CLSA Disclaimer

Legal and Regulatory Notices (Electronic Communications)



© CLSA Limited. This communication is only for the use of the intended recipient and may contain information which is confidential, privileged or subject to copyright. If you receive this communication and are not the intended recipient, please contact the sender or postmaster@clsa.com immediately. Thank you.

Electronic communications may contain computer viruses, and may also be intercepted, corrupted or delayed. CLSA group of companies (“CLSA”) does not accept any liability for electronic communications that have been altered in the course of delivery or that have not been delivered in a timely manner. By communicating with CLSA through electronic communications you are taken to have accepted these risks.

This communication is subject to and incorporates the terms and conditions of use set out on the www.clsa.com website, and neither the communication nor any portion hereof may be reprinted, sold, resold, copied, reproduced, distributed, redistributed, published, republished, displayed, posted or transmitted in any form or media or by any means without the written consent of CLSA.

CLSA has produced this communication for private circulation to professional, institutional and/or wholesale clients only. This publication/communication may not be distributed or redistributed to retail investors. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject CLSA to any additional registration or licensing requirement within such jurisdiction.

The information and statistical data herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and we make no representation or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of CLSA at the date of this communication and are subject to change at any time without notice.

Where any part of the information, opinions or estimates contained herein reflects the views and opinions of a sales person or a non-analyst, such views and opinions may not correspond to the published view of the CLSA research group.

This is not a solicitation or any offer to buy or sell. The information contained in this communication is for information purposes only and does not constitute any recommendation, representation, warranty or guarantee of performance. Any price target given in the report may be projected from one or more valuation models and hence any price target may be subject to the inherent risk of the selected model as well as other external risk factors. This is not intended to provide professional, investment or any other type of advice or recommendation and does not take into account the particular investment objectives, financial situation or needs of individual recipients. Before acting on any information in this communication, you should consider whether it is suitable for your particular circumstances and, if appropriate, seek professional advice, including tax advice. CLSA does not accept any responsibility and cannot be held liable for any person's use of or reliance on the information and opinions contained herein. To the extent permitted by applicable securities laws and regulations, CLSA accepts no liability whatsoever for any direct or consequential loss arising from the use of this publication/communication or its contents. Where the publication does not contain ratings, the material should not be construed as research but is offered as factual commentary. It is not intended to, nor should it be used to form an investment opinion about the non-rated companies.

Subject to any applicable laws and regulations at any given time CLSA, its affiliates or companies or individuals connected with CLSA may have used the information contained herein before communication and may have positions in, may from time to time purchase or sell or may have a material interest in any of the securities mentioned or related securities or may currently or in the future have or have had a relationship with, or may provide or have provided investment banking, capital markets and/or other services to, the entities referred to herein, their advisors and/or any other connected parties. As a result, investors should be aware that CLSA and/or its affiliates or companies or individuals may have one or more conflicts of interest. Regulations or market practice of some jurisdictions/markets prescribe certain disclosures to be made for certain actual, potential or perceived conflicts of interests relating to research reports. Full details are available at www.clsa.com/member/research_disclosures/. Disclosures therein include the position of CLSA and CLST only. Unless specified otherwise, CLSA did not receive any compensation or other benefits from the subject company covered in this publication/communication or from any third party in connection with the report. If investors have any difficulty accessing this website, please contact webadmin@clsa.com or +852 2600 8111. If you require disclosure information on previous dates, please contact compliance_hk@clsa.com.

United Kingdom: In the United Kingdom, this research is a marketing communication. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The research is disseminated in the EU by CLSA (UK), which is authorised and regulated by the Financial Conduct Authority. This document is directed at persons having professional experience in matters relating to investments as defined in Article 19 of the FSMA 2000 (Financial Promotion) Order 2005. Any investment activity to which it relates is only available to such persons. If you do not have professional experience in matters relating to investments you should not rely on this document. Where the research material is compiled by the UK analyst(s), it is produced and disseminated by CLSA (UK). For the purposes of the Financial Conduct Rules this research is prepared and intended as substantive research material.

