information, including
legal and regulatory notices relevant to the information on this site.

This disclaimer notice explains the legal and regulatory restrictions in relation to this site. By
accessing any page of this site, you accept and agree to be bound by the terms of this disclaimer notice
and this disclaimer notice shall constitute a binding legal agreement. If you do not agree with
anything in this disclaimer notice, please exit this site.

The information within this site is issued by The Children’s Investment Fund Management (UK) LLP
("TCI") for information purposes only. TCI is authorised and regulated by the UK’s Financial Services
Authority ("FSA"). Most, if not all, of the protections provided by the United Kingdom regulatory
structure will not apply to investments in any fund managed by TCI (each a "Fund") .

This site does not constitute an offer by TCI or any Fund to enter into any contract or agreement, nor is
it a solicitation to buy or sell any investment in any Fund or otherwise. This site does not represent
advice as to the merits of any investment or any other course of action. Users of this site must take
their own decisions, having taken independent advice where appropriate.

The content of this site is directed only at persons who: (i) have professional experience in matters
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TCI may review any contribution you make and may edit and/or remove it for operational or editorial
reasons or if it believes that the material contained therein does not comply with this disclaimer notice.
Any copyright in your contribution will remain with you.

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Content of this site

The purpose of this site is to provide information about TCI’s views on Japan Tobacco Inc, and how it
could, in TCI's opinion, be managed to improve the alignment of interests between the company, its staff
and the shareholders. TCI hopes to include information and views on Japan Tobacco Inc, provided by
other investors and interested parties. TCI accepts no responsibility for the accuracy or completeness of
comments made by other persons.

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The contents of this site are based upon sources of information believed to be reliable and every effort is
made to ensure that the contents of this site are accurate and complete. However, save to the extent
required by applicable law or regulations, no guarantee, warranty or representation (express or implied)
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views expressed herein. This site may include forward-looking statements that are based upon TCI's
current opinions, expectations and projections.

TCI undertakes no obligation to update or revise any information after the stated date of its publication,
including any forward-looking statements. Actual results could differ materially from those anticipated
in the forward-looking statements. Many statements on this site are statements of opinion only. Where
they represent the opinions of TCI or its partners, officers or employees, those opinions are honestly held.
Opinions may, however, differ.

If you have accessed this site using a link from an external site, TCI does not accept any liability or
responsibility for the accuracy or completeness of information contained within the sites of third parties
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Links to external sites are provided for your convenience. Again, TCI does not accept any liability or
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Solicitation

This site does not constitute an offer by TCI to enter into any contract or agreement, nor is it a solicitation
to buy or sell any investment. It should not be used for the purpose of an offer or solicitation in any
jurisdiction or in any circumstances in which such offer or solicitation would be unlawful or
unauthorised.

United States of America

The provision of the information in this site does not constitute an offer of securities to any person in the
United States or to any U.S. Person as such term is defined under the Securities Act of 1933, as amended.
The information contained in this site about TCI and/or any of its affiliates is not directed to any person
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registered under the Investment Company Act of 1940. Consequently, it cannot be offered for sale or be
sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens
or residents in any of those areas.

Advice

No information contained in this site should be deemed to constitute the provision of financial,
investment or other professional advice in any way.

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The copyright in this site and (unless otherwise indicated) its contents, including all material,
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Material interests

TCI and its Partners, officers and/or employees (including employees of other companies within the TCI
Group) may have holdings in the Fund which may hold investments referred to in this site.

Data protection

As a result of your use of this site, TCI may hold and process personal information about you. All
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Severance

If any of the points in this disclaimer notice are found to be unenforceable under applicable law, that will
have no bearing on the enforceability of the rest of this disclaimer notice.

Governing law

This site is established by TCI and your browsing in, and use of it, shall be governed by the laws of
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