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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
relating to investments; and/or (ii) are high net worth organisations, having net assets of £10,000,000
(or its equivalent) or more. By accessing any page of this site, you represent and warrant to TCI that
you are such a person. If you are not such a person, you should not read the content of this site, rely
on it, contribute to it or take any other action in consequence of it.

Please read this disclaimer notice carefully each time you access this site. This disclaimer notice may be
subject to change without notice to you. Your continued use of this site following any changes will mean
that you have accepted such changes.

Your use of this site

This disclaimer notice sets out the terms on which you may make use of this site and applies to every
page on this site, whether or not such page is individually disclaimed.

You must NOT use this site (or permit or procure others to use it):

        •   for any unlawful, improper or illegal purpose or activity;
        •   to communicate or receive information that is obscene, indecent or racist in content, of a
            sexually explicit or graphic nature, which promotes or incites discrimination, hatred or
            racism or which might be legally actionable for any reason;
        •   in a manner intended to threaten, harass or intimidate;
        •   to violate TCI's or any third party's copyright, trade mark, proprietary or other intellectual
            property rights;
        •   to damage TCI's name or reputation or that of any third parties;
        •   to impersonate any of TCI's employees or other person or use a false name while using this
            site or implying any association with TCI;
        •   to penetrate TCI's security measures or other entities' systems ("hacking");
        •   to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere
            with or redirect email intended for others using this site;
        •   to generate excessive amounts of internet traffic, to interfere with TCI's network or other's use
            of this site or to engage in activities designed to degrade or deny, or having the effect of
            degrading or denying, service to users of this site or others;
        •   to introduce errors, viruses, bugs, worms, harmful code and/or trojan horses onto the
            internet or into this site or any other entity's systems. TCI does not warrant that the servers
            which make this site available will be free from such threats and it is your responsibility to
            make adequate provision for protection against, and to ensure that whatever you download
            or select for your use from this site is free from, such threats;
        •   to post or transmit information that is defamatory, fraudulent or deceptive, including but not
            limited to scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or
        •   to transmit confidential or proprietary information, except solely at your own risk.

If you submit any contribution to TCI or to this site (whether in the form of comments, copies of
correspondence, other material relevant to Japan Tobacco Inc, or otherwise):

        •   you grant to TCI an irrevocable, royalty-free, worldwide licence to use and reproduce the
            material in such contribution in any way it may reasonably choose (including reproduction of
            such material on this site);
        •   you confirm that you have full authority to permit TCI to do so; and
        •   you represent and warrant to TCI that the content of such material is clear, fair and not
            misleading and that, to the extent that the content of such material represents opinion, that
            opinion is honestly held.

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.

When using this site, you must comply with all applicable local, national and international laws and
regulations, including those related to data privacy, international communications and exportation of
technical or personal data. It may be illegal to download the information contained on this site in certain
countries and TCI and its affiliated companies disclaim all responsibility if you download any
information from this site in breach of any law or regulation of the country in which you reside.

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.

By proceeding you agree, so far as this is permitted under the provisions of applicable legal and
regulatory systems, to the exclusion by us of any liability, including without limitation liability for any
loss of profit, loss of or damage to data, loss of anticipated savings or interest, loss of or damage to
reputation or goodwill or any other direct, indirect, special or consequential damages loss, costs, claims
or expenses of any kind, arising out of, or in connection with, your use of this site and/or any linked

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)
is given as to its accuracy or completeness and neither TCI nor any members, officers or employees of TCI
and/or its related companies accept any liability or responsibility in respect of the information or any
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
who have links to any pages of this site.

Links to external sites are provided for your convenience. Again, TCI does not accept any liability or
responsibility for the accuracy or completeness of information contained within those sites or the
reliability, quality or effectiveness of any products or services provided through those sites. A link to an
external site does not imply an endorsement of the views held, or the information, products or services
provided by, such sites.


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

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
in the United States. The Fund is neither registered under the Securities Act 1933 of the USA, nor is it
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.


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

Ownership and copyright

The copyright in this site and (unless otherwise indicated) its contents, including all material,
information, graphics, code, text and design, are owned by TCI and should not be copied, reproduced,
republished, downloaded, posted, broadcast, transmitted or distributed in any way without permission.
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
personal data held by TCI will be treated in accordance with the Data Protection Act 1998.


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
England. A condition of using this site is that, in the event of any dispute or proceeding, you irrevocably
submit to the exclusive jurisdiction of the courts of England and waive any objection to proceedings in
such courts on the grounds of venue or on the grounds that the proceedings have been brought in an
inconvenient forum.

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