United States of America: All securities services and e-mails provided in the United States are through CLSA Americas, LLC, a registered U.S. Broker Dealer. This communication is for use by Institutional Investors only and may not be distributed or redistributed to retail investors.

The analyst/s who compiled this publication/communication hereby state/s and confirm/s that the contents hereof truly reflect his/her/their views and opinions on the subject matter and that the analyst/s has/have not been placed under any undue influence or pressure by any person/s in compiling such publication/communication. No part of the analyst/s compensation was, is or will be directly or indirectly related to the specific recommendation or views contained herein.

Japan: In relation to CLSA Securities Japan Co. Ltd., the content of this report is for information only and should not be construed as solicitation or investment advice for any specific securities.



Legal and Regulatory Notices (Research)


© CLSA Limited, and/or CL Securities Taiwan Co., Ltd. (“CLST”)

This publication/communication is subject to and incorporates the terms and conditions of use set out on the www.clsa.com website (www.clsa.com/disclaimer.html.). Neither the publication/communication nor any portion hereof may be reprinted, sold, resold, copied, reproduced, distributed, redistributed, published, republished, displayed, posted or transmitted in any form or media or by any means without the written consent of CLSA group of companies and/or CLST.

CLSA, and CLST has/have produced this publication/communication for private circulation to professional, institutional and/or wholesale clients only and it may not be distributed to retail investors. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject CLSA, and/or CLST to any additional registration or licensing requirement within such jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and we make no representation or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of CLSA, and/or CLST at the date of this publication/communication and are subject to change at any time without notice. Where any part of the information, opinions or estimates contained herein reflects the views and opinions of a sales person or a non-analyst, such views and opinions may not correspond to the published view of CLSA, and/or CLST. Any price target given in the report may be projected from one or more valuation models and hence any price target may be subject to the inherent risk of the selected model as well as other external risk factors. Where the publication does not contain ratings, the material should not be construed as research but is offered as factual commentary. It is not intended to provide, nor should it be used to form an investment opinion about the non-rated companies.

This publication/communication is for information purposes only and it does not constitute or contain, and should not be considered as an offer or invitation to sell, or any solicitation or invitation of any offer to subscribe for or purchase any securities in any jurisdiction and neither this publication/communication nor anything contained herein shall form the basis of any investment decision, contract or commitment whatsoever. This is not intended to provide professional, investment or any other type of advice or recommendation and does not take into account the particular investment objectives, financial situation or needs of individual recipients. Before acting on any information in this communication, you should consider whether it is suitable for your particular circumstances and, if appropriate, seek professional advice, including tax advice. Investments involve risks, and investors should exercise prudence and their own judgment in making investment decisions. The value of any investment or income may go down as well as up, and investors may not get back the full (or any) amount invested. Past performance is not necessarily a guide to future performance.

To maintain the independence and integrity of our Research, our Corporate Finance, Sales & Trading, Asset Management and Research business lines are distinct from one another. This means that CLSA’s Research department is not part of and does not report to CLSA’s Corporate Finance department, Sales & Trading business or Asset Management business. Accordingly, neither the Corporate Finance, the Sales & Trading nor Asset Management departments supervises or controls the activities of CLSA’s research analysts. CLSA’s research analysts report to the management of the Research department, who in turn report to CLSA’s senior management. CLSA has put in place a number of internal controls designed to manage conflicts of interest that may arise as a result of CLSA engaging in Corporate Finance, Sales & Trading, Asset Management and/or Research activities. Some examples of these controls include: the use of information barriers and other controls designed to ensure that confidential information is only shared on a “need to know” basis and in compliance with CLSA’s Chinese Wall policies and procedures; measures designed to ensure that interactions that may occur among CLSA’s Research personnel, Corporate Finance, Sales & Trading and Asset Management personnel, CLSA’s financial product issuers and CLSA’s research analysts do not compromise the integrity and independence of CLSA’s research.

