Brokerage Office of Citi Handlowy

Brokerage services are provided by Bank Handlowy w Warszawie S.A. operating through an organizationally separate unit constituting a brokerage office – the Brokerage Department of Bank Handlowy (DMBH) with its registered office in Warsaw, ul. Senatorska 16, as an entity holding a license of the Polish Financial Supervision Authority to provide brokerage services pursuant to the Bank's Articles of Association. DMBH is regulated by the Polish Financial Supervision Authority.

Investments in financial instruments, including Shares and Bonds, carry investment risk including the possibility of losing the invested capital. When making a decision to buy or sell financial instruments, the Client should take into account the existence of risk associated with making an investment decision, in particular the possibility of a change in the price of financial instruments that are the subject of that decision, contrary to the Client's expectations, and in connection therewith, the failure to achieve the profits assumed by the Client. When making investment decisions, the Client should also bear in mind that in particular in the short term, liquidity restrictions may occur, particularly in respect of shares with small market capitalization and corporate bonds, which as a rule are characterized by lower liquidity than shares with high market capitalization and government bonds.

Past results of companies, investment portfolios, stock exchange indices, exchange rates on which the profitability of an investment depends do not constitute a guarantee of future results. When making investment decisions at DMBH or at another institution, the Client should take into account the risk associated with asset concentration. Asset concentration means, for example, a large share of financial instruments of a single issuer in the Client's investments. Asset concentration may generate greater risk than a diversified approach to financial instruments and their issuers.

The Investment Products are not a deposit, bank deposit, liability and are not  guaranteed by the Bank or any of Citigroup's subsidiaries or affiliates, excluding investment products issued or guaranteed by the Bank or a subsidiary or affiliate of Citigroup.

DMBH is not an entity authorized to interpret tax regulations or to perform tax advisory activities. For a proper assessment of tax consequences, opinions should be sought from entities holding appropriate authorizations.

This marketing material does not constitute an inducement to buy or sell investment products. The material does not constitute "investment research" or a "commercial publication" within the meaning of Article 36 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016. The material does not constitute "information recommending or suggesting an investment strategy" or an "investment recommendation" within the meaning of Regulation of the European Parliament and of the Council (EU) No 596/2014 of 16 April 2014 on market abuse.

The material does not constitute an investment analysis, financial analysis or other general recommendation regarding transactions in financial instruments referred to in Article 69(4)(6) of the Act on Trading in Financial Instruments. The Client bears responsibility for the results of investment decisions made on the basis of information contained in this marketing material.