This study may contain forward-looking statements, forecasts and opinions that present an investment risk or source of uncertainty and may differ from actual results. The authors are not responsible for the effects of deci-sions that were taken on the basis of this study, and in particular for any damages incurred as a result of deci-sions made on the basis of information and opinions contained in this study. Responsibility rests solely with the users of the study. This study does not constitute an offer within the meaning of art. 66 et seq. of the Civil Code, nor does it constitute public offering of securities within the meaning of Art. 3 of the Act on public offer-ing and conditions for introducing financial instruments to organized trading, and on public companies (Act of 29 July 2005, Journal of Laws No. 184, item 1539, as amended) does not constitute an issue prospectus or memorandum information within the meaning of this Act. The information referred to in this report is for pro-motional or advertising purposes only and relates to the managing entity. This document and all information and data contained therein are confidential. The study is informative material directed only for the use of its addressees and may not be reproduced or distributed in part or in full without the express consent of the author. It is forbidden to transfer, disseminate or make any disclosure of this document or its parts, including further transmission, dissemination or disclosure by its recipients to unauthorized persons or entities.