Subject to any applicable laws and regulations at any given time, CLSA, CLST, their respective affiliates or companies or individuals connected with CLSA/ CLST may have used the information contained herein before publication and may have positions in, may from time to time purchase or sell or have a material interest in any of the securities mentioned or related securities, or may currently or in future have or have had a business or financial relationship with, or may provide or have provided investment banking, capital markets and/or other services to, the entities referred to herein, their advisors and/or any other connected parties. As a result, investors should be aware that CLSA, CLST and/or their respective affiliates or companies or such individuals may have one or more conflicts of interest.

Regulations or market practice of some jurisdictions/markets prescribe certain disclosures to be made for certain actual, potential or perceived conflicts of interests relating to research reports. Details of the disclosable interest can be found in certain reports as required by the relevant rules and regulation and the full details are available at http://www.clsa.com/member/research_disclosures/. Disclosures therein include the position of CLSA, and CLST only. Unless specified otherwise, CLSA did not receive any compensation or other benefits from the subject company covered in this publication/communication or from any third party in connection with the report. If investors have any difficulty accessing this website, please contact webadmin@clsa.com on +852 2600 8111. If you require disclosure information on previous dates, please contact compliance_hk@clsa.com.

This publication/communication is distributed for and on behalf of CLSA Limited (for research compiled by non-US and non-Taiwan analyst(s)), and/or CLST (for research compiled by Taiwan analyst(s)) in Australia by CLSA Australia Pty Ltd; in Hong Kong by CLSA Limited; in India by CLSA India Private Limited (formerly CLSA India Limited), (Address: 8/F, Dalamal House, Nariman Point, Mumbai 400021. Tel No: +91-22-66505050. Fax No: +91-22-22840271; CIN: U67120MH1994PLC083118; SEBI Registration No: INZ000001735; in Indonesia by PT Sekuritas CLSA Indonesia; in Japan by CLSA Securities Japan Co., Ltd; in Korea by CLSA Securities Korea Ltd; in Malaysia by CLSA Securities Malaysia Sdn Bhd; in the Philippines by CLSA Philippines Inc (a member of Philippine Stock Exchange and Securities Investors Protection Fund); in Thailand by CLSA Securities (Thailand) Limited; in Taiwan by CLST and in United Kingdom by CLSA (UK).

India:CLSA India Private Limited, incorporated in November 1994 provides equity brokerage services (SEBI Registration No: INZ000001735), research services (SEBI Registration No: INH000001113) and merchant banking services (SEBI Registration No.INM000010619) to global institutional investors, pension funds and corporates. CLSA and its associates may have debt holdings in the subject company. Further, CLSA and its associates, in the past 12 months, may have received compensation for non-investment banking securities and/or non-securities related services from the subject company. For further details of “associates” of CLSA India please contact Compliance-India@clsa.com.

United States of America: Where any section is compiled by non-US analyst(s), it is distributed into the United States by CLSA solely to persons who qualify as "Major US Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934 and who deal with CLSA Americas. However, the delivery of this research report to any person in the United States shall not be deemed a recommendation to effect any transactions in the securities discussed herein or an endorsement of any opinion expressed herein. Any recipient of this research in the United States wishing to effect a transaction in any security mentioned herein should do so by contacting CLSA Americas.

United Kingdom: In the United Kingdom, this research is a marketing communication. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The research is disseminated in the EU by CLSA (UK), which is authorised and regulated by the Financial Conduct Authority. This document is directed at persons having professional experience in matters relating to investments as defined in Article 19 of the FSMA 2000 (Financial Promotion) Order 2005. Any investment activity to which it relates is only available to such persons. If you do not have professional experience in matters relating to investments you should not rely on this document. Where the research material is compiled by the UK analyst(s), it is produced and disseminated by CLSA (UK). For the purposes of the Financial Conduct Rules this research is prepared and intended as substantive research material.

