This material has been prepared by Bank Handlowy w Warszawie S.A. for informational purposes only and is not an encouragement to make purchase or sale transactions of securities or other financial instruments. The material is not an investment or financial analysis or other general recommendation regarding transactions in financial instruments referred to in Article 69(4)(6) of the Act of 29 July 2005 on trading in financial instruments and is not “information recommending or suggesting an investment strategy” or an “investment recommendation” within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse. The facts presented in this material are derived from and based on sources generally considered reliable. The Bank has made every effort to ensure that the study is reliable, complete and prepared with due care, but it does not guarantee accuracy or completeness of the study, in particular if the information used as a basis for the study should prove incomplete. All the opinions and forecasts expressed in this material reflect the Bank’s assessment as at the date of their publication and are subject to change without notice. The Client is liable for the results of investment decisions made on the basis of the information presented in this material. The investment performance achieved by the Client in the past using materials prepared by the Bank cannot serve as a guarantee or grounds for claiming that such performance will be repeated in the future. The Bank represents that the information presented in the material accurately reflects its own opinions and that it has not received any compensation from issuers, either directly or indirectly, for publishing such opinions. 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Citi and Citi Handlowy marks are registered trademarks of Citigroup Inc., used under a license. Citigroup Inc. and its subsidiaries also hold rights to some other trademarks used herein. Bank Handlowy w Warszawie S.A. with its registered office in Warsaw, at ul. Senatorska 16, 00-923 Warszawa, entered in the Register of Entrepreneurs of the National Court Register by the District Court for the Capital City of Warsaw in Warsaw, 12th Commercial Division of the National Court Register, under No. KRS 0000001538; tax ID No. NIP 526-030-02-91; the share capital is PLN 522,638,400, fully paid-up.