Singapore: In Singapore, research is issues and/or distributed by CLSA Singapore Pte Ltd (Company Registration No.: 198703750W), a Capital Markets Services license holder to deal in securities and an exempt financial adviser, a solely to persons who qualify as an institutional investor, accredited investor or expert investor, as defined in s.4A(1) of the Securities and Futures Act. Pursuant to Paragraphs 33, 34, 35 and 36 of the Financial Advisers (Amendment) Regulations 2005 of the Financial Advisers Act (Cap 110) with regards to an institutional investor, accredited investor expert investor or Overseas Investor, sections 25, 27 and 36 of the Financial Adviser Act (Cap 110) shall not apply to CLSA Singapore Pte Ltd. Please contact CLSA Singapore Pte Ltd (telephone No.: +65 6416 7888) in connection with queries on the report. MCI (P) 071/10/2018

The analysts/contributors to this publication/communication may be employed by any relevant CLSA entity, CLST or a subsidiary of CITIC Securities Company Limited which is different from the entity that distributes the publication/communication in the respective jurisdictions.

MSCI-sourced information is the exclusive property of Morgan Stanley Capital International Inc (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, redisseminated or used to create any financial products, including any indices. This information is provided on an "as is" basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. MSCI, Morgan Stanley Capital International and the MSCI indexes are service marks of MSCI and its affiliates. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor's. GICS is a service mark of MSCI and S&P and has been licensed for use by CLSA.

EVA® is a registered trademark of Stern, Stewart & Co. "CL" in charts and tables stands for CLSA, “CT“ stands for CLST estimates, and CS stands for CITIC Securities estimates, unless otherwise noted in the source.



Legal and Regulatory Notice (Research Reports Produced by CT CLSA Securities (Pvt) Limited)


This report was prepared by CT CLSA Securities (Pvt) Limited (“CT CLSA“) or its affiliate(s). CLSA Group of companies (‘CLSA’) has not been involved in producing this report and the views contained in this report may differ from the views or opinions of CLSA. CLSA does not guarantee its accuracy, completeness or correctness and will not be liable whatsoever for any direct or consequential loss arising from the use of this publication/communication or its contents. This is not a solicitation or any offer to buy or sell. This report is for information purposes only and is not intended to provide professional, investment or any other type of advice or recommendation.

This publication/communication is distributed in Hong Kong by CLSA Limited; in India by CLSA India Private Limited (Address: 8/F, Dalamal House, Nariman Point, Mumbai 400021. Tel No: +91-22-66505050. Fax No: +91-22-22840271; SEBI Registration No: INZ000001735; in Indonesia by PT Sekuritas CLSA Indonesia; in Japan by CLSA Securities Japan Co., Ltd; in Korea by CLSA Securities Korea Ltd; in Malaysia by CLSA Securities Malaysia Sdn Bhd; in the Philippines by CLSA Philippines Inc (a member of Philippine Stock Exchange and Securities Investors Protection Fund); in Thailand by CLSA Securities (Thailand) Limited; in the United Kingdom by CLSA (UK) and made available in Australia by CLSA Australia Pty Ltd.

United States: This research report has been produced in its entirety by CT CLSA Securities (Pvt) Limited (“CT CLSA“). This research report is distributed into the United States by CLSA group of companies (excluding CLSA Americas, LLC (“CLSA Americas“)) solely to persons who qualify as “major U.S. institutional investors“ as defined in Rule 15a-6 under the Securities and Exchange Act of 1934 and who deal with CLSA Americas. However, the delivery of this research report to any person in the United States shall not be deemed a recommendation to effect any transactions in the securities discussed herein or an endorsement of any opinion expressed herein. Any recipient of this research report in the United States wishing to effect a transaction in any security mentioned herein should do so by contacting CLSA Americas.

United Kingdom: In the United Kingdom, this research is a marketing communication. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The research is disseminated in the EU by CLSA (UK), which is authorised and regulated by the Financial Conduct Authority. This document is directed at persons having professional experience in matters relating to investments as defined in Article 19 of the FSMA 2000 (Financial Promotion) Order 2005. Any investment activity to which it relates is only available to such persons. If you do not have professional experience in matters relating to investments you should not rely on this document.

Singapore: This material is distributed in Singapore through CLSA Singapore Pte Limited (“CLSA Singapore“) and shall only be provided to Institutional Investors, Accredited Investors and Expert Investors, as defined in s.4A(1) of the Securities and Futures Act. Any such investor wishing to discuss this material or effect transactions in any security discussed herein should do so with or through MAS licensed representatives of CLSA Singapore. If you are an accredited investor or expert investor, please be informed that in CLSA Singapore’s dealings with you, it is relying on certain exemptions to the Financial Advisers Act (“FAA“) - (1) the exemption in Regulation 33 of the Financial Advisers Regulations (“FAR“), which exempts it from complying with Section 25 of the FAA on disclosure of product information to clients; (2) the exemption set out in Regulation 34 of the FAR, which exempts it from complying with Section 27 of the FAA on recommendations; and (3) the exemption set out in Regulation 35 of the FAA, which exempts it from complying with Section 36 of the FAA on disclosure of certain interests in securities.

Australia: This research report has been prepared by CT CLSA Securities (Pvt) Limited (“CT CLSA“). CT CLSA does not hold an Australian financial services licence and this report has not been prepared in accordance with the laws of Australia. This document is only to be provided to wholesale clients (as that term is defined in the Corporations Act 2001 (Cth)). If you are not a wholesale client, you should not review or rely on this report. CLSA Australia Pty Limited has not been involved in the preparation of this report. Therefore, recommendations of CT CLSA in this report should not be regarded as recommendations of CLSA Australia Pty Limited. CLSA Australia Pty Limited does not take any responsibility for, and to the maximum extent permitted by law disclaims any liability for, the content of this report.

Disclosures Regulations or exchange rules prescribe certain disclosures to be made for certain actual, potential or perceived conflicts of interests relating to research reports. Details of the disclosable interest can be found in certain reports as required by the relevant rules and regulation and the full details are available at www.clsa.com/disclosures. Disclosures therein include the position of CLSA group and CLST only. If investors have any difficulty accessing this website or require disclosure information on previous dates, please contact compliance_hk@clsa.com. For avoidance of doubt, the disclosure information available at https://www.clsa.com/disclosures/ does not contain information relating to CT CLSA and its research products and research coverage.



Legal and Regulatory Notices (Sales)


Nothing contained in this e-mail is or shall be construed as an offer, a solicitation of an offer or an invitation to buy or sell any security, and it is not intended for distribution in any jurisdiction where such distribution would be contrary to law. The information contained in this e-mail is for informational purposes only and is not intended to provide professional, investment or any other type of advice or recommendation. Each of CLSA Limited and its affiliates does not warrant or guarantee the adequacy, accuracy or completeness of any information contained in this e-mail. Each of CLSA Limited and its affiliates makes no representation or warranty, and expressly disclaims all representations and warranties, express or implied, of any kind relating to this e-mail. All information contained in this e-mail is intended only for clients receiving it directly from CLSA Limited or any of its affiliates and is for use by institutional investors only, and must not be distributed or redistributed to retail investors. This e-mail or any portion hereof must not be reprinted, sold or redistributed without the written consent of CLSA Limited or its relevant affiliate which issue this e-mail.
This e-mail was written by a salesperson, and not a research analyst, of CLSA Limited or any of its affiliates, and does not constitute research. Any trading view contained in this e-mail may differ from the official view of CLSA Limited or its affiliates. The trading views are based on rational thought and information that was collected using one or more of the following: consensus data, independent information sources, and information provided by CLSA Limited and its affiliates. Although care was taken as to the veracity of such information, each of CLSA Limited and its affiliates does not guarantee its accuracy.






Privacy policy statement



The Site provides you an opportunity to e-mail CLSA personal information and data in order to enquire about the services we offer to you as a registered user of the Site. CLSA’s policies and practices in relation to personal data and the Personal Data (Privacy) Ordinance in Hong Kong are available here. As a general policy CLSA values all personal information provided by users of the Site.

Failure to supply personal data as requested may result in CLSA being unable to provide you further information relating to our services.

When you login to our Site as an authorised user, we collect information regarding where you go within our site so that we may send you information that is of interest to you. In addition, like most Sites, we use small bits of data called "cookies" stored on users' computers to simulate a continuous connection. "Cookies" let us store information about your preferences and passwords and allow you to move to different pages of our secure Site without having to re-enter your password information. Any information collected is stored in secure databases protected via a variety of access controls and is treated as confidential information by us. CLSA does not share your personal information with unaffiliated third-parties without notifying you, except to maintain and service your account, or as required by law.

Notwithstanding the efforts of CLSA to protect all information provided, CLSA cannot guarantee the security of any information that you transmit, and you do so at your own risk.



Code of conduct



While using this Site, you agree not to, by any means (including hacking, cracking or defacing any portion of the Site):
  • Restrict or inhibit any authorised user from using this Site;
  • Use the Site for unlawful or unpermitted purposes;
  • Harvest or collect information about Site users without their express consent;
  • "Frame" or "mirror" any part of the Site without our prior authorisation;
  • Engage in spamming, flooding, scraping (through automated bots or otherwise);
  • Transmit any software or other materials that contain any virus, time bomb, or other harmful or disruptive component;
  • Remove any copyright, trademark or other proprietary rights notices contained in the Site;
  • Use any device, application or process to retrieve, index, "data mine" or in any way reproduce or circumvent the navigational structure or presentation of the Site;
  • Permit or help anyone without access to the Site to use the Site through your username and password or otherwise.




Password agreement



You represent and agree that:
  • Your password is personal to you and you will ensure that this password is known only to you and shall not be made available to any other person;
  • You understand that sharing such password may compromise security of your personal information;
  • You are obligated to discontinue use of your password and advise CLSA if you leave or are discharged from your present employer;
  • Any use of your password after such departure will be a violation of this agreement.




Copyright and trade mark notice



Unless specifically indicated otherwise, the pages and contents of this Site including the layout of the Site and all text, graphics, icons, photographs, videos, images, illustrations, compilations and other material on the Site are the copyright of CLSA or are protected under third party copyright. Reproduction or other use of works retrieved from this Site in all forms, media and technologies now existing or hereafter developed is subject to the Copyright Ordinance (Chapter 528, Laws of Hong Kong) and equivalent legislation around the world. A single copy of material on this Site may be downloaded and/or reprinted for non-commercial and personal use only and may not be distributed to third parties. Any downloaded or reprinted material may not be altered in any way and must contain the following copyright notice: "© CLSA Limited All rights reserved" and or any other copyright notice contained on the downloaded material.

No other permission is granted to you, or anyone acting on your behalf, to print, copy, reproduce, distribute, redistribute, publish, republish, transmit, upload, download, store, display in public, alter, or modify the content of this Site in any form or media or by any means. Any unauthorised downloading, re-transmission or other copying or modification of the content of this Site or any other use than that described above is strictly prohibited by law.

"CLSA" and all of CLSA’s other trademarks, names, icons, logos and service marks appearing on the Site are proprietary trademarks of CLSA, the use of which without express written permission is strictly prohibited.




Linked Sites



The Site contains links to third party websites which are provided for information purposes only. CLSA has not reviewed nor verified the content of those sites , CLSA assumes no responsibility for the content or maintenance of any such websites or pages linked to or linking to this Site, and makes no warranties, express or implied, with respect to its content otherwise. You should only follow such links after satisfying yourself of the security of such site. CLSA makes no representation to you concerning the ability of unauthorised persons to access or intercept information transmitted by or to you through this or any other linked site. Such links are provided solely for your convenience and information. Following links to any other websites or pages shall be at your own risk.

Governing Law



By accessing the Site and any of its content you agree that any disputes shall be governed by the Laws of Hong Kong and to the non-exclusive jurisdiction of the Courts of Hong Kong in connection with any suit, action or proceeding arising out of or in connection with the use of the Site.

In the event any of the provisions in these Terms and Conditions of Use shall be held to be enforceable, that provision shall be enforced to the maximum extent permissible to reflect the intention underlying the unenforceable term, and the remainder of these Terms and Conditions of Use shall be unimpaired.